﹛﹛岈璃ㄩ2024爛3堎18ㄛ勀貌趙悝600309ㄘ楷票2023爛爛惆ㄛ鼠侗2023爛茠珛軞彶峈1753.61砬啋ㄛ肮掀崝酗5.92%;寥譫噱瞳峈168.16砬啋ㄛ肮掀崝酗3.59%;諶準噱瞳峈164.39砬啋ㄛ肮掀崝酗4.06%﹝勤茼鼠侗4Q23茠珛軞彶峈428.07砬啋ㄛ遠掀狟蔥4.72%˙寥譫噱瞳峈41.13砬啋ㄛ遠掀狟蔥0.54%﹝

　　﹛﹛莉歎跡源醱ㄩ2023爛擄停鶗啣輸莉歎跡淕极傘狟蔥岊ㄛ曾MDI/擄磁MDI/TDI/擄識爛歙歎煦梗峈20000/16000/16500/10000啋/勣酘衵﹝坒趙啣輸莉歎跡砫淕极狟俴ㄛ刓陲梡洬歙歎峈6959啋/勣ㄛ肮掀狟蔥10.13%˙刓陲間媼洬歙歎峈8432啋/勣ㄛ肮掀狟蔥5.44%˙刓陲MTBE歙歎峈7221啋/勣ㄛ肮掀狟蔥1.59%˙刓陲淏間智歙歎峈7941啋/勣ㄛ肮掀狟蔥7.38%˙貌控梡洬呫歙歎峈6281啋/勣ㄛ肮掀狟蔥38.48%˙貌控梡洬呫間鶗歙歎峈9235啋/勣ㄛ肮掀狟蔥21.64%˙貌陲掃眣洬歙歎峈8410啋/勣ㄛ肮掀狟蔥9.50%˙貌陲PP嶺佪歙歎峈7501啋/勣ㄛ肮掀狟蔥9.37%˙貌陲LLDPE臚撰歙歎峈8174啋/勣ㄛ肮掀狟蔥4.22%﹝

　　﹛﹛翋猁埻第蹋歎跡砫衄垀狟蔥ㄛ珨隅最僅奻遣賤賸莉歎跡狟視湍懂腔揤薯﹝跦擂鼠侗2023爛翋猁冪茠杅擂蠹繞ㄛ2023爛曾掃歙歎峈7250啋/勣ㄛ肮掀狟蔥10.77%˙雄薯繳5000湮縐歙歎851啋/勣ㄛ肮掀狟蔥25.09%˙CP梡俛歙歎575藝啋/勣ㄛ肮掀狟蔥21.98%˙CP間俛歙歎577藝啋/勣ㄛ肮掀狟蔥21.39%﹝

　　﹛﹛鼠侗种忮煤蚚薹峈0.77%ㄛ肮掀奻汔0.07pcts˙奪燴煤蚚薹峈1.40%ㄛ肮掀奻汔0.21pcts˙笙昢煤蚚薹峈0.96%ㄛ肮掀奻汔0.21pcts;旃楷煤蚚薹峈2.33%ㄛ肮掀奻汔0.26pcts﹝2023爛鼠侗禱瞳薹峈16.79%ㄛ肮掀奻汔0.22pctsㄛ噱瞳薹峈10.44%ㄛ肮掀奻汔0.15pcts﹝荅瞳夔薯奻汔腔翋猁埻秪峈擄停鶗啣輸禱瞳薹腔枑汔譆硃賸坻啣輸禱瞳薹腔狟蔥﹝

　　﹛﹛2023爛鼠侗跪砐珋踢霜噱塗曹趙誕湮﹝冪茠俶魂雄莉汜珋踢霜噱塗峈267.97砬啋ㄛ肮掀狟蔥26.25%˙芘訧魂雄莉汜珋踢霜噱塗峈-448.30砬啋ㄛ肮掀狟蔥30.61%˙喉訧魂雄莉汜珋踢霜噱塗峈228.09砬啋ㄛ肮掀奻汔232.71%﹝藺珋踢摯珋踢脹歎昜豻塗峈234.96砬啋ㄛ肮掀奻汔24.90%﹝

　　﹛﹛茼彶梖遴肮掀崝樓0.93%ㄛ茼彶梖遴笚蛌薹衄垀奻汔ㄛ蚕18.70棒曹峈19.27棒﹝湔億肮掀奻汔13.55%ㄛ湔億笚蛌薹衄垀狟蔥ㄛ蚕7.58棒曹峈7.52棒﹝

　　﹛﹛擄停鶗啣輸厥哿孺夔ㄛ庈部華弇恛嘐﹝跦擂鼠侗2023爛爛惆蠹繞ㄛ鼠侗俇傖勤操薯趙悝腔彶劃ㄛ陔蔭陔崝15勀勣TDI莉夔˙腦膘埻衄10勀勣/爛TDI汜莉蚾离礿陬ㄛ25勀勣/爛陔TDI汜莉蚾离膘傖芘莉˙倧挴瞳BC馱珛埶MDI汜莉蚾离籵徹撮蜊孺喃莉夔5勀勣﹝諍祫2023爛藺ㄛ鼠侗婓捈怢茧衄110勀勣/爛MDI﹜30勀勣/爛TDI蚾离ㄛ婓譴疏茧衄120勀勣/爛MDI蚾离ㄛ婓倧挴瞳BC茧衄40勀勣/爛MDI﹜25勀勣/爛TDI蚾离ㄛ婓腦膘茧衄40勀勣/爛腔MDI蚾离﹜25勀勣/爛TDI蚾离ㄛ婓陔蔭茧衄15勀勣/爛腔TDI蚾离﹝(磁數僕茧衄MDI莉夔310勀勣/爛﹜TDI莉夔95勀勣/爛﹜擄識莉夔111勀勣/爛)ㄛ鼠侗岆醴郔湮腔MDI睿TDI鼎茼妀﹝2024爛ㄛ鼠侗蔚樟哿芢雄腦膘馱珛埶莉夔孺喃ㄛ籵徹撮扲蜊婖ㄛMDI莉夔蔚蚕40勀勣/爛崝酗祫80勀勣/爛ㄛTDI莉夔蔚蚕25勀勣/爛崝酗祫33勀勣/爛﹝扂蠅艘疑鼠侗腔擄停鶗啣輸腔俴珛韓芛華弇眕摯莉夔腔厥哿孺喃ㄛ啎數鼠侗俴珛韓芛華弇蔚輛珨祭恀枙ㄛ荅瞳阨恛笢衄汔﹝

　　﹛﹛芘訧膘祜ㄩ扂蠅啎數勀貌趙悝2024-2026爛彶煦梗峈1974.07/2241.04/2528.58砬啋ㄛ肮掀崝酗12.57%/13.52%/12.83%ㄛ寥譫噱瞳煦梗峈184.53/227.43/258.65砬啋ㄛ肮掀崝酗9.73%/23.25%/13.73%ㄛ勤茼EPS煦梗峈5.88/7.24/8.24啋﹝賦磁鼠侗3堎27彶攫歎ㄛ勤茼PE煦梗峈14/11/10捷﹝扂蠅價衾眕狟跺源醱ㄩ1)扂蠅艘疑鼠侗腔擄停鶗啣輸腔俴珛韓芛華弇眕摯莉夔腔厥哿孺喃ㄛ啎數鼠侗俴珛韓芛華弇蔚輛珨祭恀枙ㄛ荅瞳阨恛笢衄汔﹝2)扂蠅艘疑鼠侗坒趙啣輸莉珛蟈珨极趙蚥岊ㄛ莉珛蟈※筵砃§迵※軝砃§腔祥剿孺桯蔚芢雄坒趙啣輸淕极歎硉腔祥剿枑汔﹝3)扂蠅艘疑鼠侗婓儕牉趙悝摯陔第蹋啣輸腔厥哿羲阹ㄛ莉濬腔猿蜓眕摯賦凳腔汔撰褫珆翍枑汔鼠侗瞄陑噥淰薯ㄛ峎厥※鎗§撰﹝

　　﹛﹛瑞玸枑尨ㄩ瑞玸埻第蹋歎跡疏雄瑞玸ㄛ剒祥摯啎瑞玸ㄛ莉歎跡狟視瑞玸ㄛ撮扲詞測瑞玸ㄛ假汜莉瑞玸

　　﹛﹛岈砐ㄩ ﹛ 岈璃ㄩ2024爛3堎21ㄛ菴媼坋趣笢弊弊暱嬴珛痔擬頗婓侐捶蜚笣羲躉﹝矇怢嘖爺﹜矇怢模逜莉※珨攫§統桯ㄛ砃秏煤氪摩笢桯尨賸矇怢莉腔窐迵恅趙﹝ ﹛ 蹦ㄩ ﹛幛笣矇怢600519ㄘ歎跡奪燴夔薯芼堤ㄛ麼衄虴寲剒疏雄笚 ﹛ 傻艘ㄛ埻眊矇怢嬴蠶歎堤珋珨隅疏雄ㄛ庈部麼童陑剒狟賑﹜嬴釦歎跡奪諷夔薯趙ㄛ筍扂蠅峈ㄩ1)掛棒傻矇怢嬴蠶歎疏雄岆論僇俶溫億垀祡ㄛ睿菁脯剒壽薊祥湮ㄛ載嗣岆誹軠雄˙2)嬴釦歎跡奪燴忒僇淶俇囡ㄛ褫眕籵徹楷億誹軠﹜楷億賦凳﹜楷億郖脹撮扲俶忒僇悵痐歎跡极炵恛隅俶˙3)矇怢嬴冪种妀赻楷郪眽峎誘歎攫ㄛ冪种妀薊祓頗麼赻楷籵徹彶億﹜歎攫迖菁脹源宒ㄛ悵痐霜籵耋歎跡恛隅﹝ ﹛ 饜塗芘溫載樓嗣啋趙ㄛ弝俶隅歎悵歎跡极炵恛隅俶 ﹛ 婓踱湔峎僅ㄛ幛笣矇怢輪笭萸峓橾嬴庈部祥剿酕雄釬ㄛ祡薯衾湖婖謎俶腔橾嬴歎跡极炵ㄛ輛奧枑汔扦頗踱湔橾嬴腔歎硉覜ㄛ熬屾扦頗踱湔勤矇怢嬴歎跡腔蛹砃喳僻﹝婓鼎跤峎僅ㄛ嬴釦洷咡妗珋饜塗芘溫嗣啋趙﹜扦頗踱湔汃萸趙脹懂悵痐歎跡极炵恛隅俶ㄩ1)換苀冪种妀滄毞饜塗峎厥祥曹ㄛ萇妀﹜KA脹怢芘溫講肮掀崝樓ㄛ珛芶劃2024爛饜塗麼輛珨祭崝芘﹝2)崝講饜塗源醱ㄛ鼠侗籵徹耋賦凳蚥趙ㄛ枑汔崝講饜塗羲薹﹝3)婓隅歎脯醱ㄛ鼠侗麼巠絞粒※弝俶隅歎§習謹ㄛ懂悵歎跡极炵腔恛隅俶﹝ ﹛ 珛憎崝酗馱撿喃逋ㄛ傻&笢珛憎湛傖揤薯眈勤誕苤 ﹛ 植珛憎离陓僅艘ㄛ扂蠅楷珋鼠侗珛憎崝酗馱撿誕嗣ㄛ麼衄咡妗珋輻笚崝酗ㄩ1)2023爛鼠侗勤滄毞矇怢嬴翋雄枑歎ㄛ冪聆呾啎數夔僚瓬4-5%珛憎崝講˙2)鼠侗陔汃豪滄毞﹜毰瑞嬴脹ㄛ啎數夔僚瓬珨隅崝講˙3)矇怢嬴數赫鏽嬴講肮掀奻爛謹衄詢跺弇杅崝酗ㄛ啎數芶劃耋脹陔倓耋夔衄虴創諉﹝笢峎僅艘ㄛ矇怢摩芶脯醱勤衾2027爛笢醴梓翋雄熬揤ㄛ扂蠅峈幛笣矇怢笢冪茠埮旰祥隴珆ㄛ夔樟哿粒酗趙堍釬﹝ ﹛ 芘訧膘祜ㄩ峎厥※鎗§撰 ﹛ 峎厥森荅瞳啎聆ㄛ扂蠅啎數2023-2025爛衄咡妗珋茠彶1495.0/1719.3/1977.1砬啋ㄛ肮掀+17.2%/+15.0%/+15.0%˙啎數寥譫噱瞳735.2/862.7/1001.9砬啋ㄛ肮掀+17.2%/+17.3%/+16.1%ㄛ勤茼PE煦梗峈29.1/24.8/21.3Xㄛ峎厥※鎗§撰﹝ ﹛

　　﹛﹛芘訧晡猁 ﹛ 岈璃衙扴 ﹛ 3堎27ㄛ鼠侗楷票2023爛爛惆ㄛ2023爛妗珋茠彶6023.15砬啋ㄛ肮掀+42.04%ㄛ寥譫噱瞳300.41砬啋ㄛ肮掀+80.72%﹝笢ㄛQ4等撫茠彶1800.41砬啋ㄛ肮掀+15.14%˙寥譫噱瞳86.74砬啋ㄛ肮掀+18.64%﹝ ﹛ 芘訧猁萸 ﹛ 2023爛陔夔埭陬种講湮盟枑汔ㄛ雄珛憎輛珨祭崝酗﹝2023爛妗珋茠彶6023.15砬啋ㄛ肮掀+42.04%ㄛ寥譫噱瞳300.41砬啋ㄛ肮掀+80.72%﹝翋猁炵2023爛鼠侗淕陬种講湮盟枑汔ㄛ肮掀+67.69%ㄛ弊囀陔夔埭陬庈梩薹湛善31.9%ㄛ肮掀+4.8pct﹝ ﹛ 鼠侗寞耀虴祔怉情傖掛ㄛ荅瞳夔薯枑汔﹝鼠侗2023爛淕极禱瞳薹峈20.21%ㄛ肮掀+3.17pctㄛ笢陬珛昢禱瞳薹峈23.02%ㄛ肮掀+2.63pct﹝煤蚚源醱ㄛ2023爛种忮/奪燴/笙昢煤蚚梩掀煦梗峈4.19%/2.23%/-0.24%ㄛ肮掀+0.63pct/-0.12pct/+0.14pct﹝旃楷煤蚚梩掀6.57%ㄛ肮掀+2.17pctㄛ鼠侗樓湮旃楷芘ㄛ珂綴芢堤毞朸眳桉﹜堁澿A﹜眢侐源﹜堁澿-P脹嗣跺瞄陑撮扲ㄛ甜眒婓陔陬倰奻撮扲邈華﹝ ﹛ 种講傻創揤ㄛ祥蜊爛崝酗岊﹝2024爛2跺堎种講肮掀-6.14%ㄛ傻創揤﹝扂蠅峈鼠侗帤懂楷桯硉腕渾ㄩ ﹛ 1)淉習奻ㄛ陔珨謫※眕導遙陔§淉習衄咡慾魂遙劃囀剒ㄛ聾蛌2堎种講狟賑岊ㄛ翑薯鼠侗帤懂种講崝酗﹝ ﹛ 2)鼠侗枍僅齪撻淝膘扢衄咡翑芢种講崝酗﹝Ｋ掀捚舜002594ㄘ齪杅跺陬倰珓唳妗珋賸※萇掀蚐腴§ㄛ衄咡跤鼠侗湍懂陔腔崝講˙Ｌ詢傷趙陬倰悸5﹜欯咡陬倰脹蔚輛珨祭枑汔齪歎硉﹝ ﹛ 3)2024爛1堎ㄛ鼠侗忑沭陬堍怀幗蚾摒忑瑤傖髡ㄛ呴覂載嗣幗蚾摒腔堍茠眕摯漆俋50嗣跺庈部腔羲阹ㄛ衄咡湍雄漆俋种講輛珨祭枑汔﹝ ﹛ 芘訧膘祜 ﹛ 峎厥※鎗§撰﹝扂蠅啎數2024-2026爛妗珋寥譫噱瞳煦梗峈377.61/449.54/515.50砬啋ㄛ肮掀+25.70%/+19.05%/+14.67%˙勤茼2024爛3堎27彶攫歎腔PE煦梗16.34X/13.73X/11.97X﹝ ﹛

　　﹛﹛瑞玸枑尨 ﹛ 粽夤冪撳疏雄瑞玸ㄛ俴珛楷桯瑞玸ㄛ庈部噥淰瑞玸ㄛ淉習曹趙腔瑞玸ㄛ埻第蹋歎跡疏雄瑞玸﹝

　　﹛﹛鼠侗楷票2023爛爛惆ㄛ珛憎睫磁啎﹝2023爛鼠侗妗珋彶675.40砬啋/yoy+24.08%ㄛ寥譫噱瞳67.14砬啋/yoy+33.46%ㄛ諶準寥譫噱瞳66.52砬啋/yoy+35.71%˙23Q4鼠侗妗珋彶167.03砬啋/yoy+10.85%ㄛ寥譫噱瞳15.07砬啋/yoy+274.72%ㄛ諶準寥譫噱瞳14.61砬啋/yoy+358.90%˙淕极珛憎睫磁啎﹝ ﹛ 爛荅瞳夔薯肮掀蜊囡ㄛ逤踢熬轎狟Q4种忮煤薹蔥腴湍雄寥譫噱瞳薹遠掀蜊囡﹝2023爛鼠侗禱瞳薹峈31.82%/yoy+3.43pctsㄛ寥譫噱瞳薹峈9.94%/yoy+0.7pcts﹝24Q4鼠侗禱瞳薹峈32.04%/遠掀-2.42pctsㄛ扂蠅峈麼迵Q4棻种殏諶蔥腴衄壽ㄛ寥譫噱瞳薹峈15.07%/遠掀+1.66pctsㄛ翋猁峈种忮煤蚚薹睿笙昢煤蚚薹蚥趙湍懂﹝24Q4鼠侗种忮煤蚚薹/奪燴煤蚚薹/旃楷煤蚚薹/笙昢煤蚚薹跪14.85%/4%/0.29%/-1.72%ㄛ跪遠掀-2.95pcts/+0.44pcts/+0.23pcts/-0.22pctsㄛ笢种忮煤蚚薹狟蔥珆翍ㄛ扂蠅峈麼迵2023爛12堎鼠侗陔扰腔逤踢衪祜衄壽ㄛ衪祜赻2023爛12堎汜虴ㄛ嘟婓23Q4逤踢熬轎眒冪羲宎珆珋﹝ ﹛ 漆諳轎阭傑湍雄漆鰍華彶崝酗ㄛ盄奻彶枑汔珆翍忳逤踢荌砒瞳衄垀狟賑﹝1)煦華懂艘ㄛ2023爛漆鰍華彶396.5砬啋/yoy+14.25%ㄛ禱瞳薹25.76%/yoy+0.33pcts˙奻漆華茠珛彶178.21砬啋/yoy+25.99%ㄛ禱瞳薹23.80%/yoy+0.86pcts﹝2)煦鼠侗懂艘ㄛ23爛笢轎弊暱彶460.53砬啋ㄛ寥譫噱瞳19.97砬啋˙捚庈囀轎阭虛彶283.64砬啋/yoy-6.22%ㄛ寥譫噱瞳26.47砬啋/yoy+3.59%˙漆諳轎阭傑羲珛忑爛妗珋彶68.38砬啋ㄛ寥譫噱瞳3299.43勀啋˙漆轎鼠侗彶49.18砬啋/yoy-12.77%ㄛ寥譫噱瞳1.98砬啋/yoy-42.78%˙奻奻漆彶178.21砬啋/yoy+25.99%ㄛ寥譫噱瞳2.57砬啋/yoy-59.11%ㄛ翋猁忳逤踢枑汔荌砒﹝ ﹛ 煦綻薹珆翍枑汔隙嚏嘖陲ㄛ踱湔蚥趙﹝2023爛