化工行业周报20250427：聚合MDI价格上涨，国际油价、维生素价格下跌-20250427

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The industry is significantly influenced by tariff-related policies and fluctuations in oil prices, with a recommendation to focus on quarterly earnings reports and companies with stable dividend policies [2][10] - The report highlights the importance of self-sufficiency in electronic materials and the resilience of energy companies [2][10] - The mid-to-long-term investment themes include sustained high oil prices, growth in the oil and gas extraction sector, and the rapid development of downstream industries, particularly in new materials [2][10] Summary by Sections Industry Dynamics - As of April 27, the SW basic chemical sector's TTM price-to-earnings ratio is 21.45, at the 56.30% historical percentile, while the price-to-book ratio is 1.76, at the 8.83% historical percentile [2][10] - The SW oil and petrochemical sector's TTM price-to-earnings ratio is 10.41, at the 9.89% historical percentile, and the price-to-book ratio is 1.16, at the 0.93% historical percentile [2][10] - The report notes a significant impact from tariff policies and oil price volatility, suggesting a focus on quarterly earnings and companies with robust dividend policies [2][10] Price Trends - In the week of April 21-27, 17 out of 100 tracked chemical products saw price increases, while 58 experienced declines, and 25 remained stable [9][34] - The average price of polymer MDI increased by 6.01% week-on-week, reaching 15,000 CNY/ton, although it is down 10.18% year-on-year [36] - The average price of vitamins decreased, with vitamin A down 9.33% week-on-week and vitamin E down 6.09% week-on-week [34] Investment Recommendations - The report recommends focusing on companies like China Petroleum, China National Offshore Oil Corporation, and others with strong dividend policies and growth potential in new materials [2][10] - Specific stocks highlighted for April include Satellite Chemical and Anji Technology, both showing strong performance metrics [11][17] - The report emphasizes the importance of leading companies' performance elasticity and high-growth sub-industries, particularly in the context of policy support for demand recovery [2][10]