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20240624_天风证券_基础化工行业:四部门联合部署化工老旧装置淘汰退出和更新改造工作丁腈橡胶、粘胶短纤价格上涨_20页.pdf

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20240624_天风证券_基础化工行业:四部门联合部署化工老旧装置淘汰退出和更新改造工作丁腈橡胶、粘胶短纤价格上涨_20页.pdf

|1 2024 06 24()SAC S1110519070001 SAC S1110518080008 SAC S1110522110002 SAC S1110523070006 1-:2024-06-17 2-:-2024 4 2024-06-12 3-:2024-06-10 24 6 10-16 24 6 17-23,WTI 2.9%80.73/1.8%/1.5%/0.9%/MDI/MDI/PVC/TDI/DMF/5.8%/3.1%/2.7%/2.2%/1.7%/1.1%/0.7%/0.6%/0.5%/PVC/VA/VE+25%D3:+7%+6.9%N41()+4.6%+4.4%2.12%300 1.3%300 0.82 15+4.74%+1.23%2024 Q1 2000 ROE PB PB 24 Q1 2000 22 Q2 1 MDI/TDI PVC 2 3 4 OLED-26%-21%-16%-11%-6%-1%4%2023-06 2023-10 2024-02 300|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 XVCXvMsPtQnMpRmPsPoRqRaQ8Q7NsQmMnPqMiNnNrPkPnPpRbRpPzRNZmRxPwMqRrN|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 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1.46/5/6/7 40D/8 PT A/9/10 POY/|11 11/3.2.()2240/1.8%55%3400/1.5%-64%3600/60%2450/50%3500/12-/13/14/15/2.5/0.8%5.45/2.43/7.6/2.3/|12 16/17/18/19/20/21/3.3.MDI MDI 1.85/3.1%MDI 1.77/1.7%TDI TDI 1.42/0.7%PTMEG 1800 PTMEG 1.45/PO 0.91/0.6%PC 1.53/0.6%|13 22 MDI/23 TDI/,24 PTMEG/25 PO/,26 PP/27 PC/,3.4.PVC 5674/1.1%PVC 6050/2025/5.8%2250/2.2%|14 28 PVC/29 PVC/,30/31/,3.5.1.47/1.56/1.9%1.52/3.8%0.77/NS 2.33/CZ 2.17/32/33/|15 34/35/3.6.2560/1.53/36/3.7.R22 R22 2.95/R134a R134a 3.1/R125 R125 3.5/7.9%R32 R32 3.3/7%R410a R410a 3.5/4.1%37 R22 R134a/38 R125 R32 R410a/|16 3.8.DMC 1.36/ECT300%21/WNN 21/39/40/4.7 600309.SH 2024 461.61 10.1%41.57 2.57%23-25 TDI MDI ADI 600426.SH 2024 79.78 31.80%10.65 36.30%2023 3 480t/h 66 002001.SZ 2024 44.99 24.54%8.70 35.21%+600486.SH 2024 31.76 29.43%4.29 43.11%2023 HSE 11 002643.SZ 2024 9.38 9.19%0.98 44.32%PI 300019.SZ 2024 4.75 10.59%0.40 27.04%2023 21/5/26/301035.SZ 2024 26.93 20.59%1.53 16.39%2023 12 31 6000 688106.SH 2024 5.89 13.74%0.76 26.68%2021 24000/5000/268/2022 5 2023 3|17 1700 1000 002597.SZ 2024 12.13 12.30%1.29 47.34%22 17-688269.SH 2024 3.05 38.35%0.12 72.14%2023 A 5 30 5 PVC PDH 688639.SH 2024 5.01 25.12%0.87 6.62%2022 5 5 PDO 5 20 A 000553.SZ 2024 75.09 12.79%-2.27 2024 2023 603599.SH 2024 12.15 36.89%2.25 56.80%wind|18 8 EPS PE 22 23 24E 22 23 24E 22 23 24E 600309.SH 83.30 2615.4 31.4 162.3 168.2 239.1 5.2 5.4 7.6 16.1 15.6 10.9 600426.SH 26.89 571.0 21.2 62.9 35.8 65.6 3.0 1.7 3.1 9.1 16.0 8.7 002001.SZ 19.30 596.5 30.9 36.2 27.0 38.7 1.2 1.0 1.3 16.5 19.9 15.4 600486.SH 56.30 228.8 4.1 17.9 15.7 16.2 4.4 3.9 4.0 12.7 14.6 14.1 002643.SZ 10.63 98.9 9.3 7.2 7.6 10.0 0.8 0.8 1.1 13.6 13.0 9.9 301035.SZ 45.25 126.1 2.8 14.1 7.7 14.5 5.1 2.8 5.2 8.8 16.4 8.7 688106.SH 18.18 88.6 4.9 2.3 3.2 4.3 0.5 0.7 0.9 38.7 26.3 20.7 002597.SZ 20.82 118.7 5.7 17.0 7.0 10.9 3.0 1.2 1.9 6.9 16.9 10.8 688269.SH 26.30 34.4 1.3 2.2 1.1 2.6 1.7 0.9 2.0 15.6 30.5 13.1 603155.SH 10.66 33.7 3.2 3.0 1.2 6.9 1.3 0.4 2.2 8.0 27.3 4.9 A 000553.SZ 4.74 106.0 23.3 6.1-16.1 2.0 0.3-0.7 0.1 18.2-6.9 54.5 688639.SH 84.41 133.0 1.6 3.2 4.5 6.6 3.0 2.9 4.2 28.6 29.6 20.1 688550.SH 24.83 43.4 1.7 2.5 1.3 2.4 2.5 1.2 1.74 9.9 21.2 14.3 603281.SH 23.63 88.2 3.7 10.4 6.5 7.1 2.8 1.9 1.9 8.5 12.6 12.4 wind wind 2024/06/21 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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