2023年年度报告 公司代码：600309 公司简称：万华化学 万华化学集团股份有限公司 2023 年年度报告 ...

证券研究报告 | 年报点评报告 2024年03月19日 万华化学（600309.SH） 全年业绩稳健，高端新材料未来成长可期 公司发布 2023年年度报告。公司 2023年实现营业收入 1754亿元，同比 买入（维持） 增长 5.9%，归母净利润 168亿元，同比增长 3.6%，扣非归母净利润 164 股票信息 亿元，同比增长 4.1%；其中 Q4单季度实现营业收入 428亿元，环比下滑 行业 化学制品 4.7%，归母净利润 41.1 亿元，环比下滑 0.5%，扣非归母净利润 40.1 亿 前次评级 买入 元，环比下滑2.6%。 3月19日收盘价(元) 78.58 聚氨酯价差处于修复通道，福建基地贡献增量。2023 年聚氨酯板块实现营 总市值(百万元) 246,721.29 收/毛利 674/187亿元，同比+7.1/21.4%，产能：截至 2023年末公司聚氨 总股本(百万股) 3,139.75 酯板块产能达 516 万吨，其中 MDI/TDI/聚醚产品分别为 310/95/111 万 其中自由流通股(%) 100.00 吨，分别同比 2022年新增 5/30/0万吨；价格：聚合 MDI、纯 MDI和 TD ...

Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical (600309.SH) [1][4][23] Core Views - The company's performance in 2023 showed a year-on-year increase in revenue and net profit, with revenue reaching 175.36 billion yuan (up 5.9% YoY) and net profit at 16.82 billion yuan (up 3.6% YoY) [1][5] - The polyurethane downstream demand experienced slight growth in 2023, although prices declined. The company has significant MDI and TDI production capacities, with ongoing expansions planned [1][18] - The overall price of petrochemical products decreased in 2023, influenced by lower raw material prices due to falling crude oil prices and a balanced supply-demand situation in the domestic coal market [1][22] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 42.81 billion yuan (up 21.8% YoY, down 4.7% QoQ) and a net profit of 4.11 billion yuan (up 56.6% YoY, down 0.5% QoQ) [1][5] - The gross margin for Q4 2023 was 16.9% (up 0.9 percentage points YoY, down 0.6 percentage points QoQ), and the net margin was 10.4% (up 2.4 percentage points YoY, up 0.1 percentage points QoQ) [1][5] Market Dynamics - The global polyurethane market faced a mixed scenario with domestic demand recovering gradually while external demand remained weak. However, demand from the refrigerator, automotive, and other sectors led to slight growth [1][18] - The average market prices for pure MDI, polymer MDI, and TDI products were approximately 20,000 yuan/ton, 16,000 yuan/ton, and 16,500 yuan/ton respectively in 2023 [1][18] Raw Material Prices - Major raw material prices saw a decline in 2023, with pure benzene, coal, propane, and butane prices decreasing by approximately 10.77%, 25.09%, 21.98%, and 21.39% respectively [1][22] Future Outlook - The company is expected to maintain stable profit margins as a leading player in the polyurethane industry, with ongoing project advancements. The profit forecasts for 2024-2026 are set at 19.38 billion yuan, 22.47 billion yuan, and 23.34 billion yuan respectively, with corresponding EPS of 6.17 yuan, 7.16 yuan, and 7.43 yuan [1][23]

Investment Rating - The investment rating for Wanhua Chemical is "Buy" [1][4][12] Core Views - The company achieved a year-on-year revenue increase of 5.9% in 2023, reaching 175.36 billion yuan, and a net profit of 16.82 billion yuan, up 3.6% year-on-year. The fourth quarter of 2023 saw a significant revenue increase of 21.8% year-on-year, with a net profit growth of 56.6% [1][5][12] - The polyurethane downstream demand showed slight growth in 2023, although prices decreased. The company has MDI and TDI capacities of 3.1 million tons and 0.95 million tons, respectively, with plans for capacity expansion [1][9] - The overall price of petrochemical products declined in 2023, influenced by falling raw material prices, including a decrease of approximately 10.77% for pure benzene and 25.09% for coal [1][11] Summary by Sections Financial Performance - In 2023, Wanhua Chemical reported a revenue of 175.36 billion yuan and a net profit of 16.82 billion yuan. The fourth quarter alone generated a revenue of 42.81 billion yuan and a net profit of 4.11 billion yuan [1][5][12] - The gross profit margin for Q4 2023 was 16.9%, and the net profit margin was 10.4%, both showing year-on-year improvements [1][5] Market Dynamics - The global polyurethane market faced a mixed scenario with domestic demand recovering gradually while external demand remained weak. However, demand from the refrigerator, automotive, and other industries contributed to slight growth [1][9] - The average market prices for pure MDI, polymer MDI, and TDI in 2023 were approximately 20,000 yuan/ton, 16,000 yuan/ton, and 16,500 yuan/ton, respectively [1][9] Raw Material Prices - The prices of key raw materials decreased in 2023, with pure benzene down by 10.77%, coal by 25.09%, and propane and butane by approximately 21.98% and 21.39%, respectively [1][11] Future Outlook - The company is expected to maintain stable profit margins as it continues to advance new projects. The profit forecasts for 2024-2026 are 19.38 billion yuan, 22.47 billion yuan, and 23.34 billion yuan, respectively, with corresponding EPS of 6.17 yuan, 7.16 yuan, and 7.43 yuan [1][12]

万华化学（600309.SH）2023年年报点评 销量和利润双增，新一轮增长蓄力待发 2024年03月19日 ➢ 事件概述。2024 年3 月 18 日，万华化学发布 2023 年报，2023 年公 推荐 维持评级 司实现营业收入 1753.61 亿元，同比增长 5.92%，实现归母净利润 168.16 当前价格： 78.99元 亿元，同比增长3.59%，扣非归母净利164.39亿元，同比增长4.06%。2023 年四季度实现销售收入428.07亿元，同比增长21.80%，实现扣非归母净利 [Table_Author] 润40.11亿元，同比增长66.61%。 ➢ 聚氨酯和精细化学品业务销量大增，石化业务将迎来重要项目投产。聚 氨酯板块 2023 年实现产品销量 489 万吨，同比增长 16.99%，精细化学品 板块实现产品销量159万吨，同比增长67.37%，增量显著。2023年第四季 度聚氨酯板块实现销量 130 万吨，同比增长 25.00%，精细化学品板块实现 销量42万吨，同比增长55.56%。这主要得益于MDI、TDI、聚醚、改性、 分析师 刘海荣 PC、PMMA产品等产品的新产能持续投产和市场份额 ...

公司发布2023年年报，2023 年实现营收1753.61 亿元，同比增长 5.92%，归母净利润 168.16 亿元，同比增长 3.59%，业绩符合预 期。 随着国内外经济的复苏，公司经营保持稳健。公司聚氨酯板块实 现收入673.86 亿元，同比增长 7.14%；石化业务实现收入693.28 亿元，同比减少-0.44%；精细化工以及新材料板块实现收入238.36 亿元，同比增长 18.45%。费用方面， 2023 年司销售费用13.46 亿 元，同比增长16.48%；管理费用24.50亿元，同比增长 24.61%； 公司研发费用40.80 亿元，同比增长19.32%，公司维持持续高水 平研发投入，为公司长远布局构建良好的技术基础。 聚氨酯、石化产品价格有所下行，公司经营稳健。纯 MDI 产品： 全年消费需求向好，下游主要行业外贸、内需订单增加，全年市场 均价在20000 元/吨左右。聚合MDI 产品：随着国际海运费逐步回 落到合理水平，下游冰箱、冷柜行业出口业务增长明显，但投资需 人民币(元) 成交金额(百万元) 求不及预期，全年市场均价在16000 元/吨左右。TDI 产品:在家居 103.00 3,00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year improvement in Q4 performance, with new production capacity contributing to sustained growth [3] - In 2023, the company achieved operating revenue of 175.36 billion yuan, a year-on-year increase of 5.92%, and a net profit attributable to shareholders of 16.82 billion yuan, up 3.59% year-on-year [3] - The fourth quarter saw operating revenue of 42.81 billion yuan, a year-on-year growth of 21.80%, while net profit attributable to shareholders was 4.11 billion yuan, reflecting a year-on-year increase of 56.69% [3] Summary by Sections Q4 Performance - In Q4, the main product prices declined, but the polyurethane segment saw improved production and sales compared to the previous quarter [4] - The average prices for polymer MDI, pure MDI, and TDI in Q4 were 15,673 yuan/ton, 20,866 yuan/ton, and 17,110 yuan/ton, with respective changes of +5.61%, -1.85%, and -5.34% [4] - The polyurethane segment's production, sales, and revenue for 2023 were 4.99 million tons, 4.89 million tons, and 67.38 billion yuan, showing year-on-year changes of +19.95%, +16.99%, and +7.14% [4] Future Outlook - The demand for MDI is expected to improve due to the "old-for-new" policy and anticipated interest rate cuts in the U.S. [4] - The company is advancing the construction and commissioning of new MDI and TDI facilities, which is expected to enhance the supply landscape [4] - New projects in the new materials sector are projected to be operational in 2024, contributing to a comprehensive industrial chain in the vitamin and flavoring sectors [4] Financial Projections - The company is expected to achieve net profits of 20.28 billion yuan, 25.18 billion yuan, and 28.24 billion yuan for 2024, 2025, and 2026, with respective year-on-year growth rates of 20.6%, 24.2%, and 12.2% [5] - The current stock price corresponds to P/E ratios of 12, 10, and 9 for the years 2024, 2025, and 2026 [5]

证券代码：600309 证券简称：万华化学 公告编号：临 2024-13 号 万华化学集团股份有限公司 2023年主要经营数据公告 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。 万华化学集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十四号——化工》、《关于做好主板上市公司 2023 年 年度报告披露工作的通知》要求，现将 2023 年主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 2023 年度公司聚氨酯系列产品实现销售收入 6,738,616 万元，石化系列产 品和 LPG 贸易实现销售收入 6,932,792 万元，精细化学品及新材料系列产品实 现销售收入 2,383,606 万元。 | 主要产品 | 产量（万吨） | 销量（万吨） | | --- | --- | --- | | 聚氨酯系列 | 499 | 489 | | 石化系列 | 475 | 472 | | 精细化学品及新材料系列 | 165 | 159 | 注：以上销量为各系列产品产量对应的销售量，包含 ...

万华化学集团股份有限公司董事会 2024 年 3 月 19 日 根据证监会《上市公司独立董事管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等要求，万华 化学集团股份有限公司(以下简称"公司")董事会，就公司独立董事武常岐、王 化成、马玉国、李忠祥出具的独立性自查情况进行评估并出具如下专项意见： 经核查独立董事武常岐、王化成、马玉国、李忠祥的任职经历以及签署的相 关自查文件，上述人员未在公司担任除独立董事以外的任何职务,也未在公司主 要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能 妨碍其进行独立客观判断的关系，因此，公司独立董事符合《上市公司独立董事 管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》中的 相关要求，持续保持独立性，在 2023 年度不存在影响独立性的情形。 万华化学集团股份有限公司董事会 关于 2023 年度独立董事独立性自查情况的专项意见 ...

万华化学集团股份有限公司 独立董事制度 第一章 总则 第一条 为进一步完善万华化学集团股份有限公司（以下简称"公司"）治 理结构，促进公司规范运作，切实发挥独立董事在公司治理中应有的作用，保障 广大投资者的利益，根据《国务院办公厅关于上市公司独立董事制度改革的意见》 （国办发〔2023〕9 号）、《上市公司治理准则》《上市公司独立董事管理办法》（以 下简称《独董办法》）、《上海证券交易所股票上市规则》《上市公司自律监管指引 第 1 号——规范运作》（以下简称《规范运作指引》）等法律、行政法规、部门规 章、规范性文件、上海证券交易所业务规则及《公司章程》的规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及主 要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响其进行独立 客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照相关 法律、行政法规、中国证监会规定、上海证券交易所业务规则和《公司章程》的 要求，认真履行职责，维护公司整体利益，尤其要关注中小股东的合法权益不受 损害。 第四条 独立董事应当独立履行职责，不受公司及主要股东、实际控制人等 ...