基礎化工行業(yè)深度分析：行業(yè)景氣低位運行多數(shù)子行業(yè)二季度環(huán)比出現(xiàn)改善

內(nèi)容目錄行業(yè)景氣下行，收入、利潤增速回落 32023年上半年收入、利潤增速下滑，二季度環(huán)比略有增長 3子行業(yè)景氣整體下行，二季度多數(shù)行業(yè)環(huán)比改善 3盈利能力處于低位，二季度部分子行業(yè)環(huán)比提升 6上半年基礎化工盈利能力低位運行 6子行業(yè)盈利能力環(huán)比有所改善 7基礎化工行業(yè)財務指標分析 9資產(chǎn)負債率保持穩(wěn)定 9上半年回款能力減弱，現(xiàn)金流同比下降 在建工程保持增長態(tài)勢 13存貨周轉(zhuǎn)天數(shù)小幅提升 14行業(yè)投資建議 15風險提示 16圖表目錄圖1：基化行毛率與利率 6圖2：基化行期費用率 6圖3：基化行單度毛率凈率 6圖4：基化行單度期費率 6圖5：基化行資負債率 9圖6：2023H礎工行業(yè)產(chǎn)債率 10圖7：基化年經(jīng)現(xiàn)金凈（元） 圖8：基化單度營現(xiàn)流額億） 圖9：基化在工規(guī)模億） 13圖10：礎工建占總產(chǎn)重 13圖基化行存規(guī)模 14圖12：礎工貨天數(shù) 14圖13：礎工業(yè)值 16圖14：信級業(yè)對比 16表1：中基工2023年上年入利潤 3表2：中基工2023年二度入利潤 3表3：基化各業(yè)2023年半收與潤 4表4：基化各業(yè)2023年季收與（億） 5表5：基各行工2023上年利力 7表6：基化各業(yè)2023年季盈能力 8表7：2023H礎工行業(yè)資及產(chǎn)債率 10表8：基化各行經(jīng)營動生現(xiàn)流額（元） 12表9：2023H礎工行業(yè)建程 13表10：2023H基化行業(yè)貨轉(zhuǎn)數(shù) 14行業(yè)景氣下行，收入、利潤增速回落2023年上半年收入、利潤增速下滑，二季度環(huán)比略有增長根據(jù)wind數(shù)據(jù)，2023年上半年，中信基礎化工行業(yè)(剔除未披露一季報的新上市公司，下同)實現(xiàn)營業(yè)收入12009.69億元，同比下滑8.73%，實現(xiàn)營業(yè)利潤970.93億元，同比下滑52.05%，實現(xiàn)歸屬上市公司股東的凈利潤783.57億元，同比下滑51.14%。上半年基礎化工行業(yè)的收入、利潤出現(xiàn)較大幅度下滑，與一季報業(yè)績相比，上半年下滑幅度進一步增，顯示行業(yè)景氣仍處于低位。其中營業(yè)收入增速較一季度的-4.38%下滑4.35個百分點，營業(yè)利潤增速較一季度的-47.74%下滑4.31個百分點，凈利潤增速較一季度的-47.85%下滑3.29個百分點。表1：中信基礎化工2023年上半年收入與利潤2022上半年2023上半年同比2022年一季2023年一季同比營業(yè)收入（億元）13158.5612009.69-8.73%6143.525874.28-4.38%營業(yè)利潤（億元）2024.67970.93-52.05%936.31489.32-47.74%凈利潤（億元）1603.64783.57-51.14%740.67386.29-47.85%資料來源：、wind20236135.41481.61397.282.84%表2：中信基礎化工2023年二季度收入與利潤2023Q22022Q22023Q12023Q2同比2022Q2同比2023Q2環(huán)比營業(yè)收入（億元）6135.417015.055874.28-12.54%29.63%4.45%營業(yè)利潤（億元）481.611088.35489.32-55.75%18.78%-1.58%凈利潤（億元）397.28862.98386.29-53.96%23.43%2.84%資料來源：、wind子行業(yè)景氣整體下行，二季度多數(shù)行業(yè)環(huán)比改善2023338202342.15%、12.56%10.67%、10.36%3.25%。34.56%28.24%、22.43%、22.29%20.10%333188.05%48.81%、36.00%4.03%、97.95%、89.25%、77.93%、70.57%和69.61%。凈利潤增長的行業(yè)中，輪胎行業(yè)主要受益于海外需求恢復以及成本下降，民爆用品主要受益于礦山、基建開工的提升，日用化學品主要受益于消費需求的提升以及成本下降。此外紡織服裝、農(nóng)化等產(chǎn)業(yè)鏈受需求下降，產(chǎn)品價格下跌等因素影響，利潤下滑幅度較大。表3：基礎化工各子行業(yè)2023年上半年收入與利潤營業(yè)收入（億元）營業(yè)收入（億元）營業(yè)收入（億元）營業(yè)收入（億元）凈利潤（億元）凈利潤（億元）氮肥873.02714.27-18.18%115.6525.53-77.93%鉀肥225.77147.74-34.56%126.5178.40-38.03%復合肥465.39409.20-28.24%29.8018.05-39.43%農(nóng)藥1131.79904.85-20.05%139.5457.70-58.65%磷肥及磷化工700.55614.42-12.29%92.5636.63-60.43%滌綸180.42186.283.25%5.973.84-35.73%氨綸157.89145.63-7.77%26.8615.74-41.41%粘膠188.53169.13-10.29%6.201.88-69.61%綿綸124.9197.07-22.29%7.150.15-97.95%碳纖維27.9728.662.45%9.237.72-16.33%純堿321.47256.86-20.10%70.8232.97-53.45%氯堿965.04808.75-16.19%101.3810.89-89.25%無機鹽94.8289.90-5.19%18.0210.65-40.89%其他化學原料479.48432.44-9.81%60.0020.12-66.46%鈦白粉216.38206.54-4.55%31.4114.87-52.67%日用化學品257.33263.952.57%18.2124.7736.00%民爆用品180.41256.4642.15%14.7922.0148.81%涂料油墨顏料146.26149.682.34%6.286.02-4.03%印染化學品189.25161.02-14.92%22.389.13-59.19%其他化學制品Ⅲ889.05819.17-7.86%94.3542.99-54.43%食品及飼料添加劑408.64450.9910.36%66.6737.46-43.81%電子化學品174.65149.57-14.36%25.1616.38-34.90%鋰電化學品1428.861411.29-1.23%215.6478.26-63.71%氟化工232.86208.02-10.67%36.9711.55-68.76%有機硅224.76194.06-13.66%49.3221.19-57.05%聚氨酯959.69939.34-2.12%108.0189.28-17.34%橡膠助劑118.62118.05-0.48%6.512.49-61.78%改性塑料392.34434.2010.67%17.1213.28-22.46%合成樹脂243.07223.08-8.22%47.7031.14-34.71%膜材料223.35202.55-9.31%23.456.90-70.57%其他塑料制品239.11222.22-7.06%20.2815.23-24.88%輪胎352.58396.8512.56%9.4427.18188.05%橡膠制品612.19474.86-22.43%21.7411.38-47.65%

2022

2023

營業(yè)收入同比

2022

2023

凈利潤同比資料來源：、wind2023年第二季度，基礎化工各子行業(yè)中，7個子行業(yè)營業(yè)收入同比實現(xiàn)增長，26個子行業(yè)同比下滑。其中民爆用品、改性塑料、輪胎、滌綸和食品及飼料添加劑行業(yè)收入增速較快，鉀肥、純堿、橡膠制品、農(nóng)藥和氮肥行業(yè)收入下滑幅度較大。凈利潤方面，僅輪胎、日用化學品、民爆用品和涂料油墨顏料四個行業(yè)凈利潤實現(xiàn)同比增長，氮肥、磷肥及磷化工、農(nóng)藥、復合肥等農(nóng)化產(chǎn)業(yè)鏈，以及氯堿、錦綸、純堿、氟化工、膜材料、鋰電化學品、有機硅等行業(yè)下滑幅度較大。環(huán)比來看，多數(shù)子行業(yè)的營收、利潤環(huán)比出現(xiàn)改善，其中民爆用品、涂料油墨顏料、氟化工、滌綸、改性塑料等行業(yè)營收環(huán)比增幅較大，涂料油墨顏料、粘膠、民爆用品、其他化學原料、橡膠助劑、輪胎和氟化工等行業(yè)凈利潤環(huán)比提升幅度較大。表4：基礎化工各子行業(yè)2023年二季度收入與利潤（億元）業(yè)收入業(yè)收入業(yè)收入業(yè)收入凈利潤凈利潤氮肥454.66343.75-24.40% -7.23%59.367.30-87.71%-59.99%鉀肥131.5278.39-40.40% 13.04%80.5943.58-45.92%25.18%復合肥245.09192.39-21.51% 17.816.75-62.11%-40.30%農(nóng)藥598.79450.20-24.81% -0.98%70.6722.23-68.54%-37.31%磷肥及磷化工397.68325.87-18.06% 12.93%53.5013.14-75.44%-44.05%滌綸89.8999.5610.75% 14.80%1.961.55-20.60%-31.84%氨綸74.4173.59-1.10% 2.16%11.788.07-31.51%5.17%粘膠95.1585.30-10.36% 1.75%4.042.91-27.84%383.12%綿綸59.6850.58-15.24% 8.82%2.650.01-99.60%-92.20%碳纖維13.0712.89-1.37% 4.363.50-19.78%-17.15%純堿183.53118.15-35.62% -14.82%41.7311.37-72.76%-47.38%氯堿501.72423.88-15.51% 10.14%57.56-0.28-100.49%-102.54%無機鹽51.0844.71-12.47% -1.06%10.165.64-44.48%12.42%其他化學原料260.95225.94-13.42% 9.41%28.2414.39-49.05%150.93%鈦白粉109.2597.45-10.80% -10.67%16.038.42-47.47%30.60%日用化學品131.19135.183.04% 4.98%8.7213.1851.21%13.79%民爆用品108.64152.9540.78% 47.76%11.5316.0138.88%166.54%涂料油墨顏料83.8888.565.59% 4.475.4922.66%927.08%印染化學品97.2082.19-15.44% 4.25%13.745.08-63.01%25.52%其他化學制品Ⅲ469.77424.66-9.60% 7.64%49.3821.38-56.70%-1.10%食品及飼料添加劑212.05225.406.30% -0.08%35.5917.12-51.90%-15.86%電子化學品87.6977.2713.36%13.6310.33-24.23%76.03%鋰電化學品773.54689.35-10.88% -4.52%105.1040.45-61.52%6.97%氟化工129.58113.46-12.44% 19.98%20.827.72-62.91%101.70%有機硅118.1498.44-16.68% 2.94%22.329.17-58.90%-23.62%聚氨酯508.79489.68-3.76% 8.90%51.9146.96-9.54%10.96%橡膠助劑67.3458.64-12.92% -1.29%4.541.73-61.82%129.39%改性塑料200.41231.2415.38% 13.93%8.846.39-27.72%-7.32%合成樹脂131.04112.52-14.13% 1.78%27.2415.83-41.89%3.37%膜材料118.16103.19-12.67% 3.86%13.113.76-71.36%19.45%其他塑料制品122.66114.89-6.33% 7.05%12.3010.00-18.71%91.01%輪胎183.37211.2215.19% 13.78%7.7518.37137.02%108.49%橡膠制品339.56242.40-28.61% 4.28%11.764.98-57.64%-22.21%

2022Q2

2023Q2

營收同比 營收環(huán)

2022Q2

2023Q2

凈利潤同比 凈利潤環(huán)比資料來源：、wind盈利能力處于低位，二季度部分子行業(yè)環(huán)比提升上半年基礎化工盈利能力低位運行202320226.1020230.3720226.3620230.1720220.8420230.36圖1：基礎化工行業(yè)毛利率與凈利率 圖2：基礎化工行業(yè)期間費用率30% 16%

14%12%10%15% 8%6%10%4%5%2%0%2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023H整體毛利率（%） 整體凈利率（%）

0%2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023H銷售費用率（%） 管理費用率（%） 財務費用率（%） 期間費用率（%）資料來源：、wind 資料來源：、wind2023年第二季度，基礎化工行業(yè)整體毛利率為17.12%，同比下滑6.26個百分點，環(huán)比下滑0.79個百分點。一季度行業(yè)整體凈利率為6.55%，同比下滑6.85個百分點，環(huán)比下滑0.366.20%1.000.72圖3：基礎化工行業(yè)單季度毛利率與凈利率 圖4：基礎化工行業(yè)單季度期間費用率30%25%20%30%25%20%15%10%5%0%-5%-10%-15%-20%14%12%10%8%6%4%2%0%整體毛利率（%） 整體凈利率（%） 銷售費用率（%） 管理費用率（%） 財務費用率（%） 期間費用率（%）資料來源：、wind 資料來源：、wind子行業(yè)盈利能力環(huán)比有所改善20233339.31、6.002.390.95、0.981.063022.3410.95、10.71、10.679.853334.351.910.930.081.4622.0210.429.96、9.79和9.56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印象影響，盈利能力提升或下滑幅度較小，農(nóng)化產(chǎn)業(yè)鏈、地產(chǎn)產(chǎn)業(yè)鏈以及部分上游化工品種受需求下滑、價格下跌等因素影響，盈利能力下滑幅度較大。表5：基礎各子行業(yè)化工2023上半年盈利能力2022上半年2023上半年 2022上半年 2023上半年三級子行業(yè)毛利率毛利率毛利率同比凈利率凈利率凈利率同比氮肥22.43%11.48%-10.95%13.84%3.88%-9.96%鉀肥78.23%71.64%-6.59%65.40%59.42%-5.99%復合肥13.63%12.03%-1.60%6.18%4.42%-1.76%農(nóng)藥27.45%23.46%-3.99%13.25%6.96%-6.29%磷肥及磷化工23.42%14.73%-8.69%15.20%7.14%-8.06%滌綸6.42%5.47%-0.95%2.15%2.06%-0.08%氨綸25.58%18.73%-6.85%17.30%11.06%-6.24%粘膠16.44%15.38%-1.06%4.31%2.38%-1.93%綿綸15.27%10.18%-5.09%6.06%0.56%-5.50%碳纖維46.42%36.57%-9.85%32.99%26.96%-6.02%純堿35.68%26.93%-8.75%24.43%14.64%-9.79%氯堿19.27%10.80%-8.46%10.58%1.02%-9.56%無機鹽33.03%26.14%-6.89%19.52%11.85%-7.67%其他化學原料33.60%11.26%-22.34%23.28%1.26%-22.02%鈦白粉30.52%19.81%-10.71%16.94%7.76%-9.18%日用化學品33.63%42.94%9.31%6.38%8.29%1.91%民爆用品32.11%25.03%-7.07%16.65%9.98%-6.67%涂料油墨顏料23.09%25.48%2.39%3.22%4.15%0.93%印染化學品26.47%21.43%-5.04%12.70%5.72%-6.98%其他化學制品Ⅲ21.60%15.98%-5.62%10.64%4.77%-5.86%食品及飼料添加劑29.65%20.37%-9.28%16.30%8.38%-7.93%電子化學品32.97%31.10%-1.87%15.16%11.67%-3.49%鋰電化學品22.49%14.15%-8.34%13.42%5.82%-7.60%氟化工26.78%16.10%-10.67%16.37%5.95%-10.42%有機硅24.70%22.63%-2.08%14.64%10.84%-3.80%聚氨酯18.23%16.44%-1.79%11.77%10.31%-1.46%橡膠助劑12.08%8.37%-3.71%5.45%1.90%-3.56%改性塑料15.06%13.58%-1.48%4.78%3.25%-1.53%合成樹脂28.22%25.50%-2.72%16.12%14.00%-2.12%膜材料20.56%14.99%-5.57%10.63%3.45%-7.18%其他塑料制品14.23%12.44%-1.79%8.67%6.99%-1.68%輪胎13.42%19.42%6.00%2.73%7.08%4.35%橡膠制品11.93%10.94%-0.98%4.45%2.40%-2.06%資料來源：、wind20234個7.59個表6：基礎化工各子行業(yè)2023年二季度盈利能力2022Q2毛2023Q2毛利毛利率同毛利率2022Q22023Q2凈利率同凈利率環(huán)三級子行業(yè)利率率比環(huán)比凈利率凈利率比比氮肥21.96%10.72%-11.24%-1.46%13.78%2.47%-11.31%-2.73%鉀肥80.19%72.37%-7.82%1.56%70.99%64.65%-6.34%11.16%復合肥13.74%11.38%-2.36%-1.23%6.77%3.45%-3.31%-1.82%農(nóng)藥26.52%22.15%-4.37%-2.59%12.59%5.59%-7.00%-2.70%磷肥及磷化工23.09%12.42%-10.68%-4.92%15.22%5.05%-10.17%-4.46%滌綸4.24%5.66%1.42%0.40%0.87%1.57%0.70%-1.07%氨綸21.66%17.96%-3.70%-1.56%15.76%11.14%-4.62%0.16%粘膠17.86%16.85%-1.01%2.97%5.45%4.63%-0.82%4.55%綿綸15.44%9.85%-5.59%-0.68%5.11%0.30%-4.81%-0.54%碳纖維46.91%35.01%-11.90%-2.84%33.37%27.17%-6.20%0.37%純堿38.27%24.14%-14.12%-4.70%25.19%11.09%-14.11%-6.49%氯堿20.67%9.68%-10.99%-2.36%11.94%-0.48%-12.42%-3.16%無機鹽33.82%26.64%-7.18%0.99%20.48%12.62%-7.86%1.53%其他化學原料32.54%11.76%-20.78%1.04%22.45%0.75%-21.70%-1.08%鈦白粉30.48%22.28%-8.20%4.69%17.25%9.08%-8.17%2.51%日用化學品34.08%45.63%11.55%5.52%5.99%8.52%2.54%0.52%民爆用品32.15%26.76%-5.39%18.45%12.28%-6.17%5.70%涂料油墨顏料23.86%26.87%3.01%3.41%4.65%6.35%1.69%5.39%印染化學品26.75%21.69%-5.06%0.66%15.01%6.10%-8.91%0.88%其他化學制品Ⅲ20.77%14.59%-6.18%-2.79%10.45%4.45%-6.01%-0.59%食品及飼料添加劑30.13%19.50%-10.63%-1.74%16.89%7.64%-9.25%-1.46%電子化學品32.89%30.87%-2.01%-0.48%16.27%14.11%-2.15%5.22%鋰電化學品21.18%13.57%-7.61%-1.13%12.32%6.11%-6.21%0.57%氟化工24.01%16.76%-7.25%1.45%16.57%7.38%-9.19%3.15%有機硅23.08%20.04%-3.04%-5.24%14.18%9.24%-4.94%-3.24%聚氨酯16.40%15.44%-0.96%-2.09%10.80%10.38%-0.42%0.14%橡膠助劑12.78%8.17%-4.60%-0.38%6.73%2.69%-4.04%1.57%改性塑料15.06%13.25%-1.81%-0.70%4.83%2.88%-1.95%-0.79%合成樹脂28.61%25.20%-3.40%-0.59%16.93%14.10%-2.83%0.19%膜材料20.35%16.02%-4.33%2.10%11.21%3.65%-7.56%0.41%其他塑料制品13.27%12.56%-0.71%0.66%10.29%9.03%-1.27%4.42%輪胎13.96%21.55%7.59%4.56%4.33%9.00%4.67%4.10%橡膠制品11.00%10.34%-0.66%-1.24%4.32%1.82%-2.49%-1.17%資料來源：、wind基礎化工行業(yè)財務指標分析資產(chǎn)負債率保持穩(wěn)定20233.9916.90%1.52%46.84%0.300.382021圖5：基礎化工行業(yè)資產(chǎn)負債率70%60%50%40%30%20%10%0%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基礎化工行業(yè)資產(chǎn)負債率（%）資料來源：、wind2023年上半年，基礎化工33個子行業(yè)中，共有17個子行業(yè)資產(chǎn)負債率高于行業(yè)整體水平，其中錦綸、聚氨酯、改性塑料、磷肥及磷化工、涂料油墨顏料行業(yè)資產(chǎn)負債率較高，分別63.73%、62.66%、60.47%56.63%55.19%20.20%、29.52%34.01%、34.34%和36.48%圖6：2023H基礎化工各行業(yè)資產(chǎn)負債率70%60%50%40%30%20%10%鈦白粉其他化學原料有機硅CS橡膠助劑CS氟化工無機鹽膜材料Ⅲ日用化學品電子化學品鉀肥資料來源：、wind202320.86、、8.265.574.379.666.90、6.666.095.41表7：2023H基礎化工各行業(yè)總資產(chǎn)及資產(chǎn)負債率三級子行業(yè)總資產(chǎn)（億元）資產(chǎn)負債率資產(chǎn)負債率同比變動氮肥2,039.0249.78%0.06%鉀肥683.6620.20%-9.66%復合肥793.8051.78%-4.39%農(nóng)藥2,841.3048.71%-1.52%磷肥及磷化工1,416.0356.63%-4.44%滌綸356.3046.37%-6.09%氨綸427.8837.74%4.37%粘膠523.9750.52%-2.52%綿綸344.9563.73%0.17%碳纖維176.2737.05%-5.41%純堿835.1034.34%1.06%氯堿2,902.0444.82%0.97%無機鹽291.5239.87%-2.35%其他化學原料1,531.1351.90%11.72%鈦白粉859.5552.52%-0.01%日用化學品586.3637.07%-3.07%民爆用品817.2351.12%3.72%涂料油墨顏料515.2855.19%-1.29%印染化學品1,057.8942.28%-1.39%其他化學制品Ⅲ2,815.9837.47%2.23%食品及飼料添加劑1,362.0834.01%-1.95%電子化學品690.7329.52%-0.22%鋰電化學品3,990.9747.06%-6.66%氟化工616.3742.22%5.57%有機硅773.3951.21%20.86%聚氨酯2,166.8162.66%0.65%橡膠助劑255.4548.90%-0.26%改性塑料1,043.7560.47%2.10%合成樹脂884.4642.26%8.26%膜材料878.0038.41%-0.53%其他塑料制品570.5436.48%-2.43%輪胎1,301.8953.24%-0.75%橡膠制品1,263.9851.94%-6.90%資料來源：、wind上半年回款能力減弱，現(xiàn)金流同比下降2023804.23501.2038.39%2023833.98179.48環(huán)比回正，增加865.74億元。圖7：基礎化工年度經(jīng)營現(xiàn)金流凈額（億元） 圖8：基礎化工單季度經(jīng)營現(xiàn)金流凈額（億元）3000 12002500

10002000

80060015000

2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基礎化工行業(yè)經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額（億元）

0

2015Q12015Q22015Q32015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2資料來源：、wind 資料來源：、wind12營現(xiàn)金流凈額同比下滑幅度較大。202320表8：基礎化工各子行業(yè)經(jīng)營活動產(chǎn)生的現(xiàn)金流凈額（億元）金流凈額（億元）金流凈額（億元）金流凈額（億元）金流凈額（億元）減（億元）金流凈額（億元）金流凈額（億元）減（億元）氮肥161.2619.44-141.8193.9110.03-83.88鉀肥125.7393.64-32.0968.8573.044.19復合肥52.58-5.01-57.5930.9410.94-20.00農(nóng)藥89.8149.36-40.4587.8675.86-12.00磷肥及磷化工77.0436.21-40.8247.3933.97-13.42滌綸-6.294.3510.630.559.068.51氨綸15.2413.29-1.9513.1611.85-1.31粘膠16.146.09-10.055.795.39-0.40綿綸9.64-6.23-15.887.30-3.46-10.76碳纖維13.09-0.28-13.379.74-0.72-10.45純堿61.7528.39-33.3635.6414.83-20.81氯堿102.3922.30-80.1090.0041.06-48.94無機鹽15.3614.62-0.749.6410.090.46其他化學原料130.0429.96-100.0992.9336.72-56.20鈦白粉27.6011.53-16.0720.449.17-11.27日用化學品29.3126.58-2.7313.9317.503.57民爆用品3.2313.4310.2012.9720.837.86涂料油墨顏料-2.152.254.397.3410.002.66印染化學品15.2936.4721.1810.4121.7411.33其他化學制品Ⅲ24.997.21-17.7825.2619.58-5.68食品及飼料添加劑61.9765.273.3047.6657.6610.00電子化學品18.8218.62-0.2016.3813.98-2.40鋰電化學品-11.4069.8681.2616.74121.17104.43氟化工29.7123.19-6.5318.3820.602.22有機硅7.28-12.96-20.254.891.49-3.41聚氨酯145.17117.48-27.69107.5475.30-32.24橡膠助劑1.134.523.390.849.688.84改性塑料26.8229.222.4029.3522.93-6.41合成樹脂43.5244.711.1938.8324.95-13.88膜材料-15.23-9.275.96-5.4011.4316.83其他塑料制品16.480.64-15.8525.987.04-18.94輪胎13.5238.1124.588.4428.2019.77橡膠制品5.5611.265.7119.7912.08-7.71

2022H

2023H

2022

2022Q2

2023Q2

2023Q2同比增資料來源：、wind在建工程保持增長態(tài)勢20234530.88億55.23%。201720210.672017圖9：基礎化工在建工程規(guī)模（億元） 圖10：基礎化工在建工程占總資產(chǎn)比重

16%14%12%10%2500 8%2000 6%15004%1000500 2%02010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基礎化工行業(yè)在建工程（億元）

0%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基礎化工行業(yè)在建工程占總資產(chǎn)比重（%）資料來源：、wind 資料來源：、wind從子行業(yè)來看，2023年上半年基礎化工各子行業(yè)中，28個子行業(yè)在建工程同比增長，鉀肥、純堿、鋰電化學品、有機硅、氯堿等行業(yè)在建工程同比增幅較大。從絕對規(guī)模上看，聚氨酯、鋰電化學品、氮肥、氯堿、其他化學制品、有機硅等行業(yè)在建工程規(guī)模較大。表9：2023H基礎化工各行業(yè)在建工程三級子行業(yè)2023H在建工程（億元）2022H在建工程（億元）在建工程同比氮肥423.67236.8978.85%鉀肥33.4510.08231.66%復合肥70.5044.5958.11%農(nóng)藥241.11196.2322.87%磷肥及磷化工115.62100.0115.61%滌綸15.5514.775.24%氨綸30.7629.593.96%粘膠30.7616.3588.09%綿綸57.5045.8125.51%碳纖維30.5217.9370.19%純堿100.2734.05194.53%氯堿366.18193.9788.78%無機鹽18.0420.04-10.01%其他化學原料259.10209.1923.86%鈦白粉102.4373.5939.19%日用化學品18.1717.911.44%民爆用品32.2829.579.16%涂料油墨顏料42.4143.36-2.19%印染化學品40.8958.56-30.18%其他化學制品Ⅲ296.61185.7259.71%食品及飼料添加劑109.5486.4126.77%電子化學品60.1952.0515.64%鋰電化學品435.95172.66152.49%氟化工105.0660.8172.77%有機硅293.72118.85147.13%聚氨酯448.93361.2824.26%橡膠助劑13.9118.34-24.14%改性塑料97.05129.54-25.08%合成樹脂177.08136.0430.16%膜材料93.7066.5540.79%其他塑料制品32.7127.5718.66%輪胎130.4998.3532.67%橡膠制品172.70167.722.97%資料來源：、wind存貨周轉(zhuǎn)天數(shù)小幅提升2023年上半年，基礎化工行業(yè)存貨總額為3928.33億元，同比增加99.98億元，存貨周71.756.975.403.65圖基礎化工行業(yè)存貨規(guī)模 圖12：基礎化工存貨周轉(zhuǎn)天數(shù)4500 904000 803500 703000 602500 502000 401500 301000 20500 1002010H2011H2012H2013