证券研究报告 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年06月22日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为17210/15770/11380元/吨，环比分别-360/-20/-178元/吨， 纯MDI/聚合MDI/TDI行业毛利分别为3714/3214/-211元/吨，环比分别-620/-320/-229元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1245/4373/495/4547元/吨，环比分别- 142/+107/-5/+356元/吨。②本周聚乙烯均价为7945元/吨，环比+138元/吨，乙烷裂解/CTO/石脑油裂解制聚乙烯 理论利润分别为1323/2021/-246元/吨，环比分别+230/+101/-263元/吨。③本周聚丙烯均价为7160元/吨，环比 +50元/吨，PDH/CTO/ ...

Report Information - Report Title: Weekly Report on Basic Chemical Industry: Continuous Increase in Urea Price [1] - Report Date: March 30, 2025 [1] - Analyst: Chen Shuxian, CFA [1] - Research Assistant: Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents the weekly data of the basic chemical industry, including the price and profit changes of various chemical products, as well as the performance of related listed companies [2][8][10] Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance** - The basic chemical index had a 0.0% change in the past week, 0.9% in the past month, 2.8% in the past three months, 9.6% in the past year, and 5.3% since the beginning of 2025 [8] - Among related companies, Satellite Chemical had a significant increase in stock price, with a 7.2% increase in the past week, 6.8% in the past month, 23.9% in the past three months, and 38.1% in the past year [8] - The report also provides the profit tracking data of related companies, including total market value, net profit attributable to the parent company, PE, and PB [8] - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI this week were 17,870 yuan/ton, 16,280 yuan/ton, and 11,983 yuan/ton respectively, with a week-on-week change of -170 yuan/ton, -420 yuan/ton, and +18 yuan/ton [2][8] - The corresponding gross profits were 3,971 yuan/ton, 3,407 yuan/ton, and 199 yuan/ton, with a week-on-week change of -100 yuan/ton, -336 yuan/ton, and -44 yuan/ton [2][8] - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, steam coal, and naphtha this week were 1,531 yuan/ton, 4,523 yuan/ton, 540 yuan/ton, and 4,593 yuan/ton respectively, with a week-on-week change of -34 yuan/ton, +165 yuan/ton, +0 yuan/ton, and +35 yuan/ton [2][8] - The theoretical profits of ethylene production from ethane cracking, CTO, and naphtha cracking were 1,162 yuan/ton, 2,055 yuan/ton, and -197 yuan/ton respectively, with a week-on-week change of +76 yuan/ton, +47 yuan/ton, and -4 yuan/ton [2][8] - The theoretical profits of propylene production from PDH, CTO, and naphtha cracking were -333 yuan/ton, 1,610 yuan/ton, and -453 yuan/ton respectively, with a week-on-week change of -159 yuan/ton, +0 yuan/ton, and -49 yuan/ton [2][8] - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,671 yuan/ton, 1,905 yuan/ton, 4,150 yuan/ton, and 2,642 yuan/ton respectively, with a week-on-week change of -29 yuan/ton, +64 yuan/ton, +110 yuan/ton, and -25 yuan/ton [2][10] - The corresponding gross profits were 725 yuan/ton, 218 yuan/ton, -291 yuan/ton, and 12 yuan/ton, with a week-on-week change of +50 yuan/ton, +68 yuan/ton, +213 yuan/ton, and -28 yuan/ton [2][10] 2. Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - Not provided in the report - **2.2 Polyurethane Sector** - The report shows the price and profit trends of pure MDI, polymer MDI, and TDI [2][8] - **2.3 Oil, Gas, and Olefin Sector** - It presents the price trends of raw materials such as ethane, propane, and naphtha, as well as the profit comparison of different production processes [2][8] - **2.4 Coal Chemical Sector** - The report shows the price and profit trends of coal chemical products such as synthetic ammonia, urea, and DMF [2][10]