Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The average prices of pure MDI, TDI, polyethylene, polypropylene, and urea decreased slightly this week, while the average price of polymer MDI increased slightly. The gross margins of pure MDI, polymer MDI, and urea increased, while those of TDI, polyethylene, and polypropylene decreased [2]. - Relevant listed chemical companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [2]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking** - The basic chemical index rose 2.6% in the past week, 4.6% in the past month, 1.8% in the past three months, 7.0% in the past year, and 5.8% since the beginning of 2025. - Wanhua Chemical rose 1.4% in the past week, 2.2% in the past month, -18.1% in the past three months, -36.4% in the past year, and -22.1% since the beginning of 2025. - Baofeng Energy rose 2.9% in the past week, 5.4% in the past month, -0.4% in the past three months, 5.4% in the past year, and 0.3% since the beginning of 2025. - Satellite Chemical rose 1.9% in the past week, -5.9% in the past month, -19.8% in the past three months, -6.3% in the past year, and -9.3% since the beginning of 2025. - Hualu Hengsheng rose 5.2% in the past week, 7.4% in the past month, 6.1% in the past three months, -20.4% in the past year, and 1.3% since the beginning of 2025 [8]. - **Related Company Profit Tracking** - As of June 6, 2025, Wanhua Chemical had a stock price of 55 yuan, a total market value of 172.3 billion yuan, and net profits attributable to the parent company of 13.033 billion yuan in 2024, 14.254 billion yuan in 2025E, 17.261 billion yuan in 2026E, and 19.257 billion yuan in 2027E. - Baofeng Energy had a stock price of 16 yuan, a total market value of 120.7 billion yuan, and net profits attributable to the parent company of 6.338 billion yuan in 2024, 12.36 billion yuan in 2025E, 14.076 billion yuan in 2026E, and 14.88 billion yuan in 2027E. - Satellite Chemical had a stock price of 17 yuan, a total market value of 57.4 billion yuan, and net profits attributable to the parent company of 6.072 billion yuan in 2024, 7.016 billion yuan in 2025E, 9.147 billion yuan in 2026E, and 11.128 billion yuan in 2027E. - Hualu Hengsheng had a stock price of 22 yuan, a total market value of 46.5 billion yuan, and net profits attributable to the parent company of 3.903 billion yuan in 2024, 4.265 billion yuan in 2025E, 4.69 billion yuan in 2026E, and 5.066 billion yuan in 2027E [8]. - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI were 17,888 yuan/ton, 16,075 yuan/ton, and 12,450 yuan/ton respectively, with week-on-week changes of -13 yuan/ton, +15 yuan/ton, and -63 yuan/ton. The gross margins were 4,663 yuan/ton, 3,856 yuan/ton, and 920 yuan/ton respectively, with week-on-week changes of +40 yuan/ton, +47 yuan/ton, and -283 yuan/ton [8]. - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, power coal, and naphtha were 1,190 yuan/ton, 4,257 yuan/ton, 518 yuan/ton, and 4,025 yuan/ton respectively, with week-on-week changes of -53 yuan/ton, -51 yuan/ton, -8 yuan/ton, and -34 yuan/ton. - The average price of polyethylene was 7,790 yuan/ton, with a week-on-week decrease of 77 yuan/ton. The theoretical profits of ethylene cracking, CTO, and naphtha cracking to produce polyethylene were 1,272 yuan/ton, 1,858 yuan/ton, and 167 yuan/ton respectively, with week-on-week changes of +39 yuan/ton, -35 yuan/ton, and -16 yuan/ton. - The average price of polypropylene was 7,100 yuan/ton, with a week-on-week decrease of 80 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -118 yuan/ton, 1,599 yuan/ton, and 90 yuan/ton respectively, with week-on-week changes of -7 yuan/ton, -37 yuan/ton, and -18 yuan/ton [2][8]. - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,349 yuan/ton, 1,861 yuan/ton, 4,025 yuan/ton, and 2,428 yuan/ton respectively, with week-on-week changes of +2 yuan/ton, -2 yuan/ton, +0 yuan/ton, and -22 yuan/ton. The gross margins were 446 yuan/ton, 186 yuan/ton, -77 yuan/ton, and 109 yuan/ton respectively, with week-on-week changes of -10 yuan/ton, +2 yuan/ton, +163 yuan/ton, and -68 yuan/ton [2][10]. 3.2 Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - No specific content is provided in the text, only the topic is mentioned. - **2.2 Polyurethane Sector** - The text mainly presents the price and gross margin trends of pure benzene, pure MDI, polymer MDI, and TDI but does not provide a summary analysis [17][18]. - **2.3 Oil, Gas, and Olefin Sector** - The text shows the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic power coal, naphtha, and the profitability of different processes for producing polyethylene and polypropylene but does not provide a summary analysis [26][32][34]. - **2.4 Coal Chemical Sector** - The text presents the price and gross margin trends of domestic coking coal, coke, synthetic ammonia, urea, acetic acid, DMF, octanol, caprolactam, and adipic acid but does not provide a summary analysis [41][45][52].

Summary of Hualu Hengsheng Conference Call Company Overview - **Company**: Hualu Hengsheng - **Industry**: Chemical Manufacturing, specifically focusing on urea and related products Key Points and Arguments Urea Market Dynamics - Urea prices have rebounded from 1,500 RMB/ton to 1,800 RMB/ton, while coal prices have decreased from 1,000 RMB to approximately 550 RMB, improving profit margins [2][4] - The company has secured urea export quotas, allowing it to participate directly in export activities, with export prices approximately 500 RMB/ton higher than domestic prices [2][7][8] - The company plans to expand urea production capacity by securing an additional 1 million tons of urea production indicators [15] Financial Performance and Investment Plans - The company is investing 60-70 billion RMB in the Jingzhou Phase III TDI project and associated soda ash facilities, with an additional 30 billion RMB for platform upgrades, totaling nearly 100 billion RMB [2][10] - The company aims to maintain a dividend payout ratio of no less than 30% while ensuring investment commitments [11] - The gasification platform upgrade project, costing 30 billion RMB, is expected to save 700-800 million RMB annually in profits [4][19] Production and Operational Updates - Recent operational improvements were noted, with stable urea prices and reduced coal costs contributing to better profit margins [3][5] - The company has completed major projects, including a 200,000-ton dichloroacetic acid project and a BDO project in Jingzhou, expected to be operational in Q2 2025 [3] Industry Challenges and Competitive Landscape - The DMF industry has not seen significant clearing, with major producers adjusting capacity utilization to influence prices [20][21] - The DMS market consists of about 15 producers, with the top three holding a significant market share; the average operating rate in the industry is around 40% [22] - The company faces competition from Xinjiang coal chemical projects, but the impact is limited due to high transportation costs and the nature of the products [6] Future Outlook - The urea market is expected to remain stable due to government policies and increasing demand for agricultural products [15] - The company is actively pursuing high-tech certifications, which could save 10% in profits, with expectations of progress by 2025 [12] - The company is also exploring new applications for its products, although current profitability in certain segments like nylon 6 remains low [23] Miscellaneous - The company has maintained a stable sales profit margin of around 30% despite external challenges, such as the political situation in Myanmar affecting oxalic acid exports [28] - The company is strategically positioned to leverage cost advantages through its supply chain and production capabilities [9][18] This summary encapsulates the key insights from the conference call, highlighting the company's strategic initiatives, market conditions, and future outlook in the chemical manufacturing sector.

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-036 山东华鲁恒升化工股份有限公司 关于调整 2024 年年度利润分配预案公告 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。 重要内容提示： ● 本次调整原因：山东华鲁恒升化工股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日、2025 年 4 月 29 日分别召开了第九届董事会 2025 年第 2 次临时会议、2024 年 年度股东大会，审议通过了《关于以集中竞价交易方式回购公司部分股份方案的议案》 同意公司自股东大会审议通过之日起 12 个月内使用不低于人民币 20,000.00 万元（含）， 不高于人民币 30,000.00 万元（含）的自有资金或自筹资金，通过集中竞价交易方式以 不超过人民币 32.38 元/股（含）的价格回购公司股份。本次回购股份将全部予以注销并 减少公司注册资本。公司已于 2025 年 5 月 28 日至 30 日进行了股份回购。根据《上市公 司股份回购规则》 《上交所上市公司自律监管指引第七号—回购股份》等相 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-036 山东华鲁恒升化工股份有限公司 关于调整 2024 年年度利润分配预案公告 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。 三、调整后利润分配及资本公积转增股本预案内容 ● 现金分红股份数量调整：截至本公告披露日，公司回购专用证券账户中股份总数 为 2,300,000 股，拟参与本次利润分配股份总数将由 2,123,219,998 股调整为 2,120,919,998 股。 ● 现金分红总额调整：根据公司2024年年度利润分配预案，按照维持每股分配比例 不变的原则，公司相应调整现金分配总额。按调整后股份为基数，公司2024年年度利润 分配拟派发现金红利总额将由人民币 636,965,999.40 元（含税）调整为人民币 636,275,999.40元（含税）。 一、调整前利润分配预案内容 经上会会计师事务所（特殊普通合伙）审计，截止 2024 年 12 月 31 日，公司母公司 本年度可供股东分配的利润为 24,819,169,667.46 元。经董事 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5]. Core Views - The company reported a 2024 annual revenue of 34.226 billion yuan, 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 [5]. - In Q1 2025, the company experienced a revenue decline of 2.59% year-on-year, with a net profit drop of 33.65% year-on-year, attributed to pressure on product prices [5]. - The company is expected to benefit from the gradual release of its production capacity and a share buyback plan, which reflects management's confidence in long-term growth [5]. Company Overview - The latest closing price is 20.86 yuan, with a total market capitalization of 44.3 billion yuan [4]. - The company has a debt-to-asset ratio of 29.6% and a price-to-earnings ratio of 11.33 [4]. Financial Performance - For 2024, the company achieved a revenue of 342 billion yuan, with projected revenues of 348 billion yuan in 2025, 385 billion yuan in 2026, and 408 billion yuan in 2027 [6]. - The net profit attributable to shareholders is projected to be 38.87 billion yuan in 2025, 44.62 billion yuan in 2026, and 50.45 billion yuan in 2027, with corresponding EPS of 1.83, 2.10, and 2.38 yuan [6][7]. - The company’s EBITDA is expected to be 77.99 billion yuan in 2025, increasing to 93.41 billion yuan by 2027 [6]. Market Position and Strategy - The company is recognized as a low-cost leader in the coal chemical industry, with ongoing projects aimed at enhancing production capabilities [5]. - The management's decision to initiate a share buyback of 200 to 300 million yuan indicates strong confidence in the company's future [5].

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-035 山东华鲁恒升化工股份有限公司 关于股份回购进展公告 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法律责任。 重要内容提示： 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 | 累计已回购股数 | 230.00万股 | | --- | --- | | 累计已回购股数占总股本比例 | 0.11% | | 累计已回购金额 | 4,809.98万元 | | 实际回购价格区间 | 20.75元/股~21.08元/股 | 一、 回购股份的基本情况 公司于 2025 年 4 月 17 日、2025 年 4 月 29 日分别召开了第九届董事会 2025 年第 2 次临时会议、2024 年年度股东大会，审议通过了《关于以集中竞价交易方 式回购公司部分股份方案的议案》。同意公司自股东大会审议通过之日起 12 个月 内使用不低于人民币 20,000.00 万元（含），不高于人民币 30,000.00 万元（含） 的自有资金或自筹资金，通过集中竞价交易方式以不超过人民币 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-035 山东华鲁恒升化工股份有限公司 关于股份回购进展公告 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法律责任。 | 回购方案首次披露日 | 2025/4/18，由董事长提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 30 4 月 | 日~2026 | 年 | 29 | 日 | | 预计回购金额 | 20,000万元~30,000万元 | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 230.00万股 | | | | | | 累计已回购股数占总股本比例 | 0.11% | | | | | | 累计已回购金额 | 4,809.98万元 | | | | | | 实际回购价格区间 | 20. ...

Investment Rating - The industry investment rating is maintained as "Positive" [10][18]. Core Viewpoints - Oil prices have slightly decreased this week, but the focus remains on agricultural chemicals due to the ongoing spring farming season [10][18]. - The report emphasizes the importance of companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [10][18]. - Recommendations include companies like Wanhua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, highlighting their respective strengths and market positions [10][18]. Summary by Sections Oil and Chemical Price Information - As of May 30, Brent oil price decreased by 1.35% to $63.90 per barrel, with concerns about supply growth impacting the market [14]. - U.S. crude oil commercial inventory stood at 440.4 million barrels, a weekly decrease of 2.8 million barrels [14]. - Among 188 monitored chemical products, hydrochloric acid saw the highest weekly price increase of 35.4%, while acrylic acid experienced the largest decline of 9.7% [15][16]. Price and Spread Changes - The top three products with the highest weekly price increases were hydrochloric acid (up 35.4%), liquid chlorine (up 21.8%), and international potassium chloride (up 8.4%) [10][15]. - The highest price spread increases were seen in the following products: BDO spread (up 71.6%), lithium hexafluorophosphate spread (up 54.9%), and carbon black spread (up 39.3%) [10][19]. - Monthly price changes showed hydrochloric acid leading with a 43.4% increase, while the BDO spread saw a significant monthly increase of 588.0% [10][19].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The explosion at the Shandong Gaomi chemical plant is expected to accelerate the elimination of backward production capacity in the chemical industry [4][23][25] - The chemical industry index outperformed the CSI 300 index by 0.42% this week [18][21] - The supply of polyester filament continues to shrink, leading to a stable market trend [26][27] Summary by Sections Industry Trends and Events - The chemical industry index reported a value of 3383.91, down 0.66% from the previous week, while the CSI 300 index fell by 1.08% [18] - The CCPI (China Chemical Product Price Index) was reported at 4077 points, a decrease of 0.71% from the previous week [21] - The Shandong Gaomi chemical plant explosion resulted in 5 deaths and 6 missing persons, prompting a provincial investigation into similar chemical production processes [23][24] Key Product Tracking - Polyester filament prices remained stable, with POY at 7050 CNY/ton, FDY at 7300 CNY/ton, and DTY at 8200 CNY/ton [27] - The market for viscose staple fiber is stable, with prices holding at 13000 CNY/ton [30] - The price of soda ash is on a downward trend, with light soda ash averaging 1323 CNY/ton and heavy soda ash at 1465 CNY/ton [42] Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6] - Beneficiary stocks from the dye intermediate sector include Shanshui Technology and Zhejiang Longsheng [25] - In the agricultural and phosphate chemical sectors, recommended stocks include Xingfa Group and Limin Co., Ltd. [6]

Core Viewpoint - Hualu Hengsheng (600426) has seen a stock price increase of 1.81% this week, closing at 20.82 yuan, with a total market capitalization of 44.205 billion yuan, ranking 2nd in the agricultural chemical products sector and 298th in the A-share market [1] Company Announcements - Hualu Hengsheng announced its first share buyback of 766,700 shares, representing 0.04% of the total share capital, executed on May 28, 2025, at a price range of 20.78 to 20.99 yuan per share, with a total expenditure of approximately 16,002,900 yuan [1] - The buyback plan was initially disclosed on April 18, 2025, proposed by the chairman, with an implementation period from April 30, 2025, to April 29, 2026, and an expected buyback amount between 200 million yuan and 300 million yuan [1] - The purpose of the buyback is to reduce registered capital, and the company plans to use its own or raised funds for the buyback, with a maximum price of 32.38 yuan per share [1]