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20240114_天风证券_基础化工行业:三代制冷剂配额核发R410a、有机硅价格上涨_20页.pdf

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20240114_天风证券_基础化工行业:三代制冷剂配额核发R410a、有机硅价格上涨_20页.pdf

|1 2024 01 14()SAC S1110519070001 SAC S1110518080008 SAC S1110522110002 1-:R134a 2024-01-07 2-:2024 2024-01-01 3-:DMF 2023-12-24 R410a 24 1 1-7 24 1 8-14 1 11 2024 2024()74.56 46%22.44 11.71 7.64 5.52 WTI 1.5%72.68/VE/MDI/DMF/PVC/MDI 5%/3.5%/3%/1.3%/1%/0.5%/0.4%/0.3%/7.6%/7.2%/2.6%/1%/0.4%/TDI/PVC/VA/Texas+18.3%Henry Hub)+18.2%R410a+11.1%R32+10.1%R125+9.6%R410a R410a R125 R32 0.85%300 1.35%300 0.5 15+4.73%+3.07%+0.87%+0.57%+0.39%1 2 3-21%-17%-13%-9%-5%-1%3%7%2023-01 2023-05 2023-09 300|2 1.4 2.4 2.1.4 2.2.5 2.3.6 3.6 3.1.10 3.2.11 3.3.12 3.4.13 3.5.14 3.6.15 3.7.15 3.8.16 4.16 5.18 1 A%.4 2%.5 3 A PB.6 4 A PE TTM_.6 5/.10 6/.10 7 40D/.10 8 PTA/.10 9/.10 10 POY/.10 11/.11 12-/.11 13/.11 14/.11 15/.11 16/.12 17/.12 18/.12 19/.12 20/.12 ZXCXzQtOnOrQqOoNnQoRnM8OcM7NsQqQnPsOlOoOnMkPmNmR8OoPmMvPtQmRwMsRoQ|3 21/.12 22 MDI/.13 23 TDI/.13 24 PTMEG/.13 25 PO/.13 26 PP/.13 27 PC/.13 28 PVC/.14 29 PVC/.14 30/.14 31/.14 32/.14 33/.14 34/.15 35/.15 36/.15 37 R22 R134a/.15 38 R125 R32 R410a/.15 39/.16 40/.16 1.5 2.5 3 10.6 4 10.6 5/.7 6.8 7.16 8.18|4 1.1 2024.01.12 1 11 2024 2024()74.56 46%22.44 11.71 7.64 5.52 2 2024.01.12/2024 4 16%3 2024.01.12 SABIC(PC),2023 12 31 SABIC 2023 10,LX2 2022 10 4 2024.01.11 2024 1 1 SCCPs 24 OCF 5 2024.01.08 1 8 2.2.1.0.85%300 1.35%300 0.5 15 1 A%wind+4.73%+3.07%+0.87%+0.57%+0.39%|5 2%wind 2.2.+16.91%+15.03%+14.59%+11.49%+11.28%+11.18%+8.97%+7.88%+7.22%+6.65%1(/)(%)(%)(%)(%)600844.SH 3.94 16.91 30.03 30.03 30.03 002395.SZ 22.50 15.03 11.72 11.72 11.72 603276.SH 28.36 14.59 7.75 7.75 7.75 002326.SZ 12.23 11.49 5.25 5.25 5.25 002749.SZ 13.42 11.28 12.02 12.02 12.02 603051.SH 36.39 11.18 4.78 4.78 4.78 002250.SZ 7.41 8.97 3.93 3.93 3.93 600331.SH 5.20 7.88 1.36 1.36 1.36 603688.SH 87.72 7.22 0.97 0.97 0.97 001217.SZ 16.85 6.65 19.33 19.33 19.33 wind ST-22.83%-20.78%-19.94%-17.25%-12.67%-11.86%*ST-11.57%-11.41%-10.64%-8.73%2(/)(%)(%)(%)(%)002002.SZ ST 0.71-22.83-18.39-18.39-18.39 430489.BJ 6.52-20.78-16.62-16.62-16.62 603004.SH 30.35-19.94-15.69-15.69-15.69 300225.SZ 8.01-17.25-18.10-18.10-18.10 002324.SZ 11.10-12.67-15.59-15.59-15.59 000691.SZ 5.20-11.86 2.56 2.56 2.56 600589.SH*ST 3.44-11.57 7.84 7.84 7.84 300596.SZ 27.42-11.41-7.24-7.24-7.24 603225.SH 12.77-10.64-10.07-10.07-10.07 301076.SZ 27.17-8.73-19.90-19.90-19.90 wind|6 2.3.PB 2.01 A PB 1.33 PE 20.59 A PE 12.99 3 A PB 4 A PE TTM_ wind wind 3.343 49 105 189 65 33 27 5 3 10 24/01/12 Texas$/Mbtu 2.78 2.35 18.30%37.62%Henry Hub)$/Mbtu 3.25 2.75 18.18%25.97%R410a/25000 22500 11.11%13.64%R32/19000 17250 10.14%13.43%R125/31500 28750 9.57%12.50%B1:/146.5 137.5 6.55%6.55%)/260 245 6.12%1.96%E:/62.5 59.5 5.04%5.04%E:/62.5 59.5 5.04%5.04%/7200 6900 4.35%9.09%Wind 4 10 24/01/12/3550 4350-18.39%-18.39%-/3300 3800-13.16%-14.29%/370 420-11.90%-11.90%/6.2 7.0-11.43%-11.43%LNG$/Mbtu 10.13 11.05-8.33%-9.96%/2425 2625-7.62%-12.61%/2575 2775-7.21%-11.97%/845 910-7.14%-9.14%K3:MSB96%:/72.5 77.5-6.45%-6.45%/7500 8000-6.25%-6.25%Wind|7 5/2024/1/12-(1315)(1290)-933 1261-26.03%-39.17%A-1412 1471-4.00%21.21%PTA-PX 54 164-67.07%-74.16%-751 881-14.69%11.48%-1066 1109-3.88%24.65%-1021 986 3.55%-3.77%-426 454-6.17%15.14%-1639 1565 4.73%2.25%PVA-5594 5496 1.78%1.78%DMF-638 412 54.85%51.90%PVC-153 52 194.51%50.00%PVC-2832 2903-2.48%-3.28%-1621 1816-10.75%-17.76%-1771 1966-9.93%-16.51%-2876 3334-13.75%-6.07%MDI-7041 6563 7.28%1.78%MDI-10455 10350 1.01%-0.47%MDI-11191 10863 3.02%-1.12%MDI-14605 14650-0.31%-2.01%TDI-12386 12425-0.31%-1.11%BDO-1980 1650 20.00%213.04%-3537 3572-0.99%-4.54%-2667 2660 0.26%1.12%-PTA-756 677 11.71%3.30%POY-PTA-993 1013-1.98%-6.98%FDY-PTA-2443 2388 2.30%3.19%-4560 4510 1.11%3.64%-36210 36350-0.39%-0.39%-MDI-PTMEG 13362 13176 1.41%3.22%PA6-7259 7108 2.13%2.13%PA66-19682 19711-0.15%-0.73%-5670 5482 3.43%3.43%-3123 3513-11.10%-13.20%-150(550)-2198 1358 61.88%41.09%ABS-1324 1411-6.15%-3.57%PC-A 6240 6105 2.21%3.23%POM-11444 11476-0.28%0.56%BOPET-1256 1216 3.29%4.15%PBAT-PTA-BDO-AA 2227 2203 1.08%-1.66%-829 823 0.73%5.61%-460 430 6.98%-29.23%-2380 2180 9.17%10.19%-994 1094-9.14%-9.14%()-1031 1028 0.35%1.77%()-885 742 19.36%22.72%135 120 12.06%6.93%-219 197 10.99%14.87%-1509 1698-11.13%-13.87%-356 381-6.56%11.76%|8-11663 11835-1.45%1.02%-CCMP 34600 34600 0.00%0.00%-8744 8744 0.00%-5.41%-7950 7950 0.00%-0.50%R22-10587 10587 0.00%0.82%R32-6060 4400 37.73%64.67%R125-15789 12948 21.95%29.93%R134a-13612 13612 0.00%20.26%R410a-R125-R32(250)(500)-DMC-3117 2643 17.93%26.45%-(3852)(3792)-(901)(835)-DOP-329 281 16.99%-5.11%EVA-5143 5624-8.55%-11.34%-/6 3.5%16 67%PVC PVC 0.5%PVC PVC PVC 0.60%83.27%PVC 1.91%91.93%PVC 7.6%7.2%4165 375 3207 19 1567 11 1168 3 472 87.18%0.4%82.26%4879.6 1 11 3990.3 81.78%1 11 10220 8055 78.82%VA VA 72-76/VE VE 5%65-68/84.42%1%58.11%58.55%57.28%15 87.68%66.16%|9 0.4%70.74%8 5-7 6-7 5 4-5 4-5 2-3 3-4 4 5-7 2-3 6000 77.9%9.21%2.6%15.37 1.85%0.31 0.55 39.55%0.25%4498 8.02%MDI MDI 1.3%MDI 0.3%40 80 C 60/MDI 12 MDI 7 TPU 5-6 3-4 TDI TDI TDI TDI TDI TDI 3%2.43%75.76%194600 2.32%DMF DMF 1%DMF 16569 DMF wind 24/01/12|10 3.1.1.5D 1.27/0.4%120D 4.3/40D 3/PTA 5730/1.9%7200/0.4%POY150D 7450/1.7%1.5D 1.46/5/6/7 40D/8 PTA/9/10 POY/|11 11/3.2.()2230/2.6%55%3350/2.3%-64%3600/60%2860/50%3700/2.6%12-/13/14/15/2.57/0.4%6.2/11.4%2.35/8.9/2.3/|12 16/17/18/19/20/21/3.3.MDI MDI 1.99/0.3%MDI 1.57/1.3%TDI TDI 1.64/PTMEG 1800 PTMEG 1.68/1.5%PO 0.92/0.1%PC 1.47/|13 22 MDI/23 TDI/,24 PTMEG/25 PO/,26 PP/27 PC/,3.4.PVC 5575/0.5%PVC 6050/2425/7.6%2575/7.2%|14 28 PVC/29 PVC/,30/31/,3.5.1.3/0.4%1.2/1.6%1.21/3.2%0.77/4.9%NS 2.3/CZ 2.15/32/33/|15 34/35/3.6.2480/1.61/36/3.7.R22 R22 1.9/R134a R134a 2.9/R125 R125 3.15/9.6%R32 R32 1.9/10.1%R410a R410a 2.5/11.1%37 R22 R134a/38 R125 R32 R410a/|16 3.8.DMC 1.47/3.5%ECT300%21/WNN 21/39/40/4.7 600309.SH 2023 1325.54 1.64%127.03 6.65%449.28 8.78%41.35 28.21%23-25 TDI MDI ADI 600426.SH 2023 193.46 15.92%29.27 47.11%69.87 7.91%12.18 18.84%2022 20 6 66 3 480t/h 002001.SZ 2023 110.12 7.54%21.01 30.22%35.94 2.74%6.18 22.48%+600486.SH 2023 92.74 29.22%13.61 16.94%22.07 37.6%2.37 91.37%42 28.28+002643.SZ 2023 31.76 17.39%5.75 10.62%11.02 12.34%1.86 21.68%PI 300019.SZ 2023 19.12 5.28%2.24 34.78%7.19 12.73%0.91 44.74%21/5/26/|17 002064.SZ 2023 196.82 1.3%19.29 20.17%70.6 15.67%5.7 0.21 301035.SZ 2023 85.19 28.51%7.22 44.74%34.75 15.99%2.97 28.93%2022 12 31 300 4,900 Sarabia 131 688106.SH 2023 17.8 23.87%2.59 53.31%6.46 27.45%0.97 37.72%2021 24000/5000/268/2022 5 2023 3 1700 1000 002597.SZ 2023 40.93 25.96%5.64 57.71%14.19 26.43%1.6 66.54%22 17-688269.SH 2023 13.4 3.11%0.98 44.21%3.7 18.2%0.07 86.01%2023 A 5 30 5 PVC PDH 688639.SH 2023 13.64 38.67%3.2 47.42%5.14 44.92%1.29 46.19%2022 5 5 PDO 5 20 A 000553.SZ 2023 246.6 12.17%-10.42 7.68 74.07 20.20%-8.0 0.36 Q2 Q3 603599.SH 2023 50.91 23.04%13.23 28.48%13.19 37.57%3.01 50.49%wind 2023|18 8 EPS PE 22 23E 24E 22 23E 24E 22 23E 24E 600309.SH 70.84 2224.2 31.4 162.3 182.3 239.1 5.2 5.8 7.6 13.7 12.2 9.3 600426.SH 26.27 557.8 21.2 62.9 45.0 65.6 3.0 2.1 3.1 8.9 12.4 8.5 002001.SZ 16.90 522.4 30.9 36.2 53.6 63.5 1.2 1.7 2.1 14.4 9.7 8.2 600486.SH 59.71 242.6 4.1 17.9 16.0 19.3 4.4 3.9 4.8 13.5 15.2 12.6 002643.SZ 14.77 137.4 9.3 7.2 7.6 10.0 0.8 0.8 1.1 18.9 18.1 13.8 301035.SZ 67.25 187.4 2.8 14.1 12.1 14.5 5.1 4.3 5.2 13.1 15.5 13.0 688106.SH 21.10 102.7 4.9 2.3 3.8 4.8 0.5 0.8 1.0 44.9 26.7 21.3 002597.SZ 20.82 118.7 5.7 17.0 7.6 10.9 3.0 1.3 1.9 6.9 15.6 10.8 688269.SH 34.30 44.8 1.3 2.2 1.6 2.6 1.7 1.2 2.0 20.3 28.8 17.1 603155.SH 22.75 51.3 2.3 3.0 5.8 6.9 1.3 2.6 3.0 17.0 8.8 7.5 A 000553.SZ 6.89 153.2 23.3 6.1 6.4 6.9 0.3 0.3 0.3 26.5 24.9 23.1 688639.SH 110.21 173.6 1.6 3.2 4.7 6.6 3.0 3.0 4.2 37.4 37.2 26.5 688550.SH 37.73 52.0 1.4 2.5 1.6 2.4 2.5 1.2 1.7 15.0 32.2 21.7 603281.SH 25.62 95.6 3.7 10.4 7.0 8.2 2.8 1.9 2.2 9.2 13.6 11.6 wind 2024/1/12 5.1 OLED OLED 2 3|19|20/6 300 6 300 20%10%-20%-10%-10%-10%5%-5%-5%-5%B 11 100088 3 A 23 2301 570102(0898)-65365390 6 4 200086(8621)-65055515(8621)-61069806 5033 71 518000(86755)-23915663(86755)-82571995

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