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 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥27.26 billion, a decrease of 9.87% compared to ¥30.25 billion in 2022[19] - The net profit attributable to shareholders for 2023 was approximately ¥3.58 billion, down 43.14% from ¥6.29 billion in 2022[19] - The net cash flow from operating activities decreased by 32.63% to approximately ¥4.72 billion in 2023 from ¥6.99 billion in 2022[19] - The basic earnings per share for 2023 was ¥1.689, a decrease of 43.04% from ¥2.965 in 2022[20] - The weighted average return on equity for 2023 was 12.81%, down 12.77 percentage points from 25.58% in 2022[20] - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was approximately ¥3.70 billion in 2023, down 42.28% from ¥6.42 billion in 2022[19] Assets and Liabilities - The total assets at the end of 2023 increased by 25.84% to approximately ¥44.05 billion compared to ¥35.01 billion at the end of 2022[19] - The net assets attributable to shareholders increased by 7.31% to approximately ¥28.89 billion at the end of 2023 from ¥26.92 billion at the end of 2022[19] - Total fixed assets increased by 85.63% to CNY 28,941,061,163.23, primarily due to the transfer of construction in progress[54] - The company’s long-term borrowings increased by 125.64% to CNY 7,348,145,006.31[54] - Short-term borrowings increased by 100% as of December 31, 2023, compared to December 31, 2022, primarily due to new working capital loans[57] - Accounts payable increased by 104.08% as of December 31, 2023, compared to December 31, 2022, primarily due to an increase in payable engineering equipment[57] Expenses - The company reported a significant increase in sales expenses by 16.30% to 601.26 million RMB[40] - Management expenses rose by 28.24% to 335.57 million RMB, reflecting increased operational costs[40] - Research and development expenses decreased by 5.28% to 578.38 million RMB, indicating a focus on cost control[40] - The gross margin for fertilizers was 35.07%, with a year-on-year increase in revenue of 2.86%[43] Revenue Breakdown - Revenue from the chemical sector was CNY 21,046,955,280.11, a decrease of 10.76% year-on-year, with a gross margin drop of 10.38 percentage points[43] - Revenue from new energy materials increased by 5.61% year-on-year to CNY 15,475,540,306.25, with a gross margin of 17.24%[43] - Domestic revenue was CNY 25,825,800,543.62, down 7.57% year-on-year, with a gross margin of 21.08%[44] Production and Capacity - The production volume of new energy materials was 394.82 thousand tons, an increase of 29.74% year-on-year, while sales volume was 217.91 thousand tons, up 20.20% year-on-year[44] - The company’s urea production capacity was 73.13 million tons, with an output of 61.2 million tons, achieving a capacity utilization rate of approximately 84%[78] - The agricultural market accounted for about 60% of the total domestic urea consumption, with exports reaching 4.25 million tons[79] Strategic Initiatives - The company is actively investing in capacity expansion and enhancing "new content" development as part of its strategic response to policy changes[63] - The company achieved a record for the fastest construction, commissioning, and profitability in the industry, with stable production and profit growth[64] - The company has signed cooperation agreements with multiple academic institutions to enhance its high-level R&D platform for future high-quality development[64] Environmental Compliance - The company achieved a 100% product quality compliance rate throughout the year, with no quality incidents reported[32] - The company’s strategic focus on green and low-carbon development was emphasized, with a 100% compliance rate for major pollutant emissions[32] - The company achieved a significant reduction in wastewater emissions, with total CODcr emissions decreasing by 336.95 tons, ammonia nitrogen by 44.11 tons, total nitrogen by 81.68 tons, and total phosphorus by 3.56 tons compared to previous limits[156] Governance and Management - The company has not reported any significant differences in governance practices compared to regulatory requirements[111] - The board of directors and management maintain clear responsibilities and effective checks and balances, contributing to stable operations[111] - The total remuneration for directors and senior management during the reporting period amounted to CNY 33.94 million[116] Shareholder Information - The company plans to distribute a cash dividend of ¥6.00 per 10 shares to all shareholders[4] - The total number of ordinary shareholders reached 41,482 by the end of the reporting period, an increase from 40,069 at the end of the previous month[199] - The company’s 2022 cash dividend distribution was 8.00 RMB per 10 shares, with the distribution completed on June 7, 2023[138] Risk Management - The company emphasizes the importance of adapting to market changes and enhancing its risk management capabilities in response to intensified competition in the chemical industry[107] - The company has not faced any penalties from securities regulatory authorities in the past three years[125] - The company has not encountered any risks of delisting during the reporting period[176]

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 decrease of 9.87% year-on-year, and a net profit attributable to shareholders of 3.58 billion yuan, down 43.14% year-on-year [2][3] - The traditional coal chemical sector showed relatively better profitability in urea, while acetic acid and organic amines faced pressure [2] - The new energy and new materials segment's revenue share continues to rise, with mixed profitability across products [2] - The successful launch of the Jingzhou Phase I project in November 2023 contributed an estimated net profit of 155 million yuan [2] - The average price of thermal coal decreased to 850 yuan per ton as of March 28, 2024, down approximately 76 yuan from the beginning of the year, indicating potential stabilization in product price differentials [2] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 27.26 billion yuan, with a net profit of 3.58 billion yuan, and a diluted EPS of 1.68 yuan [2][3] - The forecast for 2024-2026 shows an expected net profit of 4.48 billion yuan in 2024, 5.47 billion yuan in 2025, and 6.78 billion yuan in 2026, with corresponding P/E ratios of 12.41, 10.16, and 8.19 [2][3] Revenue Breakdown - The revenue from fertilizers, organic amines, and acetic acid was 5.7 billion, 2.7 billion, and 2.1 billion yuan respectively, contributing 21%, 10%, and 8% to total revenue [2] - The new materials segment generated 15.5 billion yuan in revenue, accounting for 57% of total revenue, with a gross profit margin of 17% [2] Market Conditions - The urea market exhibited a V-shaped recovery in 2023, with an average gross profit of 515 yuan per ton, up 2 yuan year-on-year [2] - The average gross profit for DMF and acetic acid was 279 yuan and 413 yuan per ton respectively, both showing significant year-on-year declines [2] Future Outlook - The company adjusted its net profit forecasts for 2024 and 2025 to 4.5 billion and 5.5 billion yuan respectively, reflecting a cautious outlook on demand recovery [2] - The overall market conditions are expected to stabilize as raw material costs decrease, potentially improving industry profitability [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [2][3]. Core Views - The company experienced a decline in revenue and net profit in 2023, with total revenue of 27.259 billion yuan, down 9.87% year-on-year, and a net profit of 3.576 billion yuan, down 43.14% year-on-year [2]. - Despite the drop in product prices, the company achieved significant sales volume growth across its product lines, particularly in new energy materials and chemical fertilizers [2]. - Key projects, including the successful operation of the Jingzhou project, are expected to support future growth [2]. - A successful resolution of a patent dispute related to melamine production has eliminated potential operational disruptions [2]. - The company is projected to see a recovery in net profit from 5.209 billion yuan in 2024 to 6.721 billion yuan in 2026, with corresponding EPS growth [3]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 27.259 billion yuan and a net profit of 3.576 billion yuan, with a significant decline in profitability [2][3]. - The fourth quarter of 2023 showed a revenue increase of 9.36% year-on-year, but a decline in net profit compared to the previous quarter [2]. Product Performance - The average selling prices of key products decreased, with new energy materials down 12.13%, chemical fertilizers down 10.45%, and organic amines down 58.99% [2]. - Sales volumes for new energy materials increased by 20.20%, chemical fertilizers by 14.87%, and acetic acid and derivatives by 24.20% [2]. Project Development - The company successfully launched the first phase of the Jingzhou project in November 2023, achieving rapid operational efficiency [2]. - Ongoing projects in Dezhou are also progressing well, contributing to the company's growth strategy [2]. Legal Matters - The company resolved a patent dispute regarding melamine production, allowing it to continue operations without further disruptions [2]. Future Projections - The company is expected to recover with net profits projected at 5.209 billion yuan in 2024, 6.040 billion yuan in 2025, and 6.721 billion yuan in 2026, with corresponding EPS of 2.45, 2.84, and 3.17 yuan respectively [3].

关于山东华鲁恒升化工股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：山东华鲁恒升化工股份有限公司 审计单位：和信会计师事务所（特殊普通合伙） 联系电话：0531-81666228 1 2 关于山东华鲁恒升化工股份有限公司非经营性资金占用及其他关联方资金往来情况的专项说明 报告正文 附件:山东华鲁恒升化工股份有限公司 2023 年度非经营性资金占用及其他关 联方资金往来情况汇总表 和信会 題合伙) 中国注册会计师: 中国注册会计师:公 79100011202 二O二四年三月二十八日 会计师事务所(特殊普通合伙) 27511 2 | | 资金占用方 | 占用方与上市 | 上市公司 | 2023 年期 | 2023 年度 占用累计发 | 2023 年度 占用资金 | 2023 年度 | 2023 年期 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 公司的关联关 | 核算的会 | 初占用资 | | ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-007 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十二次会议于 2024 年 3 月 28 日在 公司会议室以现场方式举行，本次会议的召开通知已于 2024 年 3 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，张成勇先生以通讯形式参会。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： 山东华鲁恒升化工股份有限公司 第八届董事会第十二次会议决议公告 一、审议通过《2023 年度总经理工作报告》。 同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《2023 年度董事会工作报告》。 同意 11 票，反对 0 票，弃权 0 票。 三、审议通过《关于独立董事 2023 年度述职报告的议案》。 同意 11 票，反对 0 票，弃权 0 票。 四、审议通过《关于审计委员会 2023 年度履职情况报告的议案》。 同意 11 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-009 一、利润分配方案内容 经和信会计师事务所（特殊普通合伙）审计，公司 2023 年度实现净利润 3,622,425,138.50 元，归属于母公司所有者的净利润为 3,575,898,630.37 元。根据 《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 21,642,461,271.10 元，减去上 年度分配现金红利 1,698,655,999.20 元后，合并口径本年度可供股东分配的利润为 23,519,703,902.27 元。 母公司 2023 年度实现净利润 3,484,232,843.05 元，根据《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。2023 年度 净利润加计以前年度未分配利润 21,651,478,606.25 元，减去上年度分配现金红利 1,698,655,999.20 元后，本年度可供股东分配的利润为 23,437,055,450.10 元。 山东华鲁恒升化工股份有限公司 2023 年年 ...