Investment Rating - The report gives a "Buy" rating for the company for the first time [1]. Core Views - The company demonstrates resilience in performance by leveraging volume to offset price fluctuations, showcasing its ability to navigate through industry cycles [28][29]. - In 2024, the company achieved a revenue of 34.226 billion yuan, a year-on-year increase of 25.6%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.1% year-on-year [29][32]. - The company is positioned as a leading player in the coal chemical industry, with a stable shareholding structure and significant production capacity coming online from its Jingzhou base [9][10]. Summary by Sections Market Performance - The company’s stock price has fluctuated between 19.70 and 30.14 yuan over the past 52 weeks [6]. Financial Performance - In Q4 2024, the company reported a revenue of 9.046 billion yuan, a quarter-on-quarter increase of 10.3%, and a net profit of 854 million yuan, up 3.5% from the previous quarter [29][31]. - The company’s gross margin and net margin for 2024 were 18.7% and 12.2%, respectively, reflecting a slight decline compared to the previous year [34]. Production and Sales - The company’s production and sales volumes for key products in 2024 saw significant increases, with fertilizer, organic amines, acetic acid, and related products experiencing year-on-year sales growth of 44.5%, 12.6%, 116.7%, and 17.1%, respectively [5][12]. - The company’s production capacity is expected to continue expanding, with several projects coming online, enhancing its long-term growth potential [9][34]. Cost and Pricing Dynamics - The report notes that while coal prices have been declining, the overall cost pressures remain due to high raw material prices and weak terminal demand, leading to a contraction in product price spreads [20][21]. - The average prices for key raw materials in 2024 were reported as follows: coal at 835 yuan/ton, pure benzene at 8,274 yuan/ton, and propylene at 6,893 yuan/ton, with year-on-year changes of -4.2%, +14.4%, and -1.0%, respectively [22][23]. Long-term Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits for 2025, 2026, and 2027 at 4.192 billion yuan, 4.566 billion yuan, and 5.143 billion yuan, respectively, indicating year-on-year growth rates of 7.4%, 8.9%, and 12.6% [5][34].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company demonstrates resilience in performance by leveraging increased production to offset price declines in a challenging market environment [28][29]. - In 2024, the company achieved a revenue of 34.226 billion yuan, a year-on-year increase of 25.6%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.1% year-on-year [29][32]. - The report highlights the successful ramp-up of production capacity at the Jingzhou base, which significantly boosted sales across various product lines [14][29]. Summary by Sections Market Performance - The company’s stock has shown a relative performance against the CSI 300 index, with a notable decline of 34% over the observed period [2]. Financial Data - The company reported total revenue of 34.226 billion yuan for 2024, with a net profit of 3.903 billion yuan [6]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.97, 2.15, and 2.42 yuan, respectively, indicating a growth trajectory [5][6]. Production and Sales - The company’s production and sales volumes for key products in 2024 saw significant increases, with fertilizers, organic amines, acetic acid, and related products experiencing year-on-year sales growth of 44.5%, 12.6%, 116.7%, and 17.1%, respectively [14][15]. - The report notes that the company’s production capacity is expected to continue expanding, with several projects currently under construction [14][19]. Profitability - The company’s gross margin and net margin for 2024 were reported at 18.7% and 12.2%, respectively, reflecting a slight decline compared to previous years [5][34]. - The report indicates that the company is actively managing costs, achieving a period expense ratio of 3.8% in 2024 [5][34]. Long-term Development - The company is positioned as a leader in the coal chemical industry, with a stable shareholding structure and ongoing projects that are expected to drive future growth [9][10]. - The report emphasizes the company’s strategic focus on optimizing existing operations while expanding its production capabilities [5][9].

山东华鲁恒升化工股份有限公司 2024 年年度股东大会会议资料 山东华鲁恒升化工股份有限公司董事会 二〇二五年四月编制 华鲁恒升 山东华鲁恒升化工股份有限公司 2024 年年度股东大会会议议程 现场会议时间:2025年4月29日9时30分 投票方式：现场投票和网络投票相结合 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年4月29日至2025年4月29日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东大会召开当日的9:15-15:00。 现场会议地点:山东省德州市经济开发区东风东路2555号凤冠假日酒店 主持人:董事长 一、介绍出席情况并宣布现场会议正式开始 二、宣读现场会议须知 三、选举监票人、计票人 四、对大会各项议案依次进行简要陈述 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | 非累积投票议案 | | | | 1 | 2024 年度董事会工作报告 | ...

二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 山东华鲁恒升集团有限公司 | 636,757,580 | 29.99 | | 2 | 香港中央结算有限公司 | 73,366,785 | 3.46 | | 3 | 全国社保基金一零六组合 | 58,694,697 | 2.76 | | 4 | 山东华鲁恒升集团德州热电有限责任公司 | 41,901,943 | 1.97 | | 5 | 中泰星元价值优选灵活配置混合型证券投 资基金 | 29,498,463 | 1.39 | | 6 | 全国社保基金一零三组合 | 28,823,414 | 1.36 | | 7 | 华泰柏瑞沪深 300 交易型开放式指数证券 | 27,874,493 | 1.31 | | | 投资基金 | | | | 8 | 全国社保基金一一四组合 | 21,954,992 | 1.03 | | 9 | 基本养老保险基金八零七组合 | 20,650,401 | 0.97 | | 10 | 易方达沪深 300 交易型开放式指数发起式 ...

Group 1 - The Shanghai Composite Index opened lower but rose later, with the CSI 300 Chemical Index reported at 2022.67 points [1] - The CSI 300 Chemical Index has decreased by 11.64% over the past month, 9.12% over the past three months, and 8.64% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.47%), Salt Lake Industry (14.14%), Baofeng Energy (7.62%), Juhua Co. (7.3%), Hengli Petrochemical (7.28%), Hualu Hengsheng (6.99%), Longbai Group (6.23%), Zangge Mining (6.19%), Satellite Chemical (6.02%), and Rongsheng Petrochemical (5.53%) [1] - The market share of the CSI 300 Chemical Index is 57.05% from the Shanghai Stock Exchange and 42.95% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.28%, polyurethane for 23.47%, potassium fertilizer for 20.33%, fluorochemical for 7.30%, titanium dioxide for 6.23%, and organic silicon for 4.39% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights a rebound in oil prices due to easing U.S. tariff policies and tightening supply expectations. It emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. The report also recommends paying attention to domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][15]. Summary by Sections 1. Core Views - The report suggests maintaining a focus on leading companies with strong fundamentals and low correlation to oil prices, while also monitoring domestic demand and new material substitution opportunities [13][15]. - Recommended companies include: - Huangma Technology: A leader in specialty polyether, showing signs of recovery from previous macro demand pressures [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [14]. - Guoguang Co., Ltd.: A leader in differentiated formulations in the plant growth regulator sector [14]. - Hualu Hengsheng: Benefiting from recovering core product prices and declining coal prices, leading to improved price differentials [14]. 2. Oil and Chemical Price Information - As of April 16, Brent oil prices increased by 4.9% to $67.96 per barrel. Despite the IEA lowering oil demand growth forecasts, market concerns over U.S. tariff policies eased, contributing to the price increase [15]. - The report monitors 188 chemical products, with the top three price increases being: - Trichloroethylene: Up 16.3% - Butane: Up 8.9% - WTI: Up 7.7% - The top three price decreases were: - Liquid chlorine: Down 62.3% - D4: Down 17.8% - Anthracene oil: Down 12.4% [16][17]. 3. Price Spread Information - The top three price spread increases for the week were: - Carbon black spread: Up 64.5% - Calcium carbide PVC spread: Up 57.8% - Monoammonium phosphate: Up 14.5% - The top three price spread decreases were: - Butyl acrylate spread: Down 50.7% - Hydrogen peroxide spread: Down 44.4% - MTP spread: Down 30.2% [19][20].

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-023 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法律责任。 一、 股东大会有关情况 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600426 | 华鲁恒升 | 2025/4/23 | 二、 增加临时提案的情况说明 公司已于 2025 年 3 月 29 日公告了股东大会召开通知，单独持有 29.99%股 份的股东山东华鲁恒升集团有限公司，在 2025 年 4 月 18 日提出临时提案并书面 提交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有关规定， 现予以公告。 3. 临时提案的具体内容 关于 2024 年年度股东大会增加临时提案的公告 2025 年 4 月 17 日，公司第九届董事会 2025 年第 2 次临时会议审议通过了 《关于以集中竞价交易方式回购公司部分股份方案的议案》，公司拟以集中竞价 交易方式回购公司部分股份。具体内容详见公司 ...

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Chemical Index reported at 2019.69 points [1] - The CSI 300 Chemical Index has decreased by 12.44% over the past month, 9.26% over the past three months, and 8.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.46%), Salt Lake Industry (14.15%), Baofeng Energy (7.49%), Juhua Co. (7.38%), Hengli Petrochemical (7.29%), Hualu Hengsheng (7.0%), Longbai Group (6.23%), Cangge Mining (6.23%), Satellite Chemical (5.96%), and Rongsheng Petrochemical (5.51%) [1] - The market share of the CSI 300 Chemical Index is 57.10% from the Shanghai Stock Exchange and 42.90% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.08%, polyurethane for 23.46%, potassium fertilizer for 20.38%, fluorochemical for 7.38%, titanium dioxide for 6.23%, and organic silicon for 4.47% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]