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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82
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汕头市(南澳县、龙湖区、金平区、澄海区、潮阳区、濠江区、潮南区)








哈尔滨市(阿城区、依兰县、五常市、尚志市、双城区、木兰县、通河县、道外区、方正县、道里区、松北区、香坊区、平房区、南岗区、宾县、巴彦县、延寿县、呼兰区)








广西壮族自治区

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事件简述

4月15日,公司发布2024年年报和2025年1季报,2024年公司实现营收1820.69亿元,同比+3.83%,归母净利润130.33亿元,同比-22.49%。2025年1季度,公司实现营业收入430.68亿元,同比-6.70%,归母净利润30.82亿,同比-25.87%。

经营分析

2024年年度,公司销售费用16.19亿元,同比+20.25%。随着公司规模扩大,营销机构和人员费用同比增加,同时为了提升全球客户交付效率,仓储物流费用同比上升。管理费用30.23亿元,同比+23.38%。公司规模和人员增加,管理人员相关费用同比增加。财务费用20.94亿元,同比+24.93%,主要为报告期内存款利息收入同比减少所致。研发费用45.50亿元,同比+11.51%,系公司持续围绕现有业务技术迭代升级。资产减值损失7.40亿元,同比增加446.94%,主要为本期计提存货跌价损失、在建工程及固定资产减值损失所致。

公司各个板块经营基本保持稳定。聚氨酯业务板块:2024年年度,聚氨酯销售收入758.44亿元,毛利率26.15%,截至2024年末,公司拥有MDI产能380万吨/年,同时公司福建基地MDI将技改扩能新增70万吨/年,预计2026年第二季度完成,届时公司全球MDI产能将达到450万吨/年;截至2024年末,公司拥有TDI产能111万吨/年,同时公司福建基地第二套33万吨/年TDI项目预计2025年5月份建成投产,届时公司TDI总产能将达到144万吨/年。石化业务板块:2024年年度石化销售收入725.18亿元,毛利率3.52%。2025年初,万华烟台25万吨/年LDPE装置一次性开车成功。精细化学品及新材料业务板块:2024年年度,该板块收入282.73亿元,毛利率12.78%。

风险提示

风险提示:原材料剧烈波动风险,需求不足影响销量和产品价格,新项目投放不达预期。

往期报告

证券研究报告:《万华化学公司点评:业绩符合预期,公司经营稳健》

对外发布时间:2025年4月15日

报告发布机构:国金证券股份有限公司

基础化工组

分析师:陈屹(执业S1130521050001)

chenyi3@gjzq.com.cn

分析师:王明辉(执业S1130521080003)

wangmh@gjzq.com.cn

(转自:国金化工新材料)

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