| 收盘价（元）： | 20.53 | | --- | --- | | 年内最高/最低（元）： | 31.90/19.73 | | 流通A股/总股本（亿）： | 21.19/21.23 | | 流通 A 股市值（亿）： | 435.07 | | 总市值（亿）： | 435.90 | | 资料来源：最闻 | | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 1.84 | | --- | --- | | 摊薄每股收益(元)： | 1.84 | | 每股净资产(元)： | 15.46 | | 净资产收益率(%)： | 12.73 | | 资料来源：最闻 | | 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 邮箱：wangjinyuan@sxzq.com 氮肥 华鲁恒升（600426.SH） 买入-B(维持) 化工巨头业绩稳健增长，荆州项目贡献增量 2025 年 4 月 8 日 公司研究/公司快报 事件描述 3 月 29 日，公司发布《2024 年年度公告》，2024 年实现营业总收入 342.26 亿元，同比+25.55%；归母净 ...

事件描述 3 月29 日，公司发布《2024 年年度公告》，2024 年实现营业总收入342.26亿元，同比+25.55%；归母净 利润39.03 亿元，同比+9.14%；扣非归母净利润38.70 亿元，同比+4.49%。其中，2024Q4 实现营业总收 入90.46 亿元，同环比分别+14.31%/ +10.26%;归母净利润为8.54 亿元，同环比分别+31.61%/+3.52%；扣 非归母净利润为8.11 亿元，同环比分别+1.38%/ -1.38%。 事件点评 化工与新材料业务协同发展，化工行业景气度较低导致毛利率下降。 2024 年，公司实现营业总收入342.26 亿元，同比+25.55%，毛利率和净利率分别为18.71 和12.21，同比 分别下降2.14 pct 和1.08 pct。分产品来看，公司新材料新能源产品、化学肥料、醋酸及衍生品、有机胺 产品营收分别为164.33、72.97、40.70、25.11 亿元，同比分别+6.19%、+28.55%、+98.34%、-6.12%， 产品毛利率分别为13.07%、29.90%、27.62%、6.54%，同比分别-4.17pct、-5.17 pc ...

| 收盘价（元）： | 20.53 | | --- | --- | | 年内最高/最低（元）： | 31.90/19.73 | | 流通A股/总股本（亿）： | 21.19/21.23 | | 流通 A 股市值（亿）： | 435.07 | | 总市值（亿）： | 435.90 | | 资料来源：最闻 | | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 1.84 | | --- | --- | | 摊薄每股收益(元)： | 1.84 | | 每股净资产(元)： | 15.46 | | 净资产收益率(%)： | 12.73 | | 资料来源：最闻 | | 王金源 邮箱：wangjinyuan@sxzq.com 氮肥 华鲁恒升（600426.SH） 买入-B(维持) 化工巨头业绩稳健增长，荆州项目贡献增量 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 2025 年 4 月 8 日 公司研究/公司快报 事件描述 3 月 29 日，公司发布《2024 年年度公告》，2024 年实现营业总收入 342.26 亿元，同比+25.55%；归母净 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-020 山东华鲁恒升化工股份有限公司 关于董事长提议回购公司部分股份的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 山东华鲁恒升化工股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 8 日收到公司董事长常怀春先生（以下简称"提议人"）《关于提议山东华鲁恒升化 工股份有限公司回购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长常怀春先生 2、提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对公司未 来发展的信心，公司董事长常怀春先生提议公司通过集中竞价交易方式回购部分公司股 份，回购的股份将用于减少注册资本，优化公司资本结构，提升公司股东价值。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：本次回购的股份将用于减少注册资本。 4、回购股份的价格：回购价格上限 ...

[Table_StockNameRptType] 35.45 华鲁恒升（600426） 公司点评 四季度业绩环比改善，看好周期底部业绩弹性 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-04 | | [Table_BaseData] 收盘价（元） | 22.14 | | 近 12 个月最高/最低（元） | 31.90/19.73 | | 总股本（百万股） | 2,123 | | 流通股本（百万股） | 2,119 | | 流通股比例（%） | 99.81 | | 总市值（亿元） | 470 | | 流通市值（亿元） | 469 | [公司价格与沪深 Table_Chart] 300 走势比较 -33% -17% -2% 14% 30% 4/24 7/24 10/24 1/25 华鲁恒升 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Views - The company achieved a revenue of 34.226 billion yuan in 2024, representing a year-on-year growth of 25.55%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.14% year-on-year [6][8]. - The company is recognized as a leader in the coal chemical industry, with ongoing projects at the Jingzhou base expected to drive future growth [14][45]. Financial Performance - In Q4 2024, the company reported revenue of 9.046 billion yuan, a year-on-year increase of 14.31% and a quarter-on-quarter increase of 10.26% [7][10]. - The gross profit margin for 2024 was 18.71%, a decrease of 2.14 percentage points year-on-year, while the net profit margin was 12.21%, down 1.08 percentage points year-on-year [6][8]. - The company’s cash flow from operating activities for 2024 was 4.968 billion yuan, an increase of 5.36% year-on-year, primarily due to increased cash inflows from product sales [9]. Product Performance - The company saw significant growth in sales volumes for fertilizers and acetic acid, with fertilizer sales increasing by 44.54% year-on-year to 4.7115 million tons, generating revenue of 7.297 billion yuan, up 28.55% year-on-year [8][12]. - The sales volume of new energy materials reached 2.5522 million tons, a year-on-year increase of 17.12%, with revenue of 16.433 billion yuan, up 6.19% year-on-year [8]. Future Outlook - The company forecasts revenues of 37.5 billion yuan, 41.2 billion yuan, and 45.6 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 4.460 billion yuan, 5.007 billion yuan, and 5.701 billion yuan for the same years [14][45]. - The report highlights the ongoing construction of various projects, including a melamine resin project and a nylon 66 high-end materials project, which are expected to enhance production capacity and contribute to future growth [12][14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [18]. Core Views - The company's 2024 annual report shows a revenue of 34.23 billion yuan, a year-on-year increase of 25.6%, and a net profit attributable to shareholders of 3.90 billion yuan, up 9.1% year-on-year [3][4]. - The successful ramp-up of the Jingzhou project has significantly contributed to sales growth, with notable increases in the sales volume of various products, including chemical fertilizers and acetic acid derivatives [4]. - The company is focused on cost control and efficiency improvements, with a period expense ratio of 3.8% in 2024, slightly down from the previous year [4]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 34.23 billion yuan, with a year-on-year growth rate of 25.6% [3]. - The net profit attributable to shareholders was 3.90 billion yuan, reflecting a 9.1% increase year-on-year [3][4]. - The fourth quarter of 2024 saw an operating income of 9.05 billion yuan, up 14.3% year-on-year and 10.3% quarter-on-quarter [3]. Business Segments - The company reported significant sales growth in its new energy materials, chemical fertilizers, and organic amines, with year-on-year increases of 44.5% and 116.7% respectively [4]. - The successful production ramp-up of the Jingzhou project has led to a substantial increase in sales volume, contributing to the overall revenue growth [4]. Cost Management - The company has implemented measures to control costs, resulting in a slight decrease in the period expense ratio to 3.8% [4]. - Financial, management, and research expenses have shown varied changes, with financial expenses increasing slightly while management and research expenses decreased [4]. Future Outlook - The company has ongoing projects that are expected to enhance production capacity and drive future growth, including the amine resin and nylon 66 high-end materials projects [4]. - Profit forecasts for 2025 and 2026 have been adjusted to 4.07 billion yuan and 4.45 billion yuan respectively, with a new forecast for 2027 at 4.75 billion yuan [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a total revenue of 34.226 billion yuan in 2024, representing a year-on-year increase of 25.55%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.14% year-on-year [3][4]. - Despite the growth in revenue, the chemical industry faces challenges such as oversupply, weak demand, and intensified competition, leading to price declines for many products [4]. - The company is actively advancing new project constructions, which are expected to provide new growth momentum for future development [5]. Revenue and Profit Analysis - The revenue from the new energy materials segment grew by 6.19% to 16.433 billion yuan, with a sales volume increase of 17.12%, but the gross margin decreased by 4.17 percentage points to 13.07% [4]. - The organic amines segment saw a revenue decline of 6.12% to 2.511 billion yuan, despite a sales volume increase of 12.62%, with a gross margin decrease of 6.33 percentage points to 6.54% [4]. - The chemical fertilizers segment experienced a revenue increase of 28.55% to 7.297 billion yuan, with a significant sales volume growth of 44.54%, although the gross margin decreased by 5.17 percentage points to 29.90% [4]. - The acetic acid and derivatives segment reported a revenue increase of 98.34% to 4.070 billion yuan, with a remarkable sales volume growth of 116.72%, and a gross margin increase of 6.67 percentage points to 27.62% [4]. Future Profit Forecast - The company forecasts net profits of 4.008 billion yuan, 4.587 billion yuan, and 5.351 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.89 yuan, 2.16 yuan, and 2.52 yuan [5][6]. - The current stock price corresponds to P/E ratios of 12, 10, and 9 for the years 2025, 2026, and 2027 respectively [5][6].

投资建议：我们预计公司25-27 年可实现归母净利37.86/46.18/56.71 亿元，对应PE 分别为12.2/10.0/8.2 倍，维持"买入"评级。 风险提示：产能释放不及预期、产品价格不及预期、下游需求不及预期。 Q4 销量同比提升，多项目推动中。24 年蜜胺树脂单体材料原料及产品优化提升项目、尼龙66 高端新材 料项目己二酸装置相继投产，实现公司产品扩能增产。1）新能源新材料板块销量为255.2 万吨，同比 +17.1%，均价6438.8元/吨，同比-9.3%，毛利率13.07%，其中24Q4 销售量为65.2 万吨，同比+12.5%， 环比-2.0%。2）肥料板块销量471.2 万吨，同比+44.5%，均价1548.7元/吨，同比-11.1%，毛利率 29.90%，其中24Q4 销售量为151.3 万吨，同比+53.3%，环比+46.3%。3）醋酸及衍生品销量155.0 万 吨，同比+116.7%，均价2625.0 元/吨，同比-8.5%，毛利率27.62%，其中24Q4 销售量为42.5万吨，同比 +61.9%，环比+14.6%。4）有机胺板块量增价减。公司持续推进项目建设，酰胺原料优化升级 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company achieved a total revenue of 34.226 billion yuan in 2024, representing a year-on-year growth of 25.55%. The net profit attributable to shareholders was 3.903 billion yuan, up 9.14% from the previous year [1][5]. - The sales volume across major business segments showed significant growth, particularly in acetic acid and fertilizer businesses, with acetic acid sales increasing by 116.72% year-on-year [2][3]. - The successful launch of the Jingzhou project has contributed to the company's profitability, generating 7.498 billion yuan in revenue and 919 million yuan in net profit in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 34.226 billion yuan, with a net profit of 3.903 billion yuan. The fourth quarter alone saw revenues of 9.046 billion yuan, a 14.31% increase year-on-year [1][5]. - The company expects net profits to grow to 4.408 billion yuan in 2025, 5.266 billion yuan in 2026, and 5.643 billion yuan in 2027, with corresponding EPS of 2.08, 2.48, and 2.66 yuan [4][5]. Business Segments - The new energy materials segment achieved sales of 2.5522 million tons, a 17.12% increase, while the chemical fertilizer segment saw a 44.54% increase in sales volume to 4.7115 million tons [2][3]. - The acetic acid and derivatives segment experienced a remarkable growth in sales volume, reaching 1.5504 million tons, which is a 116.72% increase year-on-year [2]. Project Development - The company is actively advancing its construction projects, including the melamine resin and nylon 66 high-end materials projects, which are expected to enhance production capacity [3]. - The Jingzhou project has been pivotal in achieving operational efficiency and profitability, with significant revenue contributions since its launch [3].