上 市 公 司 基础化工 2024 年05月 24 日 鲁西化工 (000830) 公 司 研 究 ——业绩超预期，丁辛醇景气高位支撑公司业绩，事故调 公 司 查落地开工有望恢复 点 评 报告原因：有业绩公布需要点评 投资要点： 增持 （维持）  公司公告：公司发布2023年年报和2024年一季报。1）2023年公司实现营业收入253.58亿元（YoY 证 券 -16.47%），归母净利润8.19亿元（YoY -74.05%），扣非归母净利润8.65亿元（YoY -71.67%）， 研 其中 23Q4 实现营业收入 74.15（YoY+8.43%，QoQ +15.88%），归母净利润 3.12 亿元 市场数据： 2024年05月23日 究 （YoY+692.86%，QoQ -0.32%），扣非归母净利润3.11亿元（YoY+8251.24%，QoQ -17.94%）。 收盘价（元） 12.06 报 一年内最高/最低（元） 12.71/8.69 2）2024年一季度公司实现营业收入67.52亿元（YoY+2.61%，QoQ-8.94），归母净利润5.68亿 告 市净率 1.3 元（YoY+76.26%，QoQ ...

证券代码：000830 证券简称：鲁西化工 公告编号：2024-041 鲁西化工集团股份有限公司 关于召开 2023 年年度股东大会的提示性公告 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。 鲁西化工集团股份有限公司（以下简称"公司"）2024年4月30日在巨 潮资讯网披露了《关于召开2023年年度股东大会的通知》，定于2024年5 月23日召开公司2023年年度股东大会，本次股东大会将采取现场表决与网 络投票相结合的方式召开，现就有关事项再次提示如下： 一、召开会议的基本情况 1、股东大会届次：2023 年年度股东大会 2、召集人：2024 年 4 月 27 日召开的第八届董事会第四十七次会议审 议通过了《关于召开 2023 年年度股东大会通知的议案》，定于 2024 年 5 月 23 日（星期四）召开公司 2023 年年度股东大会。 3、会议召开的合法、合规性：本次会议召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》等规定。 4、会议召开的日期、时间： (1)现场会议时间：2024年5月23日（星期四）14:00。 (2)网络投票时间：通 ...

[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 鲁西化工（000830）公司年报点评 2024年05月16日 [Table_InvestInfo] 23 年归母净利润同比下降 74.05%，看好 投资评级 优于大市 维持 新项目投产带来的成长空间 [Table_Summary] 投资要点：  鲁西化工公布2023年年报。 2023年公司实现营业收入253.58亿元，同比下 降16.47%，归母净利润8.19亿元，同比下降74.05%。  2023年业绩下滑主要原因为产品市场价格走低、开工率下降，双氧水装置因 事故停产。 1）分产品看，2023年辛醇、尼龙6切片、烧碱销量分别为45.89、 29.76、66.24万吨，分别同比下降5.75%、5.49%、18.18%，收入分别为43.89、 35.17、5.33亿元，分别同比下降5.48%、9.95%、34.49%，均价分别为9565、 11816、805 元/吨，分别同比变化 0.30%、-4.71%、-19.93%。 2）2023 年三 项费用率 3.53%，较上年增加 0.63 个百分点，销售费用率、管理费用率、财 务费用率 ...

[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 鲁西化工（000830）公司年报点评 2024年05月16日 [Table_InvestInfo] 23 年归母净利润同比下降 74.05%，看好 投资评级 优于大市 维持 新项目投产带来的成长空间 股票数据 0[5Ta月b1le5_日S收to盘ck价（In元fo）] 12.17 [Table_Summary] 52周股价波动（元） 8.69-12.31 投资要点： 总股本/流通A股（百万股） 1916/1904 总市值/流通市值（百万元） 23324/23167  鲁西化工公布2023年年报。 2023年公司实现营业收入253.58亿元，同比 市场表现 下降16.47%，归母净利润8.19亿元，同比下降74.05%。 [Table_QuoteInfo] 鲁西化工 海通综指  2023年业绩下滑主要原因为产品市场价格走低、开工率下降，双氧水装臵因 事故停产。 1）分产品看，2023年辛醇、尼龙6切片、烧碱销量分别为45.89、 10.85% 29.76、66.24 万吨，分别同比下降 5.75%、5.49%、18.18%，收入分别 ...

Group 1: Financial Performance - In Q1 2024, the company exceeded expectations with a production target of 9.6 million tons and a revenue budget of 31.3 billion CNY [1] - The company aims to achieve stable and high-quality development in 2024, focusing on safety and operational excellence [2] Group 2: Business Development Focus - The key focus for 2024 includes low-carbon raw materials, integrated industrial chains, high-end products, and collaborative development models [2] - The company plans to enhance its core competitiveness and operational quality while ensuring safety [3] Group 3: Research and Development - In 2023, the company invested 1.065 billion CNY in R&D, with a continuous increase in R&D intensity [3] - The company holds 233 patents for core technologies in products such as polycarbonate and nylon 6 [3] Group 4: Asset Management - As of the end of 2023, the company had idle assets valued at 4.029 billion CNY, with a book value of 512 million CNY after impairment [3] - Idle assets primarily consist of older production facilities with lower energy efficiency [3] Group 5: Management Initiatives - Key management initiatives for 2024 include optimizing organizational structure, enhancing safety management, and improving operational efficiency [4] - The company emphasizes training and development to foster a skilled workforce for safe and high-quality growth [4] Group 6: Market and Environmental Considerations - The company is monitoring raw material price fluctuations, which have shown a downward trend in Q1 2024, positively impacting product costs [4] - The company has published ESG reports for two consecutive years, focusing on environmental management and social responsibility [4]

于 2024 年 5 月 16 日（星期四）15:30-16:30 在"价值在线" （www.ir-online.cn）举办鲁西化工集团股份有限公司 2023 年 年度暨 2024 年一季度业绩说明会，与投资者进行沟通和交流， 广泛听取投资者的意见和建议。 证券代码：000830 证券简称：鲁西化工 公告编号：2024- 040 鲁西化工集团股份有限公司 关于举办2023年度暨2024年一季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。 重要内容提示： 鲁西化工集团股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日在巨潮资讯网上披露了《2023 年年度报告》《2023 年年度报告摘要》及《2024 年第一季度报告》。为便于广大投资 者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 会议召开时间：2024 年 5 月 16 日（星期四）15:30-16:30 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2024 年 5 月 16 日前访问网址 ht ...

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [1][2]. Core Views - The company has shown a significant improvement in its Q1 2024 performance, with revenue reaching 6.752 billion yuan, a year-on-year increase of 2.61%, and a net profit of 568 million yuan, up 76.26% year-on-year [1][2]. - The overall market conditions are favorable, coupled with operational improvements, leading to better-than-expected earnings [1][2]. - The company is expected to benefit from the recovery in downstream demand and the gradual ramp-up of ongoing projects, projecting revenues of 30.2 billion yuan in 2024, 31.9 billion yuan in 2025, and 32.1 billion yuan in 2026 [2][3]. Financial Performance Summary - In 2023, the company reported a revenue of 25.358 billion yuan, a decrease of 16.5% year-on-year, and a net profit of 819 million yuan, down 74.1% year-on-year [3]. - The gross margin for 2023 was 13.4%, with an expected recovery to 17.1% in 2024 [3]. - Earnings per share (EPS) for 2023 was 0.43 yuan, with projections of 1.02 yuan in 2024, 1.17 yuan in 2025, and 1.31 yuan in 2026 [2][3]. Market Position and Strategy - The company is positioned as a leading comprehensive chemical enterprise in China, with a diverse product portfolio including chemical new materials, basic chemicals, fertilizers, and equipment manufacturing [1][2]. - The company aims to develop an integrated industrial base for new chemical materials and fine chemicals, focusing on low-carbon raw materials, integrated supply chains, and high-end products [1][2].

鲁西化工集团股份有限公司 2024 年第一季度报告 1 证券代码：000830 证券简称：鲁西化工 公告编号：2024-026 鲁西化工集团股份有限公司 2024 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带 的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员) 声明：保证季度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经审计 □是 否 鲁西化工集团股份有限公司 2024 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-------------------------------------------------------|-------------------|-------------------|------------ ...

Financial Performance - The company reported a net profit of 3,289,289,736.68 RMB from a private placement of 439,458,233 shares at a price of 7.50 RMB per share, after deducting issuance costs[10]. - The company's operating revenue for 2023 was ¥25.36 billion, a decrease of 16.47% compared to ¥30.36 billion in 2022[13]. - Net profit attributable to shareholders for 2023 was ¥818.71 million, down 74.05% from ¥3.16 billion in 2022[13]. - The net profit after deducting non-recurring gains and losses was ¥864.55 million, a decline of 71.67% from ¥3.05 billion in 2022[13]. - The net cash flow from operating activities was ¥3.86 billion, a decrease of 24.46% compared to ¥5.12 billion in 2022[13]. - Basic and diluted earnings per share for 2023 were ¥0.428, down 73.92% from ¥1.641 in 2022[13]. - The weighted average return on equity was 4.78%, down 13.05% from 17.83% in 2022[13]. - Total assets at the end of 2023 were ¥35.28 billion, an increase of 2.54% from ¥34.41 billion at the end of 2022[13]. - Net assets attributable to shareholders decreased by 2.50% to ¥16.90 billion from ¥17.33 billion at the end of 2022[13]. Dividend Distribution - The company plans to distribute a cash dividend of 1.3 RMB per 10 shares to all shareholders, based on a total of 1,916,476,161 shares, with no bonus shares issued[3]. - The total distributable profit for the period was 9,121,213,009.54 yuan[116]. - The company reported a cash dividend of 1.3 yuan per 10 shares, totaling 249,141,900.93 yuan, which represents 100% of the total profit distribution[116]. Market Conditions - The company faced significant challenges due to high inflation, high debt, and low growth in the global economy, impacting the chemical industry[21]. - The company reported a decline in profitability across the chemical industry due to oversupply and weak demand, with raw material prices remaining low[21]. - The domestic PC supply and demand were relatively balanced in 2023, with prices fluctuating and raw material costs significantly decreasing, particularly for bisphenol A, which alleviated cost pressures on the PC industry[23]. - The nylon 6 industry saw rapid development, with many existing companies expanding production capacity, leading to increased competition, while demand growth is expected to lag behind capacity expansion[23]. - The demand for butanol and octanol increased due to rising needs in the downstream plasticizer and ester products sectors, with overall market supply remaining tight[24]. - The organic silicon industry faced a supply surplus and low market prices, with significant impacts from a weak real estate market and increased competition in the photovoltaic sector[25]. - The fluorine materials market experienced stable supply for hexafluoropropylene, with slight price fluctuations, while polytetrafluoroethylene maintained a marginal profit status[25]. Production and Capacity - The company has undergone a change in its main business scope, now including heating and steam supply services, in addition to chemical products production and sales[10]. - The production capacity for caprolactam is 40,000 tons with a utilization rate of 78.95%, while nylon 6 also has a capacity of 40,000 tons with a utilization rate of 74.67%[32]. - The company is currently constructing projects including caprolactam/DMF expansion and organic silicon, with ongoing projects expected to be completed on schedule[27]. - The company anticipates a recovery in profitability for nylon due to increased demand from traditional industries and improved domestic policies[23]. - The company is focusing on expanding its product offerings in the PC and nylon sectors to capture emerging market opportunities[23]. Research and Development - The company has implemented a strategy of "full load, low inventory, good price" to optimize inventory management during off-peak seasons[41]. - The company is focusing on enhancing digital platform applications to improve operational efficiency and safety management[40]. - The number of R&D personnel increased by 1.94% to 1,469 in 2023 from 1,441 in 2022[58]. - The proportion of R&D personnel with a master's degree increased by 28.57% to 90 in 2023 from 70 in 2022[59]. - Total R&D investment amounted to ¥1,064,989,495.11 in 2023, a decrease of 13.32% from ¥1,228,663,195.15 in 2022[61]. Environmental Compliance - The company emphasizes a proactive environmental approach, focusing on prevention and continuous improvement in its environmental management practices[132]. - The company has established two wastewater treatment facilities, achieving zero wastewater discharge through a comprehensive treatment process[132]. - The company has implemented ultra-low emission measures for all boilers since 2016, achieving SO2 emissions below 10 mg/m³, NOx below 35 mg/m³, and particulate matter below 3 mg/m³[132]. - The company monitors its emissions monthly to ensure compliance with national standards, with all indicators consistently meeting discharge requirements[132]. - The company has obtained pollution discharge permits for multiple sectors, including thermal power, nitrogen fertilizer, and wastewater treatment, with validity periods extending until 2027 and 2028[129]. Corporate Governance - The company has established a robust internal control system, ensuring compliance with all regulatory requirements[83]. - The company actively engaged independent directors to provide objective opinions on significant matters, enhancing corporate governance and protecting minority shareholders' rights[105]. - The company has committed to avoiding and reducing related party transactions with controlled enterprises[85]. - The company has implemented a share buyback program as part of its equity incentive plan, affecting multiple executives[88]. - The company has a clear policy for independent director allowances, which are confirmed by the shareholders' meeting and reimbursed for travel expenses[98]. Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[53]. - The company is committed to a development strategy focused on low-carbon raw materials, integrated industrial chains, and high-end products[75]. - The company is expanding its market presence in Southeast Asia, with plans to establish two new distribution centers by Q3 2024[81]. - A strategic acquisition of a local competitor is in progress, aimed at increasing market share by 25% in the region[81]. - The company has implemented a "Quality and Return Improvement" action plan, which is expected to enhance operational efficiency by 15%[81].

证券代码：000830 证券简称：鲁西化工 公告编号：2024-024 鲁西化工集团股份有限公司 关于子公司"5·1"安全事故调查报告的公告 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。 2023 年 5 月 1 日，鲁西化工集团股份有限公司（以下 简称"公司"）全资子公司聊城鲁西双氧水新材料科技有 限公司（以下简称"双氧水公司"）双氧水装置发生爆炸 着火事故，具体内容详见公司于 2023 年 5 月 4 日在巨潮资 讯网披露的《关于全资子公司聊城鲁西双氧水新材料科技 有限公司发生安全事故的公告》（公告编号：2023-033）。 2024 年 4 月 19 日，山东省人民政府发布了关于《聊城 鲁西双氧水新材料科技有限公司"5·1"重大爆炸着火事 故调查报告》的批复（鲁政字〔2024〕52 号），现将相关 事宜公告如下： 一、事故基本情况 2023 年 5 月 1 日 8 时 36 分，双氧水公司双氧水装置发 生爆炸着火事故，造成 10 人死亡、1 人受伤，直接经济损 失 5445.31 万元。 事故发生后，依据《中华人民共和国安全生产法》 《生产安全事故报告 ...