Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations at its dual bases, with performance exceeding expectations at the bottom of the cycle. In 2024, the company achieved 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. The fourth quarter alone saw revenue of 9.046 billion yuan, a 14.31% increase year-on-year, and a net profit of 854 million yuan, which is a 31.61% increase year-on-year and a 3.52% increase quarter-on-quarter. Despite a generally weak market for most products and scheduled maintenance in August, the company managed to leverage the new production at its Jingzhou base and optimize operations at its Dezhou base to mitigate risks associated with the downward cycle [5][6][7]. Financial Summary - In 2024, the company’s revenue is projected to be 32.107 billion yuan in 2025, 32.359 billion yuan in 2026, and 32.621 billion yuan in 2027, with corresponding net profits of 4.275 billion yuan, 5.003 billion yuan, and 5.760 billion yuan respectively. The earnings per share (EPS) are expected to be 2.01 yuan, 2.36 yuan, and 2.71 yuan for the same years. The current stock price corresponds to price-to-earnings (P/E) ratios of 10.8, 9.3, and 8.0 for 2025, 2026, and 2027 respectively [8][10]. Product Price Trends - In Q4 2024, the average price of key products such as urea, acetic acid, and others saw declines, with average prices of 1,788 yuan/ton for urea (down 13.15% quarter-on-quarter), 2,963 yuan/ton for acetic acid (down 11.92%), and others. However, some products like DMF and octanol experienced price increases, which helped offset the declines in other product prices [6][7]. Operational Efficiency - The Dezhou base has potential for cost reduction and optimization, with its gasification furnace capacity showing room for improvement. The Jingzhou base has also seen an increase in urea production capacity, indicating that the company has not fully leveraged its platform advantages yet. Continuous cost reduction and optimization efforts at both bases are expected to support a rebound in the company's bottom-line performance [7][8].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company achieved a revenue of 34.23 billion yuan in 2024, representing a year-on-year growth of 25.55%, and a net profit attributable to shareholders of 3.90 billion yuan, up 9.14% year-on-year [7][12]. - Despite a low industry sentiment, the company has maintained steady growth by optimizing costs and expanding market reach, which has strengthened its competitive position [7][12]. - The company is actively advancing new project constructions, which are expected to provide new growth momentum [7][12]. Financial Performance - In 2024, the company reported a total revenue of 34.23 billion yuan, with a net profit of 3.90 billion yuan and a non-recurring net profit of 3.87 billion yuan [7][12]. - The fourth quarter alone saw a revenue of 9.05 billion yuan, a year-on-year increase of 14.31%, and a net profit of 0.85 billion yuan, up 31.61% year-on-year [7][12]. - The company’s 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 [20][22]. Market Position and Product Performance - The company has a strong market presence, with significant market shares in various product categories, including a 30% share in dimethylformamide (DMF) and over 60% in the lithium battery electrolyte market for dimethyl carbonate [12][14]. - The company’s product categories include new energy materials, organic amines, fertilizers, and acetic acid derivatives, with a focus on maintaining competitive pricing and expanding production capacity [12][14]. - In 2024, the company’s revenue from new energy materials was 16.43 billion yuan, with a sales volume of 2.55 million tons, despite a 9.3% decline in average selling price [7][12]. Future Outlook - The company has adjusted its profit forecasts for 2025 to 4.09 billion yuan, with expected earnings per share (EPS) of 1.92 yuan, and anticipates a price-to-earnings (PE) ratio of 11 times [7][8]. - The ongoing projects, including the nylon 66 high-end materials project and various technical upgrades, are expected to enhance production capacity and operational efficiency [7][12]. - The company is well-positioned to navigate the current low industry sentiment due to its diversified product portfolio and strong cost control measures [12][35].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a favorable investment outlook with potential for price appreciation [5][7]. Core Insights - The company reported a revenue of 34.226 billion RMB for 2024, reflecting a year-over-year increase of 25.55%, and a net profit of 3.903 billion RMB, up 9.14% year-over-year, which aligns with expectations [5]. - The company is expected to benefit from new capacity releases, particularly in its fertilizer and acetic acid segments, which have seen significant volume increases [5]. - The report highlights that the chemical product prices are at a historical low, suggesting limited downside risk and potential for profit recovery [5][7]. Summary by Sections Company Overview - The company operates in the chemical industry, with a market capitalization of 46.122 billion RMB and a current share price of 21.80 RMB as of March 28, 2025 [1]. Financial Performance - For 2024, the company achieved a revenue of 34.226 billion RMB and a net profit of 3.903 billion RMB, with Q4 revenue at 9.046 billion RMB, showing a year-over-year increase of 14.31% [5]. - The company plans to distribute a dividend of 0.6 RMB per share for the year, resulting in a dividend yield of 2.75% based on the closing price [5]. Product Segmentation - The company's product mix includes 50% from new energy materials, 22% from fertilizers, 12% from acetic acid and derivatives, and 9% from other products [2]. - The new production capacities are expected to significantly boost sales volumes in 2024, with notable increases in fertilizer and acetic acid sales [5]. Market Conditions - The report notes that the prices of key chemical products are currently at the bottom of their historical ranges, with expectations for stabilization and potential recovery in profit margins [5][7]. - The cost pressures are expected to ease due to declining raw material prices, particularly coal [5]. Earnings Forecast - The company is projected to achieve net profits of 4.1 billion RMB in 2025, 4.7 billion RMB in 2026, and 5.3 billion RMB in 2027, with corresponding year-over-year growth rates of 5%, 14%, and 14% respectively [7]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.93 RMB, 2.19 RMB, and 2.50 RMB, respectively, indicating a low price-to-earnings (P/E) ratio of 11, 10, and 9 times [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - The company is expected to see continuous profit recovery driven by the ramp-up of new projects and cost optimization efforts [1]. - The report highlights a significant increase in total revenue for 2024, reaching 34.226 billion yuan, a year-on-year growth of 25.6% [2][6]. - The net profit attributable to shareholders is projected to be 3.903 billion yuan for 2024, reflecting a year-on-year increase of 9.1% [2][6]. Financial Summary - **Revenue Forecast**: - 2024A: 34,226 million yuan - 2025E: 38,647 million yuan (12.9% growth) - 2026E: 41,524 million yuan (7.4% growth) - 2027E: 43,924 million yuan (5.8% growth) [2][7] - **Net Profit Forecast**: - 2024A: 3,903 million yuan - 2025E: 4,178 million yuan (7.1% growth) - 2026E: 4,714 million yuan (12.8% growth) - 2027E: 5,096 million yuan (8.1% growth) [2][7] - **Earnings Per Share (EPS)**: - 2024A: 1.84 yuan - 2025E: 1.97 yuan - 2026E: 2.22 yuan - 2027E: 2.40 yuan [2][7] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 14 times, with a target price of 27.58 yuan based on current market conditions [2][6]. Operational Insights - The company has seen revenue contributions from various segments, including new energy materials, chemical fertilizers, organic amines, and acetic acid derivatives, with notable growth in the acetic acid segment at 98.34% year-on-year [6]. - The report indicates that the company has successfully optimized its product mix and improved operational efficiency, leading to stable revenue growth despite some price declines in key products [6]. Future Outlook - The company is expected to benefit from improved margins in the first quarter of 2025 due to rising urea prices driven by spring planting demand and a decrease in coal prices, which will alleviate cost pressures [6]. - The ongoing projects and new material product developments are anticipated to provide new growth momentum for the company in the medium to long term [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 34.23 billion yuan for 2024, representing a year-on-year increase of 25.6%. The net profit attributable to shareholders was 3.90 billion yuan, up 9.1% year-on-year, while the net profit after deducting non-recurring items was 3.87 billion yuan, an increase of 4.5% year-on-year [2][6] - In Q4 2024, the company achieved a revenue of 9.05 billion yuan, which is a year-on-year increase of 14.3% and a quarter-on-quarter increase of 10.3%. The net profit attributable to shareholders for this quarter was 0.85 billion yuan, up 31.6% year-on-year and 3.5% quarter-on-quarter [2][6] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, which, combined with the total dividend for the first half of 2024, accounts for 32.64% of the net profit attributable to shareholders for the year [6] Financial Performance Summary - The company’s main products include urea, DMF, adipic acid, acetic acid, and others, with Q4 2024 market prices showing a range of changes, including a decrease of 12.8% for urea and a decrease of 11.4% for acetic acid [12] - The company’s gross margin for Q4 2024 was 15.1%, a decrease of 2.5 percentage points quarter-on-quarter, while the net margin was 9.9%, down 0.9 percentage points [12] - The company is expected to achieve net profits of 3.75 billion yuan, 4.17 billion yuan, and 4.72 billion yuan for 2025, 2026, and 2027 respectively [12]

Core Viewpoint - Despite the low prosperity of the chemical industry, the company has maintained a steady operational momentum and further strengthened its competitive position in the market [1][2]. Financial Performance - In 2024, the company achieved an operating income of 34.23 billion yuan, representing a year-on-year increase of 25.55% [1]. - The net profit attributable to shareholders reached 3.903 billion yuan, with a year-on-year growth of 9.14% [1]. - The company proposed a cash dividend of 3 yuan per 10 shares (including tax) for 2024 [1]. Business Operations - The company is a comprehensive chemical enterprise with multiple business segments, including new energy materials, chemical fertilizers, organic amines, acetic acid, and its derivatives [1]. - During the reporting period, the company focused on optimizing sales channels and expanding market space, resulting in a steady increase in market share for its main products [1]. - The market share for traditional products such as liquid ammonia and acetic acid has significantly improved, while the market share for organic amine products remains among the top [1]. Project Development - The company has been actively promoting project construction, including the optimization and upgrading of melamine resin raw materials and products, and the production of high-end nylon 66 new materials [2]. - Ongoing projects such as the 200,000 tons/year dicarboxylic acid project and the integrated BDO and NMP project are progressing as planned, providing new momentum for future development [2]. Strategic Focus - In response to the current challenges in the chemical industry, the company plans to conduct in-depth research on the transformation and upgrading of traditional industries and advance layout in future industries [2]. - The company aims to strengthen independent innovation and break through key technologies, moving towards the mid-to-high end of the industrial and value chains to support high-quality development [2].

荆州基地未来增量可期，看好公司长期成长。24Q4 公司购建固定资产、无形资产和其他长期资产支付 的现金为14.89 亿元，维持高位，公司统筹存量优化和增量升级，积极推进项目建设。酰胺原料优化升 级项目、20 万吨/年二元酸项目、BDO 和NMP 一体化项目及其它技改在建项目如期推进，为公司后继 发展提供新动能，未来增量可期。2025 年政府工作报告提出积极稳妥推进碳达峰碳中和，建立一批零 碳园区、零碳工厂，推动重点行业节能降碳改造，华鲁作为煤化工行业能耗标杆企业有望受益，看好公 司长期成长。 投资建议：预计2025-2027 年公司归母净利润为33.3/49.1/57.9 亿元,维持"推荐"评级。 风险提示：下游需求不及预期，产品及原料价格大幅波动，新项目进度不及预期。 事件：华鲁恒升发布2024 年年报，报告期内公司实现营业收入342.26 亿元，同比+26%，实现归母净利 润39.03 亿元，同比+9%。24Q4 公司实现营业收入90.46 亿元，同比+14%，环比+10%，实现归母净利 润8.54 亿元，同比+32%，环比+4%。公司拟每股派发现金红利0.30 元（含税）。 Q4 荆州肥料增量落地，产品 ...

证券研究报告 | 2025年03月29日 华鲁恒升（600426.SH） 优于大市 四季度归母净利同环比提升，多项目持续推进 公司2024年四季度营收及归母净利同环比提升。公司发布2024年年度报告， 2024 年公司实现营收 342.3 亿元（同比+26%），归母净利润 39.0 亿元（同 比+9%）；其中，2024 年四季度营收 90.5 亿元（同比+14%，环比+10%），归 母净利润 8.5 亿元（同比+32%，环比+4%），毛利率/净利率为 15.1%/9.9%， 总费用率 4.1%，环比持平。营收及归母净利增长主要来自产品销量增长，公 司通过内挖潜力降本增效、外拓市场提质增盈，保持了运营稳中有进的良好 势头，行业竞争力得到进一步巩固。 2024 年四季度公司主营产品销量均同比提升。得益于新项目投产及技改扩 能，2024 年四季度公司主营产品产销量均同比增长，新能源新材料/化肥/ 有机胺/醋酸及衍生品销量 65.17/151.25/15.20/42.51 万吨，同比均提升。 2024 年四季度公司新能源新材料/化肥/有机胺/醋酸及衍生品营收分别为 164/73/25/41 亿元，占比分别为 48%/ ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-012 山东华鲁恒升化工股份有限公司 第九届监事会第四次会议决议公告 本公司监事会及全体监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第九届监事会第四次会议于 2025 年 3 月 27 日 在公司会议室以现场方式召开。本次会议的召开通知已于 2025 年 3 月 17 日以通讯 方式下发，会议应参会监事 3 人，实际参会监事 3 人。会议符合《公司法》和《公 司章程》的有关规定。经与会监事审议投票表决，通过了以下决议： 一、审议通过《2024 年度监事会工作报告》。 表决结果:同意 3 票；反对 0 票；弃权 0 票。 二、审议通过《关于公司 2024 年度财务决算报告的议案》。 表决结果:同意 3 票；反对 0 票；弃权 0 票。 四、审议通过《关于公司 2024 年年度利润分配及资本公积转增预案的议案》。 表决结果:同意 3 票；反对 0 票；弃权 0 票。 五、审议通过《关于公司 2024 年度内部控制评价报告的议案》。 表决结果:同意 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-013 山东华鲁恒升化工股份有限公司 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： ● 每股分配比例，每股转增比例：每股派发现金红利 0.30 元（含税）。 ● 如在实施权益分派的股权登记日前公司总股本发生变动，拟维持每股分配比例 不变，相应调整分配总额，并将另行公告具体调整情况。 ● 本次利润分配方案尚需提交公司股东大会审议通过后方可实施。 一、利润分配方案内容 经上会会计师事 务所 （特殊普通合伙 ）审 计，公司 2024 年度 实现净利润 《公司法》及《公司章程》有关规定，公司盈余公积金累计额已达到注册资本的 50%， 不再提取。加计以前年度归属于母公司的未分配利润 23,519,703,902.27 元，减去上 年 度 分 配 现 金 红 利 1,273,991,999.40 元 及 2024 年 半 年 度 分 配 现 金 红 利 元。 母公司 2024 年度实现净利润 3,293,086,216.26 元，根据《公司法》及《公司 ...