Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's performance in Q3 2024 is under pressure due to the downturn in the adipic acid industry, but it is expected to benefit from the growing demand for spandex driven by elastic fabric needs [4][9] - The company is strengthening its upstream PTMEG layout to solidify its cost advantages [4] - The company has maintained its target price at 9.90, with a PE ratio of 13.75 times [9] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 20.373 billion, a year-on-year increase of 3.51%, and a net profit attributable to the parent company of 2.015 billion, up 4.46% year-on-year [9] - In Q3 2024, revenue was 6.628 billion, a decrease of 6.11% year-on-year and 6.47% quarter-on-quarter, with a net profit of 496 million, down 12.88% year-on-year and 40.52% quarter-on-quarter [9] - The company's gross profit margin and net profit margin for Q3 2024 were 13.69% and 7.53%, respectively, showing a decline compared to the previous year [9] Market Data - The company's stock price range over the past 52 weeks was between 5.88 and 8.67 [5] - The total market capitalization is 40.197 billion [5] - The current stock price is 8.10 [3] Earnings Forecast - The EPS for 2024 is revised down to 0.55 from 0.64, while the EPS for 2025 and 2026 is maintained at 0.72 and 0.83, respectively [9][10] - The company is expected to see a stable profit from its spandex and raw liquid segments, despite the price gap of adipic acid declining [9]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The report highlights that the demand for spandex and adipic acid is weak, leading to insufficient cost support and pressure on profitability [1] - The spandex supply-demand imbalance has caused continuous price declines, with current market conditions at historical lows [1] - The report anticipates that spandex prices may gradually recover starting in 2026 as capacity expansion slows down [1] - The company has achieved incremental contributions from new spandex capacity, demonstrating strong profitability resilience compared to peers [1] - Due to weaker-than-expected market demand in Q3, the profit forecast has been revised downwards for 2024-2026 [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 20.373 billion yuan, a year-on-year increase of 3.51%, and a net profit attributable to shareholders of 2.015 billion yuan, up 4.46% year-on-year [1] - In Q3 alone, the company achieved revenue of 6.629 billion yuan, down 6.1% year-on-year and 6.5% quarter-on-quarter, with a net profit of 496 million yuan, reflecting a year-on-year increase of 12.9% but a significant quarter-on-quarter decline of 40.5% [1] - The report projects net profits for 2024, 2025, and 2026 to be 2.649 billion, 3.594 billion, and 4.883 billion yuan respectively, with corresponding P/E ratios of 15.17, 11.19, and 8.23 [1][3] Industry Insights - The report notes that the average price of spandex's main raw material, PTMEG, has continued to decline, further dragging down the spandex market [1] - The average operating rate for adipic acid in Q3 was around 60%, with prices continuing to decrease, leading to a narrowing of profit margins [1] - The industry landscape for adipic acid is stable, with the top three producers being Huafeng Group, Haili Chemical, and Pingmei Shenma [1]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [4]. Core Views - The company's Q3 2024 performance met expectations, with a revenue of 20.37 billion yuan, a year-on-year increase of 4%, and a net profit of 2.02 billion yuan, also up 4% year-on-year [4]. - The report highlights that while the price of spandex continues to decline, the price spread remains stable, suggesting a potential recovery in Q4 2024 as industry production slows down [4]. - The company is recognized as a leading player in the global spandex, adipic acid, and polyurethane raw materials market, with significant scale, technology, and cost advantages [4]. Financial Summary - For Q3 2024, the company reported a revenue of 6.63 billion yuan, down 6% year-on-year and quarter-on-quarter, with a net profit of 496 million yuan, reflecting a 13% decline year-on-year and a 41% decline quarter-on-quarter [4]. - The gross margin for Q3 2024 was 13.69%, down 0.58 percentage points year-on-year, while the net margin was 7.53%, down 0.55 percentage points year-on-year [4]. - The report projects a decrease in the company's net profit forecast for 2024 to 2.63 billion yuan from a previous estimate of 3.05 billion yuan, while maintaining profit forecasts for 2025 and 2026 at 3.81 billion yuan and 4.77 billion yuan, respectively [4][5]. Market Data - As of October 25, 2024, the company's closing price was 8.10 yuan, with a market capitalization of 40.11 billion yuan [2]. - The company has a price-to-earnings ratio (PE) of 15X for 2024, 11X for 2025, and 8X for 2026, indicating a favorable valuation compared to its earnings growth [5]. Industry Outlook - The report anticipates that the spandex industry will see a tightening supply-demand situation as production capacity slows down, which may lead to a recovery in profitability for the company [4]. - The adipic acid segment is expected to face short-term pressure but is projected to recover in Q4 2024 as industry operating rates decline [4].

华峰化学股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了进一步推动华峰化学股份有限公司（以下简称"公司" 或"本 公司"）完善治理结构，规范公司投资者关系管理工作，加强公司与投资者和潜 在投资者（以下统称"投资者"）之间的沟通，加深投资者对公司的了解和认同， 促进公司和投资者之间长期、稳定的良好关系，根据《中华人民共和国公司法》、 《中华人民共和国证券法》、《深圳证券交易所股票上市规则》、《上市公司投资者 关系管理工作指引》等法律、法规、规范性文件及《华峰化学股份有限公司章程》 （以下简称"《公司章程》"）的规定，结合公司实际情况，特制订本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 上市公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、 回报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理由董事长领导，董事会秘书为投资者关系管理负责 人，董事会办公室负责具体承办和落实。除非得到明确授权，公司高级管理人员 和其他员工不得在投资者关系活动中代表公司发言。 第四条 公司投资 ...

Financial Performance - The company's revenue for Q3 2024 was ¥6,628,499,796.11, a decrease of 6.11% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥496,485,645.35, down 12.88% year-on-year[3]. - The net profit excluding non-recurring gains and losses was ¥453,153,393.22, a decline of 13.38% compared to the previous year[3]. - Total operating revenue for the current period reached ¥20,372,576,369.44, an increase of 3.5% compared to ¥19,681,919,713.06 in the previous period[14]. - Net profit for the current period was ¥2,019,558,231.13, representing a growth of 4.7% from ¥1,929,945,088.36 in the same period last year[15]. - The net profit attributable to shareholders of the parent company was ¥2,014,617,736.84, compared to ¥1,928,532,126.31, marking an increase of 4.5%[15]. - The comprehensive income total for the current period was ¥2,026,557,894.19, compared to ¥1,941,842,662.86, showing an increase of 4.4%[16]. Assets and Liabilities - Total assets at the end of the reporting period were ¥35,522,806,597.31, reflecting a slight increase of 0.04% from the end of the previous year[3]. - The company's cash and cash equivalents decreased to RMB 6,412,438,487.56 from RMB 10,169,442,372.18, reflecting a decline of approximately 37.3%[11]. - Accounts receivable increased to RMB 3,161,703,069.64 from RMB 2,487,730,929.16, representing a growth of about 27.1%[11]. - Inventory levels rose to RMB 4,098,015,304.13, up from RMB 3,621,177,535.45, indicating an increase of approximately 13.2%[11]. - The company's short-term borrowings increased to RMB 3,093,240,694.31 from RMB 2,645,131,092.81, marking an increase of about 16.9%[12]. - The total liabilities decreased to ¥9,226,516,759.87 from ¥10,584,392,566.06, a reduction of approximately 12.8%[13]. - Total equity attributable to shareholders of the parent company increased to ¥26,200,239,122.07 from ¥24,922,040,455.96, reflecting a growth of 5.1%[13]. Cash Flow - Operating cash inflow for the current period reached CNY 20,701,788,068.34, an increase of 13.9% compared to CNY 18,184,461,280.70 in the previous period[17]. - Net cash flow from operating activities was CNY 981,283,343.52, significantly up from CNY 440,303,176.26 in the same period last year, marking a 122.8% increase[18]. - Cash inflow from investment activities totaled CNY 4,770,210,633.63, a substantial rise from CNY 759,733,348.48 in the previous year[18]. - Cash outflow for investment activities was CNY 7,781,289,629.04, compared to CNY 2,023,236,712.87 in the previous period, indicating a 284.5% increase[18]. - Net cash flow from financing activities was CNY -2,097,487,626.28, contrasting with a positive CNY 1,848,206,021.79 in the same period last year[18]. - The total cash and cash equivalents at the end of the period decreased to CNY 5,528,280,317.03 from CNY 10,696,868,198.22, reflecting a decline of 48.3%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 62,744[7]. - Shareholders' equity attributable to the parent company increased by 5.13% to ¥26,200,239,122.07 compared to the end of the previous year[3]. Other Financial Metrics - Research and development expenses for the current period were ¥721,240,163.35, slightly down from ¥750,762,807.62, indicating a decrease of 3.9%[15]. - Basic earnings per share rose to ¥0.41 from ¥0.39, an increase of 5.1%[16]. - The company reported a decrease in tax expenses to ¥267,702,640.24 from ¥200,582,387.29, reflecting a year-over-year increase of 33.4%[15]. - The company recorded a 64.87% increase in other income to ¥201,802,368.13, attributed to increased VAT deductions[6]. - The company experienced a 101.39% increase in asset impairment losses, totaling -¥2,581,801.12, mainly due to increased inventory write-downs[6]. - The company has not undergone an audit for the third quarter report[19].

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。 证券代码：002064 证券简称：华峰化学 公告编号：2024-041 华峰化学股份有限公司 第九届董事会第四次会议决议公告 一、董事会会议召开情况 华峰化学股份有限公司（以下简称"公司"）第九届董事会第四次会议通 知于 2024 年 10 月 14 日以电子邮件或专人送达方式发出，会议于 2024 年 10 月 25 日以通讯表决的方式召开。会议由董事长杨从登先生主持。本次会议应到董 事 9 人，实到 9 人，公司监事、高级管理人员列席会议，符合《公司法》和 《公司章程》的有关规定，会议决议合法有效。 二、 董事会会议审议情况 （一）会议以 9 票同意、0 票反对、0 票弃权，审议通过了《2024 年第三 季度报告》。具体内容刊登于 2024 年 10 月 26 日的上海证券报、巨潮资讯网 （http://www.cninfo.com.cn）。 华峰化学股份有限公司董事会 2024 年 10 月 25 日 三、备查文件 （一）公司第九届董事会第四次会议决议； （二）公司《投资者关系管理制度》。 （二）会议以 9 ...

证券代码：002064 证券简称：华峰化学 公告编号：2024-039 华峰化学股份有限公司 关于持续督导保荐机构主体变更的公告 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。 东方证券已于近日自证监会取得换发后的《经营证券期货业务许可证》，业 务范围含"证券承销与保荐"。东方证券与东方投行严格根据有关法律法规、证 监会批复及相关要求推进实施吸收合并工作，自 2024 年 9 月 2 日起，东方投行 存量客户与业务整体迁移并入东方证券，东方投行承接的投资银行业务项目均由 东方证券继续执行，东方投行对外签署的协议均由东方证券继续履行，东方投行 对外签署的协议均由东方证券继续履行，东方投行全部债权及债务由东方证券依 法承继。 公司持续督导保荐机构由东方投行变更为东方证券。本次持续督导保荐机 构主体变更事项不属于公司更换持续督导机构事项。 华峰化学股份有限公司董事会 2024 年 9 月 5 日 华峰化学股份有限公司（以下简称"公司"）于近日接到公司非公开发行股 票之持续督导机构东方证券承销保荐有限公司（以下简称"东方投行"）的通知， 根据中国证券监督管理委员会于 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][9]. Core Views - The company is transitioning from a focus on spandex to becoming a polyurethane platform enterprise, with a strong emphasis on scale and cost advantages. It aims to achieve global leadership in its three main business areas by 2025 [6][19]. - The demand for spandex is expected to grow significantly, driven by an increase in consumption and application range, with a projected annual growth rate exceeding 15% [6][41]. - The company has a competitive edge in adipic acid production, with a capacity of 1.355 million tons per year, leading the global market and maintaining a domestic market share of approximately 45% [6][29]. Summary by Sections 1. Company Overview - Huafeng Chemical, established in December 1999, is a leading enterprise in spandex and adipic acid, having undergone significant asset restructuring in 2019 to enhance its market position [19][20]. 2. Spandex Business - The company has a spandex production capacity of 325,000 tons per year, with plans to expand to 500,000 tons, positioning it as a global leader [29]. - The spandex market is expected to recover as the supply-demand balance improves, with the company maintaining a cost advantage of approximately 3,000 RMB per ton over competitors [6][11]. 3. Adipic Acid Business - The company’s adipic acid production capacity is the largest globally, with a focus on cost reduction through self-developed catalysts and internal procurement strategies [6][29]. - Future demand for adipic acid is projected to grow at 13%, supported by the expansion of PA66 and PBAT production [6][11]. 4. Financial Performance and Forecast - The company’s revenue for 2024 is projected at 27.4 billion RMB, with a net profit of 3.05 billion RMB, reflecting a year-on-year growth of 23% [7][8]. - The estimated earnings per share (EPS) for 2024-2026 are 0.61, 0.77, and 0.96 RMB, respectively, with a corresponding price-to-earnings (PE) ratio of 12X, 9X, and 7X [7][9]. 5. Market Dynamics - The spandex market is characterized by a high concentration of leading firms, with the top five companies holding an 80% market share, indicating a potential for recovery as production capacity stabilizes [11][12]. - The company is well-positioned to benefit from the increasing demand for high-performance textiles, particularly in the sportswear segment, which is expected to grow significantly [41][46].

证券代码： 002064 证券简称：华峰化学 华峰化学股份有限公司投资者关系活动记录表 | --- | --- | |----------------|-----------------------------------| | 投资者关系活动 | √ 特定对象调研 | | 类别 | □ 媒体采访 □ | | | □ 新闻发布会 | | | □ 现场参观 | | | □ 其他 | | 参与单位名称及 | | | 人员姓名 | | | | 淡水泉投资、申万证券等 | | 时间 | 2024 年 8 月 14 日 (周三 | | 地点 | 公司会议室 | | 上市公司接待人 | | | 员姓名 | | | | 1. | | | 因？ | | | | | | | | | 2 | | | | | 投资者关系活动 | | | 主要内容介绍 | | | | | | | | | | 迈向寡头化、差异化。 | | | 3．目前氨纶下游客户库存情况如何？ | | | | | | 4．公司氨纶客户结构如何？ | | --- | |-------------------------------------------------- ...

公 司 研 究 华峰化学（002064.SZ）：业绩同比 增长，产能持续扩张 2024 年 8 月 14 日 强烈推荐/维持 华峰化学 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 华峰化学发布 2024 年半年报：公司上半年实现营业收入 137.44 亿元， YoY+8.89%，归母净利润 15.18 亿元，YoY+11.74%。 公司新产能释放带动产销量增长，盈利水平相应提升。从收入端看，2024 年 上半年，公司氨纶、己二酸板块较去年同期有新产能释放，主要产品的产销量 均同比增长，带动公司营收实现增长。从利润端看，公司上半年综合毛利率同 比小幅下降 0.96 个百分点至 16.52%，但由于公司销售费用率、管理费用率等 略有下降，导致公司净利润取得增长。 产能持续扩张，强化规模优势。公司深耕聚氨酯行业多年，主要产品规模较大， 其中氨纶产能与产量均位居全球第二、中国第一，聚氨酯原液和己二酸产量均 为全国第一，拥有较强的规模优势。根据公司 2023 年年报数据，公司氨纶产 能 32.5 万吨（其中 10 万吨产能于 2024 年 7 月正式达产），目前仍有 20 万吨 差别化氨纶 ...