天眼查商业履历信息显示，华峰化学股份有限公司，成立于1999年，位于温州市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本496254.3897万人民币，实缴资本496254.3897万人民 币。公司法定代表人为尤飞煌。 通过天眼查大数据分析，华峰化学股份有限公司共对外投资了13家企业，参与招投标项目92次，知识产 权方面有商标信息32条，专利信息231条，此外企业还拥有行政许可7个。 金融界消息 截至2025年8月13日收盘，华峰化学（002064）报收于7.86元，下跌0.51%，换手率0.35%， 成交量17.51万手，成交金额1.37亿元。 资金流向方面，今日主力资金净流出1552.39万元，占比成交额11.32%。其中，超大单净流出658.55万 元、占成交额4.8%，大单净流出893.84万元、占成交额6.52%，中单净流出流入395.95万元、占成交额 2.89%，小单净流入1156.43万元、占成交额8.43%。 华峰化学最新一期业绩显示，截至2025中报，公司营业总收入121.37亿元、同比减少11.70%，归属净利 润9.83亿元，同比减少35.23%，扣非净利润9.04亿 ...

开源证券研报指出，华峰化学Q2业绩超预期，氨纶等景气低迷更显公司成本优势，维持"买入"评级。 2025年H1，氨纶在行业供大于求的基本面下，产品价格已处于历史低位水平，需求增速放缓，整体呈 现走量不走价的态势。氨纶行业短期存在产能出清、环保政策倒逼、行业优胜劣汰趋势加剧等压力，但 行业集中度进一步提升，行业头部效应越发明显。公司作为氨纶、己二酸行业双龙头，持续巩固成本优 势，周期底部彰显龙头业绩韧性。随着氨纶渗透率仍在持续提升，氨纶景气有望复苏，未来公司作为龙 头有望充分受益。 ...

Core Viewpoint - Huafeng Chemical's net profit attributable to shareholders in the first half of the year was 983 million yuan, a year-on-year decrease of 35.23%, primarily due to declining product prices [1] Revenue Analysis - The market prices of key products such as spandex and adipic acid fell year-on-year, reaching historical low levels [1] - Revenue from the three main business segments—chemical fibers, new chemical materials, and basic chemical products—declined by 9.43%, 8.82%, and 15.04% respectively [1] Profitability Impact - The decline in product prices led to a 2.75 percentage point decrease in the overall gross profit margin to 13.77%, negatively impacting net profit growth [1] Strategic Developments - The company is constructing a natural gas integrated project with an annual capacity of 1.1 million tons (Phase I) and a 240,000-ton PTMEG spandex industry chain deepening project, aiming to enhance cost advantages in upstream raw materials for spandex [1] - As a leading enterprise in spandex, adipic acid, and polyurethane raw materials, the company possesses significant scale, technology, and cost advantages, and plans to continue deepening its industry presence and strengthening its scale advantages [1] Investment Recommendation - The report maintains a "strongly recommended" rating for the company [1]

Investment Rating - Industry rating is Neutral (maintained rating) [1] Core Viewpoints - The domestic spandex industry is highly concentrated, with a current price running at a relatively low level. China is the largest producer and consumer of spandex globally, with production capacity increasing from 89,000 tons in 2003 to 1.35 million tons by 2024, accounting for 77% of global capacity [4][15]. - The industry is currently experiencing an average loss, with the average gross profit per ton of spandex showing a loss of approximately 6,000 yuan, marking a cumulative loss period of 3.5 years [6][24]. - The demand for spandex has been growing rapidly, with the apparent consumption increasing from 121,000 tons in 2005 to 1.027 million tons in 2024, reflecting a CAGR of 11.9% from 2005 to 2024 [8][30]. Summary by Sections 1. Industry Overview - The spandex industry in China is highly concentrated, with the top five producers (CR5) accounting for 79% of the total capacity, which has increased from 61% in 2019 [5][18]. - The industry has faced challenges due to increased supply and tariff policies affecting downstream demand, leading to prices reaching historical low levels [6][24]. 2. Production and Capacity - As of 2024, the total spandex production capacity in China is approximately 1.07 million tons, with major producers including Huafeng Chemical, Xiaoxing China, and New Xiang Chemical [5][18]. - New capacity additions are being delayed or reduced, and there is an expectation of continued capacity elimination in the industry [7][28]. 3. Demand Dynamics - The demand for spandex has been robust, driven by trends in fashion and comfort, with a significant increase in consumption over the years [8][30]. - The spandex market is characterized by a strong growth trajectory, with increasing penetration in various applications [8][30]. 4. Cost Structure and Competitive Landscape - The production cost of spandex varies significantly among companies, with energy consumption and depreciation being key factors affecting cost differences [9][40]. - Companies like Huafeng Chemical and New Xiang Chemical are highlighted as having competitive advantages due to their scale and cost structure [39][41].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 12.14 billion yuan, a year-on-year decrease of 12%, and a net profit attributable to shareholders of 983 million yuan, down 35% year-on-year [6] - The demand for spandex is growing, but prices remain under pressure, highlighting the company's resilient profitability amid industry challenges [6] - The company's gross profit from spandex reached 786 million yuan in the first half of 2025, with a gross margin of 18.65%, benefiting from cost advantages due to scale and technology [6] - The price and profitability of adipic acid are under pressure due to weak demand, but the company expects a recovery in the industry environment [6] - The company is a leading player in the global spandex, adipic acid, and polyurethane raw materials market, with significant scale, technology, and cost advantages [6] Financial Summary - For 2025, the company is projected to have total revenue of 24.38 billion yuan, a year-on-year decrease of 9.5%, and a net profit of 2.53 billion yuan, with an expected EPS of 0.51 yuan per share [5][8] - The gross margin is expected to improve to 15.0% in 2025, with a return on equity (ROE) of 8.7% [5] - The company's market capitalization corresponds to a price-to-earnings ratio (PE) of 15 times for 2025, which is lower than the average PE of comparable companies at 46 times [5]

Group 1 - The core viewpoint of the report is that Huafeng Chemical (002064.SZ) is given a "buy" rating due to its strong Q2 performance and cost advantages in a challenging market environment [2] - Q2 performance exceeded expectations, highlighting the company's cost advantages amid a downturn in the spandex market [2] - The price spread of adipic acid increased quarter-on-quarter, while the spandex price spread remained stable, indicating the company's resilience at the bottom of the cycle [2] Group 2 - The spandex industry is facing severe oversupply, which may accelerate capacity clearance [2]

Group 1 - The core viewpoint of the article highlights the financial performance of Huafeng Chemical for the first half of 2025, indicating a decline in revenue and net profit due to various external economic challenges [2][3] - The company reported a revenue of approximately 12.137 billion yuan, a year-on-year decrease of 11.70%, and a net profit of 983 million yuan, down 35.23% compared to the previous year [3] - The chemical fiber segment generated revenue of about 4.215 billion yuan, reflecting a decline of 9.43%, while the gross profit margin increased by 3.68% to 18.65% [2] Group 2 - The global economic environment is described as complex and uncertain, influenced by factors such as U.S. tariffs and geopolitical issues, which have weakened growth momentum [2] - The domestic economy remains stable, but external changes have posed significant challenges to domestic demand, impacting product prices and profits across the industry [2] - The report indicates that the industry is experiencing a cyclical downturn, leading to an oversupply situation and a decrease in product prices compared to the previous year [2]

Company Overview - Huafeng Chemical reported Q2 performance exceeding expectations, highlighting cost advantages amid weak demand for spandex and other products [2] - The company achieved revenue of 12.137 billion yuan in H1 2025, a year-on-year decrease of 11.70%, and a net profit attributable to shareholders of 983 million yuan, down 35.23% year-on-year [2] - In Q2 2025, revenue was 5.823 billion yuan, a quarter-on-quarter decline of 7.78%, with a net profit of 479 million yuan, down 42.61% year-on-year and 5.02% quarter-on-quarter [2] Industry Analysis - The spandex industry is experiencing oversupply, with prices at historical lows and demand growth slowing, leading to a "volume over price" trend [2] - The average price of adipic acid in Q2 2025 was 7,235 yuan/ton, down 10.80% quarter-on-quarter, while the average price difference increased by 7.44% [3] - The spandex industry has faced negative gross margins for over two years, with recent production halts indicating a potential acceleration in capacity reduction [4] Future Outlook - The company maintains its profit forecasts for 2025-2027, expecting net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan, with corresponding EPS of 0.50, 0.63, and 0.77 yuan [2] - Current stock price corresponds to P/E ratios of 15.8, 12.6, and 10.3 for the years 2025, 2026, and 2027 respectively, supporting a "buy" rating [2] - The industry is expected to see a recovery in spandex prices as capacity exits the market, benefiting leading companies like Huafeng [4]

Core Viewpoint - The AMAC Chemical Fiber Index experienced a decline of 0.57%, closing at 3837.96 points, with a trading volume of 3.384 billion yuan, despite showing positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The AMAC Chemical Fiber Index has increased by 6.53% over the past month [1] - The index has risen by 9.31% over the last three months [1] - Year-to-date, the index has shown a growth of 9.89% [1] Group 2: Index Composition - The top ten holdings of the AMAC Chemical Fiber Index are: Tongkun Co., Ltd. (13.53%), Guangwei Composites (11.72%), Kaisa Biotechnology (11.33%), Huafeng Chemical (10.12%), Hengyi Petrochemical (8.51%), Zhongjian Technology (8.44%), New Fengming (6.32%), Jilin Chemical Fiber (5.23%), Taihe New Materials (4.32%), and Hailide (3.15%) [1] - The market share of the AMAC Chemical Fiber Index is composed of 60.77% from the Shenzhen Stock Exchange and 39.23% from the Shanghai Stock Exchange [1] Group 3: Industry Classification - The AMAC Chemical Fiber Index is entirely composed of the raw materials sector, with a 100% allocation [1]

基础化工/化学纤维 华峰化学（002064.SZ） 业绩符合预期，氨纶等景气低迷更显公司成本优势 2025 年 08 月 12 日 投资评级：买入（维持） | 日期 | 2025/8/12 | | --- | --- | | 当前股价(元) | 7.90 | | 一年最高最低(元) | 9.24/6.41 | | 总市值(亿元) | 392.04 | | 流通市值(亿元) | 390.94 | | 总股本(亿股) | 49.63 | | 流通股本(亿股) | 49.49 | | 近 3 个月换手率(%) | 35.24 | 股价走势图 | | | | jinyiteng@kysec.cn | zhangxiaofeng@kysec.cn | songzirong@kysec.cn | | --- | --- | --- | | 证书编号：S0790520020002 | 证书编号：S0790522080003 | 证书编号：S0790525070002 | 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-08 2024-12 2025-04 2025-08 华峰化学 沪深300 相 ...