Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Views - The company achieved a revenue of 16.975 billion yuan in the first half of 2024, representing a year-on-year increase of 37.35%, and a net profit of 2.224 billion yuan, up 30.10% year-on-year [1]. - The performance growth is driven by the operational efficiency of the Jingzhou base and technical upgrades at the Dezhou headquarters, leading to increased production and sales of key products [1]. - The company is advancing its dual-base project strategy, which is expected to support long-term growth through enhanced resource utilization and product innovation [1][2]. Summary by Sections Financial Performance - In the first half of 2024, the company's main products saw significant sales growth: - New energy materials sales increased by 28.47%, with revenue up 18.64% - Fertilizer product sales rose by 43.50%, with revenue increasing by 39.88% - Organic amines sales grew by 14.77%, but revenue slightly declined by 4.97% - Acetic acid and derivatives sales surged by 148.03%, with revenue up 145.66% [1]. - The overall gross margin improved by 0.34 percentage points to 21.20%, contributing to net profit growth [1]. Strategic Development - The company leverages clean coal gasification technology and a flexible multi-product production model to enhance resource utilization and expand its product chain [1]. - The Jingzhou base's first phase has commenced operations, generating revenue of 3.765 billion yuan and a net profit of 543 million yuan in the first half of 2024 [1]. - Future projects at both the Jingzhou and Dezhou bases are expected to contribute additional revenue, supporting the company's long-term growth strategy [1][2]. Profit Forecast - The company forecasts net profits of 4.680 billion yuan, 5.658 billion yuan, and 6.736 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.20, 2.66, and 3.17 yuan [2]. - The current stock price corresponds to P/E ratios of 10, 8, and 7 for the years 2024 to 2026 [2].

基础化工 | 证券研究报告 — 业绩评论 2024 年 8 月 27 日 600426.SH 买入 原评级：买入 市场价格:人民币 22.03 板块评级:强于大市 股价表现 (32%) (25%) (18%) (10%) (3%) 4% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 华鲁恒升 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (19.7) (9.9) (24.1) (30.8) 相对上证综指 (16.1) (8.7) (16.5) (24.0) | --- | --- | |------------------------------------|-----------| | 发行股数 (百万) | 2,123.32 | | 流通股 (百万) | 2,115.41 | | 总市值 (人民币 百万) | 46,776.74 | | 个月日均交易额 (人民币 百万) | 301.69 | | 主要股东 | | | 山东华鲁恒升集团有限公司 | 32.06 | | 资料来源：公司公告 ...

证券研究报告 非金融公司|公司点评|华鲁恒升（600426） 盈利韧性凸显，业绩符合预期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 公司发布半年报，2024H1 实现营业收入 170 亿元，同比+37%，实现归母净利润 22.2 亿元，同 比+30%，实现扣非后归母净利润 22.4 亿元，同比+32%。上半年业绩增长主要受益于荆州基地 一期项目的运营达效和德州本部装置的技术改造扩能，主导产品产销量提高，经营收益同比 增长。上半年核心子公司华鲁恒升(荆州)有限公司的净利润达 5.4 亿元，同比扭亏且盈利大 幅提升。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月27日 华鲁恒升(600426) 盈利韧性凸显，业绩符合预期 | --- | --- | |------------|-------------------| | 行 业： | 基础化工/农化制品 | | 投资评级： | ...

2024 年 8 月 26 日 公司研究 荆州项目贡献增量，24Q2 业绩持续增长 ——华鲁恒升（600426.SH）2024 年半年报点评 买入（维持） 当前价：22.03 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 股价相对走势 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 21.23 | | 总市值(亿元)： | 467.77 | | 一年最低/最高(元)： | 21.70/34.28 | | 近 3 月换手率： | 36.29% | -30% -20% -10% 0% 10% 08/23 11/23 02/24 05/24 华鲁恒升 沪深300 收益表现 | --- | --- | --- | --- | |-------|-------|--------|--------| | % | 1M | 3M ...

证 2024 年 08 月 24 日 研 报 告 公 司 研 究 究 产能放量构筑业绩，增收扩盈持续发力 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn | --- | --- | |----------------------|------------| | 基本数据 | 2024-08-23 | | 当前股价（元） | 22.65 | | 总市值（亿元） | 481 | | 总股本（百万股） | 2123 | | 流通股本（百万股） | 2116 | | 52 周价格范围（元） | 21.93-34.1 | | 日均成交额（百万元） | 331.06 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《华鲁恒升（600426）：新项目 投产，公司竞争力持续增强》2023- 12-28 -40 -30 -20 -10 0 10 (%) 华鲁恒升 沪深300 —华鲁恒升（600426.SH）公司事件点评报告 华鲁恒升发布半年度业绩报告：2024 年上半年实现营业收入 169.75 亿元，同比增长 37.35%；实现归母净利润 22.24 亿 ...

2024 年 08 月 23 日 公司研究 评级：买入(维持) 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 李娟廷 S0350122090037 lijt03@ghzq.com.cn 研究所： [Table_Title] Q2 业绩同比大增，在建项目有序推进 ——华鲁恒升（600426）2024 年中报点评 最近一年走势 相对沪深 300 表现 2024/08/22 表现 1M 3M 12M 华鲁恒升 -16.6% -23.0% -31.3% 沪深 300 -5.7% -10.1% -11.8% 市场数据 2024/08/22 当前价格（元） 21.93 52 周价格区间（元） 21.70-35.03 总市值（百万） 46,564.41 流通市值（百万） 46,391.01 总股本（万股） 212,332.00 流通股本（万股） 211,541.33 日均成交额（百万） 236.74 近一月换手（%） 0.64 相关报告 《华鲁恒升（600426）2024 年一季 ...

研究报告 Research Report 23 Aug 2024 华鲁恒升 Shandong Hualu Hengsheng Chemical (600426 CH) 24 年上半年扣非归母净利润同比增长 32.14%，看好新项目投产的成长空间 Recurring net ptofit up 32.14% YOY in 2024H1; Positive with growth potential of new projects [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |------------------------------------------------------------------------|------------------------| | [Table_Info] 维持优于大市 | Maintain OUTPERFORM | | 评级 | 优于大市 OUTPERFORM | | 现价 | Rmb21.93 | | 目标价 | Rmb36.89 | | HTI ESG | 2.4-3.0-4.5 | | E-S-G: 0- ...

基础化工 2024 年 08 月 23 日 华鲁恒升 (600426) ——业绩符合预期，煤炭成本明显缓解，低成本壁垒持续 巩固 | --- | --- | |------------------------------------|---------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（元） | 21.93 | | 一年内最高/最低（元） | 35.03/21.70 | | 市净率 | 1.6 | | 息率（分红/股价） | 2.74 | | 流通 A 股市值（百万元） | 46,391 | | 上证指数/深证成指 | 2,848.77/8,162.18 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 14.09 | | 资产负债率% | 29.49 | | 总股本/流通 A 股（百万） | 2,123/2,115 | | 流通 B 股/H 股（百万） ...

C o m p a n y U p d a t e 2024 年 8 月 23 日 费倩然 H70507@capital.com.tw 目标价(元) 29.50 公司基本资讯 | --- | --- | --- | --- | |---------------------|--------|--------|--------------| | 产业别 | | | 化工 | | A 股价(2024/8/22) | | | 21.93 | | 上证指数(2024/8/22) | | | 2848.77 | | 股价 12 个月高/低 | | | 34.28/21.7 | | 总发行股数(百万) | | | 2123.32 | | A 股数(百万) | | | 2115.41 | | A 市值(亿元) | | | 463.91 | | 主要股东 | | | 山东华鲁恒升 | | | | | 集团有限公司 | | | | | (32.06%) | | 每股净值(元) | | | 14.09 | | 股价/账面净值 | | | 1.56 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | ...

Investment Rating - Buy (Maintained) [5] Core Views - The company's revenue and net profit have shown significant growth in H1 2024, with revenue reaching 16.975 billion yuan (yoy +37.35%) and net profit attributable to shareholders reaching 2.224 billion yuan (yoy +30.10%) [1] - The company's market share has expanded due to the full production of its Jingzhou base and capacity expansion at its Dezhou headquarters, leading to increased sales of key products despite price declines in some categories [2] - The company's profitability is expected to improve steadily due to lower raw material costs and ongoing cost reduction efforts, with gross margin increasing by 0.34pct to 21.20% and net margin increasing by 0.24pcts to 14.06% in H1 2024 [2] - The company's product prices have strong bottom support, and the recovery of industry conditions is expected to drive further performance improvement [2] - The company is expected to achieve net profits of 4.615 billion yuan, 5.588 billion yuan, and 6.382 billion yuan in 2024, 2025, and 2026, respectively, with corresponding PE ratios of 10x, 8x, and 7x [3] Financial Performance Summary Revenue and Profit - H1 2024 revenue: 16.975 billion yuan (yoy +37.35%), Q2 revenue: 8.997 billion yuan (yoy +42.69%, qoq +12.78%) [1] - H1 2024 net profit: 2.224 billion yuan (yoy +30.10%), Q2 net profit: 1.159 billion yuan (yoy +24.89%, qoq +8.78%) [1] - Revenue breakdown: New energy and new materials (8.318 billion yuan, yoy +18.7%), chemical fertilizers (3.644 billion yuan, yoy +39.9%), organic amines (1.263 billion yuan, yoy -5.0%), acetic acid and derivatives (2.039 billion yuan, yoy +145.7%) [2] Product Sales and Prices - New energy and new materials: Sales volume 1.2355 million tons (yoy +28.5%), average price 6,732 yuan/ton (yoy -7.6%) [2] - Chemical fertilizers: Sales volume 2.165 million tons (yoy +43.5%), average price 1,683 yuan/ton (yoy -2.5%) [2] - Organic amines: Sales volume 282,800 tons (yoy +14.8%), average price 4,466 yuan/ton (yoy -17.2%) [2] - Acetic acid and derivatives: Sales volume 754,500 tons (yoy +148.0%), average price 2,702 yuan/ton (yoy -1.0%) [2] Profitability and Margins - Gross margin: 21.20% in H1 2024 (yoy +0.34pct) [2] - Net margin: 14.06% in H1 2024 (yoy +0.24pcts) [2] - Jingzhou base net margin: 14.41% (revenue 3.765 billion yuan, net profit 543 million yuan) [2] Financial Forecasts - Revenue forecast: 33.758 billion yuan (2024E, yoy +23.84%), 38.125 billion yuan (2025E, yoy +12.94%), 41.661 billion yuan (2026E, yoy +9.27%) [4] - Net profit forecast: 4.615 billion yuan (2024E, yoy +29.06%), 5.588 billion yuan (2025E, yoy +21.09%), 6.382 billion yuan (2026E, yoy +14.21%) [4] - EPS forecast: 2.17 yuan (2024E), 2.63 yuan (2025E), 3.01 yuan (2026E) [4] Valuation Metrics - PE ratio: 10x (2024E), 8x (2025E), 7x (2026E) [3] - EV/EBITDA: 5.99x (2024E), 4.97x (2025E), 4.22x (2026E) [8] - P/B ratio: 1.46x (2024E), 1.31x (2025E), 1.16x (2026E) [9] Key Financial Ratios - Gross margin: 22.29% (2024E), 23.23% (2025E), 23.83% (2026E) [9] - Net margin: 13.67% (2024E), 14.66% (2025E), 15.32% (2026E) [9] - ROE: 14.51% (2024E), 15.70% (2025E), 15.97% (2026E) [9] - ROIC: 12.65% (2024E), 13.63% (2025E), 13.88% (2026E) [9] Balance Sheet and Cash Flow - Total assets: 47.235 billion yuan (2024E), 52.034 billion yuan (2025E), 57.303 billion yuan (2026E) [8] - Operating cash flow: 6.628 billion yuan (2024E), 9.099 billion yuan (2025E), 9.915 billion yuan (2026E) [9] - Capital expenditure: 4.850 billion yuan (2024E), 4.845 billion yuan (2025E), 4.840 billion yuan (2026E) [9]