业绩环比改善明显，量增伴随高质成长 华鲁恒升（600426.SH）/化工 证券研究报告/公司点评 2024年4月26日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：28.40元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 30,245 27,260 33,971 38,810 41,907 分析师：孙颖 增长率yoy% 13% -10% 25% 14% 8% 执业证书编号：S0740519070002 归母净利润（百万元） 6,289 3,576 4,497 5,688 6,415 Email：sunying@zts.com.cn 增长率yoy% -13% -43% 26% 26% 13% 每股收益（元） 2.96 1.68 2.12 2.68 3.02 净资产收益率 23% 12% 13% 15% 14% P/E 9.7 17.0 13.4 10.6 9.4 P/B 2.3 2.1 1.8 1.5 1.3 备 注：股价取自2024年4月26日收盘价；每股指标按照最新股 ...

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 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果等事宜，出具本法律 意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2024-021 山东华鲁恒升化工股份有限公司 2023 年年度股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 295 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,040,275,167 | | 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 | 48.9928 | | 份总数的比例（%） | | (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 (一) 股东大会召开的时间：2024 年 4 月 26 日 (二) 股东大会召开的地点：山东省德州市经济开发区东风东路 2555 号凤冠假 日酒店。 (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： 事会召集，董事长常怀春先生主持。会议 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in stock price of over 15% in the next 6-12 months [8][9]. Core Views - The company reported a revenue of 7.978 billion RMB in Q1 2024, representing a year-on-year growth of 31.80%, and a net profit attributable to shareholders of 1.065 billion RMB, up 36.30% year-on-year [2]. - The performance of the Jingzhou base project continues to contribute to production and sales growth, with significant increases in the sales volumes of acetic acid, fertilizers, and organic amines [2]. - The company is expected to achieve revenues of 32.6 billion RMB, 37.9 billion RMB, and 42 billion RMB for the years 2024, 2025, and 2026 respectively, with net profits of 4.56 billion RMB, 5.83 billion RMB, and 6.83 billion RMB for the same years [2][5]. Summary by Sections Performance Analysis - The Jingzhou base project has significantly improved production and sales, with acetic acid, fertilizer, and organic amine sales volumes increasing by 42%, 15%, and 13% respectively compared to the previous quarter [2]. - The company’s gross margin for Q1 was 21.89%, showing improvement from the previous quarter but still below optimal levels [2]. - The company plans to enhance its competitive edge through continuous project investments and the introduction of new products such as oxalic acid and nylon 66 [2]. Financial Forecast - The company forecasts revenues of 32.6 billion RMB, 37.9 billion RMB, and 42 billion RMB for 2024, 2025, and 2026, respectively, with corresponding net profits of 4.56 billion RMB, 5.83 billion RMB, and 6.83 billion RMB [2][5]. - The earnings per share (EPS) are projected to be 2.15 RMB, 2.74 RMB, and 3.22 RMB for the years 2024, 2025, and 2026, with price-to-earnings (P/E) ratios of 13.20, 10.33, and 8.81 respectively [2][5].

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2024 年 04 月 25 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 一季度业绩同比增长[Ta ，ble_ 荆Tit 州le] 基地打开成长空间 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——华鲁恒升（ ） 年一季报点评 600426 2024 联系人 ： 李娟廷 S0350122090037 lijt03@ghzq.com.cn 最近一年走势 事件 : 2024年 4月25 日，华鲁恒升发布2024 年一季度报告：公司2024Q1 实现营收79.78亿元，同比+31.80%，环比+0.81%；实现归母净利润10.65 亿元，同比+36.30%，环比+64.24%；ROE 为 3.62%，同比增加 0.76 个百分点，环比增加1.35个百分点。销售毛利率21.89%，同比增加1.71 个百分点，环比增加4.12个百分点；销售净利率14.25%，同比增加1.36 个百分点，环比增加5.44个百分点。 投资要点 : 相对沪深300表现 2024/04/24 表现 1M ...

Investment Rating - The investment rating for the company is "Buy" [1][4][11]. Core Views - The company reported a year-on-year revenue increase of 32% and a net profit increase of 36% in Q1 2024, driven by the successful launch of the Jingzhou Phase I project and increased product sales [1][6]. - The company maintains a low-cost competitive strategy, optimizing production and sales structures to enhance profitability despite fluctuations in raw material prices [1][9]. - The company forecasts net profits of 44.4 billion, 47.5 billion, and 49.9 billion yuan for 2024-2026, with corresponding EPS of 2.1, 2.2, and 2.4 yuan, indicating a stable cost advantage and growth in sales from new projects [11][12]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 7.98 billion yuan and a net profit of 1.07 billion yuan, with gross margin at 22% and net margin at 14% [1][6]. - The main products' production and sales volumes increased significantly, with production volumes for new energy materials, fertilizers, organic amines, and acetic acid rising by 21%, 42%, 29%, and 138% respectively [1][8]. Market Conditions - The market for urea is currently under pressure, while prices for isooctanol, nylon 6, caprolactam, and acetic acid have seen year-on-year increases due to improved demand in the textile and agricultural sectors [1][9]. - The company benefits from a decrease in coal prices, which has helped to widen the price gap for its products [1][9]. Future Outlook - The company is expected to continue leveraging its cost, technology, marketing, and management advantages to ensure product profitability [1][9]. - The projected financial metrics indicate a positive growth trajectory, with a stable outlook for the company's earnings and market position [11][12].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年4月25日 华鲁恒升(600426.SH) Buy 买进 费倩然 H70507@capital.com.tw 目标价(元) 35.00 新产能投放，业绩超预期增长 事件：公司发布2024年一季报，2024Q1公司实现营收79.78亿元， 公司基本资讯 yoy+31.80%，qoq+0.81%；实现归母净利润10.65亿元，yoy+36.30%， 产业别 化工 qoq+64.24%，业绩高于我们预期。 A股价(2024/4/24) 28.34 上证指数(2024/4/24) 3044.82 结论与建议：2024Q1营收和业绩同比高增，主要受益于新产能投放推动 股价12个月高/低 35.03/23.32 各版块销量增长。原料端价格下降较多，公司毛利率得到修复。公司底部扩 总发行股数(百万) 2123.32 张，目前正处于产能投放期，叠加原材料价格回落带来的业绩修复，预计公 A股数(百万) 2115.41 司业绩将持续增长。荆州二期建设稳步推进，看好公司成长潜力，给予“买 A市值(亿元) 599.51 进”评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a Q1 2024 revenue of 8 billion yuan, a year-on-year increase of 32% and a quarter-on-quarter increase of 1%. The net profit attributable to shareholders was 1.07 billion yuan, up 36% year-on-year and 64% quarter-on-quarter, with a sales gross margin of 21.9%, an increase of 1.7 percentage points year-on-year and 4.1 percentage points quarter-on-quarter, meeting expectations [2][3] - The decline in coal prices has improved cost conditions, and the new Jingzhou base has contributed additional revenue. In Q1 2024, the company achieved revenues of 1.8 billion yuan from fertilizers, 600 million yuan from organic amines, and 1 billion yuan from acetic acid and derivatives, accounting for 25%, 9%, and 14% of total revenue, respectively [2][3] - The company’s new energy and materials segment saw revenue of 3.8 billion yuan in Q1 2024, representing 53% of total revenue, with a sales volume of 540,000 tons, an increase of 11,000 tons year-on-year [2][3] - The company maintains a low-cost competitive advantage and has improved energy efficiency, with the Jingzhou base's comprehensive energy consumption lower than approved values by 5% [2][3] Financial Summary - The company forecasts net profits attributable to shareholders of 4.5 billion yuan, 5.5 billion yuan, and 6.8 billion yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 13.4, 11.0, and 8.9 times based on the closing price on April 24 [2][3] - The total revenue is projected to reach 38.63 billion yuan in 2024, with a year-on-year growth rate of 41.71% [2][3] - The report indicates that the company’s operating cash flow for 2024 is expected to be 5.33 billion yuan, with a net profit of 4.48 billion yuan [9]

山东华鲁恒升化工股份有限公司 召开方式：视频直播和网络互动 参会人员：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。 在业绩说明会上，关于投资者重点关注的问题及公司管理层的解答要点如下： 1、公司后期如何发展新质生产力，推动企业高质量发展？ 答：新质生产力的特点是创新，关键是质优，本质是先进生产力。未来几年，公 司将顺应国家产业政策和行业发展趋势，坚持创新驱动，继续加大研发投入，延伸拓 展产业链条，通过链条耦合衍生适销对路的新产品，推动平台优化、产品迭代、装备 升级，创建世界一流专精特新示范企业。 一是持续加大科技投入。多元引进高层次人才，加强与科研院所大专院校合作， 研究开发关键技术，提高科技成果转化力度，在关键领域和核心技术上有所突破。 2023 年度业绩说明会会议纪要 时间：2024 年 4 月 24 日 11:00-11:30 二是积极推进主业投资。统筹资源，协同推动德州本部及荆州基地"一体两翼" 并肩发展。抓好项目论证，加强投资管理，坚持对后续项目综合排队，视情况择机启 动，打造产业竞争优势，形成一批有重大影响的高端产品。 三是持续发 ...