化工行业周报：国际油价上涨，维生素、TDI价格提升

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the increase in international oil prices, leading to price rises in vitamins and TDI [1] - It suggests monitoring price changes and mid-term performance of products like vitamins, polyester filament, refrigerants, and fertilizers in August [1] - The report emphasizes investment opportunities in semiconductor and OLED companies due to various catalysts, including the third phase of the major fund and downstream capacity expansion [1] - It notes the high oil prices and recommends focusing on large energy state-owned enterprises and related oil service companies for operational improvements [1] Summary by Sections Industry Performance and Price Changes - In the week of August 5-11, 2024, among 101 tracked chemical products, 23 saw price increases, 43 saw decreases, and 35 remained stable [6] - The average price of WTI crude oil rose to $76.84 per barrel, a weekly increase of 4.52$79.66 per barrel, up 3.71% [1] - The average price of natural gas futures closed at $2.16 per mmbtu, with a weekly increase of 9.25% [1] Investment Recommendations - As of August 11, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 18.18, at the 38.48% historical percentile [6] - The report recommends focusing on price changes and mid-term performance of vitamins, polyester filament, refrigerants, and fertilizers [6] - It suggests that the oil and gas extraction sector will continue to perform well under high oil prices, with energy state-owned enterprises improving efficiency and dividend policies [6] Company Highlights - The report identifies "New and Successful" stocks for August: Xinhecheng and Yake Technology [2][7] - Xinhecheng reported a revenue of 15.117 billion yuan in 2023, a decrease of 5.13% year-on-year, but a revenue increase of 24.54% in Q1 2024 [7] - Yake Technology achieved a revenue of 4.738 billion yuan in 2023, a year-on-year increase of 11.24%, with a strong Q1 2024 performance [12]