智通财经APP讯，华鲁恒升(600426.SH)发布公告，根据年度计划，公司于2025年8月2日开始对部分生 产装置进行停车检修。至2025年8月31日，公司检修工作已经完成，恢复正常生产。 ...

华鲁恒升公告，根据年度计划，公司于2025年8月2日开始对部分生产装置进行停车检修。至2025年8月 31日，公司检修工作已经完成，恢复正常生产。 ...

社保基金持有期限最长的个股是华鲁恒升，自2012年四季度以来已累计持有51个季度，最新全国社保基 金一零六组合、全国社保基金一零三组合、全国社保基金一一四组合、全国社保基金四零一组合，位列 公司第三大、第四大、第七大、第十大流通股东，持股量合计为1.33亿股，占流通股比例为6.26%，社 保基金持有期限较长的还有中原传媒、我武生物、扬农化工等，已连续持有44、43、43个季度。 社保基金连续持仓超5年的46只个股中，从二季度末社保基金持股量来看，常熟银行、南山铝业、太阳 纸业等持股数量居前，社保基金分别持有2.06亿股、1.60亿股、1.51亿股。社保基金持股比例居前的有 科锐国际、华鲁恒升、常熟银行等，持股比例分别为6.30%、6.26%、6.23%。 财报季，机构持股动向逐渐浮出水面，社保基金二季度末共现身525只股，其中，46股已连续持有超20 个季度。 作为风格稳健的长期机构投资者，社保基金长线持有的重仓股引人关注，据证券时报·数据宝统计，截 至9月1日，公布半年报公司中，社保基金最新出现在525家公司前十大流通股东榜，向前追溯发现，共 有258只股获社保基金连续持有4个季度以上。其中，160只社保基 ...

证 券 研 究 报 告 华鲁恒升（600426）2025 年中报点评 强推（维持） 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 Q2 业绩环比修复，技改升级+新材料新项目 助力长期成长 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 34,226 | 35,765 | 38,608 | 40,910 | | 同比增速(%) | 25.6% | 4.5% | 8.0% | 6.0% | | 归母净利润(百万) | 3,903 | 3,510 | 4,167 | 4,739 | | 同比增速(%) | 9.1% | -10.1% | 18.7% | 13.7% | | 每股盈利(元) | 1.84 | 1.65 | 1.96 | 2.23 | | 市盈率(倍) | 15 | 16.2 | 13.6 | 12.0 | | 市净率(倍) | 1.8 | 1.7 | 1.6 | 1.4 | 资料来源：公司公告 ...

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Group 1 - Tianqi Materials reported a revenue of 7.03 billion yuan for the first half of 2025, a year-on-year increase of 28.97% [2][3] - The net profit attributable to shareholders was 268 million yuan, up 12.79% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, reflecting a growth of 26.01% [2][3] - Basic earnings per share increased to 0.14 yuan, a rise of 16.67% compared to the previous year [3] Group 2 - New Zobang achieved a revenue of 4.25 billion yuan, marking an 18.58% increase year-on-year, with a net profit of 484 million yuan, up 16.36% [5][6] - The net profit excluding non-recurring items was 466 million yuan, showing an 8.16% increase [5][6] - Basic earnings per share rose to 0.64 yuan, a 16.36% increase from the previous year [6] Group 3 - Ruida New Materials reported a revenue of 975 million yuan, a decline of 7.36% year-on-year, with a net profit of 82 million yuan, down 24.19% [7][8] - The net profit excluding non-recurring items was 79 million yuan, reflecting a decrease of 27.57% [7][8] - The company experienced a negative cash flow from operating activities of 80 million yuan [8] Group 4 - Yongtai Technology reported a revenue of 2.61 billion yuan, a year-on-year increase of 21.97%, with a net profit of 59 million yuan, up 56.17% [10][11] - The net profit excluding non-recurring items was 23 million yuan, down 15.08% [10][11] - Basic earnings per share increased to 0.06 yuan, a 50% rise compared to the previous year [11] Group 5 - Shida Shenghua reported a revenue of 3.01 billion yuan, a year-on-year increase of 14.87%, but a net loss of 56 million yuan, a decline of 248.03% [13][14] - The net loss excluding non-recurring items was 57 million yuan, down 282.11% [13][14] - The company reported a positive cash flow from operating activities of 90 million yuan [14] Group 6 - Duofluor reported a revenue of 4.33 billion yuan, a decline of 6.65% year-on-year, with a net profit of 51 million yuan, down 16.55% [15][16] - The net profit excluding non-recurring items was a loss of 4.81 million yuan, reflecting a decrease of 179.71% [15][16] - Basic earnings per share decreased to 0.0441 yuan, down 15.19% [16] Group 7 - Tianji Co. reported a revenue of 1.07 billion yuan, a year-on-year increase of 19.16%, but a net loss of 52 million yuan, an improvement of 59% compared to the previous year [18][19] - The net loss excluding non-recurring items was 56 million yuan, down 56.04% [18][19] - The company reported a negative cash flow from operating activities of 131 million yuan [19] Group 8 - Huayu Pharmaceutical reported a revenue of 882 million yuan, a decline of 1.73% year-on-year, with a net loss of 5.81 million yuan, a decline of 116.23% [21][22] - The net loss excluding non-recurring items was 21.59 million yuan, down 247.06% [21][22] - The company reported a negative cash flow from operating activities of 169 million yuan [22] Group 9 - Haike New Source reported a revenue of 2.32 billion yuan, a year-on-year increase of 27.92%, but a net loss of 42 million yuan, an improvement of 61.21% [23][24] - The net loss excluding non-recurring items was 49 million yuan, down 56.57% [23][24] - The company reported a negative cash flow from operating activities of 248 million yuan [24] Group 10 - Hualu Hengsheng reported a revenue of 15.76 billion yuan, a decline of 7.14% year-on-year, with a net profit of 1.57 billion yuan, down 29.47% [26][27] - The net profit excluding non-recurring items was 1.56 billion yuan, reflecting a decrease of 30.29% [26][27] - Basic earnings per share decreased to 0.739 yuan, down 29.48% [27] Group 11 - Huasheng Lithium reported a revenue of 349 million yuan, a year-on-year increase of 72.02%, but a net loss of 72 million yuan [29] - The net profit excluding non-recurring items was a loss of 78 million yuan [29] - The company reported a negative cash flow from operating activities of 183 million yuan [29] Group 12 - Fuxiang Pharmaceutical reported a revenue of 514 million yuan, a decline of 24.58% year-on-year, with a net loss of 6.91 million yuan, an increase of 69.23% [31][32] - The net loss excluding non-recurring items was 32 million yuan, reflecting a decrease of 34.91% [31][32] - The company reported a negative cash flow from operating activities of 10 million yuan [32] Group 13 - Furui Co. reported a revenue of 2.59 billion yuan, a decline of 3.03% year-on-year, but a net profit of 246 million yuan, an increase of 10.92% [34][35] - The net profit excluding non-recurring items was 250 million yuan, reflecting a growth of 15.71% [34][35] - The company reported a positive cash flow from operating activities of 447 million yuan [35] Group 14 - The overall performance of companies in the electrolyte and raw material sector has been poor, with most companies reporting unsatisfactory financial results [36] - Except for Tianqi and New Zobang, other companies in the electrolyte sector have shown average performance [36] - Companies in the lithium hexafluorophosphate sector have reported significant losses, with net profits declining across the board [36]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [2][4][6]. Core Views - The company reported a total revenue of RMB 15.764 billion in the first half of 2025, a year-on-year decrease of 7.14%, with a net profit attributable to shareholders of RMB 1.569 billion, down 29.47% year-on-year. However, the second quarter showed a sequential growth in net profit of 21.95% [4][9]. - The report highlights improvements in management efficiency and competitive positioning, particularly through the optimization of operations at the Jingzhou and Dezhou bases, reinforcing the long-term investment value of the company [4][9]. Financial Summary - The company’s revenue and profit forecasts for 2025-2027 are adjusted, with expected EPS of RMB 1.68, RMB 2.06, and RMB 2.19 respectively. The current PE ratios are projected at 15.9x, 13.0x, and 12.2x for the respective years [6][8]. - The company’s sales gross margin for the first half of 2025 was 18.01%, down 3.19 percentage points year-on-year, influenced by weak market demand and price fluctuations in key products [9][10]. - The report details the sales volume and revenue for various segments, noting a significant increase in fertilizer sales by 24.93% year-on-year, while other segments experienced declines [9][10]. - The company plans to distribute a cash dividend of RMB 530 million, representing 33.76% of the net profit for the first half of 2025, and has initiated a share buyback program with a budget of RMB 200-300 million [9][10].

Core Viewpoint - Hualu Hengsheng's stock has shown significant growth in 2023, with a year-to-date increase of 28.30% and a recent surge of 10.33% over the past five trading days, indicating strong market interest and performance [1]. Financial Performance - For the first half of 2025, Hualu Hengsheng reported a revenue of 15.764 billion yuan, a year-on-year decrease of 7.14%, and a net profit attributable to shareholders of 1.569 billion yuan, down 29.47% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 8.435 billion yuan, with 4.246 billion yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.20% to 52,700, while the average number of tradable shares per person increased by 18.12% to 40,209 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 76.3546 million shares, an increase of 8.5495 million shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 15.764 billion yuan in H1 2025, a year-on-year decrease of 7.1%, and a net profit of 1.569 billion yuan, down 29.5% year-on-year [5] - Q2 2025 showed a sequential revenue increase of 2.8% to 7.992 billion yuan, despite a year-on-year decline of 11.2% [5][6] - The company is focusing on volume growth and cost improvements, with Q2 performance benefiting from lower coal prices [6] - The report highlights a recovery in certain product prices and a strong cost management strategy, which is expected to strengthen the company's competitive position [6] - The company is advancing multiple projects, including a new amide raw material project and integrated projects nearing completion, which are expected to support long-term growth [6] Financial Summary - The company’s projected net profits for 2025-2027 are 3.524 billion, 4.203 billion, and 4.739 billion yuan, respectively, with corresponding EPS of 1.66, 1.98, and 2.23 yuan [6][8] - The revenue forecast for 2025 is 34.025 billion yuan, with a slight year-on-year decrease of 0.6% [8] - The gross margin is expected to improve to 19.5% by 2027, up from 17.1% in 2025 [8]

Economic News - The Ministry of Industry and Information Technology has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [1] - From January to July, the total profit of industrial enterprises above designated size decreased by 1.7% year-on-year, with state-owned enterprises seeing a 7.5% decline, while private enterprises experienced a 1.8% increase [1] - The Ministry of Commerce highlighted a shift in consumption patterns towards a balance between goods and services, with upcoming policies to stimulate service consumption [1] - The Shanghai government has released implementation opinions to accelerate the renovation of urban villages, focusing on areas with urgent public needs [1] - Guangzhou's city government emphasized the importance of urban renewal and quality improvement, particularly in urban villages and old communities [1] - In July, profits in high-tech manufacturing turned from a decline to growth, indicating a recovery in that sector [1] Company Insights - Nvidia has raised concerns about potential lawsuits due to the U.S. government's profit-sharing requirements [5] - Meituan plans to eliminate "overdue fines" for its delivery riders by the end of 2025 [5] - Apple is generating buzz with its upcoming fall event, with speculation about discontinuing seven products [5] - Xiaomi is set to launch its new operating system, Surge OS 3, highlighting its commitment to enhancing system experience [5] - Alibaba has developed an AI model for emergency chest pain scenarios, significantly reducing diagnosis time for acute aortic syndrome [5] Investment Strategy - The report suggests that the A-share market is in a slow bull phase, driven by short-term liquidity and a decline in traditional investment channels like real estate [6][8] - The market is expected to see structural opportunities, particularly in technology sectors, as the overall economic environment improves [9][10] - The report anticipates significant mid-term upward potential for the index, with a target of breaking through 4000 points [13] - The long-term outlook for the Chinese capital market is optimistic, with expectations of a shift from a bear market to a bull market driven by policy reforms and improved investor confidence [11][12] Company Performance - Ping An Bank reported a revenue of 69.39 billion yuan and a net profit of 24.87 billion yuan for the first half of 2025, with a year-on-year decline of 10% and 3.9% respectively [14] - The bank's non-interest income showed signs of improvement, contributing to a narrowing of revenue decline [15] - The total assets of Ping An Bank increased by 2.1% year-on-year, with a focus on optimizing loan structures and reducing high-risk products [16] - The bank's asset quality has improved, with a non-performing loan ratio of 1.05% and a coverage ratio of 238.5% [17][18] - The investment recommendation for Ping An Bank remains strong, with projected net profit growth rates of -3.3%, 0.9%, and 3.7% for 2025-2027 [19]