此议案事前已经公司董事会审计委员会认可：公司所编制的财务报表符合《企 业会计准则》的要求，真实、准确、完整地反映了公司 2024 年 3 月 31 日的财务状况、 2024 年一季度的经营成果和现金流量等相关信息。同意将该议案提交公司董事会审 议。 二、审议通过《关于公司推动"提质增效重回报"行动方案的议案》。 同意 11 票，反对 0 票，弃权 0 票。 特此公告。 证券代码：600426 证券简称：华鲁恒升 编号：临 2024-017 山东华鲁恒升化工股份有限公司 第八届董事会第十三次会议决议公告 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八届董事会第十三次会议于 2024 年 4 月 23 日以通讯方式举行，本次会议的召开通知已于 2024 年 4 月 12 日以通讯方式下发，应 参会董事 11 名，实际参会董事 11 名。会议召开符合《公司法》等相关法律、法规的 规定，会议形成的决议合法、有效。经与会董事审议投票表决，通过了以下决议： 一、审议通过《关于公司 2024 年一季度 ...

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 7,978,040,671.96, representing a year-on-year increase of 31.80%[4] - The net profit attributable to shareholders was CNY 1,065,362,337.51, reflecting a growth of 36.30% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,068,201,278.30, an increase of 37.74% year-on-year[4] - Basic earnings per share were CNY 0.502, marking a 36.41% increase[4] - In Q1 2024, the company reported a net profit of CNY 1,136,659,292.60, a significant increase of 45.7% compared to CNY 780,068,834.93 in Q1 2023[18] - Total comprehensive income for the period was CNY 1,136,659,292.60, compared to CNY 780,068,834.93 in Q1 2023, indicating a 45.7% increase[18] Cash Flow and Operating Activities - The net cash flow from operating activities amounted to CNY 1,130,744,553.55, up 41.27% from the previous year[4] - Cash flow from operating activities generated a net inflow of CNY 1,130,744,553.55, compared to CNY 800,406,615.53 in the same quarter last year, marking a 41.2% increase[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 44,934,291,904.08, a 2.00% increase from the end of the previous year[5] - The company's total assets as of March 31, 2024, amounted to CNY 44,934,291,904.08, compared to CNY 44,051,457,552.57 at the end of 2023[14] - The company's total liabilities decreased to CNY 13,347,182,917.36 from CNY 13,613,849,224.64, indicating a reduction of 2.0%[14] - Current assets increased to CNY 8,709,215,219.51 as of March 31, 2024, from CNY 7,922,570,895.24 at the end of 2023, reflecting a growth of 9.9%[13] - Non-current assets totaled CNY 36,225,076,684.57, slightly up from CNY 36,128,886,657.33 at the end of 2023[13] Shareholder Information - The equity attributable to shareholders was CNY 29,969,371,249.71, which is a 3.73% increase compared to the previous year-end[5] - The equity attributable to shareholders increased to CNY 29,969,371,249.71 as of March 31, 2024, compared to CNY 28,891,046,805.13 at the end of 2023, marking a growth of 3.7%[14] - The number of ordinary shareholders at the end of the reporting period was 43,721[8] Operating Costs and Expenses - Total operating costs for Q1 2024 were CNY 6,574,462,417.52, up 28.0% from CNY 5,143,637,430.90 in Q1 2023[16] - Research and development expenses decreased to CNY 122,529,471.30, down 29% from CNY 172,371,154.47 in Q1 2023[18] - The company incurred financial expenses of CNY 57,953,617.37, a significant rise from CNY 12,305,471.88 in the previous year[18] - The company’s tax expenses for the quarter were CNY 235,057,693.11, up from CNY 135,863,271.54 in Q1 2023, reflecting a 73.3% increase[18] Revenue Drivers - The increase in operating revenue was primarily due to the successful production launch of the Jingzhou Phase I project, leading to higher product sales[6] - The total revenue from operating activities reached CNY 7,284,955,668.73, up 31.8% from CNY 5,528,493,894.58 in the same period last year[20]

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-020 会议于 2024 年 4 月 24 日 10:00-11:30 通过上海证券交易所上证路演中心（网 址：http://roadshow.sseinfo.com/）举行。 山东华鲁恒升化工股份有限公司 2023 年度业绩说明会召开情况的公告 三、参加人员 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。 公司董事长、总经理常怀春先生，董事、副总经理、财务负责人高景宏先生， 独立董事娄贺统先生，董事会秘书高文军先生参加了本次说明会。 一、说明会类型 四、投资者参加方式 本次说明会以视频直播和网络互动形式召开，公司管理层就 2023 年度相关 情况与投资者进行了交流沟通。 投资者以视频直播和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。 二、说明会召开的时间和网址 五、会议主要内容 会议的主要内容详见上海证券交易所网站 http://www.sse.com.cn/登载的 本公告附件《华鲁恒升 2023 年度业绩说明会会议纪 ...

山东华鲁恒升化工股份有限公司 2023 年年度股东大会会议资料 山东华鲁恒升化工股份有限公司董事会 二〇二四年四月编制 华鲁恒升 山东华鲁恒升化工股份有限公司 2023 年年度股东大会会议议程 现场会议时间:2024年4月26日9时30分 投票方式：现场投票和网络投票相结合 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2024年4月26日至2024年4月26日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东大会召开当日的9:15-15:00。 现场会议地点:山东省德州市经济开发区东风东路2555号凤冠假日酒店 主持人:董事长 一、介绍出席情况并宣布现场会议正式开始 二、宣读现场会议须知 三、选举监票人、计票人 四、对大会各项议案依次进行简要陈述 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | | 非累积投票议案 | | | 1 | 2023 年度董事会工作报告 | ...

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].