扣非后净利润同比下降 14.17%，子公司获得探矿权 远兴能源(000683) ——远兴能源 2024 年年报点评 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 7.60 [Table_CurPrice] 当前价格： 5.13 [Table_Market] 交易数据 52 周内股价区间（元） 4.97-8.14 本报告导读： 2024 年，公司实现扣非后净利润 20.72 亿元，同比下降 14.17%，公司全年碱业销量 同比增长 91.50%至 721.30 万吨。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,044 | 13,264 | 11,779 | 14,287 | 16,243 | | (+/-)% | 9.6% | 10.1% | -11.2% | 21.3% | 13.7% | | 净利润（归母） ...

关于举行2024年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：000683 证券简称：远兴能源 公告编号：2025-037 内蒙古远兴能源股份有限公司 内蒙古远兴能源股份有限公司（以下简称公司）已于 2025 年 4 月 25 日在巨 潮资讯网披露了《2024 年年度报告》。 1 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可提前登录"互 动易"网站（http://irm.cninfo.com.cn），提交所关注的问题。公司将在业绩 说明会上对投资者普遍关注的问题进行回答。此次活动交流期间，投资者仍可登 录活动界面进行互动提问。欢迎广大投资者积极参与！ 特此公告。 内蒙古远兴能源股份有限公司董事会 二〇二五年五月九日 为便于广大投资者全面深入了解公司 2024 年度经营成果及财务状况等信息， 公司将于 2025 年 5 月 16 日（星期五）15:00-17:00 举行 2024 年度业绩说明会。 本次业绩说明会通过深圳证券交易所提供的"互 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly operate in a volatile and weak manner [2]. Summary by Related Catalogs Daily View - The supply of soda ash increases as maintenance resumes and the operating rate rebounds, while the terminal demand is average. The factory inventory of soda ash declines but remains at a historical high. The basis indicates futures premium over spot, the price is below the 20 - day line which is downward, the main position is net short with an increase in short positions. Overall, it is expected to be volatile and weak in the short - term [2]. Influence Factors Summary - **Likely Factors**: The increase in the production capacity of downstream photovoltaic glass boosts the demand for soda ash [3]. - **Negative Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The production of the industry is at a historical high. The cold - repair of downstream float glass for heavy soda is at a high level, and the daily melting volume continues to decrease, resulting in weak demand for soda ash [4]. Main Logic The supply of soda ash is declining from a high level, the improvement in terminal demand is limited, and the inventory, although continuously declining, is still at a high level in the same period. The mismatch between supply and demand in the industry has not been effectively improved [5]. Soda Ash Futures Market - The closing price of the main contract of soda ash futures decreased by 1.63% to 1330 yuan/ton, the low - end price of heavy soda in Shahe decreased by 0.76% to 1310 yuan/ton, and the main basis decreased by 37.50% to - 20 yuan [6]. Soda Ash Spot Market - The low - end price of heavy soda in Hebei Shahe is 1310 yuan/ton, a decrease of 10 yuan/ton from the previous day [12]. - The profit of the combined - alkali method for heavy soda in East China is 175.50 yuan/ton, and the profit of the ammonia - alkali method for heavy soda in North China is - 62.50 yuan/ton. The production profit of soda ash is at a historical low [15]. - The weekly operating rate of the soda ash industry is 89.44% and is stabilizing and rebounding. The weekly output is 75.71 tons, with heavy soda ash at 41.55 tons, and the output is falling from a historical high [18][20]. - From 2023 to 2025, there have been significant increases in the new production capacity of soda ash. In 2023, the new capacity was 640 tons, in 2024 it was 180 tons, and the planned new capacity in 2025 is 750 tons, with 60 tons actually put into production [21]. Fundamental Analysis - Demand - The weekly sales - to - production ratio of soda ash is 102.69% [24]. - The daily melting volume of national float glass is 15.78 tons, and the operating rate of 75.85% continues to decline, resulting in weak demand for soda ash. The price of photovoltaic glass is stabilizing, the daily melting volume in production has rebounded to 9.1 tons, and the production has stabilized [27][30]. Fundamental Analysis - Inventory The total inventory of domestic soda ash manufacturers is 167.22 tons, including 85.71 tons of heavy soda ash, and the inventory is at a historical high in the same period [33]. Fundamental Analysis - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, apparent supply, total demand, supply - demand difference, and growth rates of various indicators [34].

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 23,219.8 billion yuan in 2024, with a year-on-year increase of 3.2%, but a net profit attributable to shareholders of 1,185.6 billion yuan, reflecting a year-on-year decrease of 6.2% [6][35] - In Q1 2025, the industry reported a revenue of 5,602.8 billion yuan, a year-on-year increase of 5.8%, and a net profit of 369.7 billion yuan, which is an increase of 11.8% year-on-year [6][35] - The profitability of the industry showed a sales gross margin of 17.2% in Q1 2025, with a net profit margin of 0.1% [6][35] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry saw a revenue of 91,986.4 billion yuan in 2024, with a cumulative year-on-year increase of 4.2%, while total profits decreased by 8.6% [5][26] - Fixed asset investment in the industry increased by 8.6% year-on-year, but the growth rate declined by 4.8 percentage points [5][26] Q1 Performance - In Q1 2025, the basic chemical sector experienced revenue growth, with a year-on-year increase of 5.8% and a net profit increase of 11.8% [6][35] - The sales gross margin for Q1 2025 was 17.2%, reflecting a slight decrease year-on-year but an increase compared to the previous quarter [6][35] Sub-industry Analysis - In 2024, the chlor-alkali and textile chemical products sub-industries showed significant profit growth, with chlor-alkali achieving a net profit growth of 262.8% [40][41] - For Q1 2025, the chlor-alkali sub-industry continued to lead with a net profit growth of 132.2% [41] Key Company Tracking - Major companies in the basic chemical sector, such as Wanhua Chemical and Hualu Hengsheng, reported significant net profit growth in 2024, with many companies experiencing a decrease in capital expenditures [5][6][35]

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

Report Overview - The report focuses on the soda ash market, analyzing its fundamentals, price trends, and influencing factors to provide insights for investment decisions [2] 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The soda ash market has a supply-demand imbalance with strong supply and weak demand, and is expected to fluctuate weakly in the short term [2] 3. Summary by Directory Soda Ash Futures Market - The closing price of the main contract on the day was 1376 yuan/ton, the low-end price of heavy soda ash in Hebei Shahe was 1345 yuan/ton, and the main basis was -31 yuan/ton, with a change of 0.88%, 1.13%, and -8.82% respectively compared to the previous value [6] Soda Ash Spot Market - The low-end price of heavy soda ash in Hebei Shahe was 1345 yuan/ton, an increase of 15 yuan/ton from the previous day [12] - The profit of the heavy soda ash combined alkali method in East China was 175.50 yuan/ton, and the profit of the heavy soda ash ammonia-alkali method in North China was -62.50 yuan/ton, both at historically low levels [15] - The weekly industry operating rate of soda ash was 89.44%, showing a stable recovery [18] - The weekly output of soda ash was 75.71 tons, with heavy soda ash at 41.55 tons, a decline from the historical high [20] - From 2023 to 2025, there were significant new production capacity plans for soda ash, with a total planned new capacity of 1570 tons and an actual production of 60 tons in 2025 [21] Fundamental Analysis - Demand - The weekly sales rate of soda ash was 102.69% [24] - The daily melting volume of float glass nationwide was 15.78 tons, and the operating rate continued to decline at 75.85%, resulting in weak demand for soda ash [27] - The price of photovoltaic glass stabilized, the daily melting volume in production increased to 9.1 tons, and production showed signs of stabilization [30] Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers was 169.10 tons, including 84.05 tons of heavy soda ash, which was at a historically high level [33] Fundamental Analysis - Supply-Demand Balance Sheet - The report presented the supply-demand balance sheet of soda ash from 2017 to 2024E, showing changes in effective capacity, production, operating rate, imports, exports, apparent supply, total demand, and supply-demand differences over the years [34] Influencing Factors - Positive factors: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [3] - Negative factors: Since 2023, the production capacity of soda ash has expanded significantly, there are still large production plans this year, and the industry output is at a historically high level; the cold repair of float glass downstream of heavy soda ash is at a high level, the daily melting volume continues to decrease, and the demand for soda ash is weak; the escalation of Sino-US tariff conflicts may drag down the market due to macro pessimistic sentiment [4] Main Logic - The supply of soda ash has declined from a high level, the improvement in terminal demand is limited, and although the inventory has continued to decline, it is still at a high level in the same period. The supply-demand mismatch pattern in the industry has not been effectively improved [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The report highlights the cost advantages of natural soda ash becoming apparent, and it is optimistic about the growth potential of the company's new projects [6][8] - In 2024, the company achieved operating revenue of 13.26 billion yuan, a year-on-year increase of 10.13%, but the net profit attributable to the parent company decreased by 14.17% year-on-year to 2.07 billion yuan [6][10] - The report anticipates that with the completion of the Alashan Phase II project and the 1.2 million tons of sodium bicarbonate project, the company is expected to further expand its growth space [6][8] Financial Performance Summary - In 2024, the company sold 5.75 million tons of soda ash, a year-on-year increase of 123.88% [7] - The average cost of soda ash for the company in 2024 was 741 yuan per ton, a decrease of 12.31% year-on-year [7] - The projected net profits for 2025, 2026, and 2027 are 1.70 billion yuan, 2.08 billion yuan, and 2.14 billion yuan respectively, with corresponding EPS of 0.45 yuan, 0.56 yuan, and 0.57 yuan [6][10] Project Development - As of the end of 2024, the Alashan natural soda project Phase II had an accumulated investment of 1.406 billion yuan, with a project progress of 25%, expected to be completed by December 2025 [8] - The company plans to build a 1.2 million tons sodium bicarbonate project, with a total investment of 3.56 billion yuan, projected to have a pre-tax internal rate of return of 22.15% [8]

事件描述 公司发布2024 年报，全年实现收入132.6 亿元（同比+10.1%），实现归属净利润18.1 亿元（同比 +28.5%），实现归属扣非净利润20.7 亿元（同比-14.2%）。2025Q1 实现收入28.7 亿元（同比-7.3%，环 比-0.8%），实现归属净利润3.4 亿元（同比-40.4%，环比+5027.5%），实现归属扣非净利润3.3 亿元 （同比-41.1%，环比+19.6%）。公司拟向全体股东每10 股派发现金红利3.0 元（含税），现金分红总额 11.2 亿元，以4 月24 日收盘价计，股息率约为5.9%。 事件评论 2024 年主要产品价格延续下行，量增对冲部分影响。价格方面，受供需格局恶化及尿素出口限制影 响，2024 年公司主要产品价格呈现下行态势，根据百川盈孚，2024 年国内重质纯碱、轻质纯碱、尿 素、小苏打、动力煤（秦皇岛5500 大卡）均价分别为1967 元/吨、1832 元/吨、2158 元/吨、1675 元/ 吨、902 元/吨，分别同比-28.2%、-27.2%、-12.8%、-18.3%、-8.2%；产销量方面，银根矿业阿拉善塔 木素天然碱项目一期已实现达产达 ...

Group 1 - As of March 2025, there are 151 futures companies in China, with a total agency trading volume of 61.64 trillion yuan and a net profit of 1.417 billion yuan [1] - From April 21 to April 27, 2025, the total shipment of iron ore from Australia and Brazil reached 27.584 million tons, an increase of 3.207 million tons week-on-week [1] - As of April 23, 2025, the national average price of live pigs was 15.09 yuan/kg, up 0.27% from April 16, while the corn price rose by 0.89% to 2.26 yuan/kg [1] Group 2 - As of April 25, 2025, commercial soybean oil stocks in key regions of China were 618,500 tons, down 3,190 tons week-on-week, a decrease of 4.90% [2] - The USDA reported that for the week ending April 24, 2025, the U.S. shipped 205,463 tons of soybeans to China, accounting for 46.77% of total export inspections for that week [2] - As of April 26, 2025, Brazil's soybean harvest rate for the 2024/25 season was 94.8%, up from 92.5% the previous week [2] Group 3 - The Alashan natural soda project phase II is progressing as planned, with production expected to start by December [3] - The Shanghai Futures Exchange is soliciting eligible delivery commodities for the upcoming casting aluminum alloy futures, requiring a minimum annual production capacity of 50,000 tons per brand [3]

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].