证券代码：600309 证券简称：万华化学 公告编号：临 2025-48 号 万华化学集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之《第 十三号——化工》的相关规定，现将万华化学集团股份有限公司 2025 年半年度主要 经营数据披露如下： （二）主要原料价格波动情况 CP 均价 594 美元/吨，与去年同期相比下跌 3.10%。 三、报告期内无其他对公司生产经营具有重大影响的事项。 特此公告。 | 主要产品 | | | | | 产量（万吨） 销量（万吨） | | --- | --- | --- | --- | --- | --- | | 聚氨酯系列 | 298 | | | | | | 石化系列 | 295 | | 285 | | | | 精细化学品及新材料系列 | | 124 119 | | | | | | | | | 303 | | 注：以上销量为各系列产品产量对应的销售量，包含产品系列之间的内部使用量。 二、主要产品和原材料的价 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, with an expected EPS of 4.65, 5.70, and 6.06 for the years 2025 to 2027, respectively, corresponding to PE valuations of 11.7, 9.54, and 8.98 times [6][9]. Core Views - The company demonstrates strong operational resilience and is expected to maintain long-term growth despite short-term economic fluctuations. The global layout is expected to solidify its leading position in the polyurethane market, with new high-value-added products anticipated to enhance profitability [5][6]. - In 2024, the company reported a total revenue of 1820.69 billion yuan, a year-on-year increase of 3.83%, while the net profit attributable to shareholders decreased by 22.49% to 130.33 billion yuan. The decline in profit was attributed to credit impairment losses and asset impairment losses totaling 9.4 billion yuan [5][7]. - The company is expanding its production capacity in polyurethane and has successfully industrialized new materials, with significant projects expected to come online in the near future, further strengthening its market position [5][6]. Financial Summary - For 2024, the company achieved a revenue of 1821 billion yuan, with a projected growth rate of 3.83%. The net profit attributable to shareholders is expected to recover to 146.10 billion yuan in 2025, reflecting a growth rate of 12.10% [7][8]. - The EBITDA for 2024 is reported at 328.17 billion yuan, with projections of 241.94 billion yuan, 286.87 billion yuan, and 299.01 billion yuan for the years 2025 to 2027, respectively [7][8]. - The company's asset-liability ratio stands at 64.7%, with expectations for gradual improvement in the coming years [8].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company achieved a revenue of 182.07 billion yuan in 2024, a year-on-year increase of 3.83%, but the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [1][9] - The company plans to distribute a cash dividend of 12.5 yuan per 10 shares based on a total share capital of 3.14 billion shares [1][9] - The first quarter of 2025 saw a revenue of 43.07 billion yuan, a decline of 6.7% year-on-year, with a net profit of 3.08 billion yuan, down 25.87% [1][9] Revenue Breakdown - The company’s revenue in 2024 was segmented as follows: - Polyurethane series: 75.84 billion yuan (up 12.6% year-on-year) - Petrochemical series: 72.52 billion yuan (up 4.6% year-on-year) - Fine chemicals and new materials: 28.27 billion yuan (up 18.6% year-on-year) - Other main businesses: 21.13 billion yuan (down 23.1% year-on-year) [2][10] Profitability Analysis - The company’s gross profit margin was 16.2%, a slight decline of 0.6 percentage points year-on-year, with gross profit amounting to 29.43 billion yuan [2][11] - The gross profit for the Polyurethane series was 19.83 billion yuan, for Petrochemical series was 2.55 billion yuan, and for Fine chemicals and new materials was 3.61 billion yuan, with significant declines in the latter [2][11] Expense and Impairment - The company’s expense ratio for 2024 was 6.2%, with total expenses amounting to 6.736 billion yuan, an increase of 12.64 billion yuan year-on-year [3][41] - The company recorded an impairment loss of 740 million yuan, primarily affecting inventory and fixed assets [3][42] Future Profit Forecast - The projected net profit for 2025-2027 is estimated at 13.13 billion yuan, 16.31 billion yuan, and 22.48 billion yuan respectively, with the 2025 and 2026 forecasts revised down from previous estimates [4][52]

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 ...