[Table_Reportdate] 2025年07月18日 标配 行 业 简 评 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn [table_stockTrend] -18% -10% -2% 6% 14% 22% 29% 24-07 24-10 25-01 25-04 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.陶氏宣布关闭英国巴里硅氧烷工 厂，关注有机硅产业链结构性机遇— —基础化工行业周报（2025/7/7- 2025/7/13） 2.氟化工企业业绩预增，行业景气度 有望维持——氟化工行业月报 3.反内卷政策持续发力，行业供需或 迎来改善——基础化工行业周报 （2025/6/30-2025/7/6） [Table_NewTitle 科思创德国工厂突发事故， ] TDI供应受影 响价格上行 ——基础化工行业简评 [table_main] 投资要点： 基 础 化 工 证券研究报告 HTTP:/ ...

| 全产业链，实现资源循环利用、节能降耗、绿色低碳。 | | --- | | 通过区域性集中供气+尾气回收模式，降低客户用气成本， | | 形成园区化核心竞争力（为化工园区内企业提供管道化供气服 | | 务和保障，满足客户个性化需求）。 | | 2.双产业园协同推进 | | 潜江电子特气产业园：高纯氨、高纯氢、高纯一氧化碳等 | | 产品已量产并稳产；电子级氯化氢、氯气、羰基硫进入稳产阶 | | 段。 | | 宜昌电子特气及功能性材料产业园：硅基材料（三氯氢硅、 | | 硅烷、四氯化硅）主产线稳定运行，氟基特气（三氟化氮、六 | | 氟化钨）、硅基功能性新材料（氨基、乙烯基等系列）试生产 | | 顺利，力争在 2025 下半年实现稳产目标，电子特气类产品稳产 | | 后，将启动半导体/面板认证。 | | 二、技术研发与产能规模 | | 1.技术领先性 | | 拥有气体分离、提纯、合成核心技术，产品对标国际企业， | | 覆盖半导体、面板、光伏、新能源电池、生物医药等领域。 | | 投资超 1 亿元建设国际一流研发检测中心（与美国 PE 合 | | 作），实现研发→生产→检测全流程质量管理。 | | 2.规模化 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [12] Core Views - The company's project construction is progressing steadily, with the PO/MTBE unit reaching the expected operational status. The focus on research and innovation has opened up a new track in electronic specialty gases, which is expected to contribute to future performance [3][12] - The company achieved a revenue of 10.228 billion yuan in 2024, a year-on-year increase of 40.00%, while the net profit attributable to shareholders decreased by 42.77% to 219 million yuan. The revenue growth was primarily driven by the operation of the PDH unit and increased sales of propylene, propane, and butane. However, the decline in profit was due to a significant drop in the prices of main products, while the decrease in raw material and energy costs was relatively small, leading to a decline in gross profit margin [12] Financial Summary - For 2023A, the company reported a revenue of 7.306 billion yuan, with a projected revenue of 10.228 billion yuan for 2024A, reflecting a 40.00% increase. The net profit for 2023A was 383 million yuan, with a projected decrease to 219 million yuan for 2024A [11][12] - The earnings per share (EPS) for 2024 is expected to be 0.11 yuan, with projections of 0.16 yuan for 2025 and 0.21 yuan for 2026. The net asset return rate (ROE) is projected to be 1.9% for 2024, increasing to 5.9% by 2027 [11][12] - The company’s total assets are projected to grow from 22.956 billion yuan in 2024A to 27.308 billion yuan in 2027E, while total liabilities are expected to increase from 11.574 billion yuan in 2024A to 13.970 billion yuan in 2027E [13] Market Data - The company's market capitalization is approximately 8.767 billion yuan, with a current stock price of 4.26 yuan and a target price adjusted to 4.86 yuan [6][12] - The stock has a price-to-book ratio (PB) of 0.8 based on the current price, and the price-to-earnings ratio (PE) is projected to be 38.30 for 2024 [12][14]

Group 1 - The company is expected to achieve significant profit recovery in 2024, with a projected revenue of 29.76 billion yuan (up 17.4% year-on-year) and a net profit attributable to shareholders of 2.03 billion yuan (up 147.8% year-on-year) [1] - In Q1 2025, the company anticipates a revenue of 7.29 billion yuan (up 8.0% year-on-year, down 10.9% quarter-on-quarter) and a net profit of 410 million yuan (down 27.3% year-on-year, down 9.0% quarter-on-quarter) [1] Group 2 - The chemical new materials segment generated a revenue of 20.366 billion yuan in 2024 (accounting for 68% of total revenue, up 27% year-on-year) with a gross margin of 16% (up 1 percentage point year-on-year) [2] - The polycarbonate market is experiencing supply-demand imbalance and low prices, while the nylon 6 industry is growing rapidly but facing intense competition [2] - The company successfully launched its caprolactam and nylon 6 phase I project, and the organic silicon project was smoothly put into production [2] Group 3 - The basic chemicals segment reported a revenue of 5.795 billion yuan in 2024 (accounting for 19% of total revenue, down 7% year-on-year) with a gross margin of 17% (up 3 percentage points year-on-year) [3] - The fertilizer segment achieved a revenue of 3.065 billion yuan (accounting for 10% of total revenue, up 18% year-on-year) with a gross margin of 6% (down 1 percentage point year-on-year) [3] - The increase in fertilizer revenue was driven by new projects and improved market conditions, although profitability slightly declined [3]