Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Views - The company's growth is driven by the release of natural soda capacity, with a significant increase in revenue from the natural soda business, which accounted for 76.53% of total revenue in 2024, growing by 41.38% year-on-year [5]. - Despite a downward trend in market prices for soda products, the company has managed to maintain revenue growth through increased production and sales volume, effectively offsetting price declines [5]. - The company has a robust profit distribution policy, with a cash dividend of 3 yuan per 10 shares, resulting in a dividend yield of 5.37% and a payout ratio of 61.60%, enhancing investment attractiveness [7]. Summary by Sections Market Performance - The company has shown resilience in its natural soda business, with a significant contribution to revenue growth despite market challenges [5]. Financial Performance - In 2024, the company achieved total revenue of 132.64 billion yuan, a year-on-year increase of 10.13%, and a net profit of 18.11 billion yuan, up 28.46% [4]. - The first quarter of 2025 saw a decline in revenue to 28.69 billion yuan, down 7.33% year-on-year, and a net profit drop of 40% [4]. Capacity Expansion - The first phase of the Alashan natural soda project has been a key driver of growth, with production capacity set to reach 5 million tons of soda ash per year by the end of 2024 [5]. - The company is also advancing the second phase of the Alashan project, which will further enhance production capacity [5]. Cost and Cash Flow Management - The company experienced an increase in various expense ratios, with sales expenses rising by 64.70% due to higher sales volumes [6]. - Operating cash flow significantly improved, reaching a net cash flow of 45.07 billion yuan in 2024, a 43.49% increase year-on-year [6]. Profit Forecast - The company is projected to have net profits of 19.01 billion yuan, 22.57 billion yuan, and 23.29 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.2, 8.6, and 8.3 [8][10].

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company's growth is driven by the release of natural soda capacity, with a high dividend yield enhancing investment value [5][7] - The natural soda business showed resilience, contributing significantly to revenue despite a decline in market prices [5] - The company is actively expanding its production capacity through new projects, which is expected to sustain revenue growth [5][7] Summary by Sections Market Performance - The company's stock price is currently at 5.18 yuan, with a total market capitalization of 19.4 billion yuan [1] Financial Performance - In 2024, the company achieved total revenue of 13.264 billion yuan, a year-on-year increase of 10.13%, and a net profit of 1.811 billion yuan, up 28.46% [4] - The first quarter of 2025 saw a revenue of 2.869 billion yuan, a year-on-year decrease of 7.33%, and a net profit of 339 million yuan, down 40% [4] Investment Highlights - The natural soda business generated 10.15 billion yuan in revenue in 2024, accounting for 76.53% of total revenue, with a year-on-year growth of 41.38% [5] - The company’s production capacity for soda ash reached 5.7779 million tons, representing 15.33% of the national total, with sales of 5.7526 million tons, reflecting year-on-year increases of 115.05% and 123.88% respectively [5] - The company plans to enhance its stake in the Alashan natural soda project to 60%, optimizing resource allocation and management [5] Profit Distribution - The company distributed a cash dividend of 3 yuan per 10 shares, totaling approximately 1.116 billion yuan, with a dividend yield of 5.37% and a payout ratio of 61.60% [7] - The dividend yield has been consistently increasing over the past four years, indicating a strong commitment to shareholder returns [7] Earnings Forecast - The company is projected to achieve net profits of 1.901 billion yuan, 2.257 billion yuan, and 2.329 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 10.2, 8.6, and 8.3 [8][10]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

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 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） | 1,410 | 1,811 | 1,432 | 1,879 | 2,345 | | (+/-)% | -47.0% | 28.5% | -20.9% | 31.2% | 24.8% | | 每股净收益（元） | 0.38 | 0.48 | 0.38 | 0.50 | 0.63 | | 净资产收益率(%) | 10.5% | 12.5% | 9.4% | 11.6% | 13.4% | | ...

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 ...

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-5-7 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：纯碱检修陆续复产，开工率回升，供给抬升；下游浮法和光伏玻璃日熔量走稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1310元/吨，SA2509收盘价为1330元/吨，基差为-20元，期货 升水现货；偏空 3、库存：全国纯碱厂内库存167.22万吨，较前一周减少1.11%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面供强需弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、下游光伏玻璃产能有所提升，提振纯碱需求。 利空： 主力基差 1、23年以来， ...

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].

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-4-30 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：纯碱检修陆续复产，开工率回升，供给抬升；下游浮法和光伏玻璃日熔量走稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1345元/吨，SA2509收盘价为1376元/吨，基差为-31元，期货 升水现货；偏空 3、库存：全国纯碱厂内库存169.10万吨，较前一周减少1.19%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线上方运行，20日线向下；中性 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面供强需弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、下游光伏玻璃产能有所提升，提振纯碱需求。 利空： 1、23年以来，纯碱产能 ...