Core Viewpoint - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan, reflecting confidence in its value and providing market support [1][2][3] Group 1: Share Repurchase Plan - The company intends to use self-owned or self-raised funds for the share repurchase, with a maximum price of 32.38 yuan per share [2][3] - The repurchase is expected to buy approximately 926.50 million shares at the upper limit and 617.67 million shares at the lower limit, representing 0.44% and 0.29% of total share capital, respectively [3] - Hualu Hengsheng has secured a loan commitment of up to 270 million yuan from China Bank for the repurchase, with a three-year term [3] Group 2: Financial Performance - In 2024, the company achieved revenue of 34.226 billion yuan, a year-on-year increase of 25.55%, and a net profit of 3.903 billion yuan, up 9.14% [5] - The new energy and new materials segment generated revenue of 16.433 billion yuan, accounting for 48.02% of total revenue, and grew by 6.19% [5] - The chemical fertilizer segment contributed 7.297 billion yuan, with a growth of 28.55%, and maintained a high gross margin of 29.9% despite price fluctuations [5] Group 3: Research and Development - From 2020 to 2024, the company invested a total of 4.802 billion yuan in R&D, with annual investments increasing each year [7] - The focus on technological innovation has been crucial for the company to withstand industry cycles [6][7] Group 4: Future Projects - Hualu Hengsheng has several ongoing projects, including the optimization of melamine resin materials and the production of high-end nylon materials, which are expected to enhance production capacity [5]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material opportunities, especially in the agricultural sector [13]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels, while distillate and propane inventories saw decreases [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-031 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP, 参与本次互动交流。活动时间为 2025 年 5 月 15 日（星期四）15:00-16:30。届时公 司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、股权激励和 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 特此公告。 山东华鲁恒升化工股份有限公司董事会 2025 年 5 月 13 日 山东华鲁恒升化工股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东华鲁恒升化工股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutes, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material substitutes, especially in the agricultural sector [13][14]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels to 225.7 million barrels, while distillate fuel inventory decreased by 1.1 million barrels to 106.7 million barrels [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases this week were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [9][15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Core Viewpoint - A total of 19 listed companies announced share buybacks, increases, and related loan situations during the week of May 5 to May 11, with China Nuclear Power obtaining a loan of up to 450 million yuan for stock repurchase [1][2]. Summary by Category Share Buyback Announcements - Guizhou Tire plans to increase holdings by 50 million to 100 million yuan with a loan of no more than 90 million yuan [2] - Dream Lily intends to repurchase shares worth 85 million to 170 million yuan with a loan of up to 150 million yuan [2] - Sichuan Changhong aims to repurchase shares worth 250 million to 500 million yuan for equity incentives [2] - Changhong Huayi plans to repurchase shares worth 150 million to 300 million yuan with a loan not exceeding 270 million yuan [2] - Linglong Tire's controlling shareholder intends to increase holdings by 200 million to 300 million yuan with a loan of no more than 270 million yuan [2] - China Nuclear Power plans to repurchase shares worth 300 million to 500 million yuan with a loan of up to 450 million yuan [2] - Longfly Fiber plans to repurchase shares worth 160 million to 320 million yuan with a loan of no more than 288 million yuan [2] - Baiao Chemical intends to repurchase shares worth 200 million to 400 million yuan with a loan of up to 360 million yuan [2] - Sanhuan Group plans to repurchase shares worth 150 million to 200 million yuan with a loan of no more than 180 million yuan [2] - Zhiyuan New Energy intends to repurchase 1.5 million to 3 million shares with a loan of up to 50 million yuan [2] - Keda Guokuan plans to repurchase shares worth 20 million to 40 million yuan with a loan of up to 36 million yuan [2] - Demais plans to repurchase shares worth 50 million to 100 million yuan with a loan of up to 90 million yuan [2] - Yongji Shares intends to repurchase shares worth 50 million to 100 million yuan with a loan of up to 90 million yuan [2] - Yinlun Shares plans to repurchase shares worth 50 million to 100 million yuan with a loan of up to 90 million yuan [2] - Hualu Hengsheng intends to repurchase shares worth 200 million to 300 million yuan with a loan of no more than 270 million yuan [2] - Vanadium Titanium Shares plans to increase holdings by 50 million to 100 million yuan with a loan of up to 90 million yuan [2] - Fuchuang Precision intends to increase holdings by 120 million to 240 million yuan with a loan of no more than 200 million yuan [2]

Group 1 - Recent increase in stock buybacks and share repurchases among A-share listed companies, with 18 companies announcing related plans this week [1] - Companies such as Sichuan Changhong, China Nuclear Power, and Longfly Fiber have disclosed plans to use special loans for stock buybacks or share increases [1][2] - Sichuan Changhong plans to repurchase shares worth between 250 million and 500 million RMB, with a maximum repurchase price of 14 RMB per share [1][2] Group 2 - China Nuclear Power has obtained a loan commitment of up to 450 million RMB for its planned stock buyback of 300 million to 500 million RMB [2] - Longfly Fiber intends to repurchase shares with a total amount between 160 million and 320 million RMB, with a maximum price of 57.53 RMB per share [4] - Companies like Linglong Tire and Xue Tian Salt Industry have also secured loan commitments of up to 270 million RMB for share increases [3][5] Group 3 - Longhong Huayi plans to repurchase shares worth between 150 million and 300 million RMB, with a maximum price of 9.8 RMB per share [2][3] - Baidao Chemical has announced a share repurchase plan with a total amount between 200 million and 400 million RMB, supported by a loan commitment of up to 360 million RMB [4] - China Railway Industry's major shareholder plans to increase its stake with a minimum investment of 160 million RMB and a maximum of 300 million RMB [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1][5][9] Core Views - The company is facing price pressure on some products, leading to a revision of the EPS forecasts for 2025-2027 to 1.81, 1.98, and 2.19 RMB respectively. The target price is adjusted to 24.43 RMB based on a 13.5x PE for 2025 [9][11] - The company's Q1 2025 performance shows a revenue of 7.77 billion RMB, down 2.59% year-on-year and 14.09% quarter-on-quarter, with a net profit attributable to shareholders of 707 million RMB, down 33.65% year-on-year and 17.20% quarter-on-quarter, primarily due to price declines [9][10] Financial Summary - Revenue projections for the company are as follows: - 2023A: 27,260 million RMB - 2024A: 34,226 million RMB - 2025E: 34,290 million RMB - 2026E: 35,863 million RMB - 2027E: 37,027 million RMB - The year-on-year growth rates are -9.9%, 25.6%, 0.2%, 4.6%, and 3.2% respectively [3][7] - Net profit (attributable to shareholders) is projected as follows: - 2023A: 3,576 million RMB - 2024A: 3,903 million RMB - 2025E: 3,843 million RMB - 2026E: 4,208 million RMB - 2027E: 4,653 million RMB - The year-on-year growth rates are -43.1%, 9.1%, -1.5%, 9.5%, and 10.6% respectively [3][7] Sales Performance - In Q1 2025, the company sold 2.59 million tons of products, an increase of 22.92% year-on-year but a decrease of 5.53% quarter-on-quarter. Sales performance varied across segments, with fertilizers up 36.74% year-on-year, while organic amines and acetic acid derivatives saw declines [10][11] - Price declines were noted in several product categories due to supply expansion, with revenue per ton changing year-on-year as follows: fertilizers -23.19%, organic amines -8.43%, acetic acid derivatives -9.08%, and new energy materials -19.57% [10][11] Expansion and Cost Management - The company is focusing on enhancing efficiency and market expansion despite price pressures. Ongoing projects include melamine resin and nylon 66, with future projects like a 200,000 tons/year dibasic acid project and BDO/NMP integration on schedule [11]

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-030 山东华鲁恒升化工股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 2 亿元（含），不超过人民币 3 亿元（含），具体的 回购金额以回购期满时实际回购股份使用的资金总额为准。 ● 回购股份资金来源：自有资金或自筹资金。公司已取得中国银行股份有限公司德 州分行出具的《贷款承诺函》，具体贷款事宜将以双方签订的贷款合同为准。 ● 回购股份用途：用于注销并减少公司注册资本。 ● 回购股份价格：公司本次回购股份的最高价不超过人民币 32.38 元/股。本次回购 股份最高价上限未超过董事会通过回购股份决议前 30 个交易日公司股票交易均价的 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：自股东大会审议通过最终回购股份方案之日起不超过十二个月。 公司保证将在正常运营的前提下，努力推进本次回购方案的顺利实施。如出现上 述风险导致公司本次回购方案无法实施， ...