华峰化学（002064）公告，公司拟通过发行股份及支付现金方式购买浙江华峰合成树脂有限公司100% 股权和浙江华峰热塑性聚氨酯有限公司100%股权。本次交易金额为60亿元，其中，华峰化学将向华峰 集团、尤小平、尤金焕、尤小华发行股份及支付现金购买华峰合成树脂100%股权；向华峰集团发行股 份及支付现金购买华峰热塑100%股权。本次交易构成关联交易，完成后不会导致公司实际控制人变 更。 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-028 华峰化学股份有限公司 关于股东权益变动的一般风险提示性公告 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。 重要内容提示： 1、本次权益变动为华峰化学股份有限公司（以下简称"华峰化学"或"公 司"）发行股份及支付现金购买资产导致的股本结构变化； 2、本次权益变动前，华峰集团、尤小平、尤小华和尤金焕在华峰化学中持 股比例分别为 45.10%、8.03%、6.58%和 6.52%，合计持股占华峰化学总股本的 66.23%。华峰集团为公司控股股东，尤小平为公司实际控制人； 3、本次权益变动后，华峰集团、尤小平、尤小华和尤金焕在华峰化学中持 股比例将分别为 48.40%、8.75%、7.11%和 7.06%，合计持股比例为 71.32%； 有限公司发行股份及支付现金购买资产暨关联交易报告书>（草案）及其摘要的 议案》等与本次交易相关的议案，具体内容详见公司 2025 年 4 月 12 日刊登于巨 潮资讯网（http://www.cninfo.com.cn）的相关公告。 以截至 2024 年 12 ...

华峰化学股份有限公司 证券代码：002064 证券简称：华峰化学 公告编号：2025-023 投资者依据提示，授权登入"投关易"小程序，即可参与交流。 出席本次网上说明会的公司人员有：董事长尤飞煌先生、独立董事潘彬先生、 财务总监孙洁女士、董事会秘书李亿伦女士。 敬请广大投资者积极参与。 关于举行2024年度网上业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 华峰化学股份有限公司（以下简称"公司"）已于2025年3月29日在巨潮资 讯网（http://www.cninfo.com.cn/）上披露了《华峰化学2024年年度报告》。 为便于广大投资者进一步了解公司2024年年度经营情况，公司定于2025年4 月16日（星期三）下午15:00至17:00时在"投关易"小程序举行2024年年度网上 业绩说明会。本次网上业绩说明会将采用网络远程的方式举行，投资者可登陆 "投关易"小程序参与互动交流。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道自发出 公告之日起开放。 参与方式一：在微信小程序中搜索"投关易"，输入"华峰化学"参与交流； 参 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-022 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 华峰化学股份有限公司（以下简称"公司"）近日收到公司聘请的独立财务 顾问国泰君安证券股份有限公司的通知，"国泰君安证券股份有限公司"已正 式变更名称为"国泰海通证券股份有限公司"，并已完成工商变更登记。 本次工商变更仅涉及公司名称，原"国泰君安证券股份有限公司"与公司 之前签署的法律文件继续有效，将由"国泰海通证券股份有限公司"继续履 行，无需做任何修订。 华峰化学股份有限公司董事会 2025 年 4 月 9 日 华峰化学股份有限公司 关于独立财务顾问变更名称的公告 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [5]. Core Views - The company's performance in 2024 is expected to be under pressure due to declining prices of its main products, spandex and adipic acid, influenced by market supply-demand imbalances. However, the industry is anticipated to gradually recover as concentration increases and downstream differentiated applications expand [2][4]. - The company is actively expanding its production capacity, including a 150,000-ton spandex expansion project and a 1.1 million-ton integrated natural gas base, which are expected to contribute positively to future revenues [4][10]. Financial Summary - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 26,931 million yuan in 2024, a 2.4% increase year-on-year, with a net profit of 2,220 million yuan, reflecting a 10.4% decline [1][11]. - **Cash Flow**: The net cash flow from operating activities is expected to rise to 3,025 million yuan in 2024, a 22.53% increase year-on-year, while cash flow from investing activities is projected to decline significantly due to increased structural deposit purchases [3]. - **Key Financial Ratios**: The report highlights a decrease in gross profit margin to 13.83% in 2024, down 1.52 percentage points from the previous year, alongside an increase in financial and sales expenses [2][12]. Industry Insights - The spandex market is facing short-term challenges due to price declines, with the average price of domestic spandex 40D expected to drop by approximately 17.11% in 2024 [4]. - The adipic acid market is characterized by intense competition and price fluctuations, with a projected increase in domestic production capacity by 9.63% in 2024, leading to a supply-demand imbalance [9]. - The report notes that the polyurethane raw material market has significant growth potential, particularly in the footwear sector, where the application ratio is currently below that of developed countries [10].

Group 1 - Huafeng Chemical's stock hit the daily limit down on April 7, with a year-to-date decline of 16.95% [1] - Huafeng Chemical Co., Ltd. was established in December 1999 and is a subsidiary of Huafeng Group [1] - Xingsheng Global Fund's Xinguang He Run Mixed Fund (LOF) remains one of Huafeng Chemical's top ten shareholders, holding a 0.61% stake, with a year-to-date return of -0.14% and a ranking of 3422 out of 4592 in its category [1] Group 2 - The fund manager of Xinguang He Run Mixed Fund (LOF) is Xie Zhiyu, who has extensive experience in various roles within Xingsheng Global Fund Management Co., Ltd. [3][4] - Xie Zhiyu has been managing the Xinguang He Run Mixed Fund since January 29, 2013, and currently serves as the Deputy General Manager and Director of the Research Department [4] - The total scale of Xingsheng Global Fund is 375.55 billion yuan, with a best performance return of 505.27% during his tenure [4]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

Group 1 - The company reported a total revenue of 26.93 billion yuan for 2024, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 2.22 billion yuan, a year-on-year decrease of 10.4% [1] - In Q4 alone, the company achieved a revenue of 6.56 billion yuan, a year-on-year decrease of 0.9% and a quarter-on-quarter decrease of 1.1%, with a net profit of 210 million yuan, a year-on-year decrease of 62.7% and a quarter-on-quarter decrease of 58.6% [1] - The decline in Q4 performance is attributed to the narrowing price spread of spandex and significant asset impairment losses at year-end [1] Group 2 - The price spreads for spandex and adipic acid have been under pressure due to oversupply and intensified competition, with spandex price spread showing a decrease of 258 yuan and 723 yuan respectively, while adipic acid price spread showed a decrease of 769 yuan and an increase of 191 yuan [1] - Despite the challenging market conditions, the company is expected to maintain steady expansion at the industry bottom due to its cost advantages, potentially leading to greater profit elasticity in the next economic cycle [1] - The company is reinforcing its integrated layout with a 1.1 million-ton natural gas integration project and a 240,000-ton PTMEG project, which is expected to enhance its cost competitiveness in spandex production [1] Group 3 - The company has adjusted its forecasts for spandex and adipic acid production, sales, prices, and unit gross margins based on Q4 performance and recent industry changes [2] - The adjusted earnings per share (EPS) for 2025-2027 are projected to be 0.46, 0.53, and 0.58 yuan respectively, down from previous estimates of 0.60 and 0.68 yuan for 2025-2026 [2] - The target price has been adjusted to 9.20 yuan based on a 20x PE ratio of comparable companies for 2025, while maintaining a buy rating [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 9.20 CNY [1] Core Views - The report highlights that the company's performance is expected to improve in the coming quarters, supported by cost advantages and a strong market position in the industry [4][5] - The company is anticipated to benefit from its integrated layout, particularly in the upstream raw materials for spandex production, which will enhance its cost competitiveness [9] Financial Summary - The company reported a revenue of 26,298 million CNY in 2023, with a projected revenue of 26,931 million CNY in 2024, and a slight decline to 26,114 million CNY in 2025, followed by growth in subsequent years [7] - The net profit attributable to the parent company is expected to decrease from 2,478 million CNY in 2023 to 2,220 million CNY in 2024, before recovering to 2,282 million CNY in 2025 [7] - The earnings per share (EPS) are projected to be 0.46 CNY in 2025, with a gradual increase to 0.58 CNY by 2027 [5][7] Industry Insights - The report indicates that the industry is currently at a low point in terms of profitability, but the company is positioned to expand during this period, potentially leading to greater profit elasticity in the next economic cycle [9] - The report notes that the price differentials for spandex and adipic acid have been narrowing, which has impacted margins, but the company’s cost advantages may allow it to navigate these challenges effectively [9]

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].