公司报告 | 年报点评报告 万华化学（600309） 证券研究报告 销售规模维持良好增长，毛利率下滑及减值影响业绩 事件：万华化学发布 2024 年年报，实现营业收入 1820.69 亿元，同比增长 3.83%；归属于上市公司股东的净利润 130.33 亿元，同比下降 22.49%。按 31.40 亿股的总股本计，实现摊薄每股收益 4.15 元（扣非后为 4.25 元）， 每股经营现金流为 9.57 元。2025 年一季度公司实现营业收入 430.68 亿元， 同比下降 6.7%；实现归属于上市公司股东的净利润 30.82 亿元，同比下降 25.87%%；单季度 EPS 0.98 元。公司拟实施 2024 年年度利润分配，以总股 本 31.40 亿股为基数，向全体股东每 10 股派发 12.5 元现金红利（含税）。 三大业务板块均实现营收同比增长。2024 年，公司实现营业收入 1820.69 亿元，分业务看，聚氨酯系列、石化系列、精细化学品及新材料系列分别 实现营收 758.44、725.18、282.73 亿元，较去年同期分别增加 84.6、31.9、 44.4 亿元，yoy+12.6%、+4.6%、+1 ...

Core Viewpoint - Wanhua Chemical's financial performance has declined significantly, with both revenue and net profit decreasing in 2025 Q1 compared to the previous year, primarily due to falling product prices and reduced gross margins [2][3][5]. Financial Performance - In 2024, Wanhua Chemical reported revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while net profit was 13.03 billion yuan, down 22.49% [3]. - The fourth quarter of 2024 saw a more severe decline, with revenue of 34.5 billion yuan, down 19.49% year-on-year and 31.8% quarter-on-quarter, and net profit of 1.94 billion yuan, down 52.8% year-on-year [3]. - For 2025 Q1, the company achieved revenue of 43.07 billion yuan, a decrease of 6.70% year-on-year, and net profit of 3.08 billion yuan, down 25.87% [5]. Product Pricing and Market Conditions - The average prices for Wanhua's key products in 2024 were as follows: pure MDI at 19,037.45 yuan/ton (down 5.28%), polymer MDI at 17,297.21 yuan/ton (up 8.18%), and TDI at 14,452.49 yuan/ton (down 20.09%) [3]. - The decline in TDI prices is attributed to an oversupply situation, while the polymer MDI market showed a balanced supply-demand dynamic [4][5]. Debt and Cash Flow - As of the end of 2024, Wanhua Chemical had cash and cash equivalents of 22.68 billion yuan, with short-term borrowings and current liabilities totaling 46.74 billion yuan, indicating significant short-term debt pressure [2][8]. - The company's financial expenses reached 2.09 billion yuan in 2024, accounting for 16% of net profit, due to increased interest-bearing debt [8]. Dividend and Share Buyback - Wanhua Chemical plans to distribute a cash dividend of 7.3 yuan per 10 shares, totaling approximately 2.29 billion yuan, which is a decrease of 1.18 billion yuan compared to 2023 [6]. - The company’s chairman proposed a share buyback of 300 to 500 million yuan to enhance shareholder confidence and optimize capital structure [6]. Capacity Expansion and Future Outlook - Wanhua Chemical continues to expand its production capacity, with MDI and TDI capacities expected to reach 4.5 million tons and 1.44 million tons, respectively, after ongoing projects are completed [7][8]. - The company faces challenges with rising debt levels and potential asset impairment risks, as indicated by a significant increase in asset impairment losses in 2024 [9].