Investment Rating - The report assigns a "Buy" rating to the company, indicating a favorable investment outlook with potential for price appreciation [5][7]. Core Insights - The company reported a revenue of 34.226 billion RMB for 2024, reflecting a year-over-year increase of 25.55%, and a net profit of 3.903 billion RMB, up 9.14% year-over-year, which aligns with expectations [5]. - The company is expected to benefit from new capacity releases, particularly in its fertilizer and acetic acid segments, which have seen significant volume increases [5]. - The report highlights that the chemical product prices are at a historical low, suggesting limited downside risk and potential for profit recovery [5][7]. Summary by Sections Company Overview - The company operates in the chemical industry, with a market capitalization of 46.122 billion RMB and a current share price of 21.80 RMB as of March 28, 2025 [1]. Financial Performance - For 2024, the company achieved a revenue of 34.226 billion RMB and a net profit of 3.903 billion RMB, with Q4 revenue at 9.046 billion RMB, showing a year-over-year increase of 14.31% [5]. - The company plans to distribute a dividend of 0.6 RMB per share for the year, resulting in a dividend yield of 2.75% based on the closing price [5]. Product Segmentation - The company's product mix includes 50% from new energy materials, 22% from fertilizers, 12% from acetic acid and derivatives, and 9% from other products [2]. - The new production capacities are expected to significantly boost sales volumes in 2024, with notable increases in fertilizer and acetic acid sales [5]. Market Conditions - The report notes that the prices of key chemical products are currently at the bottom of their historical ranges, with expectations for stabilization and potential recovery in profit margins [5][7]. - The cost pressures are expected to ease due to declining raw material prices, particularly coal [5]. Earnings Forecast - The company is projected to achieve net profits of 4.1 billion RMB in 2025, 4.7 billion RMB in 2026, and 5.3 billion RMB in 2027, with corresponding year-over-year growth rates of 5%, 14%, and 14% respectively [7]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.93 RMB, 2.19 RMB, and 2.50 RMB, respectively, indicating a low price-to-earnings (P/E) ratio of 11, 10, and 9 times [7].

财报季，机构持股动向逐渐浮出水面，社保基金去年四季度末共现身154只股，其中，53股已连续持有 超8个季度。 作为风格稳健的长期机构投资者，社保基金长线持有的重仓股引人关注，据证券时报 数据宝统计，截 至3月31日，公布2024年年报公司中，社保基金最新出现在154家公司前十大流通股东榜，向前追溯发 现，共有90只股获社保基金连续持有4个季度以上。其中，53只社保基金持有期超过两年，华侨城A、 华鲁恒升（600426）等11只获社保基金连续持仓超5年。 社保基金连续持仓超2年的53只个股中，从去年四季度末社保基金持股量来看，常熟银行（601128）、 钒钛股份（000629）、云铝股份（000807）等持股数量居前，社保基金分别持有2.68亿股、2.00亿股、 1.56亿股。社保基金持股比例居前的有常熟银行、赤峰黄金（600988）、坚朗五金（002791）等，持股 比例分别为8.90%、6.35%、6.35%。 社保基金连续重仓股名单 社保基金持有期限最长的个股是华侨城A，自2011年二季度以来已累计持有55个季度，最新全国社保基 金四一三组合、全国社保基金一一八组合，位列公司第六大、第七大流通股东，持股量 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - The company is expected to see continuous profit recovery driven by the ramp-up of new projects and cost optimization efforts [1]. - The report highlights a significant increase in total revenue for 2024, reaching 34.226 billion yuan, a year-on-year growth of 25.6% [2][6]. - The net profit attributable to shareholders is projected to be 3.903 billion yuan for 2024, reflecting a year-on-year increase of 9.1% [2][6]. Financial Summary - **Revenue Forecast**: - 2024A: 34,226 million yuan - 2025E: 38,647 million yuan (12.9% growth) - 2026E: 41,524 million yuan (7.4% growth) - 2027E: 43,924 million yuan (5.8% growth) [2][7] - **Net Profit Forecast**: - 2024A: 3,903 million yuan - 2025E: 4,178 million yuan (7.1% growth) - 2026E: 4,714 million yuan (12.8% growth) - 2027E: 5,096 million yuan (8.1% growth) [2][7] - **Earnings Per Share (EPS)**: - 2024A: 1.84 yuan - 2025E: 1.97 yuan - 2026E: 2.22 yuan - 2027E: 2.40 yuan [2][7] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 14 times, with a target price of 27.58 yuan based on current market conditions [2][6]. Operational Insights - The company has seen revenue contributions from various segments, including new energy materials, chemical fertilizers, organic amines, and acetic acid derivatives, with notable growth in the acetic acid segment at 98.34% year-on-year [6]. - The report indicates that the company has successfully optimized its product mix and improved operational efficiency, leading to stable revenue growth despite some price declines in key products [6]. Future Outlook - The company is expected to benefit from improved margins in the first quarter of 2025 due to rising urea prices driven by spring planting demand and a decrease in coal prices, which will alleviate cost pressures [6]. - The ongoing projects and new material product developments are anticipated to provide new growth momentum for the company in the medium to long term [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 34.23 billion yuan for 2024, representing a year-on-year increase of 25.6%. The net profit attributable to shareholders was 3.90 billion yuan, up 9.1% year-on-year, while the net profit after deducting non-recurring items was 3.87 billion yuan, an increase of 4.5% year-on-year [2][6] - In Q4 2024, the company achieved a revenue of 9.05 billion yuan, which is a year-on-year increase of 14.3% and a quarter-on-quarter increase of 10.3%. The net profit attributable to shareholders for this quarter was 0.85 billion yuan, up 31.6% year-on-year and 3.5% quarter-on-quarter [2][6] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, which, combined with the total dividend for the first half of 2024, accounts for 32.64% of the net profit attributable to shareholders for the year [6] Financial Performance Summary - The company’s main products include urea, DMF, adipic acid, acetic acid, and others, with Q4 2024 market prices showing a range of changes, including a decrease of 12.8% for urea and a decrease of 11.4% for acetic acid [12] - The company’s gross margin for Q4 2024 was 15.1%, a decrease of 2.5 percentage points quarter-on-quarter, while the net margin was 9.9%, down 0.9 percentage points [12] - The company is expected to achieve net profits of 3.75 billion yuan, 4.17 billion yuan, and 4.72 billion yuan for 2025, 2026, and 2027 respectively [12]

Core Viewpoint - Despite the low prosperity of the chemical industry, the company has maintained a steady operational momentum and further strengthened its competitive position in the market [1][2]. Financial Performance - In 2024, the company achieved an operating income of 34.23 billion yuan, representing a year-on-year increase of 25.55% [1]. - The net profit attributable to shareholders reached 3.903 billion yuan, with a year-on-year growth of 9.14% [1]. - The company proposed a cash dividend of 3 yuan per 10 shares (including tax) for 2024 [1]. Business Operations - The company is a comprehensive chemical enterprise with multiple business segments, including new energy materials, chemical fertilizers, organic amines, acetic acid, and its derivatives [1]. - During the reporting period, the company focused on optimizing sales channels and expanding market space, resulting in a steady increase in market share for its main products [1]. - The market share for traditional products such as liquid ammonia and acetic acid has significantly improved, while the market share for organic amine products remains among the top [1]. Project Development - The company has been actively promoting project construction, including the optimization and upgrading of melamine resin raw materials and products, and the production of high-end nylon 66 new materials [2]. - Ongoing projects such as the 200,000 tons/year dicarboxylic acid project and the integrated BDO and NMP project are progressing as planned, providing new momentum for future development [2]. Strategic Focus - In response to the current challenges in the chemical industry, the company plans to conduct in-depth research on the transformation and upgrading of traditional industries and advance layout in future industries [2]. - The company aims to strengthen independent innovation and break through key technologies, moving towards the mid-to-high end of the industrial and value chains to support high-quality development [2].

荆州基地未来增量可期，看好公司长期成长。24Q4 公司购建固定资产、无形资产和其他长期资产支付 的现金为14.89 亿元，维持高位，公司统筹存量优化和增量升级，积极推进项目建设。酰胺原料优化升 级项目、20 万吨/年二元酸项目、BDO 和NMP 一体化项目及其它技改在建项目如期推进，为公司后继 发展提供新动能，未来增量可期。2025 年政府工作报告提出积极稳妥推进碳达峰碳中和，建立一批零 碳园区、零碳工厂，推动重点行业节能降碳改造，华鲁作为煤化工行业能耗标杆企业有望受益，看好公 司长期成长。 投资建议：预计2025-2027 年公司归母净利润为33.3/49.1/57.9 亿元,维持"推荐"评级。 风险提示：下游需求不及预期，产品及原料价格大幅波动，新项目进度不及预期。 事件：华鲁恒升发布2024 年年报，报告期内公司实现营业收入342.26 亿元，同比+26%，实现归母净利 润39.03 亿元，同比+9%。24Q4 公司实现营业收入90.46 亿元，同比+14%，环比+10%，实现归母净利 润8.54 亿元，同比+32%，环比+4%。公司拟每股派发现金红利0.30 元（含税）。 Q4 荆州肥料增量落地，产品 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][33] Core Views - The company achieved a revenue of 34.23 billion yuan in 2024, representing a year-on-year increase of 26%, and a net profit attributable to shareholders of 3.90 billion yuan, up 9% year-on-year. In Q4 2024, revenue reached 9.05 billion yuan, a 14% increase year-on-year and a 10% increase quarter-on-quarter, with a net profit of 0.85 billion yuan, up 32% year-on-year and 4% quarter-on-quarter [1][7] - The growth in revenue and net profit is primarily driven by increased product sales, supported by cost reduction and efficiency improvement measures, as well as market expansion efforts [1][7] - The company is actively advancing multiple projects to enhance production capacity and market competitiveness, including successful launches of new production lines for high-end materials [17][26] Summary by Relevant Sections Financial Performance - In Q4 2024, the company reported a gross margin of 15.1% and a net margin of 9.9%. The total expense ratio remained stable at 4.1% [1][7] - The main products' sales volumes increased year-on-year, with significant growth in the sales of new energy materials, fertilizers, organic amines, and acetic acid [1][9] Product Pricing - Overall product prices were weak in 2024, with nylon 6 prices stable and caprolactam prices rising due to strong cost support from raw materials [2][16] - Fertilizer prices, particularly urea, faced downward pressure due to seasonal demand fluctuations and market supply conditions [2][16] Future Outlook - The company has slightly adjusted its net profit forecasts for 2025-2026 to 4.37 billion yuan and 4.65 billion yuan, respectively, due to weaker downstream demand and oversupply pressures in its product categories [3][33] - The projected earnings per share (EPS) for 2025-2027 are 2.06 yuan, 2.19 yuan, and 2.25 yuan, with corresponding price-to-earnings (PE) ratios of 10.6, 10.0, and 9.7 [3][33]

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-012 山东华鲁恒升化工股份有限公司 第九届监事会第四次会议决议公告 本公司监事会及全体监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第九届监事会第四次会议于 2025 年 3 月 27 日 在公司会议室以现场方式召开。本次会议的召开通知已于 2025 年 3 月 17 日以通讯 方式下发，会议应参会监事 3 人，实际参会监事 3 人。会议符合《公司法》和《公 司章程》的有关规定。经与会监事审议投票表决，通过了以下决议： 一、审议通过《2024 年度监事会工作报告》。 表决结果:同意 3 票；反对 0 票；弃权 0 票。 二、审议通过《关于公司 2024 年度财务决算报告的议案》。 表决结果:同意 3 票；反对 0 票；弃权 0 票。 四、审议通过《关于公司 2024 年年度利润分配及资本公积转增预案的议案》。 表决结果:同意 3 票；反对 0 票；弃权 0 票。 五、审议通过《关于公司 2024 年度内部控制评价报告的议案》。 表决结果:同意 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-013 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个别及连带责任。 重要内容提示： ● 每股分配比例，每股转增比例：每股派发现金红利 0.30 元（含税）。 ● 如在实施权益分派的股权登记日前公司总股本发生变动，拟维持每股分配比例 不变，相应调整分配总额，并将另行公告具体调整情况。 ● 本次利润分配方案尚需提交公司股东大会审议通过后方可实施。 一、利润分配方案内容 经上会会计师事 务所 （特殊普通合伙 ）审 计，公司 2024 年度 实现净利润 《公司法》及《公司章程》有关规定，公司盈余公积金累计额已达到注册资本的 50%， 不再提取。加计以前年度归属于母公司的未分配利润 23,519,703,902.27 元，减去上 年 度 分 配 现 金 红 利 1,273,991,999.40 元 及 2024 年 半 年 度 分 配 现 金 红 利 元。 母公司 2024 年度实现净利润 3,293,086,216.26 元，根据《公司法》及《公司 ...

3、2025 年 3 月 17 日，在上会会计师事务所出具初步审计意见后，审计委 员会与年审注册会计师以通讯形式进行了全面、充分、认真的沟通，年审会计师 将审计过程中重点关注事项、发现的相关问题及应进行相关处理的事项做了说 明，公司对需要调整事项已按年审会计师的审计调整意见做了相关调整。审计委 员会认为：经上会会计师事务所注册会计师初步审定的 2024 年度财务会计报表 可以提交审计委员会进行表决，我们对年审注册会计师拟对公司会计报表出具的 审计意见无异议。 4、2025 年 3 月 27 日，审计委员会以现场方式召开 2025 年第 1 次会议，对 公司根据上会会计师事务所出具的审计报告编制的 2024 年年度财务报告、内部 控制报告等进行了最终审议并形成书面决议，同意将年度财务报告、内部控制报 告提交公司董事会审议。 山东华鲁恒升化工股份有限公司董事会审计委员会 对 2024 年度会计师事务所履行监督职责情况报告 根据《公司法》、《证券法》、《上市公司治理准则》、《国有企业、上市公司选 聘会计师事务所管理办法》等法律、法规、规章及《公司章程》等规定，公司董 事会审计委员会在 2024 年度对会计师事务所履 ...