基础化工 | 证券研究报告 — 行业周报 2026 年 1 月 6 日 强于大市 化工行业周报 20260104 国际油价小幅上涨，草甘膦、环氧丙烷价格下跌 一月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、 下游需求旺盛，自主可控日益关键背景下的电子材料公司与涨价背景下的部分新能源材料 公司。 行业动态 投资建议 风险提示 ◼ 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：赵泰 tai.zhao@bocichina.com 证券投资咨询业务证书编号：S1300525100001 ◼ 本周（12.29-01.04）均价跟踪的 100 个化工品种中，共有 32 个品种价格上涨，29 个品种价 格下跌，39 个品种价格稳定。跟踪的产品中 51%的产品月均价环比上涨，39%的产品月均 价环比下跌，10%的产品月均价环比持平。周均价涨幅居前的品种分别是苯乙烯（FOB 韩 国）、煤焦油（山西）、 ...

Core Viewpoint - Huatai announced a tax payment of 48.89 million yuan, including 39.98 million yuan in taxes and 8.91 million yuan in late fees, which will impact the company's 2025 net profit [1][2] Financial Impact - The tax payment and late fees have been fully paid and will be recorded in the 2025 financial results, affecting the net profit directly [2] - In the first three quarters of 2025, Huatai reported a revenue of 1.522 billion yuan, a year-on-year increase of 26.07%, but a net profit of 21.98 million yuan, a decline of 72.61% [3] - The third quarter alone saw a net loss of 7.34 million yuan, marking a significant downturn compared to previous periods [3] Reasons for Profit Decline - The decline in net profit is attributed to two main factors: increased sales revenue due to market expansion and service optimization, but lower product prices leading to reduced gross margins [3] - Additionally, the accelerated depreciation from the "synthetic ammonia energy-saving and environmental upgrade project" has significantly impacted profit levels [3] Operational Strategy - The company plans to enhance cost control, optimize production processes, and improve operational efficiency to address the current challenges [4] - Huatai is extending its industrial chain and optimizing its product structure, with recent projects including a 20,000-ton aniline production project and a 1.153 billion yuan investment in a carbon dioxide comprehensive utilization project [4] - The new projects aim to produce aniline series products and amino resin, which have broad market applications, particularly in the coatings sector [4]

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report suggests focusing on undervalued leading companies in the industry, the impact of "anti-involution" on supply in related sub-industries, and the increasing importance of self-sufficiency in electronic materials companies and certain new energy materials companies amid price increases [1][9] Industry Dynamics - As of December 22-28, 2025, among 100 tracked chemical products, 34 saw price increases, 32 saw declines, and 34 remained stable. 55% of products had month-on-month average prices rising, while 35% fell, and 10% remained unchanged [8][27] - International oil prices remained stable, with WTI crude futures closing at $56.74 per barrel (up 0.14%) and Brent crude at $60.64 per barrel (up 0.28%) [28] - MDI prices slightly decreased, with pure MDI averaging 18,100 CNY/ton (down 4.23% week-on-week) and polymer MDI at 14,300 CNY/ton (down 2.39%) [29] - Acetic acid prices increased to 2,496 CNY/ton (up 2.93% week-on-week) [30] Investment Recommendations - As of December 27, 2025, the SW basic chemical industry P/E ratio (TTM excluding negative values) is 25.60, at the 76.58% historical percentile, while the P/B ratio is 2.33, at the 61.10% historical percentile. The SW oil and petrochemical industry P/E ratio is 13.17, at the 37.56% historical percentile, and the P/B ratio is 1.28, at the 36.98% historical percentile [9] - Recommendations include focusing on undervalued leading companies, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials and certain new energy materials companies [9] - Long-term investment themes include expected demand recovery supported by policies, continuous optimization of supply, and the potential for performance and valuation improvements for leading companies [9] - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others [9]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [6][7]. Core Insights - The company is transitioning from a cyclical to a growth-oriented business model, focusing on molten salt energy storage, which is expected to enhance both performance and valuation, leading to a "Davis Double" effect [6][7]. - The traditional business is showing signs of recovery, supported by acquisitions that strengthen the company's foundational operations [6][7]. - The molten salt energy storage market is projected to grow significantly, driven by applications in concentrated solar power and flexible coal power generation, with an expected cumulative installed capacity of 19.1 GW by 2030 [6][7]. Summary by Sections 1. Transition from Cyclical to Growth - The company, established in 2001, has built an integrated production chain for nitric acid and its derivatives, becoming a major player in the domestic market [16]. - The company began generating revenue from molten salt-grade potassium nitrate in 2021 and is expected to see significant sales growth in 2025 as production capacity ramps up [16]. 2. Recovery of Traditional Business - Nitric acid prices are expected to stabilize due to a supportive raw material environment, particularly liquid ammonia, which is crucial for production [40][45]. - The company is strategically positioned to benefit from a recovery in nitric acid and potassium nitrate prices, aided by its integrated production capabilities [6][7]. 3. Growth Engine of Molten Salt Energy Storage - The company is developing a complete product matrix for molten salt, with projects in concentrated solar power and compressed air energy storage expected to drive demand [6][7]. - The molten salt market is anticipated to require 206,000 tons by 2030, with significant contributions from the solar power sector as costs decrease [6][7]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 58 million, 86 million, and 115 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 39, 26, and 20 [5][7]. - The target market capitalization is estimated at 2.4 billion yuan, indicating a potential upside of 9% from current levels [7]. 5. Market Dynamics and Competitive Position - The company benefits from a flexible production system that allows for cost optimization and efficient resource allocation across its product lines [62]. - The agricultural-grade potassium nitrate market is expected to grow due to increasing demand for high-quality crops and supportive government policies [50][52].

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 1.62%, while the chemical machinery index decreased by 0.96%, the chemical pharmaceuticals index fell by 1.69%, and the pesticide and fertilizer index rose by 4.21% [1] - The top five rising petrochemical products included folic acid up by 20%, battery-grade lithium carbonate up by 11.08%, nitric acid up by 10.43%, sulfur up by 9.95%, and petroleum coke up by 7.23% [1] - The top five declining petrochemical products were liquid chlorine down by 34%, butadiene down by 7.69%, 2,4-D down by 6.09%, trichloroethylene down by 6.00%, and SBS down by 5.90% [1] Group 2: Oil Sector Performance - The oil processing index rose by 1.39%, while the oil extraction index fell by 0.22%, and the oil trading index increased by 3.44% [1] - International crude oil prices continued to decline, with West Texas Intermediate crude oil futures settling at $56.66 per barrel, down 1.36% from December 12, and Brent crude oil futures settling at $60.47 per barrel, down 1.06% from December 12 [1] Group 3: Capital Market Performance of Listed Chemical Companies - The top five rising listed chemical companies included Sulihua Co., Ltd. up by 30.69%, Xinri Hengli up by 27.48%, Reborn Technology up by 23.25%, Ruihua Tai up by 20.93%, and Shenjian Co., Ltd. up by 20.50% [2] - The top five declining listed chemical companies were Huarong Chemical down by 20.01%, Enjie Co., Ltd. down by 18.36%, Weike Technology down by 13.15%, Jinbantai down by 12.83%, and Xingye Co., Ltd. down by 12.63% [2]

（文章来源：证券日报） 证券日报网讯 12月16日，芭田股份在互动平台回答投资者提问时表示，公司专注磷化工产业链，电池 产业链方面主要生产磷酸铁、高纯磷酸、工业级磷酸一铵、硝酸等产品，其中磷酸铁是锂电池的正极材 料前驱体，公司已建成5万吨/年产能。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [2][45] Core Views - The report highlights the decline in international oil prices and methionine prices, while TDI prices have increased. It suggests focusing on undervalued industry leaders, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials companies amid price increases [2][10]. Industry Dynamics - In the week of December 8-14, 2025, among 100 tracked chemical products, 42 saw price increases, 37 saw declines, and 21 remained stable. The average price of TDI rose by 2.49% week-on-week, while methionine prices fell by 2.45% [29][31][32]. - The average cost of TDI was 11,819 CNY/ton, down 0.92% from the previous week, with an average gross profit of 2,766.71 CNY/ton, up 31.79% week-on-week [31]. - The report notes that the SW basic chemical industry P/E ratio (TTM excluding negative values) is 24.14, at the 71.18% historical percentile, while the oil and petrochemical industry P/E ratio is 12.85, at the 35.15% historical percentile [10][29]. Investment Recommendations - The report recommends focusing on undervalued industry leaders and suggests a long-term investment strategy that includes sectors like semiconductor materials, OLED materials, and new energy materials, which are expected to have significant growth potential [10][29]. - Specific stock recommendations include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, Juhua Co., New Chemical, China Petroleum, China National Offshore Oil Corporation, China Petrochemical, and others [10][29].

硝酸车间副主任在现场强调："这次交叉学习为员工提供了难得的'充电'机会。通过走进对方车间、聆听专业讲解，参训人员不仅拓宽了视野，也增强了 对全流程生产的系统认知，有效促进一线人员从'岗位操作者'向'流程理解者'的转变。" 参训人员纷纷表示，要珍惜公司提供的平台，努力将自己锻造成既懂硝酸生产、又晓复肥工艺的复合型人才，为个人职业发展增添重要砝码。 在现场培训中，复肥车间技术员在液体钙肥装置区现场，为参与人员系统讲解了工艺流程、操作要点及常见问题处置方法；硝酸车间技术员则围绕加压中 和工序，结合中控参数和现场设备，深入解析了工艺控制的关键节点和优化措施。参训人员认真聆听、积极提问，在实地观摩和互动交流中加深了对上下 游工艺的理解。 为优化生产资源配置，强化产业链上下游协同，近期，玉象胡杨公司硝酸复肥车间正式启动员工交叉学习活动。此次活动旨在打破部门壁垒，促进知识共 享与流程融合，为公司系统提升生产运营效率探索可行路径，树立新标杆。 为优化生产资源配置，强化产业链上下游协同，近期，玉象胡杨公司硝酸复肥车间正式启动员工交叉学习活动。此次活动旨在打破部门壁垒，促进知识共 享与流程融合，为公司系统提升生产运营效率探索可行 ...

Group 1 - The report highlights significant price increases in lithium battery electrolytes (17.86%), liquid chlorine (17.41%), and sulfur (13.88%) among others, while some products like pentasodium and trichloroethylene experienced notable declines [1][2][4] - The overall chemical industry remains in a weak position, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants have exceeded expectations [4] - Investment opportunities are suggested in glyphosate, fertilizers, and high-dividend assets, with specific recommendations for companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [4] Group 2 - The report indicates that Brent crude oil prices have increased by 0.87% to $63.75 per barrel, while WTI prices rose by 2.61% to $60.08 per barrel, with expectations for oil prices to stabilize around $65 [3] - The chemical industry is advised to focus on domestic demand and import substitution due to uncertainties in export growth, particularly in nitrogen and phosphate fertilizers which have stable domestic demand [4] - Companies like Sinopec are highlighted for their high asset quality and dividend yield, benefiting from lower raw material costs due to falling oil prices [4]

Core Viewpoint - The company, Zhongjuxin, has established a stable supply of products to renowned integrated circuit manufacturers such as SMIC and SK Hynix, gaining recognition for product quality and consistent supply capabilities [1] Group 1: Product Supply and Recognition - Zhongjuxin's products are recognized for their quality and stable supply, serving major clients in the integrated circuit manufacturing sector [1] - The company has developed long-term partnerships with key players like SMIC, Yangtze Memory Technologies, and Huahong Group [1] Group 2: Market Strategy and Innovation - The company is focused on continuous technological innovation and expanding its product range to meet market and customer demands [1] - Zhongjuxin is accelerating market development, particularly targeting overseas semiconductor clients [1] Group 3: Product Development and Capabilities - The company has strategically organized its supply capabilities for electronic wet chemicals and specialty gases, implementing capacity expansion and advanced electronic chemical materials projects [1] - Products such as electronic-grade hydrogen fluoride, sulfuric acid, and nitric acid have been recognized as internationally advanced or domestically leading, breaking international monopolies and achieving cost reductions [1]