最新一期业绩显示，2025年半年报，公司实现营业收入91.50亿元，同比63.83%；净利润5.04亿元，同 比22.05%，销售毛利率19.86%。 8月22日，广东宏大今日收盘35.5元，上涨3.26%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到27.29倍，总市值269.80亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)6广东宏大27.2930.054.03269.80亿行业平均 30.8731.663.61155.53亿行业中值36.9639.903.5051.64亿1海油发展10.6211.231.49410.67亿2中曼石油 12.0112.952.2193.99亿3海油工程12.1111.560.94249.81亿4金诚信19.4921.313.62337.53亿5中海油服 20.3021.931.54688.06亿7中油工程34.7731.630.75200.99亿8龙高股份36.9639.904.0251.05亿9石化油服 58.3962.134.22392.41亿10通源石油60.0356.582.2631.48亿11科力股份61.3868.085.523 ...

Investment Rating - The investment rating for the chemical industry is "Positive (Maintain)" [1] Core Viewpoints - The chemical industry is facing intensified competition leading to profit pressure, necessitating a "de-involution" approach to improve the competitive landscape and achieve normal profit levels [5][15] - Domestic demand is expected to stabilize and recover, while export demand growth may be limited due to frequent anti-dumping cases against Chinese chemical products [6][59] - The current valuation of the basic chemical and petrochemical sectors is at historical lows, indicating a need for policy-driven valuation recovery [70] Summary by Sections 1. Supply Side: - The chemical industry has seen increased competition since 2025, resulting in continuous profit pressure. The Chemical Product Price Index (CCPI) decreased by 6.95% from the beginning of 2025 [16] - From January to May 2025, the chemical raw materials and products industry achieved a revenue of 3.70 trillion yuan, a year-on-year increase of 2.1%, but the total profit decreased by 4.7% [16] - The overall capacity utilization rates for chemical raw materials and chemical fiber manufacturing were 71.90% and 85.60%, respectively, showing a decline [16][20] 2. Demand Side: - The 2025 Government Work Report emphasizes boosting consumption and investment efficiency, which is expected to gradually restore domestic demand [6][50] - In the first half of 2025, the sales area of commercial housing decreased by 3.5%, indicating a narrowing decline [50][53] - The automotive sector showed growth, with vehicle and new energy vehicle sales increasing by 10.8% and 36.2%, respectively, in the first half of 2025 [50][58] 3. Cost Side: - Since 2025, international oil prices have experienced significant fluctuations, with Brent and WTI crude oil prices down by 5.73% and 4.56% respectively from the beginning of 2025 [64] - Domestic coal and natural gas prices have also seen a downward trend, with coal prices down by 19.45% compared to the beginning of 2025 [64] 4. Valuation: - As of July 11, 2025, the price-to-earnings (P/E) ratios for the basic chemical and petrochemical sectors were 25.37 and 16.74, respectively, indicating they are at historical low levels [70][73]