证券代码：600426 证券简称：华鲁恒升 公告编号：临 2024-054 山东华鲁恒升化工股份有限公司 关于召开 2024 年第三季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法律责任。 投资者可于 2024 年 11 月 12 日(星期二) 至 11 月 18 日(星期一)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。 重要内容提示： 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年三季度的经营成果及财 务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行回答。 二、 说明会召开的时间、地点 三、 参加人员 董事长：常怀春先生 山东华鲁恒升化工股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公 司 2024 年三季度报告，为便于广大投资者更全面深入地了解公司 2024 年三季度 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2024-053 山东华鲁恒升化工股份有限公司 2024 年半年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.30 元。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/11/14 | － | 2024/11/15 | 2024/11/15 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 20 日的 2024 年第二次临时股东大会审议 通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公 司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 2,123,266,665 股为基数，每股 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][7] Core Views - The company's Q3 performance was under pressure due to equipment maintenance and narrowing product margins, with a revenue of 82.05 billion yuan in Q3, a year-on-year increase of 17.43% but a quarter-on-quarter decline of 8.81% [2][3] - The company has implemented a low-cost strategy that has improved net cash flow, with a net cash flow from operating activities of 38.91 billion yuan in Q3, a year-on-year increase of 10.29% [4] - The Jingzhou project is progressing steadily, contributing to the company's transformation and long-term growth potential, with the first phase already in production [5] Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved total revenue of 251.80 billion yuan, a year-on-year increase of 30.16%, and a net profit attributable to shareholders of 30.49 billion yuan, a year-on-year increase of 4.16% [2] - In Q3 alone, the company reported a net profit of 8.25 billion yuan, a year-on-year decline of 32.27% and a quarter-on-quarter decline of 28.84% [2][3] Production and Costs - Equipment maintenance led to a decrease in production and an increase in costs, with significant declines in the production and sales of key products, including a 7.70% decrease in new energy materials and a 4.61% decrease in chemical fertilizers [3] - The average prices of main products such as urea and isooctanol fell by 5.44% and 5.75% respectively in Q3, while the price of raw materials remained high, further squeezing profit margins [3] Strategic Initiatives - The company continues to push its low-cost strategy, achieving a reduction in total expense ratio to 3.71%, down 0.2 percentage points year-on-year [4] - The Jingzhou project is expected to enhance the company's long-term growth, with the first phase already operational and the second phase under construction [5] Earnings Forecast - The company is projected to have EPS of 2.21, 2.67, and 3.09 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 10.9, 9.0, and 7.8 [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - Despite low industry demand, the company demonstrates strong profitability resilience [6] - The company reported a revenue of 25.2 billion yuan for the first three quarters of 2024, a year-on-year increase of 30%, and a net profit attributable to shareholders of 3.05 billion yuan, up 4% year-on-year [2][6] - The third quarter of 2024 saw a revenue of 8.2 billion yuan, a 17% increase year-on-year, but a 32% decrease in net profit compared to the same quarter last year [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 25.2 billion yuan, with a year-on-year growth of 30% and a net profit of 3.05 billion yuan, reflecting a 4% increase [2][6] - In Q3 2024, the company reported a revenue of 8.2 billion yuan, which is a 17% increase year-on-year, but the net profit decreased by 32% year-on-year and 29% quarter-on-quarter [2][6] Product Performance - The company experienced an increase in sales volume for key products such as new energy materials (+19%), fertilizers (+41%), organic amines (+15%), and acetic acid and derivatives (+148%) in the first three quarters of 2024 [6] - In Q3 2024, the sales volume for these products showed mixed results, with new energy materials (+4%), fertilizers (+35%), organic amines (+14%), and acetic acid and derivatives (+149%) year-on-year, but some products saw a decline in sales volume compared to the previous quarter [6] Cost Management and Capital Expenditure - The company maintains a competitive edge in urea production costs, which are lower than gas-based and most coal-based processes, allowing it to sustain profitability despite price declines [6] - As of Q3 2024, the company has ongoing capital expenditures of approximately 4.4 billion yuan, representing 15% of fixed assets, focusing on coal gasification and amine industry chain projects [6] Future Outlook - The company forecasts revenues of 31.8 billion yuan, 35.7 billion yuan, and 38.6 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17%, 12%, and 8% [6] - The projected net profits for the same years are 3.9 billion yuan, 5 billion yuan, and 5.6 billion yuan, with corresponding growth rates of 9%, 29%, and 11% [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 25.18 billion yuan (YoY +30.16%) and a net profit of 3.049 billion yuan (YoY +4.16%) [3] - The third quarter saw a decline in profitability due to annual maintenance and narrowing product price spreads, indicating that profits are gradually bottoming out [3] - The company is focusing on cost reduction and efficiency improvement while continuing to invest in high-end chemical projects, which are expected to contribute to profits by the end of 2024 [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 8.205 billion yuan (YoY +17.43%, QoQ -8.81%) and a net profit of 0.825 billion yuan (YoY -32.27%, QoQ -28.84%) [3] - The annual maintenance plan in Q3 affected production, leading to a decline in output for various products [3] - The average price spreads for key products fell to historical lows, impacting the gross margin, which decreased by 3.03 percentage points to 17.56% [3] Future Outlook - The company plans to launch several high-end chemical projects, including a 200,000-ton/year BDO project and a 100,000-ton/year anhydride project, which are expected to start contributing to profits in late 2024 [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 3.95 billion, 4.86 billion, and 6.04 billion yuan respectively [3] Valuation - The current price-to-earnings (PE) ratios for 2024-2026 are projected to be 13X, 10X, and 8X respectively, indicating a favorable valuation compared to historical averages [3] - The current price-to-book (PB) ratio is 1.645X, which is below the historical average of 2.521X, suggesting an absolute margin of safety [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was impacted by planned maintenance, but this does not alter its long-term investment value [4] - Despite a decline in product price spreads and maintenance affecting Q3 results, the outlook remains positive due to expected macroeconomic recovery and new capacity additions [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 25.18 billion yuan, a year-on-year increase of 30.16%, and a net profit attributable to shareholders of 3.05 billion yuan, up 4.16% year-on-year [4] - In Q3 alone, the company reported revenue of 8.205 billion yuan, a year-on-year increase of 17.43%, but a net profit of 825 million yuan, which represents a year-on-year decline of 32.27% and a quarter-on-quarter decline of 28.84% [4] - The planned maintenance in August is expected to impact revenue by approximately 500 million yuan [2][4] Product Price Trends - In Q3 2024, the average prices for key products such as urea, acetic acid, and others saw significant declines, with average price changes of -9.26% for urea and -10.42% for acetic acid [2] - The average price spread for multiple products decreased significantly, with some products experiencing declines of over 20% [2] Future Outlook - The company is expected to benefit from macroeconomic policies aimed at stimulating demand, with new production capacities projected to contribute to revenue starting in 2025 [5] - The company plans to build additional production facilities, including 520,000 tons of molten urea and 200,000 tons of BDO, which are expected to enhance performance in the coming years [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][24] Core Views - The company achieved a revenue of 25.18 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 30.16%. The net profit attributable to shareholders was 3.05 billion yuan, up 4.16% year-on-year [2][3] - The third quarter revenue was 8.205 billion yuan, a year-on-year increase of 17.43% but a quarter-on-quarter decrease of 8.81%. The net profit attributable to shareholders was 825 million yuan, down 32.27% year-on-year and 28.84% quarter-on-quarter [3][4] - The company is facing challenges due to product price declines and maintenance impacts, but the second phase of the Jingzhou project is progressing steadily [2][6] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 8.205 billion yuan, with a gross profit of 1.441 billion yuan, and a net profit of 825 million yuan. The gross margin was 17.56%, down 6.77 percentage points year-on-year, and the net margin was 10.88%, down 6.54 percentage points year-on-year [3][4] - The company’s total revenue for the first three quarters of 2024 was 25.18 billion yuan, with a net profit of 3.05 billion yuan, and a return on equity (ROE) of 10.15%, down 0.36 percentage points year-on-year [2][3] Market Data - The company’s market capitalization is approximately 48.67 billion yuan, with a circulating market value of about 48.49 billion yuan. The stock has a 52-week price range of 19.83 to 31.90 yuan [3][4] - The company’s stock performance relative to the CSI 300 index shows a decline of 12.5% over the past month, 7.8% over the past three months, and 27.2% over the past year [3][4] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 33.4 billion yuan, 39.1 billion yuan, and 44.5 billion yuan, respectively. Net profits are projected to be 3.96 billion yuan, 4.99 billion yuan, and 6.19 billion yuan for the same years [7][24] - The company is expected to maintain a price-to-earnings (P/E) ratio of 12, 10, and 8 for the years 2024, 2025, and 2026, respectively, indicating a favorable growth outlook [7][24]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth [2][4]. Core Views - The company reported a revenue of 25.18 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 30.16%. The net profit attributable to shareholders was 3.05 billion yuan, up 4.16% year-on-year [2]. - The sales volume and revenue have shown steady growth, particularly in acetic acid and its derivatives, with significant increases in various business segments [2]. - The company is advancing its construction projects and improving operational efficiency, with a focus on cost reduction and process optimization [2]. - Future net profits are projected to be 4.00 billion yuan, 4.63 billion yuan, and 5.32 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.89, 2.18, and 2.51 yuan [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 251.80 billion yuan, with a net profit of 30.49 billion yuan, and a non-recurring net profit of 30.59 billion yuan [2]. - The third quarter alone saw a revenue of 82.05 billion yuan, a year-on-year increase of 17.43%, but a quarter-on-quarter decrease of 8.81% [2]. - The sales volume of new energy materials reached 1.90 million tons, up 18.81% year-on-year, while chemical fertilizers saw a sales volume of 3.20 million tons, increasing by 40.73% [2]. Business Segments - The acetic acid and its derivatives segment experienced a remarkable sales volume increase of 148.47% year-on-year, with revenue growth of 134.46% [2]. - The organic amine series products had a sales volume of 43.54 million tons, reflecting a year-on-year growth of 14.52%, although revenue declined by 5.78% [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits increasing steadily over the next three years [2][3]. - The current price of the stock is 23.50 yuan, with a PE ratio forecasted to decrease from 12x in 2024 to 9x in 2026, indicating potential for price appreciation [4][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Insights - The company's Q3 performance met expectations, with a long-term growth outlook remaining positive. The revenue for the first three quarters of 2024 reached 25.18 billion yuan, a year-on-year increase of 30.2%, while the net profit attributable to the parent company was 8.2 billion yuan, up 5.4% year-on-year [1][2]. - The report highlights that the company has adjusted its profit forecasts for 2024-2026, expecting net profits of 3.83 billion, 4.64 billion, and 5.59 billion yuan respectively, reflecting a downward adjustment in product price assumptions due to a large supply-side capacity release in the market [2][3]. Summary by Relevant Sections Financial Performance - For 2023, the company reported revenue of 27.26 billion yuan, with a year-on-year decrease of 10%. The projected revenue for 2024 is 32.92 billion yuan, representing a growth rate of 21% [1]. - The net profit for 2023 is expected to be 3.58 billion yuan, down 43% year-on-year, with a forecasted increase of 7% to 3.83 billion yuan in 2024 [1][3]. Earnings Per Share and Valuation - The earnings per share (EPS) for 2023 is projected at 1.68 yuan, with an expected increase to 1.80 yuan in 2024. The price-to-earnings (P/E) ratio is forecasted to be 12.7 for 2024, decreasing to 8.7 by 2026 [1][3]. - The price-to-book (P/B) ratio is expected to decline from 1.7 in 2023 to 1.2 in 2026, indicating a potential undervaluation of the stock [1][2]. Market Position and Competitive Landscape - The company is positioned as the largest producer of bicarbonate in China, with a dual-base layout in Dezhou and Jingzhou, enhancing its regional complementary capabilities in products and services [1][3]. - The report notes that the company is facing pressure from a relaxed supply-demand environment, which has led to a narrowing of product price differentials [1][2].

华鲁恒升（ [Table_StockNameRptType] 600426） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...