Core Insights - The report predicts that Brent crude oil prices will fluctuate around $65-70 per barrel in the second half of 2025, driven by tight supply and slow demand growth, with potential short-term spikes due to geopolitical factors [4][9] - The petrochemical industry is expected to gradually recover from its bottoming out phase, returning to a normal capacity cycle constrained by credit boundaries, leading to a slow recovery in profitability in 2025 and beyond [4][10] - Investment opportunities are highlighted in high-quality growth stocks, coal chemical equipment investments, and high-dividend sectors, emphasizing a bottom-up investment approach [4][10] Oil Price Trends - Oil prices experienced a two-phase trend in 2025: a decline from $74.64 to $60.23 per barrel (down 19.31%) until May 3, followed by a recovery to $77.01 per barrel (up 27.86%) after May 3 due to seasonal demand and geopolitical tensions [7][25] - The report indicates that global oil supply remains tight, with non-OECD countries contributing to demand growth, which will limit the extent of price declines [9][27] Industry Performance - Global refining capacity is projected to grow by 440,000 barrels per day from 2022 to 2028, with China contributing significantly to this increase [27][33] - The report notes that domestic refined oil demand is nearing its peak, with a decline in consumption due to economic weakness and competition from electric vehicles [39][45] - The petrochemical sector is experiencing a weak recovery, with some chemical products showing improved profitability despite high raw material costs [8][45] Investment Themes - The report emphasizes four main investment themes: 1. Quality growth and leading companies in the industry experiencing volume and price increases [10] 2. Opportunities in high-end materials and technology import substitution [10] 3. Investments related to the upcoming coal chemical investment cycle [10] 4. High dividend yielding state-owned enterprises benefiting from economic recovery [10][11] Recommendations - Key investment targets include leading companies in ethylene production, coal chemical leaders, and high dividend stocks such as China National Offshore Oil Corporation and China Petroleum [11][10] - The report suggests focusing on companies that are positioned to benefit from the recovery in domestic demand and the transition to high-end materials [11][10]

Core Viewpoint - The company has been selected as the first candidate for the EPC project of a coal gasification facility for Shaanxi Coal Group's Yulin Chemical Co., with a total bid amount of 2.392 billion yuan [1] Group 1: Project Details - The project involves the construction of a coal-to-methanol facility with a capacity of 5.6 million tons per year, a methanol-to-olefins facility with a capacity of 1.48 million tons per year, and downstream processing units [1] - The total production capacity of the project will be 2.77 million tons per year, producing eight types of products including polyethylene, polypropylene, EVA, and SAP [1] Group 2: Financial Impact - The formal signing of the contract and successful implementation of the project is expected to have a positive impact on the company's operating performance [1]

Core Insights - Blue Arrow Aerospace has established itself as the only domestic commercial rocket company in China with a complete capability chain of "research, manufacturing, testing, and launching" over the past ten years [1] Group 1: Liquid Oxygen Methane Era - The successful launch of the "Zhuque-2" rocket on July 12, 2023, marks it as the world's first liquid oxygen methane rocket to achieve orbit, filling a domestic gap [2] - Blue Arrow Aerospace chose liquid oxygen/methane as the propellant for its self-developed "Zhuque-2" rocket, believing it to be a bold yet rational choice due to methane's advantages over kerosene [2][3] - Methane's benefits include low cost, clean combustion with no carbon deposits, and easier maintenance for reusable engines compared to traditional propellants [3] Group 2: Engine Development - The "Tianque" 80-ton liquid oxygen methane rocket engine (TQ-12) is the first large thrust liquid oxygen methane engine developed by a private enterprise in China, ranking third globally and first in Asia in thrust levels [4] - The TQ-12 engine incorporates over ten key technologies, including efficient combustion and high-precision low-temperature regulators, which are domestic innovations [4] - The TQ-15A vacuum engine, developed in 2021, improved vacuum thrust by 11.8% and increased specific impulse by 126 m/s, showcasing advancements in engine design and efficiency [5] Group 3: Future Prospects - The "Zhuque-3" rocket, made from high-strength stainless steel, is set to be the first of its kind in China, with a planned maiden flight in 2025 [6] - The first-stage engine of the Zhuque-3 can be reused without disassembly after recovery, allowing for a significant reduction in launch costs by 80%-90% compared to single-use rockets [6]

Core Viewpoint - The successful completion of the Chinese space station represents a significant achievement in national unity and technological self-reliance, showcasing the country's advancements in space exploration and engineering capabilities [1][2]. Group 1: Technological Development - The Chinese space station has been developed with completely independent intellectual property rights and all products are domestically produced, reflecting a high level of technological self-reliance [1]. - The design process of the space station involved a top-down approach, ensuring that the overall plan is optimal through detailed functional designs across ten professional areas [2]. - The space station construction plan was condensed into a few dozen pages, while the verification process generated materials that could fill several bags, indicating a rigorous and thorough design process [2]. Group 2: Human Resources and Training - The success of the space missions relies heavily on the dedication and meticulous work ethic of the design teams, which has been passed down through generations of aerospace professionals [2]. - Astronauts undergo extensive training, often repeating procedures hundreds or even thousands of times to ensure they achieve muscle memory for critical operations [4]. - The ground support teams have also undergone rigorous training, including desert rescue operations, to prepare for potential challenges during missions [5]. Group 3: Scientific Research and Applications - The space application system is designed to utilize the unique environment of space for scientific research and application verification, with advancements in structural dynamics allowing for greater payload capacity [6]. - The experimental cabinets developed for the Chinese space station have achieved breakthroughs in various research fields, including genetics and materials science, supporting scientific endeavors for the next decade [6].

Group 1: Metal and Mining Sector - Zijin Mining's copper production is expected to increase by 7% to 115,000 tons in 2025, with gold production rising by 16% to 85 tons[15] - The company's projected net profit for 2024 is 32.05 billion CNY, increasing to 42.06 billion CNY in 2025, and 49.36 billion CNY in 2026, with a PE ratio decreasing from 14.39 to 9.34[13] Group 2: Construction Materials Sector - China National Materials Technology's net profit is forecasted to grow from 0.89 billion CNY in 2024 to 2.10 billion CNY in 2026, with a significant increase in high-end product capacity[20] - Keda Manufacturing's overseas revenue is projected to rise from 20 billion CNY in 2017 to 80 billion CNY in 2024, with overseas revenue share increasing from 36% to 64%[30] Group 3: Chemical Sector - Yara International's net profit is expected to reach 0.2 billion CNY in 2024, 3.0 billion CNY in 2025, and 7.2 billion CNY in 2026, driven by the expansion of special glass fiber production[25] - Ba Tian Co. is projected to maintain a strong profit margin due to its diverse fertilizer product offerings, with a production capacity of 200,000 tons of phosphate rock annually[79] Group 4: Aviation Sector - Juneyao Airlines is expected to achieve a net profit of 1.05 billion CNY in 2024, increasing to 2.0 billion CNY in 2025, with a PE ratio of 27.2 in 2024 and dropping to 11.4 in 2026[70] - The airline's operational efficiency is highlighted by its leading cost control, with a significant reduction in financial expenses anticipated in the coming years[70]

证券代码：603698 证券简称：航天工程 公告编号：2025-014 航天长征化学工程股份有限公司 关于参加中国航天科技集团有限公司 控股上市公司 2024 年度集体业绩说明会的公告 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法律责任。 重要内容提示： 网 络 直 播 地 址 ： 深 圳 证 券 交 易 所 " 互 动 易 " 平 台 （ https://irm.cninfo.com.cn/ ） ； 上 海 证 券 交 易 所 上 证 路 演 中 心 平 台 （https://roadshow.sseinfo.com/） 投资者可以在 2025 年 6 月 4 日（星期三）下午 16:00 前通过发送邮件的 方式进行提问，公司将在说明会上对投资者普遍关注的问题进行回复 航天长征化学工程股份有限公司（以下简称公司或航天工程）已于 2025 年 4 月 1 日在上海证券交易所网站披露了《2024 年年度报告》。为加强与投资者的 互动交流和沟通，使投资者更加全面、深入地了解公司 2024 年度经营成果、财 务状况，推进公司高质量发展，根 ...

证券代码：603698 证券简称：航天工程 公告编号：2025-013 航天长征化学工程股份有限公司2024年年度权益分派 实施公告 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： ? 每股分配比例 A 股每股现金红利0.108元（含税） 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称中国结算上海分公司）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 535,990,000 股为基数，每股派发现金红利 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | | （1）对于持有公司无限售条件流通股的自然人股东及证券投资基金，根据《 ...

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： 每股分配比例 A 股每股现金红利0.108元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | 证券代码：603698 证券简称：航天工程 公告编号：2025-013 航天长征化学工程股份有限公司2024年年度权益分派 实施公告 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称中国结算上海分公司）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本535,990,000股为基数，每股派发现金红利 0.108元（含税），共计派发现金红利57,886,920.00元（含税）。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | - ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% [4]. Core Insights - In 2024, the company achieved total revenue of 3.41 billion yuan, a year-on-year increase of 21.46%, and a total profit of 266 million yuan, up 37.7%. The net profit attributable to shareholders was 189 million yuan, reflecting a modest growth of 1.09%. The significant growth in revenue and total profit is primarily attributed to the consolidation of the gas operation business in Q2 2024, while traditional coal chemical equipment and engineering businesses performed steadily. The gross margin for core equipment is expected to remain stable [1][2]. - The company is strategically positioning itself in the green hydrogen and green alcohol industry chain, focusing on core equipment such as electrolyzers, gasifiers, and purification devices. This transition from coal chemical to green chemical is anticipated to create a second growth curve for the company's profits as the penetration rate of green hydrogen and hydrogen-based products increases [1][3][12]. Summary by Sections Coal Chemical Main Business - In 2024, revenue from coal efficient utilization reached 1.82 billion yuan with a gross margin of 24.7%. The expected revenue from EPC/design/consulting is estimated at 500-600 million yuan with a gross margin of 5-8%. Revenue from gasifiers is projected to be between 1.3 billion and 1.4 billion yuan, maintaining a gross margin of approximately 30% [3]. - High-end equipment manufacturing generated 300 million yuan in revenue with a gross margin of 28.7%, primarily from valve manufacturing, which was separately reported from equipment sales in 2023 [3]. Industrial Gas Operations - In April 2024, the company increased its stake in the previously affiliated company, Aerospace Hydrogen Energy, to 34.35%, becoming its controlling shareholder and consolidating it into the company's financial statements. This acquisition has made the industrial gas operation business a significant part of the company's operations, with ongoing projects such as the Cangzhou gas phase II project exceeding 80% completion and the successful commissioning of the Xinxiang gas project [3][11]. Hydrogen Energy Industry Chain Core Equipment - The company has made significant progress in the hydrogen energy industry chain, completing tests on a 2000-type alkaline water electrolyzer prototype, achieving leading domestic performance. Development of PEM electrolyzers in various capacities is ongoing, and the electrolyzer manufacturing process has been certified under three systems. The company has also received energy efficiency certification from the China Hydrogen Energy Alliance [12]. - The first hydrogen deep purification system and trace impurity removal system have completed trial operations, which can be used for purifying hydrogen from chemical by-products. The company possesses biomass gasification technology and equipment reserves, which are expected to contribute to profit growth as the industry transitions from coal chemical to green chemical [12][13]. Financial Projections - The company forecasts revenues of 5.42 billion yuan, 6.24 billion yuan, and 6.87 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 236 million yuan, 310 million yuan, and 345 million yuan. The projected P/E ratios for these years are 38, 29, and 26 times [14][13].

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]