证券代码：600426 证券简称：华鲁恒升 编号：临 2024-061 山东华鲁恒升化工股份有限公司 关于变更公司注册资本暨修订《公司章程》的公告 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于 2024 年 12 月 19 日召开第九届董事会 2024 年第 4 次临时会议，审议通过了《关于变更公司注册资本暨修订<公司章程>的议案》，具体 情况如下： 鉴于公司拟回购注销 2021 限制性股票激励计划已获授但尚未解锁的第二、第三 解除限售期的部分限制性股票，即公司拟回购注销限制性股票 46,667 股，在回购注销 完成后，公司总股本将由 2,123,266,665 股变更为 2,123,219,998 股，注册资本将由 2,123,266,665 元变更为 2,123,219,998 元。根据相关法律、法规及公司章程规定， 公司需变更注册资本并修改公司章程。 根据上述注册资本的变动情况，公司拟对《公司章程》中部分条款作如下修订： | 原条款 | | 修改后条款 | | | --- | -- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][2][24] Core Views - The company's nylon 66 high-end new material project has commenced trial production of the adipic acid unit, which is expected to produce 200,000 tons per year, thereby expanding the company's chemical new materials segment and enhancing its overall competitiveness [1][2][4] - The project is estimated to require a total investment of 3.078 billion yuan, funded through the company's own resources and bank loans [4] - After the completion of the nylon 66 project, the company is projected to produce 80,000 tons of nylon 66 and 200,000 tons of adipic acid annually, with an expected annual revenue of 3.356 billion yuan and a profit of 534 million yuan [4][5] Summary by Sections Company Overview - The company is advancing its nylon 66 high-end new materials project, which includes the construction of two 40,000 tons/year nylon 66 production lines, one 200,000 tons/year adipic acid production line, and one 42,000 tons/year hexamethylenediamine production line [1][4][5] Market Conditions - The domestic market for adipic acid and nylon 66 is currently facing oversupply, with capacity utilization rates of 64% and 65% respectively in 2023 [2][9] - The demand for adipic acid is expected to grow primarily due to developments in nylon 66 and thermoplastic biodegradable plastics (PBAT) [2][9] Financial Projections - The company's net profit forecasts for 2024-2026 have been cautiously adjusted to 4.0 billion, 4.59 billion, and 4.95 billion yuan respectively, with corresponding EPS of 1.88, 2.16, and 2.33 yuan [2][24] - The current price-to-earnings (PE) ratios are projected to be 12.2, 10.6, and 9.8 for the years 2024, 2025, and 2026 respectively [2][24] Competitive Position - The company maintains a relatively stable cost advantage and is continuously advancing new project developments, although it faces challenges from weak downstream demand and oversupply pressures [2][24]

一、项目的审批情况 1、2022 年 4 月 28 日，公司以通讯方式召开了第八届董事会第五次会议，审议 通过了《关于投资建设尼龙 66 高端新材料项目的议案》，详见公司在上海证券交易 所网站(www.sse.com.cn)及相关媒体披露的《华鲁恒升投资建设尼龙 66 高端新材料 项目的公告》（编号：临 2022-044 号）。 证券代码：600426 证券简称：华鲁恒升 编号：临 2024-057 山东华鲁恒升化工股份有限公司 关于尼龙 66 高端新材料项目己二酸装置投产公告 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"公司"）尼龙 66 高端新材料项目 己二酸装置已打通流程，生产出合格产品，进入试生产阶段。尼龙 66 等生产装置目 前处于在建状态。 三、项目对公司的影响 本次己二酸装置达产后，可新增 20 万吨/年己二酸，为公司进一步壮大化工新 材料板块奠定基础，有利于提高企业综合竞争力。 特此公告。 山东华鲁恒升化工股份有限公司董事会 2024 年 12 月 12 日 2 ...

1、2023 年 3 月 28 日，公司召开了第八届董事会第八次会议，审议通过了《关 于控股子公司投资建设相关项目的议案》，蜜胺树脂单体材料原料及产品优化提升项 目为相关项目之一，具体内容详见公司于 2023 年 3 月 30 日在上海证券交易所网站 (www.sse.com.cn)及相关媒体披露的《华鲁恒升控股子公司投资建设相关项目的公 告》（编号：临 2023-010 号）。 2、2023 年 4 月 28 日，公司召开 2022 年年度股东大会，审议通过了《关于控股 子公司投资建设相关项目的议案》，具体内容详见公司于 2023 年 4 月 29 日在上海证 券交易所网站(www.sse.com.cn)及相关媒体披露的《华鲁恒升 2022 年年度股东大会 决议公告》（编号：临 2023-016 号）。 证券代码：600426 证券简称：华鲁恒升 编号：临 2024-056 山东华鲁恒升化工股份有限公司 控股子公司蜜胺树脂单体材料原料及产品优化提升项目 投产公告 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 ...

四、投资者参加方式 本次说明会以网络互动形式召开，公司管理层就 2024 年三季度相关情况与投 资者进行了交流沟通。 二、说明会召开的时间和网址 会议于 2024 年 11 月 19 日 10:00-11:00 通过上海证券交易所上证路演中心（网 址：http://roadshow.sseinfo.com/）举行。 三、参加人员 公司董事长常怀春先生，董事、副总经理、财务负责人高景宏先生，独立董事 吴非先生，董事会秘书高文军先生参加了本次说明会。 证券代码：600426 证券简称：华鲁恒升 编号：临 2024-055 山东华鲁恒升化工股份有限公司 2024 年三季度业绩说明会召开情况的公告 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。 一、说明会类型 二级市场股价的影响因素很多，并且与资本市场大势息息相关。公司将努力做 好规范运作、精细管理和科学发展，加强与投资者的沟通，进一步提高公司透明度， 希望能以良好的经营业绩、持续的发展，合理的分红，给投资者带来长久回报，提 升公司投资价值。 问题 2：股权激励限售股份价格为 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2024-054 山东华鲁恒升化工股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 投资者可于 2024 年 11 月 12 日(星期二) 至 11 月 18 日(星期一)16:00 前登录上证路演 中心网站首页点击"提问预征集"栏目或通过公司邮箱（hlhszq@hl-hengsheng.com）进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 重要内容提示： 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年三季度的经营成果及财 务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行回答。 二、 说明会召开的时间、地点 三、 参加人员 董事长：常怀春先生 山东华鲁恒升化工股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公 司 2024 年三季度报告，为便于广大投资者更全面深入地了解公司 2024 年三季度 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2024-053 山东华鲁恒升化工股份有限公司 2024 年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.30 元。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/11/14 | － | 2024/11/15 | 2024/11/15 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 20 日的 2024 年第二次临时股东大会审议 通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公 司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 2,123,266,665 股为基数，每股 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][7] Core Views - The company's Q3 performance was under pressure due to equipment maintenance and narrowing product margins, with a revenue of 82.05 billion yuan in Q3, a year-on-year increase of 17.43% but a quarter-on-quarter decline of 8.81% [2][3] - The company has implemented a low-cost strategy that has improved net cash flow, with a net cash flow from operating activities of 38.91 billion yuan in Q3, a year-on-year increase of 10.29% [4] - The Jingzhou project is progressing steadily, contributing to the company's transformation and long-term growth potential, with the first phase already in production [5] Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved total revenue of 251.80 billion yuan, a year-on-year increase of 30.16%, and a net profit attributable to shareholders of 30.49 billion yuan, a year-on-year increase of 4.16% [2] - In Q3 alone, the company reported a net profit of 8.25 billion yuan, a year-on-year decline of 32.27% and a quarter-on-quarter decline of 28.84% [2][3] Production and Costs - Equipment maintenance led to a decrease in production and an increase in costs, with significant declines in the production and sales of key products, including a 7.70% decrease in new energy materials and a 4.61% decrease in chemical fertilizers [3] - The average prices of main products such as urea and isooctanol fell by 5.44% and 5.75% respectively in Q3, while the price of raw materials remained high, further squeezing profit margins [3] Strategic Initiatives - The company continues to push its low-cost strategy, achieving a reduction in total expense ratio to 3.71%, down 0.2 percentage points year-on-year [4] - The Jingzhou project is expected to enhance the company's long-term growth, with the first phase already operational and the second phase under construction [5] Earnings Forecast - The company is projected to have EPS of 2.21, 2.67, and 3.09 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 10.9, 9.0, and 7.8 [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - Despite low industry demand, the company demonstrates strong profitability resilience [6] - The company reported a revenue of 25.2 billion yuan for the first three quarters of 2024, a year-on-year increase of 30%, and a net profit attributable to shareholders of 3.05 billion yuan, up 4% year-on-year [2][6] - The third quarter of 2024 saw a revenue of 8.2 billion yuan, a 17% increase year-on-year, but a 32% decrease in net profit compared to the same quarter last year [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 25.2 billion yuan, with a year-on-year growth of 30% and a net profit of 3.05 billion yuan, reflecting a 4% increase [2][6] - In Q3 2024, the company reported a revenue of 8.2 billion yuan, which is a 17% increase year-on-year, but the net profit decreased by 32% year-on-year and 29% quarter-on-quarter [2][6] Product Performance - The company experienced an increase in sales volume for key products such as new energy materials (+19%), fertilizers (+41%), organic amines (+15%), and acetic acid and derivatives (+148%) in the first three quarters of 2024 [6] - In Q3 2024, the sales volume for these products showed mixed results, with new energy materials (+4%), fertilizers (+35%), organic amines (+14%), and acetic acid and derivatives (+149%) year-on-year, but some products saw a decline in sales volume compared to the previous quarter [6] Cost Management and Capital Expenditure - The company maintains a competitive edge in urea production costs, which are lower than gas-based and most coal-based processes, allowing it to sustain profitability despite price declines [6] - As of Q3 2024, the company has ongoing capital expenditures of approximately 4.4 billion yuan, representing 15% of fixed assets, focusing on coal gasification and amine industry chain projects [6] Future Outlook - The company forecasts revenues of 31.8 billion yuan, 35.7 billion yuan, and 38.6 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17%, 12%, and 8% [6] - The projected net profits for the same years are 3.9 billion yuan, 5 billion yuan, and 5.6 billion yuan, with corresponding growth rates of 9%, 29%, and 11% [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 25.18 billion yuan (YoY +30.16%) and a net profit of 3.049 billion yuan (YoY +4.16%) [3] - The third quarter saw a decline in profitability due to annual maintenance and narrowing product price spreads, indicating that profits are gradually bottoming out [3] - The company is focusing on cost reduction and efficiency improvement while continuing to invest in high-end chemical projects, which are expected to contribute to profits by the end of 2024 [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 8.205 billion yuan (YoY +17.43%, QoQ -8.81%) and a net profit of 0.825 billion yuan (YoY -32.27%, QoQ -28.84%) [3] - The annual maintenance plan in Q3 affected production, leading to a decline in output for various products [3] - The average price spreads for key products fell to historical lows, impacting the gross margin, which decreased by 3.03 percentage points to 17.56% [3] Future Outlook - The company plans to launch several high-end chemical projects, including a 200,000-ton/year BDO project and a 100,000-ton/year anhydride project, which are expected to start contributing to profits in late 2024 [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 3.95 billion, 4.86 billion, and 6.04 billion yuan respectively [3] Valuation - The current price-to-earnings (PE) ratios for 2024-2026 are projected to be 13X, 10X, and 8X respectively, indicating a favorable valuation compared to historical averages [3] - The current price-to-book (PB) ratio is 1.645X, which is below the historical average of 2.521X, suggesting an absolute margin of safety [3]