基礎(chǔ)化工行業(yè)深度分析：行業(yè)景氣低位運行一季度經(jīng)營形勢有所改善

請閱讀最后一頁各項聲明基礎(chǔ)化工——基礎(chǔ)化工行業(yè)深度分析證券研究報告證券研究報告-行業(yè)深度分析同步大市(維持)-26023.052023.092024.012024.050% -26023.052023.092024.012024.050%5%-11%-5%-11%-16%-21%-16%-31%《基礎(chǔ)化工行業(yè)深度分析：尼龍產(chǎn)業(yè)鏈分析及河南省產(chǎn)業(yè)概況》2024-05-21《基礎(chǔ)化工行業(yè)月報：化工品整體延續(xù)漲勢，繼續(xù)關(guān)注煤化工、輕烴化工與磷化工》2024-05-16《基礎(chǔ)化工行業(yè)月報：圍繞供需與資源品兩條主線，關(guān)注煤化工與輕烴化工、磷化工和粘膠長絲行業(yè)》2024-04-12復(fù)合肥、氮肥、改性塑料和印染化學(xué)品等行業(yè)改善年以來持續(xù)下滑。2023年三季度以來，請閱讀最后一頁各項聲明 31.1.2023年收入、利潤延續(xù)下滑，一季度利潤環(huán)比改善 31.2.子行業(yè)景氣低位運行，一季度多數(shù)子行業(yè)利潤環(huán)比增長 3 62.1.基礎(chǔ)化工盈利能力企穩(wěn)，毛利率連續(xù)三季度環(huán)比回升 62.2.多數(shù)子行業(yè)一季度環(huán)比改善 7 93.1.資產(chǎn)負(fù)債率保持穩(wěn)定 93.2.一季度現(xiàn)金流環(huán)比下降 3.3.在建工程規(guī)模增速放緩 3.4.存貨周轉(zhuǎn)天數(shù)同比小幅提升，營運能力有所下滑 6 6 6 6 9 3 3 4 5 7 8 請閱讀最后一頁各項聲明1.1.2023年收入、利潤延續(xù)下滑，一季下滑幅度不斷趨緩。其中營業(yè)收入增速較三季報的-2.75%提升0表1：中信基礎(chǔ)化工2023年收入與利潤2022年2023年工行業(yè)的收入、利潤同比小幅下滑，但營業(yè)利潤和凈利潤環(huán)比實現(xiàn)大幅增長，顯示行業(yè)表2：中信基礎(chǔ)化工2024年一季度收入與利潤1.2.子行業(yè)景氣低位運行，一季度多數(shù)子行業(yè)利潤環(huán)比增長請閱讀最后一頁各項聲明及成本下降，輪胎主要受益于海外需求恢復(fù)以及成本下降，民爆用品主要受益于礦山、基建開表3：基礎(chǔ)化工各子行業(yè)2023年收入與利潤2022年2023年2022年2023年1619.421462.18-9.71%141.7852.11-63.25%鉀肥424.08307.02-27.60%232.48125.69-45.94%復(fù)合肥785.65791.240.71%30.7223.81-22.48%農(nóng)藥2090.411651.32-21.01%192.6939.67-79.41%磷肥及磷化工1362.201276.11-6.32%146.7868.95-53.03%滌綸376.59400.996.48%19.323.60-81.36%296.34302.241.99%32.8028.12-14.28%粘膠361.35345.40-4.41%3.354.1724.35%綿綸225.10217.55-3.35%6.14-71.09%碳纖維55.2953.80-2.69%17.867.52-57.90%純堿562.65521.78-7.26%103.1260.00-41.81%1806.201516.99-16.01%142.156.93-95.12%無機(jī)鹽195.07181.44-6.99%28.6418.20-36.44%其他化學(xué)原料1005.281042.383.69%56.9655.82-2.00%鈦白粉412.29427.333.65%41.1136.92-10.19%498.70540.758.43%14.5150.88250.74%民爆用品427.22543.2127.15%16.0136.36127.08%涂料油墨顏料311.56331.596.43%9.2710.5814.14%印染化學(xué)品395.55337.27-14.73%31.3213.01-58.47%其他化學(xué)制品Ⅲ1696.311768.844.28%127.8476.65-40.04%食品及飼料添加劑967.95928.99-4.03%74.93-37.00%電子化學(xué)品326.69388.1018.80%40.8133.65-17.55%鋰電化學(xué)品2879.112862.79-0.57%365.85101.68-72.21%氟化工471.37445.69-5.45%61.7020.90-66.13%有機(jī)硅416.95412.99-0.95%71.9231.71-55.90%聚氨酯1769.481952.8810.36%170.58171.580.59%橡膠助劑249.74246.849.656.80-29.60%改性塑料840.05987.9217.60%36.9821.42-42.07%合成樹脂488.30505.713.57%79.3375.68-4.60%膜材料432.80417.65-3.50%20.462.36-88.45%其他塑料制品446.92453.291.42%17.9621.0417.17%輪胎730.94857.8917.37%23.2472.83213.41%橡膠制品1227.03947.67-22.77%36.85-96.21%請閱讀最后一頁各項聲明表4：基礎(chǔ)化工各子行業(yè)2024年一季度收入與利潤（億元）370.52370.760.07%1.93%18.2321.4817.82%545.86%鉀肥69.3539.72-42.73%-49.29%34.8215.45-55.64%-48.61%復(fù)合肥216.82178.95-17.46%-3.38%9.83-13.07%675.81%農(nóng)藥453.08405.54-10.49%10.07%35.2517.92-49.17%扭虧磷肥及磷化工288.56272.56-5.54%-9.61%23.4921.20-9.73%24.97%滌綸86.7291.375.37%-9.95%2.28-37.85%扭虧72.0476.235.82%-0.12%7.677.09-7.61%17.22%粘膠83.8384.831.19%-2.98%扭虧188.96%綿綸46.4957.6524.01%-2.57%0.140.94588.52%152.82%碳纖維15.7710.51-33.32%-13.96%4.220.07-98.32%扭虧純堿131.11-13.80%-20.16%20.20-44.74%-5.50%384.87331.39-13.90%-0.33%6.97-38.08%扭虧無機(jī)鹽45.1941.69-7.74%-10.49%5.024.16-17.05%其他化學(xué)原料218.61243.76-9.88%4.2512.27188.85%43.13%鈦白粉109.097.26%10.87%6.4578.26%-0.48%121.61128.525.69%-15.85%9.6714.3147.95%2.29%民爆用品103.51101.90-31.29%6.015.46-9.11%87.95%涂料油墨顏料61.1264.876.14%-22.99%0.53208.25%扭虧印染化學(xué)品77.4777.940.61%-12.90%3.904.9426.87%228.97%其他化學(xué)制品Ⅲ385.81414.217.36%-8.11%20.0523.8819.09%1748.31%食品及飼料添加劑225.46230.882.41%-5.58%20.3523.1513.77%18.65%電子化學(xué)品67.3396.6843.58%-6.46%5.759.8871.81%60.48%鋰電化學(xué)品717.25471.26-34.30%-20.97%37.5913.14-65.05%扭虧氟化工94.56104.7910.81%-5.91%3.835.8953.83%143.45%有機(jī)硅95.6390.22-5.66%12.017.41-38.35%33.78%聚氨酯444.29512.8715.43%6.87%42.1243.533.33%15.22%橡膠助劑59.4159.620.36%-8.55%0.762.88281.28%68.99%改性塑料202.97226.71-17.84%6.895.40-21.60%253.67%合成樹脂130.8218.33%-10.92%15.3117.9617.28%-22.15%膜材料99.3693.32-6.08%-3.69%3.140.11-96.59%扭虧其他塑料制品100.97102.591.61%-7.43%4.80-59.28%-16.12%輪胎185.63223.3320.30%-2.36%8.8122.28152.89%0.06%橡膠制品232.45218.30-6.09%-3.06%6.405.41-15.57%扭虧請閱讀最后一頁各項聲明2.盈利能力企穩(wěn)，毛利率環(huán)比持續(xù)改善2.1.基礎(chǔ)化工盈利能力企穩(wěn)，毛利率連續(xù)三季度環(huán)比回升圖1：基礎(chǔ)化工行業(yè)毛利率與凈利率30%25%20%15%10%5%0%2015A2016A2017A2018A2019A2020A2021A2022A2023A2024Q1—整體毛利率（%）—整體凈利率（%）圖2：基礎(chǔ)化工行業(yè)期間費用率16%14%12%10%8%6%4%2%0%2015A2016A2017A2018A2019A2020A2021A2022A2023A2024Q1—銷售費用率（%）—管理費用率（%）—財務(wù)費用率（%）—期間費用率（%）圖3：基礎(chǔ)化工行業(yè)單季度毛利率與凈利率30%25%20%15%10%5%0%-5%-10%-15%-20%—整體毛利率（%）—整體凈利率（%）圖4：基礎(chǔ)化工行業(yè)單季度期間費用率16%14%12%10%8%6%4%2%0%—銷售費用率（%）—管理費用率（%）—財務(wù)費用率（%）—期間費用率（%）請閱讀最后一頁各項聲明品和氟化工行業(yè)，受產(chǎn)品價格下跌的影響，毛利率下滑幅度較大個百分點?？傮w來看，部分貼近終端消費的下游產(chǎn)業(yè)鏈品種，受原材料成本下降等影響，盈利價格下跌等因素影響，盈利能力下滑幅度較大。表5：基礎(chǔ)各子行業(yè)化工2023年盈利能力2022年2023年2022年2023年17.32%12.74%-4.58%9.32%3.43%-5.89%鉀肥79.14%57.95%-21.19%64.52%45.56%-18.96%復(fù)合肥12.90%-0.93%4.03%2.98%農(nóng)藥26.42%21.23%-5.19%9.89%2.82%-7.07%磷肥及磷化工21.53%15.16%-6.38%12.50%6.28%-6.22%滌綸7.18%4.69%-2.49%5.18%0.90%-4.28%18.59%16.50%-2.09%9.40%粘膠15.01%16.45%1.44%1.99%2.30%0.31%綿綸9.63%2.78%1.31%碳纖維44.52%27.72%-16.81%32.29%14.00%-18.30%純堿32.55%28.32%-4.23%20.19%13.74%-6.45%17.41%-5.62%8.20%0.24%-7.96%無機(jī)鹽29.37%25.33%-4.04%15.04%9.95%-5.09%其他化學(xué)原料16.02%14.48%5.80%5.21%-0.59%鈦白粉23.85%20.75%-3.11%10.78%8.80%38.35%45.45%7.10%2.66%9.47%6.81%民爆用品24.94%25.60%0.66%5.99%7.79%1.80%涂料油墨顏料23.52%26.07%2.55%2.96%3.28%0.32%印染化學(xué)品24.64%21.55%-3.10%8.56%4.20%-4.35%其他化學(xué)制品Ⅲ19.55%16.12%-3.43%7.77%4.17%-3.60%食品及飼料添加劑26.19%21.08%-5.11%12.95%8.03%-4.93%電子化學(xué)品32.76%29.96%-2.80%12.96%9.49%-3.47%鋰電化學(xué)品22.59%13.32%-9.28%13.64%3.59%-10.05%請閱讀最后一頁各項聲明氟化工24.17%15.17%-9.00%13.45%5.13%-8.32%有機(jī)硅28.75%18.48%-10.27%17.23%7.58%-9.65%聚氨酯16.51%16.25%-0.26%10.10%9.55%-0.55%橡膠助劑10.36%9.64%-0.72%3.81%2.68%改性塑料14.46%12.65%4.75%2.05%-2.70%合成樹脂27.60%27.15%-0.45%16.25%14.98%膜材料17.98%14.09%-3.90%4.88%0.53%-4.35%其他塑料制品13.06%12.55%-0.51%4.04%4.59%0.56%輪胎14.62%22.09%7.47%3.25%8.77%5.53%橡膠制品10.96%-0.41%3.64%0.07%-3.57%率同比下滑。其中日用化學(xué)品、輪胎、鈦白粉、其他化學(xué)原料和橡膠制劑行業(yè)毛利率改善幅度化學(xué)制品等行業(yè)毛利率環(huán)比提升幅度較大，碳纖維、農(nóng)藥、膜材料、橡膠制品和氮肥等行業(yè)凈表6：基礎(chǔ)化工各子行業(yè)2024年第一季度盈利能力比比比比12.18%14.01%1.82%0.36%5.19%6.28%1.09%7.19%鉀肥70.81%49.62%-21.19%-3.94%53.49%41.50%3.26%復(fù)合肥12.61%13.53%0.93%1.40%5.28%5.42%0.14%4.85%農(nóng)藥24.74%22.13%-2.61%5.51%8.29%4.65%-3.64%10.55%磷肥及磷化工17.33%17.08%-0.25%-2.52%9.51%8.71%-0.80%2.38%滌綸5.26%5.16%-0.10%1.85%2.64%1.55%3.73%19.52%16.32%-3.20%2.56%10.98%9.11%1.44%粘膠13.88%15.59%1.71%0.08%2.47%2.38%1.20%綿綸10.53%9.54%-0.40%0.84%2.25%1.41%1.27%碳纖維37.85%17.89%-19.96%10.86%26.80%0.70%-26.09%13.87%純堿28.84%25.16%-3.68%-5.43%17.58%12.49%-5.09%0.83%12.04%12.85%0.81%-0.05%2.70%1.88%-0.82%5.87%無機(jī)鹽25.64%25.63%-0.02%0.52%10.07%1.10%其他化學(xué)原料10.72%14.46%3.75%-0.33%1.83%4.85%3.02%2.37%鈦白粉17.59%21.99%4.40%0.41%6.57%9.80%3.23%-0.44%40.11%47.48%7.37%8.00%3.24%1.81%民爆用品22.48%23.08%0.59%-2.47%6.57%6.17%-0.40%4.16%涂料油墨顏料23.46%23.37%-0.09%-2.52%0.96%2.66%1.70%4.95%印染化學(xué)品21.04%23.15%2.12%1.91%5.22%6.72%1.50%3.80%請閱讀最后一頁各項聲明其他化學(xué)制品Ⅲ17.38%17.08%-0.30%2.50%5.00%5.89%0.89%5.85%食品及飼料添加劑21.25%22.98%1.73%-0.66%9.11%1.00%2.40%電子化學(xué)品31.28%29.92%8.90%2.39%4.63%鋰電化學(xué)品14.69%12.27%-2.42%0.95%5.50%3.13%-2.38%5.83%氟化工15.31%14.46%-0.85%0.61%4.23%6.07%1.84%3.73%有機(jī)硅25.28%19.86%-5.42%4.69%12.49%8.11%-4.37%2.87%聚氨酯17.53%16.88%-0.65%0.82%10.24%9.28%-0.95%0.73%橡膠助劑8.56%10.91%2.35%0.10%1.12%4.87%3.75%2.19%改性塑料13.95%12.57%2.25%3.67%2.21%2.18%合成樹脂25.79%26.25%0.46%-2.19%13.90%13.75%-0.15%膜材料13.92%12.21%-0.01%3.24%-0.01%-3.25%10.21%其他塑料制品-0.86%4.60%1.64%-2.96%-0.44%輪胎16.99%22.56%5.57%-2.81%4.90%10.20%5.30%0.21%橡膠制品0.20%1.32%3.00%2.51%-0.48%8.40%3.基礎(chǔ)化工行業(yè)財務(wù)指標(biāo)分析2024年一季度，中信基礎(chǔ)化工行業(yè)總資產(chǎn)規(guī)圖5：基礎(chǔ)化工行業(yè)資產(chǎn)負(fù)債率40%20%基礎(chǔ)化工行業(yè)資產(chǎn)負(fù)債率（%）請閱讀最后一頁各項聲明CS綿綸CS聚氨酯CS改性塑料CS有機(jī)硅CS鈦白粉CS復(fù)合肥CS磷肥及磷化工CS橡膠制品CS其他化學(xué)原料CS涂料油墨顏料CS輪胎CS橡膠助劑CS農(nóng)藥CS民爆用品CS氮肥CS滌綸CS粘膠CS鋰電化學(xué)品CSCS綿綸CS聚氨酯CS改性塑料CS有機(jī)硅CS鈦白粉CS復(fù)合肥CS磷肥及磷化工CS橡膠制品CS其他化學(xué)原料CS涂料油墨顏料CS輪胎CS橡膠助劑CS農(nóng)藥CS民爆用品CS氮肥CS滌綸CS粘膠CS鋰電化學(xué)品CS氯堿CS印染化學(xué)品CS合成樹脂CS氟化工CS碳纖維CS膜材料CS其他化學(xué)制品ⅢCS氨綸CS食品及飼料添加劑CS無機(jī)鹽CS其他塑料制品CS純堿CS電子化學(xué)品CS鉀肥圖6：2024Q1基礎(chǔ)化工各行業(yè)資產(chǎn)負(fù)債率70%60%50%40%30%20%0%表7：2024Q1基礎(chǔ)化工各行業(yè)總資產(chǎn)及資產(chǎn)負(fù)債率2152.6949.03%1.19%鉀肥777.3520.22%-2.39%復(fù)合肥848.8654.00%0.31%農(nóng)藥3041.2650.27%2.08%磷肥及磷化工1514.0953.17%-3.07%滌綸413.4148.74%4.78%527.6636.09%2.96%粘膠516.7547.89%綿綸419.6662.57%碳纖維222.9140.35%7.59%純堿944.4332.62%2911.6644.96%1.94%無機(jī)鹽307.2734.71%-4.11%其他化學(xué)原料1891.1152.27%0.59%鈦白粉1021.1054.39%0.95%請閱讀最后一頁各項聲明2015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q130002500200015001000500726.1231.93%-4.50%民爆用品930.2450.17%-0.99%涂料油墨顏料559.0752.00%印染化學(xué)品43.11%1.89%其他化學(xué)制品Ⅲ3192.1336.44%-0.62%食品及飼料添加劑1475.2535.36%-0.10%電子化學(xué)品919.6429.97%1.28%鋰電化學(xué)品4635.2447.07%-2.41%氟化工744.3140.84%0.89%有機(jī)硅57.52%聚氨酯2998.7962.34%0.42%橡膠助劑286.2350.64%0.78%改性塑料1213.8961.82%2.01%合成樹脂41.31%1.30%膜材料916.6738.90%1.62%其他塑料制品651.5733.60%-4.09%輪胎1482.5150.72%橡膠制品1251.5152.73%1.39%3.2.一季度現(xiàn)金流環(huán)比下降的減少。2024年一季度，基礎(chǔ)化工行業(yè)圖7：基礎(chǔ)化工年度經(jīng)營現(xiàn)金流凈額（億元）02010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023A基礎(chǔ)化工行業(yè)經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額（億元）圖8：基礎(chǔ)化工單季度經(jīng)營現(xiàn)金流凈額（億元）120010008006004002000(200)單季度經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額（億元）2024年一季度，基礎(chǔ)化工各子行業(yè)中有12個子行業(yè)現(xiàn)金流同比增長，其中鋰電化學(xué)品、請閱讀最后一頁各項聲明表8：基礎(chǔ)化工各子行業(yè)經(jīng)營活動產(chǎn)生的現(xiàn)金流凈額（億元）284.69144.38-140.319.417.68鉀肥247.24169.49-77.7620.6010.28復(fù)合肥67.1143.81-23.30-2.59農(nóng)藥271.55129.69-141.86-26.52磷肥及磷化工207.92133.09-74.832.249.68滌綸16.46-31.48-4.71-0.694.0230.4228.25-2.17-2.98-4.42粘膠26.5124.19-2.320.700.01-0.69綿綸8.394.19-4.20-2.78-5.72-2.94碳纖維16.000.44-3.33-3.77純堿96.8561.59-35.2612.124.39-7.74217.61-99.4220.44無機(jī)鹽29.2129.810.604.534.21-0.32其他化學(xué)原料126.86133.296.43-6.7712.3019.07鈦白粉47.9636.182.370.5036.4264.2427.819.0412.063.01民爆用品45.2655.8910.63-7.40-2.60涂料油墨顏料17.2928.42-7.75-9.92-2.17印染化學(xué)品23.1131.488.3714.880.94其他化學(xué)制品Ⅲ62.1094.1732.07食品及飼料添加劑159.61158.89-0.727.616.04電子化學(xué)品43.3262.8319.504.648.513.87鋰電化學(xué)品-4.19351.54355.73-57.37-22.0235.35氟化工72.0835.73-36.352.580.03-2.55有機(jī)硅7.427.30-0.13-27.32聚氨酯371.64286.08-85.5642.1826.43橡膠助劑2.7513.2710.52-5.150.085.23改性塑料50.4142.63-7.786.295.11合成樹脂74.49108.3533.8619.7615.26-4.50膜材料18.9736.64-20.709.46其他塑料制品28.1322.45-5.69-6.50-6.61輪胎48.68123.3274.649.906.89-3.02橡膠制品44.5152.628.11-0.82-0.650.163.3.在建工程規(guī)模增速放緩建工程規(guī)模快速提升。2024年一季度，基礎(chǔ)化工行業(yè)期末在建工程總額為4628.71億元，同請閱讀最后一頁各項聲明圖9：基礎(chǔ)化工在建工程規(guī)模（億元）5000450040003500300025002000150010005000基礎(chǔ)化工行業(yè)在建工程（億元）圖10：基礎(chǔ)化工在建工程占總資產(chǎn)比重16%14%12%10%8%6%4%2%0% 基礎(chǔ)化工行業(yè)在建工程占總資產(chǎn)比重（%）表9：2024Q1基礎(chǔ)化工各行業(yè)在建工程362.88152.14-58.08%鉀肥26.5642.8861.44%復(fù)合肥57.8173.5727.25%農(nóng)藥225.24277.6923.29%磷肥及磷化工87.4399.9614.33%滌綸20.7121.302.84%44.0730.61-30.54%粘膠25.0535.2040.54%綿綸53.0448.36-8.84%碳纖維31.2827.31-12.67%純堿101.3957.09-43.69%355.36339.30-4.52%無機(jī)鹽18.7718.40其他化學(xué)原料236.22222.41-5.84%鈦白粉88.4598.9621.3215.54-27.10%民爆用品29.2842.1743.99%涂料油墨顏料41.1240.80-0.77%印染化學(xué)品41.5936.90其他化學(xué)制品Ⅲ283.76340.2819.92%食品及飼料添加劑105.77129.6622.59%電子化學(xué)品56.5275.3133.24%鋰電化學(xué)品414.01504.4021.83%氟化工102.2590.35請閱讀最后一頁各項聲明4500400035003000250045004000350030002500200015001000500有機(jī)硅193.82446.70130.47%聚氨酯383.40591.2854.22%橡膠助劑17.4820.9219.70%改性塑料160.08142.91-10.73%合成樹脂212.41175.94-17.17%膜材料94.6689.96-4.96%其他塑料制品31.5536.9817.20%輪胎109.19-5.98%橡膠制品163.37194.2318.89%3.4.存貨周轉(zhuǎn)天數(shù)同比小幅提升，營運能力有所下滑圖11：基礎(chǔ)化工行業(yè)存貨規(guī)模0基礎(chǔ)化工行業(yè)存貨（億元）圖12：基礎(chǔ)化工存貨周轉(zhuǎn)天數(shù)10090807060504030200 基礎(chǔ)化工行業(yè)存貨周轉(zhuǎn)天數(shù)（天）表10：2024Q1基礎(chǔ)化工各行業(yè)存貨周轉(zhuǎn)天數(shù)37.8540.156.08%鉀肥101.27-15.41%復(fù)合肥68.3286.1626.13%農(nóng)藥124.25125.230.79%磷肥及磷化工61.6355.56-9.85%滌綸55.2960.068.63%58.3972.0123.32%粘膠45.3647.484.69%綿綸51.4742.33-17.74%請閱讀最后一頁各項聲明碳纖維69.4660.97%純堿43.7072.2965.44%35.5137.776.37%無機(jī)鹽84.6078.62-7.08%其他化學(xué)原料51.1554.346.24%鈦白粉87.0997.0390.2793.293.34%民爆用品40.0841.924.60%涂料油墨顏料87.4588.711.44%印染化學(xué)品491.58516.275.02%其他化學(xué)制品Ⅲ89.7182.23-8.34%食品及飼料添加劑78.3465.11-16.89%電子化學(xué)品152.79-24.70%鋰電化學(xué)品80.8284.875.01%氟化工59.3259.830.87%有機(jī)硅126.96124.61聚氨酯48.0650.204.44%橡膠助劑59.3046.04-22.37%改性塑料68.5068.47-0.05%合成樹脂52.0147.47-8.73%膜材料98.0197.49-0.53%其他塑料制品75.3779.795.86%輪胎91.3190.01橡膠制品58.2055.43-4.77%4.行業(yè)投資建議圖13：基礎(chǔ)化工行業(yè)估值圖14：中信一級行業(yè)估值對比請閱讀最后一頁各項聲明分子行業(yè)盈利環(huán)比出現(xiàn)改善，景氣回暖跡象初顯。隨著下游需求的復(fù)蘇以及行業(yè)新增產(chǎn)一方面隨