Investment Rating and Core Views - The report initiates coverage on Hubei Yihua with an "Overweight" rating and a target price of CNY 21.28, representing a 50% upside from the current price of CNY 14.18 [2] - Hubei Yihua is a leading chemical enterprise with improving profitability through upstream mineral resource integration, midstream raw material support, and downstream high-value product extension [4] - The company is expected to achieve revenues of CNY 17.44 billion, CNY 17.58 billion, and CNY 18.27 billion for 2024-2026, with net profits of CNY 1.01 billion, CNY 1.24 billion, and CNY 1.59 billion, respectively [4] Business and Industry Analysis - Hubei Yihua's main products include urea, phosphate fertilizers, and PVC, all of which face supply constraints due to strict capacity controls [4] - The fertilizer sector is expected to maintain its prosperity, with urea and phosphate fertilizer prices remaining stable due to steady demand growth in agricultural planting areas [4] - The chlor-alkali industry is likely to see optimized supply-demand dynamics, with PVC demand expected to recover due to potential real estate stimulus policies [4] Financial Performance and Projections - Hubei Yihua's revenue is projected to grow modestly from CNY 17.44 billion in 2024 to CNY 18.27 billion in 2026, with net profit margins improving from 9.1% to 13.9% over the same period [8] - The company's EPS is forecasted to increase from CNY 0.93 in 2024 to CNY 1.46 in 2026, driven by improved profitability and asset integration [4] - Key financial ratios such as ROE are expected to rise from 13.1% in 2024 to 16.8% in 2026, indicating enhanced operational efficiency [8] Valuation and Peer Comparison - Using PE valuation, Hubei Yihua is assigned a 2025 PE multiple of 18.0x, implying a fair value of CNY 20.58 per share [17] - Based on PB valuation, the company is given a 2025 PB multiple of 2.0x, suggesting a fair value of CNY 21.99 per share [17] - The final target price of CNY 21.28 is derived from the average of the PE and PB valuation methods, representing a 2025 PE of 18.6x [19] Strategic Developments and Asset Integration - Hubei Yihua is expected to further integrate high-quality assets, including the remaining 39.4% equity of Xinjiang Yihua and the 1.5 million-ton phosphorus mine in Jiangjiadun [4] - The company's relocation projects and technological upgrades are anticipated to enhance product profitability and cost efficiency [4] - The integration of Xinjiang Yihua's coal resources and Jiangjiadun's phosphorus resources will strengthen the company's cost advantages in fertilizer production [4]

本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 湖北宜化化工股份有限公司（以下简称"公司"）于 2024 年 5 月 6 日召开的 2023 年度股东大会审议通过《关于 2024 年度对外担保 额度预计的议案》，于 2024 年 7 月 11 日召开的 2024 年第四次临时 股东会审议通过《关于新增 2024 年度对外担保额度预计的议案》， 同意 2024 年度公司为控股子公司及参股公司提供总计不超过 1,233,587.20 万元的担保额度，其中对资产负债率大于 70%的控股子 公司提供 543,000.00 万元担保额度，对资产负债率小于或等于 70% 的控股子公司提供 680,357.20 万元担保额度，对资产负债率小于或等 于 70%的部分参股公司提供 10,230.00 万元担保额度。公司于 2024 年 9 月 11 日召开的 2024 年第七次临时股东会审议通过《关于为参股 公司提供担保暨关联交易的议案》，同意公司为关联参股公司新疆宜 化化工有限公司（以下简称"新疆宜化"）提供担保金额 178,000.00 万元。 证券代码： ...

Investment Rating - The investment rating for Hubei Yihua is "Outperform the Market" [1][3][11] Core Views - The company has seen a significant increase in net profit, with a year-on-year growth of 94.92% in the first three quarters of 2024, reaching 758 million yuan [1][6] - The ongoing asset restructuring is expected to enhance the company's profitability, particularly through the acquisition of 100% equity in Yichang Xinfang Industrial Investment Co., Ltd. from its controlling shareholder [2][10] - The company is focusing on new production capacity and the divestiture of non-performing assets to bolster profits [2][10] Financial Performance Summary - For the first three quarters of 2024, Hubei Yihua achieved operating revenue of 13.52 billion yuan, a slight decrease of 1.34% year-on-year, while net profit attributable to shareholders increased by 94.92% to 758 million yuan [1][6] - The gross margin and net margin for the first three quarters of 2024 were 14.24% and 7.42%, respectively, reflecting an increase of 2.33 percentage points and 2.87 percentage points year-on-year [6] - The company’s sales expense ratio increased to 9.59%, up 0.84 percentage points year-on-year, primarily due to rising sales and R&D expenses [1][6] Future Projections - The company is projected to achieve operating revenues of 18.3 billion yuan in 2024, with net profit expected to reach 1.094 billion yuan, reflecting a significant recovery from previous years [5][11] - Earnings per share (EPS) are forecasted to be 1.03 yuan for 2024, with a corresponding price-to-earnings (PE) ratio of 13 [11][12] Strategic Initiatives - The company is investing in new production projects, including a 460,000-ton/year ammonia project that has reached full capacity, which utilizes cost-effective gasification technology [2][10] - Hubei Yihua is also collaborating with Duofluor to establish a new project for the production of anhydrous hydrofluoric acid, aimed at upgrading its phosphate and fluorine chemical industry [2][10]

Investment Rating - The investment rating for Hubei Yihua is "Buy" (maintained) [1] Core Views - The report highlights that despite a narrowing price spread in Q3, the company's performance remains resilient, and asset structure improvements are steadily progressing [1] - The company's revenue for Q3 2024 was 4.459 billion yuan, a year-on-year decrease of 3.23% and a quarter-on-quarter decrease of 8.31% [1] - Net profit for the same period was 219 million yuan, showing a year-on-year increase of 59.46% but a quarter-on-quarter decrease of 45.76% [1] - The report notes a mixed performance in product prices, with strong demand for diammonium phosphate (DAP) and a decline in urea and PVC prices due to new production capacity and weak downstream demand [1] - The company is expected to benefit from increased DAP production capacity and a favorable export environment, which will support profitability in the phosphate segment [1] Financial Summary - Revenue projections for 2024E are 18.106 billion yuan, with a year-on-year growth of 6.2% [3] - The net profit for 2024E is projected to be 1.088 billion yuan, reflecting a significant year-on-year increase of 140.1% [3] - The gross margin is expected to improve from 12.7% in 2023A to 15.9% in 2024E [3] - The report anticipates a steady increase in earnings per share (EPS) from 0.47 yuan in 2023A to 1.00 yuan in 2024E [3] - The company's P/E ratio is projected to decrease from 22.26 in 2023A to 14.09 in 2024E, indicating improved valuation [3] Cash Flow and Investment Activities - Operating cash flow for 2024E is estimated at 1.626 billion yuan, increasing to 3.861 billion yuan by 2026E [4] - The report indicates that capital expenditures will be significant, with projected investments of 1.492 billion yuan in 2024E [4] - The net increase in cash is expected to turn positive in 2024E, with a forecasted increase of 1.264 billion yuan [4] Asset and Liability Overview - Total assets are projected to grow from 21.434 billion yuan in 2023A to 35.672 billion yuan in 2026E [5] - The company's total liabilities are expected to increase from 12.777 billion yuan in 2023A to 21.871 billion yuan in 2026E [5] - The report highlights a stable equity position, with the equity attributable to shareholders expected to rise from 6.574 billion yuan in 2023A to 9.879 billion yuan in 2026E [5]

证券代码：000422 证券简称：湖北宜化 公告编号：2024-110 2. 股东股份累计质押情况 湖北宜化化工股份有限公司 关于控股股东所持质押股份全部解除质押 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、股东股份解除质押情况 湖北宜化化工股份有限公司（以下简称"公司"）于 2024 年 11 月 1 日收到控股股东湖北宜化集团有限责任公司（以下简称"宜化集团"） 函告，获悉其所持公司 5,000 万股质押股份已全部解除质押。具体情 况如下： 1. 本次解除质押情况 | 股东 | 是否为控股股东 或第一大股东及 | 本次解除 质押股份 | 占其所 | 占公司 | 质押 | | 质押 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 数量（万 | 持股份 | 总股本 | 起始日 | | 解除日 | | | | | 其一致行动人 | | 比例 | 比例 | | | | | | | | | 股） | | | | | | | | | 宜化 ...

Investment Rating - The report maintains a "Strong Buy" rating for Hubei Yihua (000422) with a target price of 16.95 CNY [1]. Core Views - The company reported a revenue of 13.52 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.34%. The net profit attributable to shareholders reached 758 million CNY, up 94.92% year-on-year, while the net profit excluding non-recurring items was 558 million CNY, an increase of 70.40% year-on-year [1]. - The report highlights a mixed performance in the company's main products, with phosphoric acid diammonium exports thriving and domestic demand remaining stable, while urea faced supply pressure due to new production capacity and falling prices [1]. - The company is actively pursuing industrial transformation and upgrades, with significant capital expenditures and ongoing construction projects aimed at enhancing competitiveness and extending the industrial chain [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 4.46 billion CNY, a decrease of 3.23% year-on-year and 8.31% quarter-on-quarter. The net profit attributable to shareholders was 219 million CNY, an increase of 59.46% year-on-year but a decrease of 45.76% quarter-on-quarter [1]. - The gross profit margin for Q3 2024 was recorded at 14.67%, reflecting a decrease of 2.27 percentage points quarter-on-quarter but an increase of 2.03 percentage points year-on-year [1]. - The report projects adjusted net profit forecasts for 2024-2026, estimating 1.00 billion CNY, 1.22 billion CNY, and 1.42 billion CNY respectively, with corresponding PE ratios of 15x, 12x, and 10x [2].

证券代码：000422 证券简称：湖北宜化 公告编号：2024-109 湖北宜化化工股份有限公司 关于筹划重大资产重组暨关联交易的进展 公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 公司将根据本次交易的进展情况，及时履行信息披露义务。公司 指定信息披露媒体为《证券时报》《中国证券报》《上海证券报》《证 券日报》和巨潮资讯网（http://www.cninfo.com.cn），所有信息均以在 上述指定媒体刊登的公告为准。敬请广大投资者注意投资风险。 《关于筹划重大资产重组暨关联交易的提示性公告》及 2024 年 9 月 30 日《关于筹划重大资产重组暨关联交易的进展公告》。 二、本次交易进展 自本次重组事项首次公告以来，公司及相关方积极推进各项工作， 就本次交易方案具体细节进行协商、论证。截至本公告披露日，公司 已组织各中介机构开展现场工作，本次交易涉及的尽职调查、审计、 评估等事项已基本完成，各中介机构正在履行内部审核程序，并根据 反馈意见进一步完善相关报告内容。待前述工作全部完成后，公司将 及时提交董事会审议《湖北宜化化工股份有限公司重大 ...

证券时报记者 臧晓松 湖北宜化(000422)10月28日晚间公告，拟由控股子公司宜化氟化工投资建设湿法磷酸配套2×3万吨/年无 水氟化氢项目，总投资约10.02亿元；拟由全资子公司精细化工公司投资建设年产4万吨季戊四醇升级改 造项目，总投资约6.98亿元。 先来看无水氟化氢项目。氟化氢是现代氟化工的基础，是制取元素氟、各种氟制冷剂、含氟新材料等的 最基本原料。企业将磷化工中低附加值的氟硅酸转化为高附加值的氟化氢，可获得更高经济效益。公告 显示，湖北宜化正在宜昌市姚家港化工园田家河片区建设20万吨/年精制磷酸、65万吨/年磷铵搬迁及配 套装置升级改造项目（以下简称"磷化工项目"）及邦普宜化一体化电池材料配套化工原料项目，前述项 目副产品氟硅酸可作为项目原料来源。 上述项目预计建设周期约两年，拟分两期建设。其中，一期建设一套年产3万吨无水氟化氢及配套装 置，二期根据市场需求择机实施。湖北宜化强调，该项目原材料成本较低，项目投产后预计产品盈利能 力较强，具备良好的市场发展空间。 再来看季戊四醇升级改造项目。为响应国家"长江大保护"政策，落实沿江1公里化工企业"关改搬转"任 务，于2025年底前完成公司宜都分公司的 ...

证券代码：000422 证券简称：湖北宜化 公告编号：2024-105 湖北宜化化工股份有限公司 关于投资建设年产 4 万吨季戊四醇升级改造 项目的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 湖北宜化化工股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开的第十届董事会第四十一次会议审议通过了《关于投资 建设年产 4 万吨季戊四醇升级改造项目的议案》，为响应国家"长江 大保护"政策，落实沿江 1 公里化工企业"关改搬转"任务，于 2025 年底前完成公司宜都分公司的季戊四醇装置搬迁工作，推进公司精细 化工产业转型升级，同意由全资子公司湖北宜化精细化工有限公司 （以下简称"精细化工公司"）投资建设年产 4 万吨季戊四醇升级改 造项目（以下简称"本项目"），总投资约 6.98 亿元。 根据《深圳证券交易所股票上市规则》相关规定，该议案在董事 会审批权限范围内，无须提交股东会审议。本次投资不构成关联交易， 亦不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、投资主体基本情况 公司名称：湖北宜化精细化工有限 ...

证券代码：000422 证券简称：湖北宜化 公告编号：2024-108 湖北宜化化工股份有限公司 第十届监事会第二十八次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1. 湖北宜化化工股份有限公司（以下简称"公司"）第十届监事会 第二十八次会议通知于 2024 年 10 月 24 日以书面、电话、电子邮件 相结合的形式发出。 2. 本次监事会会议于 2024 年 10 月 28 日以现场方式召开。 3. 本次监事会会议应出席监事 3 位，实际出席监事 3 位。 4. 本次监事会会议的主持人为监事会主席李刚先生。董事会秘 书及其他高级管理人员列席了本次会议。 5. 本次会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《湖北宜化化工股份有限公司章程》的规定。 二、监事会会议审议情况 本次会议经过投票表决，一致通过如下议案： 审议通过了《2024 年第三季度报告》。 经审议，监事会认为：董事会的编制和审议程序符合法律、行政 法规和中国证券监督管理委员会的规定，报告的内容真实、准确、完 整地反映了公司的实际情况。 表决 ...