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20240520_天风证券_基础化工行业:地产迎重磅政策化工“硬资产”、地产链两手抓_20页.pdf

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20240520_天风证券_基础化工行业:地产迎重磅政策化工“硬资产”、地产链两手抓_20页.pdf

|1 2024 05 20()SAC S1110519070001 SAC S1110518080008 SAC S1110522110002 SAC S1110523070006 1-:2024-05-19 2-:2024-05-16 3-:3.5%VA 2024-05-06 24 5 6-12 24 5 13-19 5 17 4 WTI 2.3%80.06/MDI/PVC/TDI 3.5%/3.2%/3.1%/2.3%/2%/1.1%/0.7%/0.7%DMF/MDI/PVC/4.2%/2.9%/2.1%/1.8%/1.1%/0.8%/0.3%/0.2%/VA/VE/Texas+18.7%+11.9%Henry Hub)+9.7%+8.1%+7.1%MDI MDI 500/17300/1.67%300 0.32%300 1.99 25+15.7%+9.94%+7.41%+6.34%+3.55%2024 Q1 2000 ROE PB PB 24 Q1 2000 22 Q2 1 MDI/TDI PVC 2 3 5 OLED-30%-25%-20%-15%-10%-5%0%2023-05 2023-09 2024-01 300|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%.5 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 YWCXxOtOtQrQoQoNqNoRnM8O9RbRsQrRnPnRiNrRqNiNpNnMaQqQyQMYmPoQuOnMtM|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 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36.30%2023 3 480t/h 66 002001.SZ 2023 151.17 5.13%27.04 25.3%24 44.99 24.54%8.70 35.21%+600486.SH 2023 114.78 27.41%15.65 12.77%24 31.76 29.43%4.29 43.11%2023 HSE 11 002643.SZ 2023 43.05 15.26%7.63 5.78%24 9.38 9.19%0.98 44.32%PI 300019.SZ 2023 26.06 3.30%3.15 25.9%24 4.75 10.59%0.40 27.04%2023|17 21/5/26/301035.SZ 2023 114.85 20.58%7.17 45.44%24 26.93 20.59%1.53 16.39%2023 12 31 6000 688106.SH 2023 24.27 23.40%3.15 37.48%24 5.89 13.74%0.76 26.68%2021 24000/5000/268/2022 5 2023 3 1700 1000 002597.SZ 2023 53.11 26.7%7.04 58.46%24 12.13 12.30%1.29 47.34%22 17-688269.SH 2023 18.06 4.04%1.15 48.16%24 3.05 38.35%0.11 72.14%2023 A 5 30 5 PVC PDH 688639.SH 2023 19.38 36.63%4.49 40.32%24 5.01 25.12%0.87 6.62%2022 5 5 PDO 5 20 A 000553.SZ 2023 327.79 12.31%-16.16 363.52%24 75.09 12.79%-2.28 0.83 2024 2023 603599.SH 2023 58.68 35.25%14.39 37.86%wind|18 8 EPS PE 22 23 24E 22 23 24E 22 23 24E 600309.SH 90.06 2827.7 31.4 162.3 168.2 239.1 5.2 5.4 7.6 17.4 16.8 11.8 600426.SH 29.38 623.8 21.2 62.9 35.8 65.6 3.0 1.7 3.1 9.9 17.4 9.5 002001.SZ 19.82 612.6 30.9 36.2 27.0 38.7 1.2 1.0 1.3 16.9 20.4 15.9 600486.SH 64.43 261.8 4.1 17.9 15.7 16.2 4.4 3.9 4.0 14.6 16.7 16.1 002643.SZ 12.06 112.2 9.3 7.2 7.6 10.0 0.8 0.8 1.1 15.5 14.7 11.3 301035.SZ 56.06 156.2 2.8 14.1 7.7 14.5 5.1 2.8 5.2 10.9 20.3 10.8 688106.SH 18.50 90.2 4.9 2.3 3.2 4.3 0.5 0.7 0.9 39.4 26.8 21.0 002597.SZ 24.29 138.4 5.7 17.0 7.0 10.9 3.0 1.2 1.9 8.0 19.7 12.6 688269.SH 27.60 36.1 1.3 2.2 1.1 2.6 1.7 0.9 2.0 16.3 32.0 13.8 603155.SH 17.21 38.8 2.3 3.0 1.2 6.9 1.3 0.5 3.0 12.8 31.4 5.6 A 000553.SZ 6.44 143.0 23.3 6.1-16.1 6.9 0.3-0.7 0.3 24.8-9.3 21.6 688639.SH 114.50 180.4 1.6 3.2 4.5 6.6 3.0 2.9 4.2 38.8 40.2 27.5 688550.SH 35.39 47.7 1.3 2.5 1.3 2.4 2.5 1.2 1.7 14.0 30.2 20.3 603281.SH 25.58 95.5 3.7 10.4 6.5 8.2 2.8 1.9 2.2 9.2 13.6 11.6 wind wind 2024/05/17 5.2024 Q1 2000 ROE PB PB 24 Q1 2000 22 Q2 1 MDI/TDI PVC 2 3|19 4 OLED|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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