证券代码：600426 证券简称：华鲁恒升 公告编号：临 2024-016 山东华鲁恒升化工股份有限公司 关于召开 2023 年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个别及连带责任。 重要内容提示： 投资者可于 2024 年 04 月 17 日(星期三) 至 04 月 23 日(星期二)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。 山东华鲁恒升化工股份有限公司（以下简称"公司"）已于 2024 年 03 月 30 日发布公 司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营成果、财务状 况，公司计划于 2024 年 04 月 24 日上午 10:00-11:30 举行 2023 年度业绩说明会，就投资 者关心的问题进行交流。 一、 说明会类型 董事长、总经理：常怀春先生 会议召开时间：2024 年 04 月 24 日(星期三) 上午 10 ...

证券研究报告 | 公司动态点评 2024 年 04月 10日 华鲁恒升（600426.SH） 周期下行业绩承压，看好公司中长期成长性 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 30,245 27,260 34,184 38,418 42,353 股票信息 增长率yoy（%） 13.1 -9.9 25.4 12.4 10.2 归母净利润（百万元） 6,289 3,576 4,629 5,862 6,826 行业 基础化工 增长率yoy（%） -13.5 -43.1 29.5 26.6 16.4 2024年4月9日收盘价（元） 26.13 ROE（%） 22.5 11.9 13.7 15.3 15.7 总市值（百万元） 55,482.35 EPS最新摊薄（元） 2.96 1.68 2.18 2.76 3.21 流通市值（百万元） 55,275.75 P/E（倍） 8.8 15.5 12.0 9.5 8.1 总股本（百万股） 2,123.32 P/B（倍） 2.1 1.9 1.7 1.5 1.3 流通股本（百万股） 2,115.41 资料来源：公司财 ...

基础化工 | 证券研究报告 — 调整盈利预测 2024年4月8日 600426.SH 华鲁恒升 买入 低成本优势巩固，荆州基地增添新动能 原评级：买入 市场价格:人民币 26.99 2023年度，公司实现营业收入272.6亿元，同比减少9.87%，归母净利润35.76亿元， 同比减少43.14%。其中，第四季度实现营收79.14亿元，同比增长9.36%，环比增长 板 块评级:强于大市 13.26%，实现归母净利润 6.49亿元，同比减少 14.09%，环比减少 46.73%。受行业 景气度下行影响，公司业绩短期承压，看好其未来盈利修复以及荆州基地发展潜力， 维持买入评级。 股价表现 支撑评级的要点  行业景气度短期承压，产品销量逆势增长。2023 年，受需求收缩、供给冲击、 2% 预期转弱三重压力影响，产品价格低位震荡，行业景气度承压下行，公司销售毛 (4%) 利率为20.85%，同比降低8.09 pct，其中，第四季度销售毛利率为17.77%，同比 (10%) 降低 0.91 pct。公司通过新项目投产及技改扩能，实现产品总销量逆势增长，2023 (17%) 年度，新能源新材料/肥料/有机胺/醋酸板块分别 ...

股 票 研 究 [Table_industryInfo] 基础化工/原材料 [ Table_Main[华ITnaf 鲁bol]e 恒_Ti升tle]( 600426) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q4 业绩短期承压，Q1 有望同环比大增 目标价格： 32.76 上次预测： 40.87 公 ——华鲁恒升2023 年报点评 当前价格： 26.99 司 钟浩(分析师) 沈唯(分析师) 2024.04.06 更 021-38038445 0755-23976795 [交Ta易bl数e_M据a rket] 新 zhonghao027638@gtjas.co shenwei024936@gtjas.com 报 证书编号 mS0 880522120008 S0880523080006 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 24.09 5- 73 ,5 3. 012 8 告 本报告导读： 总股本/流通A股（百万股） 2,123/2,115 流通 B股/H股（百万股） 0/0 公司23Q4业绩短期承压，但Q1预计表现较好，考虑到公司成长性较强，维持增持 流通股比例 100% ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in 2023 was under pressure due to a downturn in the main product market, with total revenue of 27.26 billion yuan, a year-on-year decrease of 9.87%, and a net profit of 3.57 billion yuan, down 43% [5][6] - The production launch of the Jingzhou base is expected to solidify the company's long-term competitiveness, with new projects enhancing production capacity and product offerings [7][8] - The report anticipates a gradual recovery in industry demand, which, combined with the increased production capacity from the Jingzhou base, could lead to improved profitability in the future [8][9] Summary by Sections Revenue Performance - The company reported a total revenue of 79 billion yuan in Q4 2023, showing a year-on-year increase of 9.36% and a quarter-on-quarter increase of 13% [5] - The overall revenue for 2023 was 273 billion yuan, reflecting a significant decline compared to the previous year [5][6] Product and Project Developments - The Jingzhou base's gas power platform and syngas comprehensive utilization projects were launched, with an annual production capacity of 1 million tons of urea, 1 million tons of acetic acid, 150,000 tons of DMF, and 150,000 tons of mixed amine [7] - The high-end solvent project was officially launched in December 2023, with an annual production capacity of 600,000 tons of dimethyl carbonate and 300,000 tons of ethyl methyl carbonate [7] Market Conditions - The chemical industry faced significant challenges in 2023, including demand contraction and supply shocks, leading to a decrease in product prices and profit margins [6][8] - The report notes that while some product price spreads improved, they remained at low levels, impacting the company's profitability [7][8] Profit Forecasts and Valuation - The report has adjusted profit forecasts for 2024 and 2025 downwards by 26%, predicting net profits of 4.66 billion yuan and 5.65 billion yuan respectively, with an EPS of 2.19 yuan and 2.66 yuan [10] - The company is expected to benefit from increased production capacity and improved utilization rates, which could significantly enhance profitability in the coming years [10]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of Rmb36.89, representing a potential upside of 1.21% from the current price of Rmb26.40 [1][6]. Core Insights - The company reported a total revenue of Rmb27.26 billion in 2023, a year-on-year decline of 9.87%, and a recurring net profit of Rmb3.703 billion, down 42.28% year-on-year. The decline in revenue was primarily attributed to falling product prices [5][13][14]. - The company is actively advancing major projects to enhance production capacity, which is expected to provide long-term growth opportunities. Significant projects include the completion of the Jingzhou base phase I project and the ongoing development of new energy and new materials projects [15][16]. - The company has implemented measures to reduce energy and material consumption while increasing product volume, thereby consolidating its low-cost advantage [16]. Financial Summary - Revenue and Profit Forecasts: - Projected revenues for 2024, 2025, and 2026 are Rmb34.33 billion, Rmb36.64 billion, and Rmb39.11 billion, respectively, with expected growth rates of 26%, 7%, and 7% [2][9]. - Projected net profits for the same years are Rmb4.614 billion, Rmb5.240 billion, and Rmb5.589 billion, with growth rates of 29%, 14%, and 7% [2][9]. - Earnings Per Share (EPS) is expected to be Rmb2.17 in 2024, Rmb2.47 in 2025, and Rmb2.63 in 2026, reflecting a decrease from previous estimates due to falling product prices [6][17]. - The gross profit margin is projected to improve from 20.9% in 2023 to 22.8% by 2026, indicating a recovery in profitability [2][12]. Market Performance - The company's stock has underperformed in the past year, with a decline of 23.1% over the last 12 months, while it has outperformed the MSCI China index by 23.1% [2][3]. - The market capitalization is reported at Rmb56.06 billion (approximately US$7.75 billion) with an average daily trading volume of US$50.64 million [1][2].

基础化工/农化制品 公 司 研 华鲁恒升（600426.SH） 两大基地协同齐头并进，看好氨醇能效领跑者成长 究 2024年04月03日 ——公司信息更新报告 投资评级：买入（维持） 金益腾（分析师） 张晓锋（分析师） 宋梓荣（联系人） jinyiteng@kysec.cn zhangxiaofeng@kysec.cn songzirong@kysec.cn 日期 2024/4/2 证 书编号：S0790520020002 证书编号：S0790522080003 证书编号：S0790123070025 当前股价(元) 26.40  Q4化工景气度环比下行拖累公司业绩，新基地顺利投产，维持“买入”评级 公 一年最高最低(元) 35.95/23.32 2023 年公司实现营收 272.60 亿元，同比-9.87%；实现归母净利 35.76 亿元，同 司 信 总市值(亿元) 560.56 比-43.14%。Q4公司实现营收79.14亿元，环比+13.26%；实现归母净利6.49亿 息 流通市值(亿元) 558.47 元，环比-46.73%；实现归母扣非净利润8.00亿元。2023年受需求收缩、供给冲 更 总股本( ...

Investment Rating - The investment rating for the company is "Buy-B" [1][3]. Core Views - The company is experiencing pressure on performance due to industry downturns, but project contributions are expected to provide incremental growth [1][3]. - The company reported a revenue of 27.26 billion yuan in 2023, a decrease of 9.87% year-on-year, and a net profit attributable to shareholders of 3.58 billion yuan, down 43.14% year-on-year [1][4]. - The company is positioned as a leader in the coal chemical industry, leveraging its flexible production capabilities and low-cost advantages to expand its product lines in response to market changes [3][4]. Financial Performance Summary - In 2023, the company’s gross profit margin was 20.85%, a decrease of 8.09 percentage points year-on-year [1][4]. - The company’s projected revenues for 2024-2026 are 32.73 billion yuan, 37.77 billion yuan, and 41.30 billion yuan, representing year-on-year growth rates of 20.1%, 15.4%, and 9.3% respectively [3][4]. - The net profit attributable to shareholders is expected to be 4.67 billion yuan, 5.81 billion yuan, and 6.73 billion yuan for 2024-2026, with growth rates of 30.5%, 24.5%, and 16.0% respectively [3][4]. Product Performance Summary - The company’s revenue from new energy materials, organic amines, fertilizers, and acetic acid and derivatives in 2023 were 15.48 billion yuan, 2.67 billion yuan, 5.68 billion yuan, and 2.05 billion yuan, with year-on-year changes of 5.61%, -55.38%, 2.86%, and -2.59% respectively [1][4]. - The sales volume for these products was 2.18 million tons, 0.52 million tons, 3.26 million tons, and 0.72 million tons, with year-on-year changes of 20.20%, 8.80%, 14.89%, and 24.20% respectively [1][4]. Future Growth Potential - The company is expanding its production capacity with new projects in its Dezhou and Jingzhou bases, which will enhance its product structure and growth potential [3][4]. - The Jingzhou base is expected to achieve an annual production capacity of 1 million tons of urea, 1 million tons of acetic acid, and 150,000 tons of dimethylformamide (DMF) upon reaching full capacity [1][3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 27.26 billion yuan in 2023, a decrease of 9.9% year-on-year, and a net profit attributable to shareholders of 3.58 billion yuan, down 43.1% year-on-year. The net profit after deducting non-recurring gains and losses was 3.70 billion yuan, a decline of 42.3% year-on-year. In Q4, the company achieved a revenue of 7.91 billion yuan, an increase of 9.4% year-on-year and 13.3% quarter-on-quarter, with a net profit of 650 million yuan, down 14.1% year-on-year and 46.7% quarter-on-quarter [5][6]. - The company is optimistic about its long-term growth prospects due to the continuous rollout of new projects, including the development of high-end new materials and the establishment of a second base in Jingzhou, which is expected to support long-term growth [5][6]. - The company plans to distribute a cash dividend of 0.60 yuan per share (before tax) for the year 2023 [5]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 27.26 billion yuan, with a gross profit of 5.68 billion yuan, resulting in a gross margin of 21% [10]. - The projected net profits for 2024, 2025, and 2026 are 4.87 billion yuan, 5.62 billion yuan, and 6.20 billion yuan, respectively [6][10]. Market Dynamics - The company faces challenges with downstream demand recovery not meeting expectations and new project progress being slower than anticipated [5][6]. - The prices of key products such as urea, DMF, and others have shown fluctuations, with Q4 2023 market prices for major products experiencing a range of changes [6][10]. Future Outlook - The company is positioned at the bottom of the cycle, with expectations for improvement in operating conditions as terminal demand continues to recover and cost pressures ease [6][10]. - The company’s diversified product portfolio and leading production capabilities are expected to mitigate operational volatility and support future growth [6][10].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company's performance has been pressured by a downturn in the chemical industry, leading to a decline in revenue and profit [2]. - Despite the challenges, the company is advancing its dual-base project development, which is expected to support long-term growth [2]. - The company has reported a total revenue of 27.26 billion yuan for 2023, a year-on-year decrease of 9.87%, and a net profit of 3.58 billion yuan, down 43.14% year-on-year [2][3]. Revenue and Profit Analysis - The company's main product prices have declined, resulting in a drop in overall performance. Although sales volumes for key segments such as new energy materials and organic amines increased by 20.2% and 8.8% respectively, revenue growth was hindered by price declines [2]. - The revenue growth rates for segments like new energy materials, organic amines, fertilizers, and acetic acid were 5.61%, -55.38%, 2.86%, and -2.59% respectively [2]. - The overall gross margin decreased by 8 percentage points to 20.85% [2]. Project Development and Future Outlook - The company is leveraging clean coal gasification technology and a flexible multi-product production model to enhance resource utilization and expand its product chain [2]. - The company is implementing new projects and upgrading existing ones at its Dezhou base while simultaneously developing a second base in Jingzhou, which is expected to open new growth avenues [2]. - The first phase of the Jingzhou base project has been completed and is operational, while new projects in Dezhou are also progressing well [2]. Financial Forecast - The company forecasts net profits of 4.68 billion yuan, 5.66 billion yuan, and 6.74 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.20 yuan, 2.66 yuan, and 3.17 yuan [3][9]. - The current stock price corresponds to P/E ratios of 12, 10, and 8 for the years 2024, 2025, and 2026 respectively [3][9].