Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant decline in net profit for 2023, down 74.05% year-on-year, primarily due to lower product market prices and reduced operating rates [5][7] - Despite the decline, there is optimism regarding growth potential from new projects coming online [5][6] Financial Performance Summary - In 2023, the company achieved operating revenue of 25.358 billion yuan, a decrease of 16.47% year-on-year, with a net profit of 819 million yuan [5][7] - The sales volume for key products such as octanol, nylon 6 chips, and caustic soda saw declines of 5.75%, 5.49%, and 18.18% respectively [5] - The company’s operating profit margin for 2023 was 4.47%, down 8.08 percentage points from the previous year [5] Production and Capacity Outlook - The company aims to produce 9.6 million tons of major products in 2024, with ongoing projects expected to enhance capacity further [6] - The utilization rates for key products in 2023 were 78.95% for caprolactam, 74.67% for nylon 6, and 100.42% for organic silicon [6] Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.00 yuan, 1.18 yuan, and 1.39 yuan respectively [7][11] - The estimated price-to-earnings (P/E) ratio for 2024 is expected to be between 14-16 times, indicating a reasonable valuation range of 14.00-16.00 yuan [6][11] Comparative Analysis - The company’s financial metrics are compared with peers, showing an average P/E of 19.11 for the industry [10]

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].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,752,410,775.07, representing a year-on-year increase of 2.61% compared to CNY 6,580,538,867.01 in the same period last year[3] - The net profit attributable to shareholders for Q1 2024 was CNY 567,930,861.53, a significant increase of 76.26% from CNY 322,221,129.18 in the previous year[3] - Basic earnings per share for Q1 2024 were CNY 0.298, up 76.33% from CNY 0.169 in the previous year[3] - The total profit increased by 87.89% year-on-year, driven by higher product prices and lower raw material costs[6] - The total profit for the period was ¥735,209,976.14, up from ¥391,290,339.69 in the same quarter last year, marking an increase of 87.73%[16] - The total comprehensive income for Q1 2024 was ¥568,097,387.09, compared to ¥322,290,834.77 in the previous year, showing a growth of 76.5%[17] Cash Flow - The net cash flow from operating activities reached CNY 1,399,091,268.65, marking a substantial increase of 452.29% compared to CNY 253,324,530.31 in the same period last year[3] - Cash inflow from operating activities totaled ¥7,407,712,313.58, an increase from ¥7,024,321,707.87 in the previous year[18] - The total cash outflow from operating activities amounted to CNY 6,008,621,044.93, down from CNY 6,770,997,177.56, indicating a decrease of about 11.3% year-over-year[19] - Cash inflow from investment activities was CNY 29,793,434.24, compared to CNY 2,128,561.20 in the previous year, showing a substantial increase[19] - The net cash flow from investment activities was -CNY 447,250,680.07, an improvement from -CNY 1,196,318,576.69 year-over-year[19] - Cash inflow from financing activities totaled CNY 2,445,000,000.00, down from CNY 6,467,960,547.95, reflecting a decrease of approximately 62%[19] - The net cash flow from financing activities was -CNY 707,685,237.33, compared to CNY 907,962,538.41 in the previous year, indicating a decline of about 177%[19] - The cash and cash equivalents at the end of the period were CNY 629,124,016.36, up from CNY 238,858,085.00, representing an increase of approximately 163%[19] Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 35,246,818,969.43, a slight decrease of 0.10% from CNY 35,282,168,679.00 at the end of the previous year[3] - Total current assets increased to ¥2,535,658,198.77 from ¥2,478,511,595.89, reflecting a growth of approximately 2.9%[13] - Total liabilities decreased to ¥17,637,230,413.38 from ¥18,259,569,755.65, a reduction of approximately 3.4%[14] - Short-term borrowings decreased to ¥7,221,378,172.75 from ¥8,255,872,528.29, a decrease of about 12.5%[14] - Long-term borrowings increased to ¥2,607,500,000.00 from ¥2,272,000,000.00, reflecting an increase of approximately 14.7%[14] - The total equity attributable to shareholders increased to ¥17,476,834,101.72 from ¥16,896,002,112.48, an increase of about 3.4%[14] Expenses - Financial expenses decreased by 39.23% year-on-year, attributed to reduced operating capital and lower financing rates[6] - The company reported a decrease in financial expenses to ¥46,833,422.68, down from ¥77,061,655.75 in Q1 2023, indicating improved cost management[16] - Research and development expenses rose to ¥236,279,584.44, up 24.77% from ¥189,327,355.63 in the same period last year[16] Other Information - The company did not undergo an audit for the Q1 2024 report[20] - The report was released by the board of directors on April 29, 2024[20]

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 ...

鲁西化工集团股份有限公司 关于发行股份吸收合并鲁西集团批文到期失效的公告 证券代码：000830 证券简称：鲁西化工 公告编号：2024-023 目前公司生产经营正常，本次批文到期失效不会对公司的 生产经营活动造成重大影响，请投资者注意投资风险。 特此公告。 《《《《《《《《《《《《《《《《《《鲁西化工集团股份有限公司 《《《《《《《《《《《《《《《《《董事会 《《《《《《《《《《《《《《《《《二〇二四年四月十六日 本公司及董事会全体成员保证公告内容真实、准确和完整， 无虚假记载、误导性陈述或重大遗漏。 2023 年 4 月 17 日，中国证券监督管理委员会出具《 关于 同意鲁西化工集团股份有限公司吸收合并鲁西集团有限公司 注册的批复》（证监许可〔2023〕797 号），同意公司以新增 501,195,684 股股份吸收合并鲁西集团有限公司的注册申请， 该批复自下发之日起 12 个月内有效。 公司收到中国证监会的同意注册文件后，按照文件的有关 要求和公司股东大会的授权，积极推进本次发行股份吸收合并 鲁西集团事宜，但是由于受公司子公司 2023 年 5 月 1 日发生 事故的影响，公司未能在证监会下发批文之日起 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2024-022 5 日，公司在巨潮资讯网等指定信息披露媒体上披露了《关 于发行股份吸收合并鲁西集团有限公司的进展公告》。 因公司子公司发生事故，为保护公司及其投资者、吸 收合并交易对手方及交易标的的合法权益，根据《深圳证 券交易所上市公司重大资产重组审核规则》第五十五条： "中国证监会作出注册决定后至本次交易实施完毕前，发 生重大事项，可能导致上市公司本次交易不符合重组条件 或者信息披露要求的，上市公司应当暂停本次交易"的相 关规定，本次事故导致本次吸收合并交易暂停。 目前事故调查正在进行中，待事故调查结果明确后， 如符合重组条件，公司将继续推进本次吸收合并的相关工 作。 公司将根据本次事故调查和吸收合并的进展，按照相 关规定及时履行信息披露义务，敬请广大投资者注意投资 风险。 特此公告。 鲁西化工集团股份有限公司 关于发行股份吸收合并鲁西集团有限公司的进展公告 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 4 月 17 日，中国证券监督管理委员会出具《关 于同意鲁西化工集团股份有限公司吸 ...

2.本次限售股上市流通数量为439,458,233股，占截至本公 告日上市公司股本总数比例为22.93%； 3.本次限售股份发行时承诺的限售期限为36个月； 证券代码：000830 证券简称：鲁西化工 公告编号：2024-021 鲁西化工集团股份有限公司 关于非公开发行限售股份解除限售上市流通的提示性公告 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。 特别提示： 1.本次限售股份解禁上市流通的股份类别为非公开发行限 售股份； 4.本次限售股份上市流通日为2024年4月1日（星期一）； 5.本次限售股份解除限售上市流通涉及1名股东。 一、本次解除限售股份基本情况 经中国证券监督管理委员会《关于核准鲁西化工集团股份有 限公司非公开发行股票的批复》（证监许可〔2020〕3425号）的 批准，鲁西化工集团股份有限公司（以下简称"公司"或"鲁西 化工"）向特定对象中化投资发展有限公司（以下简称"中化投 资"）共计1名股东发行人民币普通股总计439,458,233股，募集 资金总额为人民币 3,295,936,747.50 元 ， 募 集 资 金 净 额 3,289,2 ...