Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with revenue growth but significant declines in net profit, indicating challenges in profitability despite stable revenue streams [1][2][3][4][5][6][7]. Financial Performance - In 2024, the company achieved operating revenue of 182.07 billion yuan, a year-on-year increase of 3.8%, but the net profit attributable to shareholders decreased by 22.5% to 13.03 billion yuan [1] - For Q4 2024, the company reported a significant drop in revenue to 34.46 billion yuan, down 19.5% year-on-year and 31.8% quarter-on-quarter, with net profit falling 52.8% year-on-year [1] - In Q1 2025, the company generated operating revenue of 43.07 billion yuan, a decrease of 6.7% year-on-year but an increase of 25.0% quarter-on-quarter [1] Industry Insights Polyurethane - In 2024, the company's polyurethane product sales revenue reached 75.8 billion yuan, up 12.6% year-on-year, with production and sales volumes of 5.8 million and 5.64 million tons, respectively [2] - For Q1 2025, polyurethane sales revenue was 18.4 billion yuan, a year-on-year increase of 5.3%, but a quarter-on-quarter decline of 14.7% [2] - The company plans to expand its MDI and TDI production capacity to 4.5 million and 1.44 million tons per year, further solidifying its position as a global leader in polyurethane [2] Petrochemicals - The petrochemical segment generated sales revenue of 72.5 billion yuan in 2024, a year-on-year increase of 4.6%, with production and sales volumes of 5.44 million and 5.47 million tons, respectively [3] - In Q1 2025, the petrochemical segment reported sales revenue of 16.3 billion yuan, down 11.8% year-on-year but up 54.8% quarter-on-quarter [3] - The company is expanding its C2, C3, and C4 value chains through new projects, including a successful startup of a 1.2 million tons/year ethylene facility [3] New Materials - The new materials segment achieved sales revenue of 28.3 billion yuan in 2024, a year-on-year increase of 18.6%, with production and sales volumes of 2.09 million and 2.03 million tons, respectively [4] - In Q1 2025, the new materials segment reported sales revenue of 7.4 billion yuan, a year-on-year increase of 20.7% [4] - The company is advancing key technologies in fine chemicals and high-end new materials, successfully launching several new projects [4][5] Strategic Developments - The company completed the acquisition of France's Covestro's specialty isocyanate business, increasing its HDI capacity to 330,000 tons and enhancing its market share [5] - The company plans to reduce capital expenditures significantly, with expected declines of 72.7 billion yuan in 2024 and 20.0 billion yuan in Q1 2025, alleviating cash flow pressures [6] - A share buyback program is proposed to enhance shareholder value and confidence, with a planned repurchase of 300,000 to 500,000 shares [6] Profit Forecast and Investment Recommendations - The company adjusted its net profit forecasts for 2025-2026 to 13.04 billion and 16.00 billion yuan, reflecting a more cautious outlook based on market conditions [7] - The adjusted profit corresponds to a PE ratio of 13.3, 10.9, and 9.4 times, with a PB ratio of 1.6, 1.4, and 1.2 times, maintaining a "buy" rating [7]

一、主要产品的产量、销量及收入实现情况 2025 年一季度公司聚氨酯系列产品实现销售收入 1,842,705 万元，石化系列产 品和贸易实现销售收入 1,632,012 万元，精细化学品及新材料系列产品实现销售收 入 737,045 万元。 证券代码：600309 证券简称：万华化学 公告编号：临 2025-18 号 万华化学集团股份有限公司 2025年第一季度主要经营数据公告 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 年一季度主要 经营数据披露如下： 1. 聚氨酯系列产品 2025 年第一季度，受春节假期因素影响，聚氨酯行业下游需求进入传统淡季， 聚氨酯主流系列产品价格呈下行趋势：纯 MDI 产品一季度市场价格在 19,000 元/吨 左右，聚合 MDI 产品市场价格在 17,000 元/吨左右，TDI 产品市场价格在 12,500 元 /吨左右，软泡聚醚产品市场价格在 ...