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].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 氮肥 ＃investSuggestion＃ ＃d 华yCo 鲁mp 恒any＃升 （ 600426 ） ＃ 0000 景09 investSug 气 低 谷业绩承压 ，＃t新itle项＃ 目投 产助力成长， 买入 ( 维ges持tion ）Ch 化工核心资产安全边际较高 ange＃ ＃ createTime1＃ 2024年 03月 31 日 公 投资要点 司 点 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 华鲁恒升发布2023年年报，报告期内公司实现营业收入272.6亿 市场数据日期 2024-03-30 元，同比下滑9.87%；实现归母净利润35.76亿元，同比下滑43.14%，按 评 收盘价（元） 26.16 最新 21.23 亿股的总股本计，实现摊薄每股收益 1.68 元，每股经营性净 报 总股本（百万股） 2123.32 现金流2.22元。其中2023Q4单季度公司实现营业收入79.14亿元，同比 告 流通股本（百万股） 2111.88 增长 9.36%，环比增长 13.26%；实现归母净利润 ...

上 市 公 司 基础化工 2024 年03月 31 日 华鲁恒升 (600426) 公 司 研 究 ——业绩基本符合预期，荆州项目增量明显，低成本核心 公 司 优势稳固 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持）  公司公告：公司2023年实现营业收入272.6亿元（YoY -9.87%），归母净利润35.76亿元（YoY 证 -43.14%），扣非归母净利润37.03亿元（YoY -42.28%），业绩基本符合预期。其中，Q4实现营 券 业收入79.14亿元（YoY +9.36%，QoQ +13.27%），归母净利润6.49亿元（YoY -14.09%，QoQ 研 市场数据： 2024年03月29日 -46.72%），扣非归母净利润8亿元（YoY -14.52%，QoQ -33.94%）。公司拟向全体股东每10股 究 收盘价（元） 26.16 派发现金红利6.00元（含税），现金分红总额约占公司2023年归母净利润的35.63%。 报 一年内最高/最低（元） 35.27/23.32  2023 年全年景气底部震荡，诉讼费用完成计提，后续有望轻装上阵。受下游需求疲软影响，2023 告 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a decline in performance in 2023, with revenue dropping by 9.87% year-on-year to 27.26 billion yuan and net profit decreasing by 43.14% to 3.576 billion yuan. However, the production commencement of the Jingzhou Phase I project is expected to enhance growth potential [3][4][9] Summary by Sections Financial Performance - In 2023, the company reported revenue of 27.26 billion yuan, a decrease of 9.87% year-on-year. The net profit attributable to shareholders was 3.576 billion yuan, down 43.14%. The weighted average return on equity (ROE) was 12.81%, a decline of 12.77 percentage points [3][4] - For Q4 2023, the company achieved revenue of 7.914 billion yuan, an increase of 9.36% year-on-year, but net profit fell by 14.09% year-on-year to 649 million yuan [3][7] Market Conditions - The chemical industry faced challenges in 2023 due to demand contraction, supply shocks, and weakened expectations, leading to increased competition and lower product prices. The average price of urea was 2,495 yuan/ton, down 8.63% year-on-year, while DMF prices dropped by 53.21% to 5,645 yuan/ton [4][3] Growth Drivers - The Jingzhou base's Phase I project was completed and began operations, achieving rapid profitability. The company also successfully launched high-end solvent projects and is advancing its nylon 66 high-end new materials project [4][8] - The company’s new energy materials products saw a sales volume increase of 20.20% year-on-year, generating revenue of 15.476 billion yuan, up 5.61% year-on-year [4] Profitability Forecast - The report adjusts profit forecasts, estimating net profits of 5.205 billion yuan, 6.025 billion yuan, and 6.803 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (PE) ratios are projected at 11, 9, and 8 times [9]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company reported a revenue of 27.26 billion yuan in 2023, a year-on-year decrease of 9.87%, and a net profit attributable to shareholders of 3.576 billion yuan, down 43.14% year-on-year [5]. - The fourth quarter of 2023 saw a revenue increase of 9.36% year-on-year, reaching 7.914 billion yuan, while the net profit for the same period was 649 million yuan, a decrease of 14.09% year-on-year [5]. - The company plans to distribute a cash dividend of 6 yuan for every 10 shares, which accounts for 35.63% of the projected net profit for 2024 [5]. - The company is focusing on new growth points through the launch of its Jingzhou Phase I project, which is expected to enhance profitability [5]. Financial Performance Summary - In 2023, the company achieved a gross margin of 20.85%, down 8.09 percentage points year-on-year, but the gross margin for Q4 2023 improved to 17.77%, up 2.37 percentage points year-on-year [5]. - Revenue from new energy materials, fertilizers, and organic amines showed mixed results, with total revenues of 15.476 billion yuan, 5.676 billion yuan, and 2.675 billion yuan respectively, reflecting year-on-year growth of 5.61%, 2.86%, and a decline of 55.38% [5]. - The company expects net profits for 2024, 2025, and 2026 to be 4.723 billion yuan, 5.402 billion yuan, and 6.221 billion yuan respectively, indicating a recovery trend [5][7]. Project Development - The Jingzhou Phase I project is set to produce 1 million tons of urea, 1 million tons of acetic acid, and 150,000 tons of DMF annually, which is anticipated to drive revenue growth [5]. - The company is also advancing its projects in Dezhou, focusing on new energy and materials, which are expected to enhance overall profitability [5].

证券研究报告 | 年报点评报告 2024年04月01日 华鲁恒升（600426.SH） 荆州基地投产贡献增量，全年业绩阶段性承压 事件：2024年3月29日，公司发布2023年年报，公告全年实现营收272.60 买入（维持） 亿元，同比-9.87%；实现归母净利润 35.76 亿元，同比-43.14%；毛利率/ 股票信息 净利率分别20.9%/13.3%，同比分别-8.1pct/-7.5pct。 行业 化学原料 荆州基地正式投产，收入规模与费用支出同步扩张。公司持股比例为 70% 前次评级 买入 的荆州项目已于2023年底正式投产，全年产生营收12.47亿元、净利润1.55 3月29日收盘价(元) 26.16 亿元。但伴随新基地投产，公司费用支出也在四季度集中体现。费用方面， 总市值(百万元) 55,546.05 公司销售/财务费用环比分别+55.8%/+67.8%，主要系差旅费、职工薪酬和 总股本(百万股) 2,123.32 利息费用增长所致。与之对应，荆州子公司期末负债为 98.9 亿元，公司自 其中自由流通股(%) 99.46 身长期借款也从32.6亿增至73.5亿元，同比+125.64%，资产负债率提 ...

公司研 究 证 券研究 报 告 氮肥 2024年4月1日 华 鲁恒升（600426）2023年报点评 强 推 （维持） 产品价格低迷拖累全年业绩，荆州一期+本部 目标价：32.62元 项目顺利投产提升长期竞争力 当前价：26.16元 华创证券研究所  事件：1）公司发布2023年报，2023年度实现营业收入272.6亿元，同比-9.9%； 实现归母净利润 35.8 亿元，同比-43.1%；实现扣非净利润 37.0 亿元，同比- 42.3%。其中，23Q4公司实现营业收入79.1亿元，同比/环比分别+9.4%/+13.3%； 证券分析师：杨晖 实现归母净利润6.5亿元，同比/环比分别-14.1%/-46.7%；实现扣非净利润8.0 邮箱：yanghui@hcyjs.com 亿元，同比/环比分别-14.5%/-33.9%。2）公司发布 2023 年度利润分配方案， 拟每股派发现金红利 0.6 元(含税)，现金分红总额占 2023 年度归母净利润的 执业编号：S0360522050001 35.6%。 证券分析师：郑轶  从经营数据看：2023年公司新能源新材料相关产品/化学肥料/有机胺系列产品 邮箱：zhen ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 27.26 billion yuan in 2023, a year-on-year decrease of 9.87%, and a net profit attributable to shareholders of 3.576 billion yuan, down 43.14% year-on-year. In Q4 2023, the company achieved a revenue of 7.914 billion yuan, a year-on-year increase of 9.36% and a quarter-on-quarter increase of 13.27%. However, the net profit for Q4 was 649 million yuan, a year-on-year decrease of 14.09% [1] - The company benefited from the commissioning of the Jingzhou base, which contributed to performance. The production volumes of main products increased significantly, although the price spread decreased, leading to a decline in gross profit margin [1][2] - The company is positioned as a leading player in the domestic chemical industry, leveraging its gasification platform to develop an integrated operational model with strong cost control advantages. The new capacity projects are expected to drive growth, with projected net profits for 2024-2026 of 4.536 billion, 5.497 billion, and 6.310 billion yuan, representing year-on-year growth rates of 26.8%, 21.2%, and 14.8% respectively [1][3] Financial Summary - For 2023, the company reported a gross margin of 20.9%, which is expected to decrease to 20.0% in 2024 and then increase to 21.7% and 22.5% in 2025 and 2026 respectively. The return on equity (ROE) is projected to be 12.4% in 2023, increasing to 13.6% in 2024 and stabilizing around 13.9% in 2026 [3][5] - The company’s operating cash flow is projected to be 4.715 billion yuan in 2024, increasing to 11.119 billion yuan by 2026. The net profit is expected to rise from 4.564 billion yuan in 2024 to 6.360 billion yuan in 2026 [4][5] - The company’s total assets are projected to grow from 44.051 billion yuan in 2023 to 66.562 billion yuan in 2026, with a corresponding increase in total liabilities from 13.614 billion yuan to 19.603 billion yuan [4][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 33.3 CNY based on a 15x P/E ratio for 2024 [2][4]. Core Views - The basic chemical commodity sector is experiencing a downturn, with overall demand weakening and new production capacities being released. The prices of the company's main products are currently at low levels, with urea and octanol being the only products with relatively high price differentials [1]. - The launch of the Jingzhou project opens up long-term growth opportunities for the company, with significant investments in various chemical production projects that are expected to enhance cost and scale advantages [1]. Summary by Sections Industry Overview - The basic chemical commodity sector has seen a continuous decline since peaking in the first half of 2022, with current prices for key products like urea, DMF, and acetic acid at 77%, 27%, and 48% of their long-term price levels, respectively [1]. - Concerns exist regarding the potential impact of declining market conditions on the company's performance, particularly for urea and octanol, which contribute approximately 30% and 10% to the company's gross profit [1]. Financial Forecast - Due to the overall decline in product and raw material prices, the company's revenue and profit margins are expected to decrease. The projected EPS for 2023-2025 is 1.85, 2.22, and 2.60 CNY, respectively [2]. - The company's revenue is forecasted to be 29,675 million CNY in 2023, with a slight decline from 30,245 million CNY in 2022, followed by growth to 35,357 million CNY in 2024 and 41,183 million CNY in 2025 [3]. Project Developments - The Jingzhou project, with an investment exceeding 10 billion CNY, has entered trial production, which includes the production of urea, acetic acid, DMF, and other chemicals. This project is expected to solidify the company's competitive position and support future product expansions [1]. - The second phase of the Jingzhou project is anticipated to further enhance the company's growth potential, with additional investments planned for biodegradable materials and other chemical products [1].

证券研究报告 | 2024年03月31日 华鲁恒升（600426.SH） 买入 业绩短期承压，新产能顺利投放 核心观点 公司研究·财报点评 公司2023年业绩同比下滑，短期承压。公司发布2023年年度报告，2023 基础化工·化学原料 年营收272.6亿元（同比-9.9%），归母净利润35.8亿元（同比-43.1%）， 证券分析师：杨林 证券分析师：余双雨 扣非归母净利润37.0亿元（同比-42.3%）；其中2023Q4单季度营收79.1 010-88005379 021-60375485 yanglin6@guosen.com.cn yushuangyu@guosen.com.cn 亿元（同比+9.4%，环比+13.3%），归母净利润6.5亿元（同比-14.1%，环 S0980520120002 S0980523120001 比-46.7%），扣非归母净利润8.0亿元（同比-14.5%，环比-33.9%）。2023Q4 基础数据 销售毛利率为17.8%（同比-0.9pct，环比-6.6pct），销售净利率为8.8%（同 投资评级 买入(维持) 比-1.6pct，环比-8.6pct）；销售、管理、研发、财务费 ...