基础化工行业深度分析：行业景气低位运行多数子行业二季度环比出现改善

内容目录行业景气下行，收入、利润增速回落 32023年上半年收入、利润增速下滑，二季度环比略有增长 3子行业景气整体下行，二季度多数行业环比改善 3盈利能力处于低位，二季度部分子行业环比提升 6上半年基础化工盈利能力低位运行 6子行业盈利能力环比有所改善 7基础化工行业财务指标分析 9资产负债率保持稳定 9上半年回款能力减弱，现金流同比下降 在建工程保持增长态势 13存货周转天数小幅提升 14行业投资建议 15风险提示 16图表目录图1：基化行毛率与利率 6图2：基化行期费用率 6图3：基化行单度毛率净率 6图4：基化行单度期费率 6图5：基化行资负债率 9图6：2023H础工行业产债率 10图7：基化年经现金净（元） 图8：基化单度营现流额亿） 图9：基化在工规模亿） 13图10：础工建占总产重 13图基化行存规模 14图12：础工货天数 14图13：础工业值 16图14：信级业对比 16表1：中基工2023年上年入利润 3表2：中基工2023年二度入利润 3表3：基化各业2023年半收与润 4表4：基化各业2023年季收与（亿） 5表5：基各行工2023上年利力 7表6：基化各业2023年季盈能力 8表7：2023H础工行业资及产债率 10表8：基化各行经营动生现流额（元） 12表9：2023H础工行业建程 13表10：2023H基化行业货转数 14行业景气下行，收入、利润增速回落2023年上半年收入、利润增速下滑，二季度环比略有增长根据wind数据，2023年上半年，中信基础化工行业(剔除未披露一季报的新上市公司，下同)实现营业收入12009.69亿元，同比下滑8.73%，实现营业利润970.93亿元，同比下滑52.05%，实现归属上市公司股东的净利润783.57亿元，同比下滑51.14%。上半年基础化工行业的收入、利润出现较大幅度下滑，与一季报业绩相比，上半年下滑幅度进一步增，显示行业景气仍处于低位。其中营业收入增速较一季度的-4.38%下滑4.35个百分点，营业利润增速较一季度的-47.74%下滑4.31个百分点，净利润增速较一季度的-47.85%下滑3.29个百分点。表1：中信基础化工2023年上半年收入与利润2022上半年2023上半年同比2022年一季2023年一季同比营业收入（亿元）13158.5612009.69-8.73%6143.525874.28-4.38%营业利润（亿元）2024.67970.93-52.05%936.31489.32-47.74%净利润（亿元）1603.64783.57-51.14%740.67386.29-47.85%资料来源：、wind20236135.41481.61397.282.84%表2：中信基础化工2023年二季度收入与利润2023Q22022Q22023Q12023Q2同比2022Q2同比2023Q2环比营业收入（亿元）6135.417015.055874.28-12.54%29.63%4.45%营业利润（亿元）481.611088.35489.32-55.75%18.78%-1.58%净利润（亿元）397.28862.98386.29-53.96%23.43%2.84%资料来源：、wind子行业景气整体下行，二季度多数行业环比改善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%。净利润增长的行业中，轮胎行业主要受益于海外需求恢复以及成本下降，民爆用品主要受益于矿山、基建开工的提升，日用化学品主要受益于消费需求的提升以及成本下降。此外纺织服装、农化等产业链受需求下降，产品价格下跌等因素影响，利润下滑幅度较大。表3：基础化工各子行业2023年上半年收入与利润营业收入（亿元）营业收入（亿元）营业收入（亿元）营业收入（亿元）净利润（亿元）净利润（亿元）氮肥873.02714.27-18.18%115.6525.53-77.93%钾肥225.77147.74-34.56%126.5178.40-38.03%复合肥465.39409.20-28.24%29.8018.05-39.43%农药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%涤纶180.42186.283.25%5.973.84-35.73%氨纶157.89145.63-7.77%26.8615.74-41.41%粘胶188.53169.13-10.29%6.201.88-69.61%绵纶124.9197.07-22.29%7.150.15-97.95%碳纤维27.9728.662.45%9.237.72-16.33%纯碱321.47256.86-20.10%70.8232.97-53.45%氯碱965.04808.75-16.19%101.3810.89-89.25%无机盐94.8289.90-5.19%18.0210.65-40.89%其他化学原料479.48432.44-9.81%60.0020.12-66.46%钛白粉216.38206.54-4.55%31.4114.87-52.67%日用化学品257.33263.952.57%18.2124.7736.00%民爆用品180.41256.4642.15%14.7922.0148.81%涂料油墨颜料146.26149.682.34%6.286.02-4.03%印染化学品189.25161.02-14.92%22.389.13-59.19%其他化学制品Ⅲ889.05819.17-7.86%94.3542.99-54.43%食品及饲料添加剂408.64450.9910.36%66.6737.46-43.81%电子化学品174.65149.57-14.36%25.1616.38-34.90%锂电化学品1428.861411.29-1.23%215.6478.26-63.71%氟化工232.86208.02-10.67%36.9711.55-68.76%有机硅224.76194.06-13.66%49.3221.19-57.05%聚氨酯959.69939.34-2.12%108.0189.28-17.34%橡胶助剂118.62118.05-0.48%6.512.49-61.78%改性塑料392.34434.2010.67%17.1213.28-22.46%合成树脂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%轮胎352.58396.8512.56%9.4427.18188.05%橡胶制品612.19474.86-22.43%21.7411.38-47.65%

2022

2023

营业收入同比

2022

2023

净利润同比资料来源：、wind2023年第二季度，基础化工各子行业中，7个子行业营业收入同比实现增长，26个子行业同比下滑。其中民爆用品、改性塑料、轮胎、涤纶和食品及饲料添加剂行业收入增速较快，钾肥、纯碱、橡胶制品、农药和氮肥行业收入下滑幅度较大。净利润方面，仅轮胎、日用化学品、民爆用品和涂料油墨颜料四个行业净利润实现同比增长，氮肥、磷肥及磷化工、农药、复合肥等农化产业链，以及氯碱、锦纶、纯碱、氟化工、膜材料、锂电化学品、有机硅等行业下滑幅度较大。环比来看，多数子行业的营收、利润环比出现改善，其中民爆用品、涂料油墨颜料、氟化工、涤纶、改性塑料等行业营收环比增幅较大，涂料油墨颜料、粘胶、民爆用品、其他化学原料、橡胶助剂、轮胎和氟化工等行业净利润环比提升幅度较大。表4：基础化工各子行业2023年二季度收入与利润（亿元）业收入业收入业收入业收入净利润净利润氮肥454.66343.75-24.40% -7.23%59.367.30-87.71%-59.99%钾肥131.5278.39-40.40% 13.04%80.5943.58-45.92%25.18%复合肥245.09192.39-21.51% 17.816.75-62.11%-40.30%农药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%涤纶89.8999.5610.75% 14.80%1.961.55-20.60%-31.84%氨纶74.4173.59-1.10% 2.16%11.788.07-31.51%5.17%粘胶95.1585.30-10.36% 1.75%4.042.91-27.84%383.12%绵纶59.6850.58-15.24% 8.82%2.650.01-99.60%-92.20%碳纤维13.0712.89-1.37% 4.363.50-19.78%-17.15%纯碱183.53118.15-35.62% -14.82%41.7311.37-72.76%-47.38%氯碱501.72423.88-15.51% 10.14%57.56-0.28-100.49%-102.54%无机盐51.0844.71-12.47% -1.06%10.165.64-44.48%12.42%其他化学原料260.95225.94-13.42% 9.41%28.2414.39-49.05%150.93%钛白粉109.2597.45-10.80% -10.67%16.038.42-47.47%30.60%日用化学品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%涂料油墨颜料83.8888.565.59% 4.475.4922.66%927.08%印染化学品97.2082.19-15.44% 4.25%13.745.08-63.01%25.52%其他化学制品Ⅲ469.77424.66-9.60% 7.64%49.3821.38-56.70%-1.10%食品及饲料添加剂212.05225.406.30% -0.08%35.5917.12-51.90%-15.86%电子化学品87.6977.2713.36%13.6310.33-24.23%76.03%锂电化学品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%有机硅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%橡胶助剂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%合成树脂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%轮胎183.37211.2215.19% 13.78%7.7518.37137.02%108.49%橡胶制品339.56242.40-28.61% 4.28%11.764.98-57.64%-22.21%

2022Q2

2023Q2

营收同比 营收环

2022Q2

2023Q2

净利润同比 净利润环比资料来源：、wind盈利能力处于低位，二季度部分子行业环比提升上半年基础化工盈利能力低位运行202320226.1020230.3720226.3620230.1720220.8420230.36图1：基础化工行业毛利率与净利率 图2：基础化工行业期间费用率30% 16%

14%12%10%15% 8%6%10%4%5%2%0%2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023H整体毛利率（%） 整体净利率（%）

0%2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023H销售费用率（%） 管理费用率（%） 财务费用率（%） 期间费用率（%）资料来源：、wind 资料来源：、wind2023年第二季度，基础化工行业整体毛利率为17.12%，同比下滑6.26个百分点，环比下滑0.79个百分点。一季度行业整体净利率为6.55%，同比下滑6.85个百分点，环比下滑0.366.20%1.000.72图3：基础化工行业单季度毛利率与净利率 图4：基础化工行业单季度期间费用率30%25%20%30%25%20%15%10%5%0%-5%-10%-15%-20%14%12%10%8%6%4%2%0%整体毛利率（%） 整体净利率（%） 销售费用率（%） 管理费用率（%） 财务费用率（%） 期间费用率（%）资料来源：、wind 资料来源：、wind子行业盈利能力环比有所改善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个百分点。总体来看，部分贴近终端消费的下游产业链品种，受原材料成本下降等印象影响，盈利能力提升或下滑幅度较小，农化产业链、地产产业链以及部分上游化工品种受需求下滑、价格下跌等因素影响，盈利能力下滑幅度较大。表5：基础各子行业化工2023上半年盈利能力2022上半年2023上半年 2022上半年 2023上半年三级子行业毛利率毛利率毛利率同比净利率净利率净利率同比氮肥22.43%11.48%-10.95%13.84%3.88%-9.96%钾肥78.23%71.64%-6.59%65.40%59.42%-5.99%复合肥13.63%12.03%-1.60%6.18%4.42%-1.76%农药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%涤纶6.42%5.47%-0.95%2.15%2.06%-0.08%氨纶25.58%18.73%-6.85%17.30%11.06%-6.24%粘胶16.44%15.38%-1.06%4.31%2.38%-1.93%绵纶15.27%10.18%-5.09%6.06%0.56%-5.50%碳纤维46.42%36.57%-9.85%32.99%26.96%-6.02%纯碱35.68%26.93%-8.75%24.43%14.64%-9.79%氯碱19.27%10.80%-8.46%10.58%1.02%-9.56%无机盐33.03%26.14%-6.89%19.52%11.85%-7.67%其他化学原料33.60%11.26%-22.34%23.28%1.26%-22.02%钛白粉30.52%19.81%-10.71%16.94%7.76%-9.18%日用化学品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%涂料油墨颜料23.09%25.48%2.39%3.22%4.15%0.93%印染化学品26.47%21.43%-5.04%12.70%5.72%-6.98%其他化学制品Ⅲ21.60%15.98%-5.62%10.64%4.77%-5.86%食品及饲料添加剂29.65%20.37%-9.28%16.30%8.38%-7.93%电子化学品32.97%31.10%-1.87%15.16%11.67%-3.49%锂电化学品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%有机硅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%橡胶助剂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%合成树脂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%轮胎13.42%19.42%6.00%2.73%7.08%4.35%橡胶制品11.93%10.94%-0.98%4.45%2.40%-2.06%资料来源：、wind20234个7.59个表6：基础化工各子行业2023年二季度盈利能力2022Q2毛2023Q2毛利毛利率同毛利率2022Q22023Q2净利率同净利率环三级子行业利率率比环比净利率净利率比比氮肥21.96%10.72%-11.24%-1.46%13.78%2.47%-11.31%-2.73%钾肥80.19%72.37%-7.82%1.56%70.99%64.65%-6.34%11.16%复合肥13.74%11.38%-2.36%-1.23%6.77%3.45%-3.31%-1.82%农药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%涤纶4.24%5.66%1.42%0.40%0.87%1.57%0.70%-1.07%氨纶21.66%17.96%-3.70%-1.56%15.76%11.14%-4.62%0.16%粘胶17.86%16.85%-1.01%2.97%5.45%4.63%-0.82%4.55%绵纶15.44%9.85%-5.59%-0.68%5.11%0.30%-4.81%-0.54%碳纤维46.91%35.01%-11.90%-2.84%33.37%27.17%-6.20%0.37%纯碱38.27%24.14%-14.12%-4.70%25.19%11.09%-14.11%-6.49%氯碱20.67%9.68%-10.99%-2.36%11.94%-0.48%-12.42%-3.16%无机盐33.82%26.64%-7.18%0.99%20.48%12.62%-7.86%1.53%其他化学原料32.54%11.76%-20.78%1.04%22.45%0.75%-21.70%-1.08%钛白粉30.48%22.28%-8.20%4.69%17.25%9.08%-8.17%2.51%日用化学品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%涂料油墨颜料23.86%26.87%3.01%3.41%4.65%6.35%1.69%5.39%印染化学品26.75%21.69%-5.06%0.66%15.01%6.10%-8.91%0.88%其他化学制品Ⅲ20.77%14.59%-6.18%-2.79%10.45%4.45%-6.01%-0.59%食品及饲料添加剂30.13%19.50%-10.63%-1.74%16.89%7.64%-9.25%-1.46%电子化学品32.89%30.87%-2.01%-0.48%16.27%14.11%-2.15%5.22%锂电化学品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%有机硅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%橡胶助剂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%合成树脂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%轮胎13.96%21.55%7.59%4.56%4.33%9.00%4.67%4.10%橡胶制品11.00%10.34%-0.66%-1.24%4.32%1.82%-2.49%-1.17%资料来源：、wind基础化工行业财务指标分析资产负债率保持稳定20233.9916.90%1.52%46.84%0.300.382021图5：基础化工行业资产负债率70%60%50%40%30%20%10%0%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基础化工行业资产负债率（%）资料来源：、wind2023年上半年，基础化工33个子行业中，共有17个子行业资产负债率高于行业整体水平，其中锦纶、聚氨酯、改性塑料、磷肥及磷化工、涂料油墨颜料行业资产负债率较高，分别63.73%、62.66%、60.47%56.63%55.19%20.20%、29.52%34.01%、34.34%和36.48%图6：2023H基础化工各行业资产负债率70%60%50%40%30%20%10%钛白粉其他化学原料有机硅CS橡胶助剂CS氟化工无机盐膜材料Ⅲ日用化学品电子化学品钾肥资料来源：、wind202320.86、、8.265.574.379.666.90、6.666.095.41表7：2023H基础化工各行业总资产及资产负债率三级子行业总资产（亿元）资产负债率资产负债率同比变动氮肥2,039.0249.78%0.06%钾肥683.6620.20%-9.66%复合肥793.8051.78%-4.39%农药2,841.3048.71%-1.52%磷肥及磷化工1,416.0356.63%-4.44%涤纶356.3046.37%-6.09%氨纶427.8837.74%4.37%粘胶523.9750.52%-2.52%绵纶344.9563.73%0.17%碳纤维176.2737.05%-5.41%纯碱835.1034.34%1.06%氯碱2,902.0444.82%0.97%无机盐291.5239.87%-2.35%其他化学原料1,531.1351.90%11.72%钛白粉859.5552.52%-0.01%日用化学品586.3637.07%-3.07%民爆用品817.2351.12%3.72%涂料油墨颜料515.2855.19%-1.29%印染化学品1,057.8942.28%-1.39%其他化学制品Ⅲ2,815.9837.47%2.23%食品及饲料添加剂1,362.0834.01%-1.95%电子化学品690.7329.52%-0.22%锂电化学品3,990.9747.06%-6.66%氟化工616.3742.22%5.57%有机硅773.3951.21%20.86%聚氨酯2,166.8162.66%0.65%橡胶助剂255.4548.90%-0.26%改性塑料1,043.7560.47%2.10%合成树脂884.4642.26%8.26%膜材料878.0038.41%-0.53%其他塑料制品570.5436.48%-2.43%轮胎1,301.8953.24%-0.75%橡胶制品1,263.9851.94%-6.90%资料来源：、wind上半年回款能力减弱，现金流同比下降2023804.23501.2038.39%2023833.98179.48环比回正，增加865.74亿元。图7：基础化工年度经营现金流净额（亿元） 图8：基础化工单季度经营现金流净额（亿元）3000 12002500

10002000

80060015000

2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基础化工行业经营活动产生的现金流量净额（亿元）

0

2015Q12015Q22015Q32015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2资料来源：、wind 资料来源：、wind12营现金流净额同比下滑幅度较大。202320表8：基础化工各子行业经营活动产生的现金流净额（亿元）金流净额（亿元）金流净额（亿元）金流净额（亿元）金流净额（亿元）减（亿元）金流净额（亿元）金流净额（亿元）减（亿元）氮肥161.2619.44-141.8193.9110.03-83.88钾肥125.7393.64-32.0968.8573.044.19复合肥52.58-5.01-57.5930.9410.94-20.00农药89.8149.36-40.4587.8675.86-12.00磷肥及磷化工77.0436.21-40.8247.3933.97-13.42涤纶-6.294.3510.630.559.068.51氨纶15.2413.29-1.9513.1611.85-1.31粘胶16.146.09-10.055.795.39-0.40绵纶9.64-6.23-15.887.30-3.46-10.76碳纤维13.09-0.28-13.379.74-0.72-10.45纯碱61.7528.39-33.3635.6414.83-20.81氯碱102.3922.30-80.1090.0041.06-48.94无机盐15.3614.62-0.749.6410.090.46其他化学原料130.0429.96-100.0992.9336.72-56.20钛白粉27.6011.53-16.0720.449.17-11.27日用化学品29.3126.58-2.7313.9317.503.57民爆用品3.2313.4310.2012.9720.837.86涂料油墨颜料-2.152.254.397.3410.002.66印染化学品15.2936.4721.1810.4121.7411.33其他化学制品Ⅲ24.997.21-17.7825.2619.58-5.68食品及饲料添加剂61.9765.273.3047.6657.6610.00电子化学品18.8218.62-0.2016.3813.98-2.40锂电化学品-11.4069.8681.2616.74121.17104.43氟化工29.7123.19-6.5318.3820.602.22有机硅7.28-12.96-20.254.891.49-3.41聚氨酯145.17117.48-27.69107.5475.30-32.24橡胶助剂1.134.523.390.849.688.84改性塑料26.8229.222.4029.3522.93-6.41合成树脂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轮胎13.5238.1124.588.4428.2019.77橡胶制品5.5611.265.7119.7912.08-7.71

2022H

2023H

2022

2022Q2

2023Q2

2023Q2同比增资料来源：、wind在建工程保持增长态势20234530.88亿55.23%。201720210.672017图9：基础化工在建工程规模（亿元） 图10：基础化工在建工程占总资产比重

16%14%12%10%2500 8%2000 6%15004%1000500 2%02010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基础化工行业在建工程（亿元）

0%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A2023H基础化工行业在建工程占总资产比重（%）资料来源：、wind 资料来源：、wind从子行业来看，2023年上半年基础化工各子行业中，28个子行业在建工程同比增长，钾肥、纯碱、锂电化学品、有机硅、氯碱等行业在建工程同比增幅较大。从绝对规模上看，聚氨酯、锂电化学品、氮肥、氯碱、其他化学制品、有机硅等行业在建工程规模较大。表9：2023H基础化工各行业在建工程三级子行业2023H在建工程（亿元）2022H在建工程（亿元）在建工程同比氮肥423.67236.8978.85%钾肥33.4510.08231.66%复合肥70.5044.5958.11%农药241.11196.2322.87%磷肥及磷化工115.62100.0115.61%涤纶15.5514.775.24%氨纶30.7629.593.96%粘胶30.7616.3588.09%绵纶57.5045.8125.51%碳纤维30.5217.9370.19%纯碱100.2734.05194.53%氯碱366.18193.9788.78%无机盐18.0420.04-10.01%其他化学原料259.10209.1923.86%钛白粉102.4373.5939.19%日用化学品18.1717.911.44%民爆用品32.2829.579.16%涂料油墨颜料42.4143.36-2.19%印染化学品40.8958.56-30.18%其他化学制品Ⅲ296.61185.7259.71%食品及饲料添加剂109.5486.4126.77%电子化学品60.1952.0515.64%锂电化学品435.95172.66152.49%氟化工105.0660.8172.77%有机硅293.72118.85147.13%聚氨酯448.93361.2824.26%橡胶助剂13.9118.34-24.14%改性塑料97.05129.54-25.08%合成树脂177.08136.0430.16%膜材料93.7066.5540.79%其他塑料制品32.7127.5718.66%轮胎130.4998.3532.67%橡胶制品172.70167.722.97%资料来源：、wind存货周转天数小幅提升2023年上半年，基础化工行业存货总额为3928.33亿元，同比增加99.98亿元，存货周71.756.975.403.65图基础化工行业存货规模 图12：基础化工存货周转天数4500 904000 803500 703000 602500 502000 401500 301000 20500 1002010H2011H2012H2013