Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 32.62 CNY [1][4]. Core Views - The company achieved a revenue of 25.18 billion CNY 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 CNY, up 4.16% year-on-year [1]. - The third quarter revenue was 8.21 billion CNY, showing a year-on-year increase of 17.43% but a quarter-on-quarter decrease of 8.81%. The net profit for Q3 was 825 million CNY, down 32.27% year-on-year and 28.84% quarter-on-quarter [1][2]. - The company is focusing on optimizing costs and accelerating the transformation towards new material products, which is expected to enhance its long-term competitive edge [3]. Summary by Sections Financial Performance - In Q3 2024, the revenue from the company's four main segments was as follows: New Energy Materials (3.998 billion CNY, +8.0% YoY), Chemical Fertilizers (1.604 billion CNY, +26.1% YoY), Organic Amines (610 million CNY, -7.4% YoY), and Acetic Acid and Derivatives (1.009 billion CNY, +114.7% YoY) [2]. - The overall sales volume for Q3 was 665,000 tons, with significant increases in Chemical Fertilizers and Acetic Acid products, while the prices of certain products like butanol and urea negatively impacted revenue [2]. Operational Efficiency - The company has been optimizing its production processes to reduce consumption and enhance operational efficiency, achieving a total expense ratio of 3.71% in the first three quarters, down 0.21 percentage points from the previous year [3]. - The company is also advancing several projects, including the gas power platform and integrated projects for new materials, which are expected to contribute to future growth [3]. Future Outlook - The report adjusts the net profit forecasts for 2024-2026 to 3.941 billion CNY, 4.946 billion CNY, and 5.733 billion CNY respectively, reflecting a cautious but optimistic outlook based on current market conditions and the gradual release of new production capacity [4][5]. - The company is positioned to benefit from its strategic investments in high-end new materials, which are anticipated to support long-term high-quality development [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company's Q3 performance met expectations, but due to a decline in the price of some products, the EPS forecasts for 2024-2026 have been adjusted downwards to 1.83, 2.38, and 2.67 CNY respectively [2]. - The target price remains at 26.84 CNY, based on a PE ratio of 11.29 for 2025 [2]. - The company reported Q3 revenue of 25.18 billion CNY, a year-on-year increase of 30.16%, and a net profit of 3.05 billion CNY, up 4.16% year-on-year [2]. Financial Summary - For Q3, the company achieved a revenue of 8.205 billion CNY, which is a 17.43% increase year-on-year but a 8.81% decrease quarter-on-quarter [2]. - The gross margin for Q3 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 [2]. - The company’s total revenue for 2024 is projected to be 35.953 billion CNY, with a net profit of 3.876 billion CNY [3]. Product Performance - Fertilizer sales in Q3 reached 1.03 million tons, a 35.27% increase year-on-year, while the price per ton was 1,551 CNY, up 6.78% year-on-year [2]. - Organic amines saw sales of 152,600 tons, a 14.05% increase year-on-year, but the price per ton decreased by 18.88% year-on-year to 3,997 CNY [2]. - Acetic acid sales surged by 149% year-on-year to 370,000 tons, with a price drop of 13.91% year-on-year to 2,721 CNY per ton [2]. - The new materials segment sold 665,000 tons, a 4.25% increase year-on-year, with a price decrease of 11.71% year-on-year to 6,012 CNY per ton [2]. Future Outlook - The company’s Jingzhou base has significantly contributed to revenue, with the first phase generating 3.765 billion CNY in revenue and 542 million CNY in net profit [2]. - The second phase of the Jingzhou project is under construction and is expected to be operational by the end of 2024, which includes integrated projects and material optimization [2]. - The company anticipates improvements in profitability as macroeconomic stimulus policies are implemented, and prices for certain products may gradually recover [2].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [3][10]. Core Views - The company reported a revenue of 25.18 billion yuan for Q3 2024, representing a year-on-year growth of 30.16%, while the net profit attributable to shareholders was 3.049 billion yuan, up 4.16% year-on-year [2]. - In Q3, the company faced production impacts due to maintenance, leading to a revenue decline of 17.43% quarter-on-quarter, with net profit down 32.27% [2]. - The company is expected to benefit from cost-saving measures and technical optimizations following maintenance activities [2]. - The coal prices remained stable, but industry competition has created pricing pressures, resulting in a decrease in gross margin to 17.56% in Q3 [2]. - The company is focusing on the implementation of the Jingzhou project, which is anticipated to optimize the existing production structure and reduce costs [2]. Summary by Sections Performance Review - Q3 2024 revenue was 25.18 billion yuan, a 30.16% increase year-on-year; net profit was 3.049 billion yuan, a 4.16% increase year-on-year [2]. - Q3 revenue was 8.205 billion yuan, a 17.43% increase year-on-year; net profit was 0.825 billion yuan, a 32.27% decrease year-on-year [2]. Operational Analysis - Maintenance activities affected production for about 20 days, leading to a decline in output across various product lines [2]. - The company is implementing cost-saving measures and optimizing technology following maintenance [2]. - Coal prices remained stable, but increased supply from new capacities has pressured product prices [2]. Profit Forecast - The company’s 2024 profit forecast has been lowered by 11%, with expected revenues of 33.2 billion yuan, 38.5 billion yuan, and 43.4 billion yuan for 2024-2026, respectively [3]. - The projected net profits for 2024-2026 are 4.04 billion yuan, 5.25 billion yuan, and 6.36 billion yuan, respectively [3]. Financial Metrics - The company’s earnings per share (EPS) are projected to be 1.9 yuan, 2.5 yuan, and 3.0 yuan for 2024-2026 [3]. - The current price-to-earnings (P/E) ratios are 12.2, 9.4, and 7.7 for the respective years [3].

重要内容提示： ●公司与关联方山东新华制药股份有限公司续签日常关联交易协议，向山东新 华制药股份有限公司及/或其附属公司直接提供醋酐、液氨等化工原料。 ●本关联交易事项经公司第九届董事会第三次会议审议通过，关联董事已按规 定回避表决。 证券代码：600426 证券简称：华鲁恒升 编号：临 2024-052 山东华鲁恒升化工股份有限公司 关于与新华制药续签日常关联交易公告 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。 ● 上述日常关联交易有利于公司生产经营的正常进行，对公司是必要的，符合 公司的实际情况和公司利益，未损害全体股东特别是中小股东的合法权益。 一、关联交易概述 2021 年 11 月 22 日公司第八届董事会 2021 年第 3 次临时会议审议通过《关于公 司与山东新华制药股份有限公司续签日常关联交易协议的议案》（详见公司"临 2021-043"公告），向山东新华制药股份有限公司（"新华制药"）及/或其附属公司 直接提供醋酸、醋酐等化工原料，期限自 2022 年 1 月 1 日至 2024 年 12 月 31 ...

Revenue and Profit - Revenue for Q3 2024 reached ¥8,204,647,462.69, an increase of 17.43% compared to the same period last year[2] - Net profit attributable to shareholders decreased by 32.27% to ¥824,649,975.25 in Q3 2024[2] - Basic and diluted earnings per share for Q3 2024 were both ¥0.388, down 32.40% year-on-year[2] - The company reported a 30.16% increase in revenue for the year-to-date period, primarily due to increased sales volume[7] - Total operating revenue for the first three quarters of 2024 reached CNY 25.18 billion, a significant increase of 30.3% compared to CNY 19.35 billion in the same period of 2023[17] - Net profit for the first three quarters of 2024 was CNY 3.28 billion, representing a 12.1% increase from CNY 2.93 billion in the same period of 2023[19] - Earnings per share for the first three quarters of 2024 were CNY 1.436, compared to CNY 1.379 in the same period of 2023[20] - The company reported a total profit of CNY 3.97 billion for the first three quarters of 2024, compared to CNY 3.40 billion in the same period of 2023[19] Assets and Liabilities - Total assets increased by 6.08% to ¥46,728,287,163.99 compared to the end of the previous year[4] - The company's current assets totaled RMB 8,428,958,829.25, up from RMB 7,922,570,895.24 at the end of 2023, indicating an increase of about 6.4%[14] - The total liabilities stood at RMB 14,626,542,402.67, compared to RMB 13,136,297,781.79 at the end of 2023, reflecting an increase of about 11.3%[15] - The company's total liabilities increased to CNY 14.18 billion, up from CNY 13.61 billion year-over-year[19] - The company's non-current assets totaled RMB 38,299,328,334.74, up from RMB 36,128,886,657.33, reflecting a growth of approximately 6.0%[15] - The company’s total non-current liabilities reached CNY 8.44 billion, an increase from CNY 7.83 billion in the previous year[19] Cash Flow - In the first three quarters of 2024, the company reported cash inflows from operating activities totaling approximately ¥24.27 billion, a significant increase from ¥18.36 billion in the same period of 2023, representing a growth of about 32%[21] - The net cash flow from operating activities for the first three quarters of 2024 was approximately ¥3.89 billion, compared to ¥3.53 billion in 2023, indicating an increase of around 10%[22] - The company recorded cash outflows for investing activities of approximately ¥3.59 billion in 2024, a decrease from ¥8.93 billion in the previous year, reflecting a reduction of about 60%[22] - Cash inflows from financing activities in 2024 amounted to approximately ¥1.31 billion, down from ¥4.25 billion in 2023, showing a decline of about 69%[22] - The company's cash and cash equivalents at the end of the third quarter of 2024 stood at approximately ¥1.82 billion, compared to ¥1.51 billion at the end of the same period in 2023, marking an increase of about 21%[22] - The company’s total cash outflows for operating activities in 2024 were approximately ¥20.38 billion, compared to ¥14.83 billion in 2023, indicating an increase of about 38%[22] Shareholder Information - The company has a total of 52,316 common shareholders as of the end of the reporting period[9] - Shareholders' equity attributable to the parent company rose by 6.49% to ¥30,766,059,155.31[4] - Shareholders' equity rose to CNY 32.54 billion, compared to CNY 30.44 billion in the previous year, reflecting a growth of 6.9%[19] Expenses and Costs - Total operating costs for the first three quarters of 2024 were CNY 21.22 billion, up 32.5% from CNY 15.97 billion in the previous year[17] - Research and development expenses for the first three quarters of 2024 were CNY 448.95 million, slightly up from CNY 447.71 million in the same period of 2023[19] Other Financial Metrics - The weighted average return on equity decreased by 1.62 percentage points to 2.74% in Q3 2024[2] - Non-recurring gains and losses totaled ¥2,178,658.50 for the current period, with a significant impact from government subsidies[5] - Deferred income increased to CNY 17.74 million, up from CNY 13.03 million year-over-year[19] - The company has not applied new accounting standards for the year 2024, maintaining consistency in financial reporting practices[24]

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-051 山东华鲁恒升化工股份有限公司 2024 年三季度主要经营数据的公告 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。 根据上海证券交易所《关于做好主板上市公司 2024 年第三季度报告披露工 作的重要提醒》、《上市公司自律监管指引第 3 号—行业信息披露第十三号—化 工》的要求，山东华鲁恒升化工股份有限公司（以下简称"公司"）现将 2024 年三季度主要经营数据披露如下： | 本年主要产品 | 生产量（万吨） | 销售量（万吨） | 收入（亿元） | | --- | --- | --- | --- | | 新能源新材料相关产品 | 317.93 | 190.05 | 123.16 | | 化学肥料 | 337.39 | 319.90 | 52.48 | | 有机胺系列产品 | 45.07 | 43.54 | 18.73 | | 醋酸及衍生品 | 109.68 | 112.53 | 30.48 | 一、主要产品的产量、销量及收入实现情况 注：新能源新材料 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-050 山东华鲁恒升化工股份有限公司 第九届董事会第三次会议决议公告 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。 山东华鲁恒升化工股份有限公司第九届董事会第三次会议于 2024 年 10 月 29 日在公司会议室以现场加通讯方式举行，本次会议的召开通知已于 2024 年 10 月 18 日以通讯方式下发，应参会董事 11 名，实际参会董事 11 名，其中：董事祁少卿先 生、庄光山先生、张成勇先生、丁建生先生以通讯形式参会。会议符合《公司法》 等相关法律、法规的相关规定，会议形成的决议合法、有效。经与会董事审议并投 票表决，会议通过了以下决议： 一、审议通过《关于公司 2024 年三季度报告的议案》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 此议案事前已经公司董事会审计委员会表决同意：公司所编制的财务报表符合 相关企业会计准则及上市公司信息披露的要求和规定，2024 年三季度报告真实、 准确、完整地反映了公司的财务状况、经营成果、股东权益变 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-049 山东华鲁恒升化工股份有限公司 2024 年半年度业绩及现金分红说明会召开情况的公告 会议于 2024 年 10 月 8 日 10:00-11:00 通过上海证券交易所上证路演中心（网 址：http://roadshow.sseinfo.com/）举行。 三、参加人员 公司董事长常怀春先生，董事、副总经理、财务负责人高景宏先生，独立董事 吴非先生，董事会秘书高文军先生参加了本次说明会。 四、投资者参加方式 投资者以网络互动形式通过上述网址参加本次说明会，就所关心的问题与公司 管理层进行沟通交流。 五、本次说明会投资者提出的主要问题及公司回复情况 问题 1：请问上半年行业的整体数据如何，我们的业绩和行业比是什么水平？ 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。 一、说明会类型 本次说明会以网络互动形式召开，公司管理层就 2024 年半年度相关情况与投 资者进行了交流沟通。 二、说明会召开的时间和网址 问题 2：公司哪些产品属于巿场优势产品？ 山东华鲁 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于山东华鲁恒升化工股份有限公司 2024 年第二次临时股东大会的 法律意见书 国枫律股字[2024]A0488 号 致：山东华鲁恒升化工股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《山东华鲁恒升 化工股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与 召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2024-047 山东华鲁恒升化工股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 587 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,038,275,965 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | 48.8999 | | 数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取现场投票与网络投票相结合的方式召开及表决。会议由公司董 事会召集，董事长常怀春先生主持。会议的召集、召开符合有关法律、法规、规 章和公司章程的规定。 (一) 股东大会召开的时间：2024 年 9 月 20 日 (二) 股东大会召开的地点 ...