万华化学2024年业绩快报点评：产品销量增长，然费用增加、计提减值等影响全年业绩

东莞证券2025-03-18

投资要点：公司公布2024年业绩快报，全年实现营业总收入1820.69亿元，同比+3.83%；实现归母净利润130.33亿元，同比-22.49%；实现扣非归母净利润133.59亿元，同比-18.74%。2024年产品销量增长，然费用增加、计提减值等因素影响利润。2024年，公司各业务板块主要产品销量及销售收入同比保持增长态势，同时加强贸易业务管控，审慎确认收入，贸易收入同比下降，2024年公司整体...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2520762474?lang=en_US&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-03-18 16:16","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2520762474","market":"sh","top_or_hot":-1,"title":"万华化学2024年业绩快报点评：产品销量增长，然费用增加、计提减值等影响全年业绩","media":"东莞证券","content":"<div>\n<p>投资要点：公司公布2024年业绩快报，全年实现营业总收入1820.69亿元，同比+3.83%；实现归母净利润130.33亿元，同比-22.49%；实现扣非归母净利润133.59亿元，同比-18.74%。2024年产品销量增长，然费用增加、计提减值等因素影响利润。2024年，公司各业务板块主要产品销量及销售收入同比保持增长态势，同时加强贸易业务管控，审慎确认收入，贸易收入同比下降，2024年公司整体...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250318162739a69a484d&s=b\">Source Link</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>万华化学2024年业绩快报点评：产品销量增长，然费用增加、计提减值等影响全年业绩</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n万华化学2024年业绩快报点评：产品销量增长，然费用增加、计提减值等影响全年业绩\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-03-18 16:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250318162739a69a484d&s=b><strong>东莞证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>投资要点：公司公布2024年业绩快报，全年实现营业总收入1820.69亿元，同比+3.83%；实现归母净利润130.33亿元，同比-22.49%；实现扣非归母净利润133.59亿元，同比-18.74%。2024年产品销量增长，然费用增加、计提减值等因素影响利润。2024年，公司各业务板块主要产品销量及销售收入同比保持增长态势，同时加强贸易业务管控，审慎确认收入，贸易收入同比下降，2024年公司整体...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250318162739a69a484d&s=b\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1064131003.USD","symbol_name":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250318162739a69a484d&s=b","article_id":"2520762474","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250318162739a69a484d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2520762474","pubTimestamp":1742285778,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2024年产品销量增长，然费用增加、计提减值等因素影响利润。2024年，公司各业务板块主要产品销量及销售收入同比保持增长态势，同时加强贸易业务管控，审慎确认收入，贸易收入同比下降，2024年公司整体营业收入同比增长3.83%。公司四季度业绩同环比下行，预计与计提减值等因素有关。公司聚氨酯业务主要产品四季度价格涨跌不一，其中聚合MDI价格表现较好。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600309":"万华化学","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","BK0229":"化学制品","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","BK0183":"MSCI概念","LU1146622755.USD":"安本中国A股股票基金A Acc","BK0188":"融资融券","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK0187":"一线龙头","BK0015":"沪股通50","BK0028":"国家队","BK0050":"建筑节能","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","BK0175":"白马股","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BK0196":"行业龙头","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD"},"translate_title":"Comments on Wanhua Chemical's 2024 performance report: Product sales increase, but increased expenses, impairment provisions, etc. affect full-year performance","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600309":1},"content_text":"投资要点：公司公布2024年业绩快报，全年实现营业总收入1820.69亿元，同比+3.83%；实现归母净利润130.33亿元，同比-22.49%；实现扣非归母净利润133.59亿元，同比-18.74%。2024年产品销量增长，然费用增加、计提减值等因素影响利润。2024年，公司各业务板块主要产品销量及销售收入同比保持增长态势，同时加强贸易业务管控，审慎确认收入，贸易收入同比下降，2024年公司整体营业收入同比增长3.83%。虽然公司主要产品销量持续增长，但受市场价格和原料成本波动因素影响，整体毛利同比基本持平；公司科研投入持续增加，销售、管理、财务等三项费用同比增长；同时对部分投资项目计提资产减值准备或报废处理，2024年公司归属于上市公司股东的净利润比上年同期下降22.49%。单季度来看，预计2024Q4实现营业总收入344.65亿元(YOY-19.49%，QOQ-31.80%)，实现归母净利润19.4亿元(YOY-52.83%，QOQ-39.39%)，实现扣非归母净利润24.31亿元(YOY-39.39%，QOQ-14.07%)。公司四季度业绩同环比下行，预计与计提减值等因素有关。主要产品价格方面，根据百川盈孚的数据，2024Q4，聚合MDI市场均价是18201.61元/吨(YOY+16.13%，QOQ+4.00%)，纯MDI市场均价是18646.77元/吨(YOY-10.64%，QOQ+0.88%)，TDI市场均价是12885.48元/吨(YOY-24.69%，QOQ-4.65%)。公司聚氨酯业务主要产品四季度价格涨跌不一，其中聚合MDI价格表现较好。投资建议：2024年公司积极应对全球经济贸易不确定性影响，不断深化全球渠道布局，通过数智化资源投入，持续提升装置自主运行水平，多套装置完成技改扩能。同时，公司持续加大技术创新、不断延伸产业链、扩大高端化产品生产，有望进一步夯实龙头地位，实现持续发展。预计公司2024、2025年基本每股收益是4.15元和5.31元，当前股价对应2024、2025年的市盈率是17倍和13倍，维持买入评级。风险提示：项目工程进度、收益不及预期风险；贸易摩擦风险；欧美经济需求走弱导致出口不及预期风险；国内宏观经济波动风险；原材料价格剧烈波动风险；行业竞争加剧风险；天灾人祸等不可抗力事件的发生。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.39.0","shortVersion":"4.39.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2520762474","isCrawlerRequest":true}