基础化工/化学纤维 公 司 研 究 华峰化学（002064.SZ） 2024 年 08 月 13 日 Q2 扣非归母环比增长，行业底部彰显龙头盈利韧性 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | --- | |--------------------------|--------------------------|--------------------------| | 金益腾（分析师） | 张晓锋（分析师） | 宋梓荣（联系人） | | jinyiteng@kysec.cn | zhangxiaofeng@kysec.cn | songzirong@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790522080003 | 证书编号：S0790123070025 | Q2 扣非归母环比增长，行业底部彰显龙头盈利韧性，维持"买入"评级 2024 年 H1 公司实现营收 137.44 亿元，同比+8.89%，实现归母净利润 15.18 亿 元，同比+11.74%。对应 Q2 单季度，公司实现归母净利润 6.56 亿元，环比+22.13%， ...

Investment Rating - The report maintains a "Buy" rating for Huafon Chemical (002064 SZ) [2][4] Core Views - Huafon Chemical's Q2 2024 profitability showed sequential improvement, with net profit increasing by 22% QoQ to 835 million yuan [1] - The company's integrated advantages are being strengthened through capacity expansion projects [2] - Despite weak spandex industry conditions in H1 2024, Huafon achieved revenue growth of 9% YoY to 13 744 billion yuan and net profit growth of 12% YoY to 1 518 billion yuan [1] Financial Performance H1 2024 Results - Revenue: 13 744 billion yuan (+9% YoY) [1] - Net profit: 1 518 billion yuan (+12% YoY) [1] - Gross margin: 16 52% (-0 97pct YoY) [1] - Net margin: 11 06% (+0 29pct YoY) [1] Q2 2024 Highlights - Revenue: 7 087 billion yuan (+10% YoY, +6% QoQ) [1] - Net profit: 835 million yuan (+15% YoY, +22% QoQ) [1] - Gross margin: 16 88% (+0 76pct QoQ) [1] - Net margin: 11 83% (+1 58pct QoQ) [1] Business Segments - Chemical fiber: 4 654 billion yuan revenue (-0 11% YoY), 14 97% gross margin (-0 71pct YoY) [1] - Chemical new materials: 3 036 billion yuan revenue (-0 11% YoY), 21 78% gross margin (-3 52pct YoY) [1] - Basic chemical products: 5 261 billion yuan revenue (+42 38% YoY), 15 45% gross margin (-1 87pct YoY) [1] Industry Conditions - Spandex industry faced oversupply with 105 000 tons/year new capacity added in H1 2024 [1] - Average spandex price: 27 994 yuan/ton (-16% YoY) [1] - PTMEG (spandex raw material) average price: 15 611 yuan/ton (-21% YoY) [1] - Adipic acid average price: 9 696 yuan/ton (-1% YoY) [1] Capacity Expansion - 1 15 million tons/year adipic acid expansion project (Phase VI) reached 92 06% of budget [2] - 300 000 tons/year differentiated spandex project reached 39 83% of budget [2] - PTMEG capacity adjustment: increased from 120 000 tons/year to 240 000 tons/year [2] Financial Projections 2024-2026 Estimates - Revenue: 29 255/33 093/35 506 billion yuan [3] - Net profit: 3 107/3 666/4 003 billion yuan [3] - EPS: 0 63/0 74/0 81 yuan [3] - PE ratio: 11 8/10 0/9 2x [3] Key Ratios - ROE: 11 7%/12 3%/11 9% [5] - Gross margin: 17 2%/17 7%/17 7% [5] - Net margin: 10 6%/11 1%/11 3% [5]

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 华峰化学（002064）公司半年报点评 2024 年 08 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |----------------------------------------------|----------------| | 08[Table_StockInfo 月 09日收盘价（元）] | 7.53 | | 52 周股价波动（元） | 5.58-8.55 | | 总股本/流通 A 股（百万股） | 4963/4952 | | 总市值/流通市值（百万元） | 37368/37288 | | 相关研究 | | | [Table_ReportInfo] 《23 年归母净利润同比下滑 | 12.85%，看好新 | | 项目投产带来的成长空间》 | 2024.04.24 | | 市场表现 | | [Table_QuoteInfo] 华峰化学 海通综指 -23.68% -15.68% -7.68% 0.32% 8.32% 2023/8 2023/11 2 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported better-than-expected performance in the first half of 2024, with revenue of 13.744 billion yuan (up 9% year-on-year) and a net profit of 1.518 billion yuan (up 12% year-on-year) [2] - The growth in performance is attributed to the gradual release of new production capacity for spandex and adipic acid, as well as enhanced economies of scale despite a slight decline in gross margin [2] - The demand for spandex is expected to remain strong in the second half of the year, with the company poised to benefit from industry recovery [2] - The company is a leading player in the global spandex, adipic acid, and polyurethane raw materials market, with significant scale, technology, and cost advantages [2] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 13.744 billion yuan, a year-on-year increase of 9%, and a net profit of 1.518 billion yuan, up 12% year-on-year [2][3] - The company’s Q2 2024 revenue was 7.087 billion yuan, reflecting a 10% year-on-year increase and a 6% quarter-on-quarter increase [2] - The gross margin slightly decreased by 1% compared to the previous year, indicating resilience in profitability despite market challenges [2] Market Outlook - The spandex demand is projected to continue its upward trend, supported by a 8.1% increase in per capita clothing consumption expenditure in China [2] - The company’s spandex sales volume in H1 2024 was approximately 190,000 tons, an 18% increase from the previous year [2] - The price gap for spandex has reached historical lows, but there are signs of recovery in Q3 2024 [2] Future Projections - The company forecasts net profits of 3.049 billion yuan, 3.812 billion yuan, and 4.765 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.61, 0.77, and 0.96 yuan [2][3] - The current market valuation corresponds to a PE ratio of 12X, 10X, and 8X for the years 2024, 2025, and 2026 [2]

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Views - The company's Q2 2024 performance met expectations, with a focus on upstream PTMEG layout to solidify cost advantages. The demand for elastic fabrics is driving growth in spandex demand, and the industry supply-demand dynamics are continuously improving, positioning the company to benefit significantly [7][8]. - The company has adjusted its 2024 EPS forecast to 0.64 CNY (previously 0.59 CNY) and maintains EPS estimates for 2025 and 2026 at 0.72 CNY and 0.83 CNY, respectively. The target price for 2024 is set at 9.90 CNY, based on a PE ratio of 15.47 [8][9]. Financial Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 25,884 million CNY, Net Profit of 2,844 million CNY - 2023A: Revenue of 26,298 million CNY, Net Profit of 2,478 million CNY - 2024E: Revenue of 27,778 million CNY, Net Profit of 3,183 million CNY - 2025E: Revenue of 30,988 million CNY, Net Profit of 3,557 million CNY - 2026E: Revenue of 35,619 million CNY, Net Profit of 4,128 million CNY [6][10]. - **Key Financial Ratios**: - Net Asset Return (ROE) is projected to be 11.7% in 2024, 12.0% in 2025, and 12.7% in 2026 [6][10]. - The current Price-to-Earnings (P/E) ratio is 15.08 for 2023, decreasing to 11.74 in 2024 and further to 9.05 in 2026 [6][10]. Market Position and Strategy - The company is a leader in the spandex, adipic acid, and raw liquid industries, leveraging its cost advantages and scale to maintain profitability despite price pressures in key products [8][9]. - The company is expanding its production capacity in BDO and PTMEG, which is expected to further enhance its cost advantages [8][9].

Investment Rating - The report maintains a rating of "Accumulate" for the company [7][9]. Core Views - The company's Q2 2024 performance met expectations, with a focus on enhancing upstream PTMEG layout to solidify cost advantages. The demand for spandex is expected to grow due to the increasing need for elastic fabrics, leading to an improved supply-demand balance in the industry, which the company is likely to benefit from [8][9]. Financial Summary - Revenue for 2022 was 25,884 million, with a projected increase to 26,298 million in 2023, and further growth to 27,778 million in 2024, reflecting a year-on-year growth of 1.6% [6]. - Net profit attributable to the parent company decreased from 2,844 million in 2022 to 2,478 million in 2023, but is expected to rebound to 3,183 million in 2024, marking a growth of 28.4% [6]. - Earnings per share (EPS) is projected to rise from 0.50 in 2023 to 0.64 in 2024, and further to 0.72 in 2025 [6]. Target Price and Valuation - The target price for the company is set at 9.90, based on a price-to-earnings (PE) ratio of 15.47 times for 2024 [9]. - The current market price is 7.53, with a price-to-book (PB) ratio of 1.5 [4][14]. Performance Metrics - The company achieved a revenue of 137.44 million and a net profit of 15.18 million in the first half of 2024, representing year-on-year growth of 8.89% and 11.74%, respectively [9]. - In Q2 2024, the company reported revenue of 70.87 million and a net profit of 8.35 million, with year-on-year increases of 10.21% and 14.78% [9]. Industry Position - The company is recognized as a leader in the spandex, adipic acid, and raw liquid industries, benefiting from cost advantages and scale [9]. - The demand for spandex is projected to grow at a rate of 7-8%, with the supply side nearing the end of an expansion cycle, indicating a favorable industry outlook [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 8.10 CNY based on a 15x PE ratio for comparable companies in 2024 [2][4]. Core Insights - The company reported a revenue of 13.744 billion CNY for the first half of 2024, representing an 8.89% year-on-year increase, and a net profit attributable to shareholders of 1.518 billion CNY, up 11.74% year-on-year. In Q2 alone, revenue reached 7.087 billion CNY, a 10.2% increase, and net profit was 0.835 billion CNY, up 14.86% year-on-year. The growth is attributed to the effective release of production capacity for key products, spandex and adipic acid, leading to increased production and sales [1]. - The company demonstrated strong competitive advantages despite a challenging industry environment, as the unit price differentials for spandex and adipic acid decreased significantly compared to the same period in 2023. The company managed to achieve growth through volume expansion and cost optimization [1]. - New projects are progressing steadily, including a 300,000-ton differentiated spandex project and the construction of a 1.1 million-ton integrated natural gas project and a 240,000-ton PTMEG project. These initiatives are expected to enhance the company's core product output and deepen its integration advantages in the spandex industry, further improving cost competitiveness [1]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2024 and 2025 have been adjusted to 0.54 CNY and 0.60 CNY respectively, with a new forecast for 2026 set at 0.68 CNY. The target price is based on a 15x PE ratio for comparable companies in 2024 [2][4]. - The company is expected to see revenue growth from 29.165 billion CNY in 2024 to 33.797 billion CNY by 2026, with corresponding net profit growth from 2.694 billion CNY to 3.361 billion CNY over the same period [6][9].

华峰化学股份有限公司 2024 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算的 | 2024 年期初占 | 2024 年 1-6 月占用 | 2024 年 1-6 月占 | 2024 年 1-6 月偿 | 2024 年6 月末占 占用形成原因 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 会计科目 | 用资金余额 | 累计发生金额 | 用资金的利息 | 还累计发生金额 | 用资金余额 | 占用性质 | | | | | | | （不含利息） | (如有) | | | | | 控股股东、实际控制人 | | | | | | | | | 非经营性占用 | | 及其附属企业 | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | | | | 前控股股东、实际控制 | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | ...

证券代码：002064 证券简称：华峰化学 公告编号：2024-036 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 年半年 度报告》全文及其摘要。具体内容刊登于 2024 年 8 月 10 日的证券时报、中国 证券报、巨潮资讯网（http://www.cninfo.com.cn）。 （二）会议以 9 票同意、0 票反对、0 票弃权，审议通过了《关于 2024 年半 年度募集资金存放与实际使用情况的专项报告》。具体内容刊登于 2024 年 8 月 10 日的证券时报、中国证券报、巨潮资讯网（http://www.cninfo.com.cn）。 三、备查文件 华峰化学股份有限公司 第九届董事会第三次会议决议公告 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。 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"）第九届董事会第三次会议通 知于 2024 年 7 月 28 日以电子邮件或专人送达方式发出，会议于 2024 年 8 月 8 日以现场表决的方式召开。会议由董事长杨从登先生主持。本次会议应到董 ...

根据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》等 相关规定，华峰化学股份有限公司（以下简称"公司"或"华峰化学"）2024 年半年度募集资金存放与实际使用情况如下： 证券代码：002064 证券简称：华峰化学 公告编号：2024-038 华峰化学股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据公司第七届董事会第二十六次会议、第八届董事会第三次会议和 2020 年年度股东大会决议，并经中国证券监督管理委员会"证监许可[2021]4150 号" 核准，公司非公开发行普通股股票 329,024,676 股，发行价格 8.51 元/股，募集资 金总额为 2,799,999,992.76 元，保荐机构（主承销商）东方证券承销保荐有限公 司扣除含税保荐承销费 1 ...