Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched its 115,000 tons/year adipic acid expansion project, leading to a year-on-year increase in the production and sales of basic chemical products [5] - Despite a decline in profits due to falling prices of major products, the company is expected to see strong performance growth driven by new capacity releases [9] - The company aims to achieve integration in the polyurethane industry and become a world-class leader in polyurethane materials [7][8] Summary by Sections Market Performance - The company's stock price is currently at 7.74 yuan, with a total market capitalization of 38.4 billion yuan [1] Financial Performance - In 2024, the company achieved total revenue of 26.931 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.220 billion yuan, a year-on-year decrease of 10.43% [4] - The fourth quarter of 2024 saw a revenue of 6.559 billion yuan, a year-on-year decrease of 0.87%, and a net profit of 205 million yuan, a year-on-year decrease of 62.66% [4] Production and Sales - Chemical fiber production in 2024 was 357,400 tons, up 5.26% year-on-year, with sales of 368,200 tons, up 12.29% year-on-year [5] - Chemical new materials production was 657,100 tons, up 1.92% year-on-year, with sales of 425,500 tons, up 2.43% year-on-year [5] - Basic chemical products saw production of 1,681,000 tons, up 31.14% year-on-year, and sales of 1,365,700 tons, up 28.52% year-on-year, attributed to the new adipic acid expansion project [5] Cost Structure and R&D - The company optimized its cost structure, with R&D expenses contributing to maintaining its technological leadership and product competitiveness [6] Future Outlook - The company plans to strengthen its main business, pursue moderate diversification, and drive innovation to enhance its integrated operations in the polyurethane industry [7][8] Profit Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 2.636 billion yuan, 3.234 billion yuan, and 3.658 billion yuan respectively, with corresponding P/E ratios of 14.6, 11.9, and 10.5 [9]

Investment Rating - The report maintains a "Strong Buy" rating for Huafeng Chemical [2][4] Core Views - Huafeng Chemical's performance is under short-term pressure, but it continues to expand its production capacity, reinforcing its scale advantages [3][4] - The company achieved a total revenue of 26.931 billion yuan in 2024, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 2.220 billion yuan, a decrease of 10.43% year-on-year [3] - Despite the growth in sales volume of core products, the decline in prices of spandex and adipic acid has negatively impacted performance [3] - The company has a strong market position, being the largest producer of spandex in China and the second largest globally, with significant production capacities in polyurethane and adipic acid [4] Financial Performance Summary - Revenue and Profit Forecasts: - 2025: Revenue expected to be 28.571 billion yuan, net profit 2.133 billion yuan - 2026: Revenue expected to be 30.668 billion yuan, net profit 2.403 billion yuan - 2027: Revenue expected to be 33.293 billion yuan, net profit 2.664 billion yuan [6][4] - Earnings Per Share (EPS) projections: - 2025: 0.43 yuan - 2026: 0.48 yuan - 2027: 0.54 yuan [4][6] - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18, 16, and 14 respectively [4] Production Capacity and Market Position - Huafeng Chemical has a spandex production capacity of 325,000 tons, with an additional 150,000 tons under construction [4] - The company maintains high capacity utilization rates: 109.98% for spandex and 94.96% for adipic acid [4] - The company is expected to further enhance its scale advantages as ongoing projects progress [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profit recovery in the coming years [4]. Core Insights - The company reported a revenue of 26.931 billion yuan in 2024, a year-on-year increase of 2.41%, but the net profit attributable to shareholders decreased by 10.43% to 2.220 billion yuan [1]. - The fourth quarter of 2024 saw a revenue of 6.559 billion yuan, down 0.87% year-on-year, and a significant decline in net profit by 62.66% to 205 million yuan [1]. - The company is currently facing pressure on its performance due to declining product prices, particularly for spandex and adipic acid, leading to a low overall gross margin of 8.36% in Q4 [2]. - The company has a low debt level, with a debt-to-asset ratio of 26.17% in 2024, which is a decrease from the previous year [3]. - The company is investing in projects to enhance its integrated production capacity for spandex, which is expected to improve profitability in the future [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 26.931 billion yuan, a 2.41% increase year-on-year, while the net profit attributable to shareholders was 2.220 billion yuan, down 10.43% [1]. - The fourth quarter revenue was 6.559 billion yuan, a decrease of 0.87% year-on-year, with net profit dropping significantly by 62.66% to 205 million yuan [1]. Operational Analysis - The decline in product prices, especially for spandex and adipic acid, has put pressure on the company's performance, resulting in a gross margin of only 8.36% in Q4, down 32.7% year-on-year [2]. - The company reported a spandex sales volume of 368,000 tons in 2024, up 12.29% year-on-year, with a gross margin of 13.66% [2]. - The first quarter of 2025 has seen a slight recovery in spandex prices, while adipic acid prices continue to decline [2]. Profit Forecast - The company has slightly adjusted its profit forecast for 2025, expecting revenues of 27.322 billion yuan and a net profit of 1.984 billion yuan [4]. - The earnings per share (EPS) are projected to be 0.40 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 20.33 for 2025, 18.56 for 2026, and 17.29 for 2027 [4].

Financial Performance Overview - The company reported a total revenue of 26.931 billion yuan for 2024, representing a year-on-year increase of 2.41% [1] - The net profit attributable to shareholders was 2.22 billion yuan, a year-on-year decrease of 10.43% [1] - The net profit excluding non-recurring items was 2.083 billion yuan, down 14.44% year-on-year [1] - In Q4, the single-quarter revenue was 6.559 billion yuan, a decrease of 0.87% year-on-year [1] - The Q4 net profit attributable to shareholders was 205 million yuan, down 62.66% year-on-year [1] - The Q4 net profit excluding non-recurring items was 175 million yuan, a decline of 71.06% year-on-year [1] Key Financial Indicators - Gross margin was 13.83%, a decrease of 9.86% year-on-year [8] - Net margin was 8.27%, down 12.29% year-on-year [8] - Operating expenses accounted for 1.8% of revenue, a decrease of 1.28% year-on-year [8] - Earnings per share were 0.45 yuan, a decline of 10.0% year-on-year [8] - Cash flow per share was 0.61 yuan, an increase of 22.53% year-on-year [8] - Book value per share was 5.33 yuan, an increase of 6.15% year-on-year [8] Accounts Receivable and Cash Flow - The accounts receivable stood at 2.516 billion yuan, which is 113.35% of the net profit attributable to shareholders, indicating significant pressure on receivables collection [3] - Cash and cash equivalents were 7.068 billion yuan, a decrease of 30.50% compared to the previous year, primarily due to loan repayments and increased purchases of structured deposits [3] Revenue Composition - Revenue from basic chemical products was 10.475 billion yuan, accounting for 38.90% of total revenue, with a gross margin of 10.81% [9] - Revenue from chemical fibers was 9.051 billion yuan, representing 33.61% of total revenue, with a gross margin of 13.66% [9] - Revenue from new chemical materials was 5.844 billion yuan, making up 21.70% of total revenue, with a gross margin of 21.25% [9] - Other revenue was 1.489 billion yuan, accounting for 5.53% of total revenue [9] - Revenue from logistics services was 71.7062 million yuan, representing 0.27% of total revenue, with a gross margin of 39.51% [9] Industry and Market Environment - In 2024, the global economic situation is complex, with slowing growth, declining inflation but localized high rates, slow recovery in international trade, and increased geopolitical risks [5] - The company's main products, including spandex, adipic acid, and polyurethane raw materials, are affected by insufficient demand, supply shocks, and raw material price fluctuations, impacting prices and profits [5] - The spandex industry has transitioned from a peak to a cyclical low, with many companies reporting losses and an increase in industry concentration [5] Development Strategy and Outlook - The company will continue to focus on its development strategy of "strengthening the main business, moderate diversification, innovation-driven, and integration of production and finance" [6] - It aims to leverage the synergistic advantages of its various business segments in R&D, marketing, channels, and management [6] - The company plans to expand its space and potential in the polyurethane industry chain through "vertical extension and horizontal expansion" to enhance integrated operational levels [6] - The strategic goal is to gradually achieve integrated development in the polyurethane industry [6]

Financial Performance - In 2024, the company achieved revenue of 26.93 billion yuan, a year-on-year increase of 2.4% [1] - The net profit attributable to shareholders was 2.22 billion yuan, a year-on-year decrease of 10.4%, with earnings per share of 0.45 yuan, which is in line with market expectations [1] - In Q4 2024, the company reported revenue of 6.56 billion yuan and a net profit of 210 million yuan [1] Industry Trends - The global spandex production capacity is expected to increase to 1.75 million tons by the end of 2024, with a year-on-year growth rate of 7%, primarily driven by the Chinese market [2] - China's spandex production capacity will reach 1.355 million tons, a year-on-year increase of 9.3%, although some new installations have been delayed or reduced [2] - Domestic spandex production was 1.045 million tons, up 11.3% year-on-year, while exports increased by 13.2% to 69,600 tons, and imports decreased by 4.8% to 47,900 tons [2] - The average price of spandex is projected to decline throughout 2024, with an annual average of 26,400 yuan per ton, down 17.1% year-on-year [2] Market Dynamics - The domestic adipic acid production capacity is expected to reach 4.1 million tons in 2024, a 9.6% increase from the previous year, with production rising by 10.8% to 2.56 million tons [2] - The consumption of adipic acid in downstream applications is projected to grow by 9.7% to 1.92 million tons, but the market remains oversupplied, leading to continued pressure on profitability [2] - The industry is facing a significant decline in gross profit margins, with the projected gross profit per ton for 2024 at -1,303 yuan, compared to -222 yuan in 2023 [2] Business Outlook - The polyurethane raw material market is stable, providing the company with a steady cash flow, with the polyurethane footwear market size reaching 5.61 billion USD, a year-on-year increase of 7.9% [3] - The current market share of polyurethane raw materials in China's footwear industry is below 10%, indicating significant growth potential compared to developed countries [3] - The industry is expected to see increased concentration as smaller enterprises face profitability challenges, benefiting larger companies like Huafeng [3] Profit Forecast and Valuation - Due to the pressure on spandex and adipic acid prices, the net profit forecast for 2025 has been reduced by 10% to 3.15 billion yuan, with a new forecast for 2026 at 3.74 billion yuan [4] - The current stock price corresponds to a price-to-earnings ratio of 13 times for 2025 and 11 times for 2026 [4] - The target price is maintained at 9.0 yuan, reflecting a potential upside of 11% from the current stock price, based on a 14 times price-to-earnings ratio for 2025 and 12 times for 2026 [4]

对于社保基金，本期新披露持有华峰化学的社保基金共计1个，即全国社保基金一一二组合。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.43%。本期较上一季未再披露的外资机构即阿布达比投资局。 2025年3月29日，华峰化学(002064.SZ)发布2024年年度报告。截至2025年3月28日，共有148个机构投资 者披露持有华峰化学A股股份，合计持股量达25.98亿股，占华峰化学总股本的52.36%。其中，前十大 机构投资者包括华峰集团有限公司、香港中央结算有限公司、招商银行股份有限公司-兴全合润混合型 证券投资基金、全国社保基金一一二组合、中国农业银行股份有限公司-中证500交易型开放式指数证券 投资基金、中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、北京泰德圣私募基金管理 有限公司-泰德圣投资致圣量化1号私募证券投资基金、泓德睿泽混合、泓德睿源三年持有期混合、中泰 开阳价值优选混合A，前十大机构投资者合计持股比例达50.73%。相较于上一季度，前十大机构持股比 例合计下跌了2.80个百分点。 公募基金方面，本期较上一期持股增加的公募 ...

审计报告及财务报表 二○二四年度 华峰化学股份有限公司 华峰化学股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-4 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-116 | 审 计 报 告 信会师报字[2025]第 ZF10077 号 华峰化学股份有限公司全体股东： 一、 审计意见 我们审计了华峰化学股份有限公司（以下简称华峰化学）财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了 ...

东方证券股份有限公司关于华峰化学股份有限公司 使用外汇、信用证、自有资金等方式支付募投项目所需资金并 以募集资金等额置换的核查意见 公司募投项目中涉及境外采购业务，需使用外币或信用证进行支付，受募集 资金专户功能限制，为提高资金使用效率，公司拟先通过外汇或信用证支付后， 再以募集资金进行等额置换。此外，由于涉及海关、税务等相关税费支出仅能使 用公司与海关、税务等系统绑定的扣款账户统一支付，募集资金专户无法作为扣 款账户，公司（或子公司）拟通过自有资金账户先支付，再以募集资金进行等额 置换。 扣 除 各 项 不 含 税 发 行 费 用 26,707,547.08 元 ， 募 集 资 金 净 额 为 2,773,292,445.68 元，其中计入股本 329,024,676.00 元，计入资本溢价 2,444,267,769.68 元。 截至 2022 年 3 月 10 日，上述募集资金到位情况业经立信会计师事务所（特 殊普通合伙）审验并由其出具信会师报字[2022]第 ZF10082 号验资报告。 本次非公开发行股票募集资金总额 2,799,999,992.76 元，扣除发行费用后的 募集资金净额 2,773, ...

华峰化学股份有限公司 募集资金存放与使用情况鉴证报告 截至 2024 年 12 月 31 日 关于华峰化学股份有限公司 2024年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2025]第ZF10080号 华峰化学股份有限公司全体股东： 我们接受委托，对后附的华峰化学股份有限公司（以下简称"公 司"、"华峰化学"或"华峰化学公司"） 2024年度募集资金存放 与使用情况专项报告（以下简称"募集资金专项报告"）执行了合理 保证的鉴证业务。 一、董事会的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 鉴证报告 第 1 页 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史 财务信息审计或审阅以外的鉴证业务》的规定执行了鉴证业务。该准 则要求我们遵守职业道德规范，计划和实施鉴证工作，以对募集资金 专项报告是否在所有重大方面按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《深圳证券交易所 上市公司自律监管指引第1号——主板上市公司规范运作》以及《深 圳证券 ...

华峰化学股份有限公司 关联方占用资金情况专项报告 2024 年度 关于华峰化学股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZF10079 号 华峰化学股份有限公司全体股东： 我们审计了华峰化学股份有限公司(以下简称"华峰化学公 司")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2025 年 3 月 27 日出具了报告号为信会师报字(2025)第 ZF10077 号的 无保留意见审计报告。 编制汇总表并确保其真实、准确、完整是华峰化学公司管理层的 责任。我们将汇总表所载信息与我们审计华峰化学公司 2024 年度财 务报表时所审核的会计资料及已审计财务报表中披露的相关内容进 行了核对，没有发现在重大方面存在不一致的情况。 为了更好地理解华峰化学公司 2024 年度非经营性资金占用及其 他关联资金往来情况，汇总表应当与已审计财务报表一并阅读。 专项报告第 1 页 本报告仅供华峰化学公司为披露 2024 年年度 ...