Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company achieved a revenue of 14.041 billion yuan in the first half of 2024, representing a year-on-year growth of 21.63%. The net profit attributable to the parent company was 1.206 billion yuan, showing a significant year-on-year increase of 588.74% [3][4] - The growth in performance is attributed to the increase in selling prices of certain products and a decrease in raw material procurement costs, which positively impacted the gross margins of some products [4] - The company is actively advancing project construction, with several projects nearing completion, which is expected to further enhance production capacity [4] - The report provides earnings forecasts for 2024-2026, estimating EPS of 1.00, 1.19, and 1.40 yuan respectively, with a reasonable valuation range of 14-16 times PE, corresponding to a target price of 14.00-16.00 yuan [4][5] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 14.041 billion yuan, a 21.63% increase year-on-year, and a net profit of 1.206 billion yuan, up 588.74% year-on-year [3] - The sales gross margin and net profit margin for the first half of 2024 were 17.99% and 8.34%, respectively, reflecting increases of 7.88 and 6.66 percentage points year-on-year [4] - The company’s three expense ratios decreased to 6.44%, with reductions in sales, management, and financial expense ratios [4] Project Development - The company has several ongoing projects, including the caprolactam-nylon 6 phase I project and others, with progress rates of 95% to 50% as of the first half of 2024 [4] - The procurement strategy focuses on cost-effectiveness, partnering with large state-owned enterprises to stabilize supply and reduce costs [4] Earnings Forecast - The projected earnings for 2024-2026 indicate a recovery with expected revenues of 29.33 billion yuan in 2024, 32.61 billion yuan in 2025, and 35.58 billion yuan in 2026 [5][9] - The gross margin is expected to improve from 15.9% in 2024 to 16.9% in 2026, indicating a positive trend in profitability [9] Valuation - The report suggests a reasonable valuation range of 14-16 times PE for the company, based on comparisons with industry peers [4][8]

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 09 月 03 日 鲁西化工 (000830) ——业绩符合预期，丁辛醇贡献主要业绩增量，项目进展 顺利保障后续发展 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 10.80 | | 一年内最高/最低（元） | 13.02/8.69 | | 市净率 | 1.2 | | 息率（分红/股价） | 1.20 | | 流通 A 股市值（百万元） | 20,558 | | 上证指数 / 深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 9.31 | | 资产负债率 % ...

Investment Rating - The report maintains a "Buy" rating for the company [1][25]. Core Insights - The company achieved significant growth in the first half of 2024, with operating revenue reaching 14.041 billion yuan, a year-on-year increase of 21.63%, and net profit attributable to shareholders soaring by 503.72% to 1.171 billion yuan [2][3]. - The company is focusing on enhancing its production efficiency and product margins through strategic adjustments in response to market conditions [3][7]. - The ongoing projects are progressing well, with a total of 8.499 billion yuan in construction projects, indicating strong long-term growth potential [7][25]. Financial Performance - In Q2 2024, the company reported revenue of 7.288 billion yuan, a year-on-year increase of 46.86%, and a net profit of 603 million yuan, reflecting a 570.40% increase compared to the same period last year [2][6]. - The gross profit margin for the first half of 2024 was 17.99%, up 7.88 percentage points year-on-year, while the net profit margin reached 8.34%, an increase of 6.66 percentage points [2][3]. - The company’s cash flow from operating activities for the first half of 2024 was 2.321 billion yuan, a 93.13% increase year-on-year, indicating strong operational efficiency [5][20]. Product Segment Performance - The chemical new materials segment generated 9.511 billion yuan in revenue, a 42.93% increase year-on-year, while the basic chemical products segment saw a decline in revenue by 15.71% to 2.819 billion yuan [3][7]. - The average prices of key products such as polycarbonate and caprolactam increased by 9.25% and 7.94% respectively in the first half of 2024, contributing to improved margins [3][6]. Future Outlook - The company is expected to achieve operating revenues of 29.4 billion yuan, 33.1 billion yuan, and 34.7 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 2.1 billion yuan, 2.5 billion yuan, and 3 billion yuan [8][25]. - The report emphasizes the company's leadership in the coal chemical industry and its focus on developing the chemical new materials sector, which is expected to enhance its integrated circular economy advantages [25].

一、项目基本情况 鲁西化工集团股份有限公司(以下简称"公司")于 2020 年 12 月 31 日披露了《关于投资建设己内酰胺·尼龙 6 项目一期工程的 公告》，在确保现有产业稳定发展的同时，依托公司的管理优势、 技术优势、工程化优势和园区一体化优势，投资建设己内酰胺•尼 龙 6 项目一期工程，进一步延链、补链、强链，扩大化工新材料 产品的比重，提高产品的市场占用率，提升园区的综合竞争力， 保持公司的健康稳定发展。 二、项目进展及对公司的影响 证券代码：000830 证券简称：鲁西化工 公告编号：2024-061 鲁西化工集团股份有限公司 关于 60 万吨己内酰胺·尼龙 6 项目一期工程顺利投产的公告 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。 己内酰胺·尼龙 6 项目一期工程建设内容主要包括：30 万吨 己内酰胺、30 万吨尼龙 6 及配套生产设施和公用工程等辅助设施。 经过前期紧张的项目建设，一期工程生产流程已全线打通，于近 日安全顺利投产，生产出合格产品，目前正在进一步优化各项工 艺指标，持续提升运行质量，确保达产达效。 己内酰胺·尼龙 6 项目是公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][13][17] Core Views - The company reported a net profit of 600 million yuan in Q2 2024, turning from a loss to profit year-on-year, with a revenue of 7.29 billion yuan, representing a 47% year-on-year increase and an 8% quarter-on-quarter increase [1][6] - The core business segment, chemical new materials, saw both revenue and gross margin increase year-on-year, with revenue contributions from various segments being 9.51 billion yuan (68%), 2.82 billion yuan (20%), and 1.45 billion yuan (10%) respectively [1][6] - The company expects a significant increase in net profit for 2024-2026, with forecasts of 1.699 billion yuan, 1.928 billion yuan, and 2.394 billion yuan respectively, translating to earnings per share of 0.89 yuan, 1.01 yuan, and 1.25 yuan [1][13] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a gross profit margin of 17.6%, a year-on-year increase of 11.1 percentage points, and a net profit margin of 8.3%, a year-on-year increase of 10.9 percentage points [6] - The revenue for the first half of 2024 was 9.51 billion yuan for chemical new materials, 2.82 billion yuan for basic chemicals, and 1.45 billion yuan for fertilizers, with respective year-on-year growth rates of 43%, -16%, and 10% [1][6] Market Dynamics - The price dynamics for key products showed that the average market prices for normal butanol, isobutanol, nylon 6, and polycarbonate in Q2 2024 were 8,229 yuan, 9,822 yuan, 14,325 yuan, and 15,317 yuan per ton, with year-on-year changes of +11%, -16%, +11%, and +2% respectively [1][9] - The chemical new materials segment benefited from the widening price spread of butanol and nylon 6, while the basic chemicals segment faced weak demand and declining gross margins [1][9]

2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 占用性质 | | 山东聊城鲁西化工第五化肥有限公司 | 全资二级子公司 | 其他应收款 | 10,348.37 | 59,733.49 | 69.43 | 64,427.45 | 5,723.84 | 往来款项 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 聊城鲁西氯甲烷化工有限公司 | 全资二级子公司 | 其他应收款 | 2,668.31 | 70,108.97 | 5.91 | 72,783.19 | - | 往来款项 | 非经营性往来 | | | 山东聊城鲁西硝基复肥有限公司 | 全资二级子公司 | 其他应收款 | 8,939.90 | 68,287.79 | 36.67 | 76,236.14 | 1,028.22 | 往来款项 | 非经营性往来 | | | 聊城鲁西聚酰胺新材料科技有限公司 | 全资二级子公司 | 其他应收款 | 40,978.39 | 388,780.22 | 412.93 | 427,367.72 | ...

第八届监事会第三十三次会议决议公告 本公司及监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。 一、监事会会议召开情况 1、鲁西化工集团股份有限公司（以下简称"公司"或"本 公司"）第八届监事会第三十三次会议（以下简称"本次会议"） 通知已于 2024 年 8 月 18 日以电话、邮件方式向全体监事发出。 2、本次会议于 2024 年 8 月 28 日在本公司会议室以现场 和通讯方式召开。 3、应到监事 5 人，实到监事 5 人。 证券代码：000830 证券简称：鲁西化工 公告编号：2024-057 鲁西化工集团股份有限公司 经审核，监事会认为：董事会编制和审议《公司 2024 年 度半年度报告及其摘要》的程序符合法律、行政法规和中国证 监会及深圳证券交易所的规定。报告内容真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 2、审议通过了《中化集团财务有限责任公司风险评估报 告的议案》。 《中化集团财务有限责任公司风险评估报告》充分反映了 财务公司的经营资质、业务及风险状况。监事 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2024-059 关于公司接收国家资本性拨款资金通过公司控股股东发放 委托贷款的方式实施暨关联交易的公告 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。 一、关联交易概述 1、委托贷款基本情况 鲁西化工集团股份有限公司（以下简称"公司"）的控股股 东中化投资发展有限公司（以下简称"中化投资"）拟为公司"100 万吨/年有机硅项目一期工程 40 万吨/年有机硅"、"60 万吨/年 己内酰胺•尼龙 6 项目一期工程 30 万吨/年己内酰胺•尼龙 6"提供 国有资金支持共计 47,108.00 万元。根据财政部《中央国有资本 经营预算支出管理暂行办法》（财预〔2017〕32 号）文件规定"投 资运营公司和中央企业应按规定用途使用资金。属于国有企业资 本金注入的，应及时落实国有权益，并根据明确的支出投向和目 标，及时开展国有资本投资运营活动，推进有关事项的实施。" 以及国务院国资委《中央企业国有资本经营预算支出执行监督管 理暂行办法》（国资发资本规〔2019〕92 号）文件规定"中央企 业通过子企业实施资本预算支持 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2024-056 鲁西化工集团股份有限公司 第八届董事会第五十次会议决议公告 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。 一、董事会会议召开情况 1、鲁西化工集团股份有限公司（以下简称"本公司" 或"公司"）第八届董事会第五十次会议通知于 2024 年 8 月 18 日以电话、邮件形式发出。 2、会议于 2024 年 8 月 28 日在公司会议室以现场和通 讯方式召开。 3、会议应出席董事 5 名，实际出席董事 5 名。 4、会议由董事长王力刚先生主持，公司监事、高级管 理人员列席了会议。 5、本次会议的召开符合《公司法》和《公司章程》的 有关规定。 二、董事会会议审议情况 1、审议通过了《公司 2024 年半年度报告全文及摘要》。 具体内容详见与本决议公告同日刊登在《中国证券报》 《证券时报》《证券日报》《上海证券报》及巨潮资讯网上 的《公司 2024 年半年度报告全文及摘要》（摘要公告编号： 本议案已经第八届董事会第三次独立董事专门会议审 议通过，在董事会审议和表决过程中，关联董事王力刚先生 回避表 ...

鲁西化工集团股份有限公司 一、中化财务公司基本情况 中化集团财务有限责任公司（以下简称"公司"或"中化财务公 司"）系经中国银行保险监督管理委员会（现为国家金融监督管理总局） 批准，于 2008 年 5 月 26 日 取 得 金 融 许 可 证 ， 机 构 编 号 为 L0091H211000001，金融许可证编号 00805550，于 2008 年 6 月 4 日在 北 京 成 立 的 有 限 责 任 公 司 。 公 司 统 一 社 会 信 用 代 码 证 号 为 911100007109354688，注册资本 60 亿元；法定代表人为夏宇，注册地 址为北京市西城区复兴门内大街 28 号凯晨世贸中心中座 F3 层。 | 股东名称 | 持股比例（%） | | 认缴出资额（万元） 实缴出资额（万元） | | --- | --- | --- | --- | | 中国中化控股有限责任公司 | 37.00 | 222,000.00 | 222,000.00 | | 中国中化股份有限公司 | 35.00 | 210,000.00 | 210,000.00 | | 中化资本有限公司 | 28.00 | 168,000.0 ...