In the third quarter, due to the year-on-year decrease in product prices and year-on-year increase in main raw material prices, product costs increased, resulting in a decrease in gross profit. Wanhua Chemical Group's net income was 2.919 billion yuan, a 29.41% year-on-year decrease, with total revenue of 50.537 billion yuan, a 12.48% year-on-year increase.
In the third quarter, due to the year-on-year decrease in product prices and the year-on-year increase in main raw material prices, product costs increased, gross profit decreased, and wanhua chemical group's net income decreased by 29.41% year-on-year.
On Monday, October 28th, Wanhua Chemical Group released its third-quarter financial report:
1) Key Financial Figures:
- Total revenue in the third quarter: 50.537 billion Chinese yuan, a year-on-year increase of 12.48%; total revenue for the first three quarters was 147.604 billion Chinese yuan, a year-on-year increase of 11.35%.
- Net income in the third quarter: 2.919 billion Chinese yuan, a year-on-year decrease of 29.41%; revenue for the first three quarters was 11.093 billion Chinese yuan, a year-on-year decrease of 12.67%.
- Earnings per share in the third quarter: 0.93 Chinese yuan, a year-on-year decrease of 29.55%; for the first three quarters, it was 3.53 Chinese yuan, a year-on-year decrease of 12.54%.
- Net profit excluding non-recurring gains and losses in the third quarter: 2.829 billion Chinese yuan, a year-on-year decrease of 31.30%.
Total assets as of the end of the third quarter: 309.641 billion RMB, 253.04 billion RMB at the end of 2023.
2) Main Products
- Sales revenue of the polyurethane series in the third quarter: 54.245 billion RMB, with a production volume of 4.21 million tons and sales volume of 4.1 million tons.
- Sales revenue of the petrochemical series in the third quarter: 61.978 billion RMB, with a production volume of 4.07 million tons and sales volume of 4.07 million tons.
- Sales revenue of the fine chemicals and new materials series in the third quarter: 19.999 billion RMB, with a production volume of 1.45 million tons and sales volume of 1.42 million tons.
Wanhua Chemical Group Co., Ltd. is a globally operated chemical new materials company, with business covering five major industrial clusters: polyurethane, petrochemical, fine chemicals, emerging materials, and future industries. The industries it serves mainly include: household living, sports leisure, auto transport, construction industry, electronics and electrical, personal care, and green energy, etc.
Today, Wanhua Chemical rose by 2.42%, closing at 79.60 RMB per share, with a market cap of 244.02 billion RMB.
Polyurethane downstream demand is weak, with prices of some products showing a downward trend.
Wanhua Chemical Group stated that pure MDI products had sluggish demand in the third quarter, downstream finished product inventory was high, industry consolidation intensified, and the market average price was around 19,500 yuan/ton.
In the third quarter, due to the impact of the policy on old-for-new refrigerators and freezers, demand increased, the construction market saw a slight improvement in demand, the export market remained stable, and the market average price of polymer MDI products was around 17,800 yuan/ton.
Due to high raw material and finished product inventory in the home furnishing industry, TDI market demand was weak, with a market average price of around 13,500 yuan/ton in the third quarter.
In the third quarter, demand in the home furnishing and automotive industries decreased year-on-year, with the market average price of polyether in the third quarter around 8,700 yuan/ton.
In terms of petrochemical products, prices shifted downwards overall compared to the same period last year, and there was also a slight contraction in industry chain profits.