Investment Rating - The report maintains a "Buy" rating for Luxi Chemical (000830 SZ) [1] Core Views - Luxi Chemical's 1Q24 performance shows gradual recovery, with revenue of 6 752 billion yuan, up 2 61% YoY, and net profit attributable to shareholders of 568 million yuan, up 76 26% YoY [2] - The company's 2023 performance was impacted by an explosion accident, leading to a 16 47% YoY decline in revenue to 25 358 billion yuan and a 74 05% YoY decline in net profit to 819 million yuan [1] - The report is optimistic about the company's medium to long term layout, citing potential recovery in product prices and the gradual commissioning of new projects [5] Financial Performance - Revenue is expected to grow to 29 379 billion yuan in 2024, 32 644 billion yuan in 2025, and 34 174 billion yuan in 2026, with YoY growth rates of 15 9%, 11 1%, and 4 7% respectively [1] - Net profit attributable to shareholders is forecasted to be 1 934 billion yuan in 2024, 2 289 billion yuan in 2025, and 2 615 billion yuan in 2026, with YoY growth rates of 136 3%, 18 3%, and 14 3% respectively [1] - ROE is expected to improve from 4 8% in 2023 to 10 3% in 2024, 11 8% in 2025, and 12 9% in 2026 [1] Business Segments - In 2023, the chemical new materials segment contributed 16 058 billion yuan in revenue, down 4 66% YoY, with a gross margin of 14 54% [2] - The basic chemical products segment generated 6 259 billion yuan in revenue, down 39 08% YoY, with a gross margin of 13 87% [2] - The fertilizer products segment contributed 2 601 billion yuan in revenue, down 15 07% YoY, with a gross margin of 7 17% [2] Operational Highlights - Sales volume of key products declined in 2023, with octanol down 5 75% YoY to 458 900 tons, nylon 6 down 5 49% YoY to 297 700 tons, and caustic soda down 18 19% YoY to 662 400 tons [2] - The company's accounts receivable decreased by 43 75% YoY, with the turnover ratio increasing from 398 03 times in 2022 to 524 50 times in 2023 [5] - Inventory decreased by 4 75% YoY, with the turnover ratio declining from 14 09 times in 2022 to 13 41 times in 2023 [5] Project Development - The company is progressing with several projects, including the caprolactam nylon 6 phase I project (85% completion), hydrogen peroxide project (60% completion), and polycarbonate project (98% completion) [5] - The company plans to achieve a production target of 9 6 million tons and a revenue target of 31 3 billion yuan in 2024 [5] Valuation - The stock is trading at a P/E of 12 2x for 2024E, 10 3x for 2025E, and 9 0x for 2026E, based on the closing price of 12 23 yuan on May 31, 2024 [1] - The P/B ratio is 1 3x for 2024E, 1 2x for 2025E, and 1 2x for 2026E [1]

证券代码：000830 证券简称：鲁西化工 公告编号：2024-043 鲁西化工集团股份有限公司 2023 年年度权益分派实施公告 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"或"本 公司"）2023 年年度权益分派方案已获公司 2024 年 5 月 23 日召开的 2023 年年度股东大会审议通过，现将权益分配事 宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本 方案等情况 1、公司2024年5月23日召开的2023年年度股东大会审议 通过了《2023年度利润分配的预案》：以2023年12月31日的 公司总股本1,916,476,161股为基数，向全体股东每10股派 发现金红利1.3元（含税），共计分配股利249,141,900.93 元， 不送红股,不以公积金转增股本。 自董事会审议利润分配预案后至实施利润分配方案的 股权登记日期间，若公司总股本因可转债转股、股份回购、 股权激励、资产重组、新增股份上市等原因发生变动的，依 照未来实施权益分派时股权登记日的总股本为基数实施，并 保持上述分配比例不变 ...

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 ...

Investment Rating - The investment rating for the company is "Outperform" [3][15]. Core Views - The company reported a revenue of RMB 25.36 billion in 2023, a decrease of 16.47% year-on-year, with a net profit attributable to shareholders of RMB 819 million, down 74.05% year-on-year. The decline is attributed to lower product prices, reduced operating rates, and an accident that halted hydrogen peroxide production [3][13]. - The company aims to produce 9.6 million tons of products in 2024, with ongoing projects expected to enhance capacity further [4][14]. - The projected earnings per share (EPS) for 2024-2026 are RMB 1.00, 1.18, and 1.39 respectively, with a target price of RMB 16.00 based on a 16 times PE valuation for 2024 [4][15]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of RMB 25.36 billion, down 16.47% year-on-year, and a net profit of RMB 819 million, down 74.05% year-on-year. The decline was primarily due to lower product prices and reduced production rates [3][13]. - Sales volumes for key products in 2023 were 458,900 tons for octanol, 297,600 tons for nylon 6 slice, and 662,400 tons for caustic soda, reflecting year-on-year decreases of 5.75%, 5.49%, and 18.18% respectively [3][13]. - The average prices for these products were RMB 9,565, RMB 11,816, and RMB 805 per ton, with changes of 0.30%, -4.71%, and -19.93% year-on-year [3][13]. Production and Capacity - The company has ongoing projects including caprolactam-nylon 6 phase one, silicone, polycarbonate, and hydrogen peroxide projects, with progress at 85%, 75%, 98%, and 60% respectively [4][14]. - The capacity utilization rates for major products in 2023 were 78.95% for caprolactam, 74.67% for nylon 6, and 100.42% for silicone [4][14]. Earnings Forecast - The company forecasts revenues of RMB 29.33 billion, RMB 32.61 billion, and RMB 35.58 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 1.92 billion, RMB 2.27 billion, and RMB 2.67 billion [5][10]. - The projected gross margin is expected to improve from 13.4% in 2023 to 16.9% by 2026 [10][15].

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]