Shanghai Daoqin Plastics Co., Ltd.

        8 month 20 day 晚, Wanhua Chemical semi year 报, upper semi year revenue 315.39 100 million yuan, year-on-year decrease/reduce 15.35%;净 profit 56.21 100 million yuan, year-on-year decrease/reduce 46.49%; basic 每股收益1.79元.

         Wanhua Chemical 称, full 球经济 development increase speed 放缓, product price lower slip and export cost increase and other factors effect/influence, company product upper semi year can force to effect/influence.

        MDI price lower slip obvious

         polyurethane ester series (MDI, TDI, more alcohol) is Wanhua Chemical main/primary 收入 源, especially is MDI. currently, company more sleeve/set MDI plant/unit product quality and mono consumption to 国际先进 water 平, is full most main/primary MDI supply 商之一. upper semi year revenue is 164.84 100 million yuan, revenue semi above, series, fine chemical product and new material series revenue separation is 75.13 100 million yuan, 32.38 100 million yuan.

        2019 year upper semi year MDI price versus ratio 2018 year large degree lower slip, pure MDI year-on-year decline 五, 六千元, polymerization MDI price decline more large. year 1 month is 例, separation polymerization MDI price is 12500元/吨, year is 28800元/吨, decline semi also need more.

        8 month, 万华公布 pure MDI挂牌价 is 20700元/吨, ratio 7 month price upper 调700元/吨, 但依然 is 2019 year 以 第二 low month.

         can 说, and 2018 year versus ratio, year MDI price lower slip obvious. another, company product industry is very gas.

        因 is MDI price decline, Wanhua Chemical degree 报也不 is very 理想, degree revenue is 159.52 100 million yuan, year-on-year decline 8.3%, profit is 27.96 100 million yuan, year-on-year decline 45.98%.

        布局 more 元化

         chemical industry cycle issues 也一直困扰 业 inner enterprise.

         Wanhua Chemical 以MDI起家, mono product for company front effect/influence more large. is for cycle 波动, in recent years 布局 石化 series, fine chemical and new material series product, this sheet/plate block already formed is important revenue and profit 源, formed is in MDI cycle low 估时 缓冲 belt/tape.

        拉 long time 看, 2017 year and 2018 year is Wanhua Chemical year, revenue separation is 531.23 100 million yuan and 606.21 100 million yuan, 归 扣 non is 107.1 100 million yuan, 100.35 100 million yuan, 而2016 year, this data separation is 301 100 million yuan and 36.76 100 million yuan. 2018 year, company MDI gross profit rate is 50.03%, this also ratio 2017 year decrease/reduce 5.11 百 separation 点, year, company series, fine chemical and new material series product add upper other product 共计289.1 100 million yuan, although gross profit rate need low 一, 几乎赶 upper polyurethane ester series 309.52 100 million yuan revenue, formed is company growth important sheet/plate block.

        今 year upper semi year, new increase sheet/plate block to revenue semi left right.

        受原油 price and demand effect/influence, company product upper semi year more fall 态势. propylene 均价7308元/吨, and year versus ratio fall 10.35%;山东 ring oxygen 丙烷均价9825元/吨, and year versus ratio fall 16.82%.

         tube/pipe cost decline

        2019 year lower semi year, Wanhua Chemical will add strong/high production tube/pipe 理, 积极应 for external ring 境变化 for product sales effect/influence, 主动研判 market development trend, made combined sales 策略, ensure amount and profit achieve. company will 持续开展 plant/unit process optimization as, improve/increase plant/unit efficiency, reduce production cost, meanwhile add strong/high independent development project R&D investment, development new technology and product.

         value attention/notes is, although Wanhua Chemical revenue and decline, company R&D use still maintain relatively high growth speed degree, upper semi year is 8.33 100 million yuan, year-on-year increase 45.14%. another, company tube/pipe use in decline, upper semi year is 6.93 100 million yuan, year-on-year decline 10.44 百 separation 点.