Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [18]. Core Views - The company's profitability is under short-term pressure due to a decline in the price spread of its main product, adipic acid. However, the report expresses optimism about the resilience of the leading company's profitability as the price spread stabilizes and recovers [2][4]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 28.30 billion, 32.98 billion, and 35.84 billion yuan for 2024, 2025, and 2026 respectively [1][9]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 20.37 billion yuan, a year-on-year increase of 3.51%, and a net profit of 2.02 billion yuan, up 4.46% year-on-year. However, the third quarter saw a revenue decline of 6.11% year-on-year and a net profit decrease of 12.88% year-on-year [1][2]. - The overall gross margin for the first three quarters of 2024 was 15.60%, down 0.73 percentage points from the previous year. The net profit margin improved slightly to 9.91%, an increase of 0.10 percentage points year-on-year [2][3]. - The company’s operating cash flow for the first three quarters of 2024 increased by 122.87% year-on-year, primarily due to higher cash receipts from sales [3]. Product Price Trends - The prices of spandex and adipic acid have been on a downward trend, with spandex 40D and adipic acid prices decreasing by 3.57% and 16.58% respectively in the third quarter of 2024. This price decline is attributed to increased supply and weak demand [4][7]. - The report anticipates that the price spread for spandex will remain stable in the fourth quarter of 2024, while the price spread for adipic acid is expected to bottom out and recover, potentially improving the company's profitability [4][9]. Strategic Developments - The company is deepening its industrial chain integration by investing 800 million yuan to expand its PTMEG production capacity, which is a key raw material for spandex. This expansion aims to enhance the stability of raw material supply and strengthen competitive advantages [8]. - The company is also planning to acquire 100% equity in two subsidiaries, which is expected to provide new growth points for performance [9]. Future Projections - The company is projected to achieve revenues of 28.30 billion, 32.98 billion, and 35.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.73 billion, 3.55 billion, and 3.93 billion yuan [1][9]. - The report highlights the potential for recovery in the spandex sector as industry consolidation occurs, benefiting the company due to its cost and scale advantages [9].

Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1] Core Views - The company is a global leader in the production of spandex, adipic acid, and polyurethane raw materials, with significant scale advantages that reduce unit costs and enhance cost competitiveness [2] - Spandex demand is expected to maintain high growth, driven by increasing applications in sportswear, yoga wear, and other markets, with the company benefiting from its cost leadership in raw materials, electricity, and depreciation [2] - Adipic acid production capacity in China is expected to increase globally, with PA66 localization accelerating demand for adipic acid, potentially adding 580,000 tons of demand by 2025 [3] - The company's profitability remains robust despite price pressures, with projected revenues of 26.4/29.0/32.2 billion yuan and net profits of 2.6/3.8/4.4 billion yuan for 2024-2026, respectively [3] Company Overview - The company is a pioneer in China's spandex industry, with a mature technology base and a leading position in spandex, adipic acid, and polyurethane raw materials production [11] - It has a stable and concentrated ownership structure, with experienced management, and has consistently grown its revenue and profitability across its three core businesses [14][16] - The company has expanded its production capacity significantly, with spandex capacity reaching 32.5 million tons/year and an additional 20 million tons/year under construction [13] Spandex Business - The company holds a dominant position in the global spandex market, with production capacity ranking second globally and first in China [12] - Spandex demand is driven by the growth of sportswear, yoga wear, and other applications, with the company benefiting from its cost advantages in raw materials, electricity, and depreciation [2][21] - The company has optimized its spandex production costs, with significant reductions in labor, energy, and depreciation costs, further enhancing its competitive edge [43][44][45] Adipic Acid Business - The company is a leading producer of adipic acid in China, with a capacity of 1.355 million tons/year, accounting for over 40% of the domestic market share [57] - Adipic acid demand is expected to grow due to the localization of PA66 production, with potential demand exceeding 4.7 million tons in the long term [64][65] - Despite industry-wide losses, the company has maintained profitability in its adipic acid business, showcasing its cost advantages and technological leadership [68][69] Polyurethane Business - The company is the largest producer of polyurethane raw materials in China, with a capacity of 520,000 tons/year, contributing stable revenue and profits [74][75] - Polyurethane applications are expanding into new areas such as automotive parts, shared bicycles, and medical devices, providing significant growth potential [71][72] Financial Projections - The company is expected to achieve revenues of 26.4/29.0/32.2 billion yuan and net profits of 2.6/3.8/4.4 billion yuan for 2024-2026, with PE ratios of 15.30/10.69/9.08x, respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 8.11 CNY [2] Core Views - The company's Q3 performance was under pressure due to the downturn in adipic acid prices, with a year-on-year revenue increase of 4% for the first three quarters of 2024, totaling 20 billion CNY, while Q3 alone saw a revenue decline of 6% year-on-year [3][4] - The company is a leading player in the global market for spandex, adipic acid, and polyurethane, with significant production capacity and ongoing expansion projects [4] - The company is enhancing its industrial chain layout, including a 30,000-ton differentiated spandex project and a 1.1 million-ton integrated natural gas project, which are expected to strengthen its competitive position [4] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 66 billion CNY, down 6% year-on-year, and a net profit of 5 billion CNY, down 13% year-on-year [3] - The company’s revenue for 2024 is projected to be 29.69 billion CNY, with a net profit of 2.67 billion CNY, reflecting a 7.51% increase [6][7] Production Capacity - As of Q3 2024, the company has a spandex production capacity of 325,000 tons, adipic acid capacity of 1,355,000 tons, and polyurethane capacity of 520,000 tons [4] - The company is investing 8 billion CNY to expand its spandex production capacity, with a total investment of 28.4 billion CNY for the project [4] Market Position - The company holds a significant market share in spandex, adipic acid, and polyurethane, with production volumes ranking first in China and among the top globally [4] - The report anticipates a recovery in spandex margins due to improving downstream demand, which may lead to profit recovery in Q4 2024 [3][4]

证券代码：002064 证券简称：华峰化学 公告编号：2024-042 华峰化学股份有限公司 关于筹划发行股份等方式购买资产 暨关联交易事项的停牌公告 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、误导性陈述或者重大遗漏。 一、停牌事由和工作安排 华峰化学股份有限公司（以下简称"本公司"或"公司"）正在筹划发行股 份等方式购买华峰集团有限公司（以下简称"华峰集团"）持有的浙江华峰热塑 性聚氨酯有限公司（以下简称"浙江热塑"或"TPU"）100%股权以及华峰集团、 尤小平、尤金焕、尤小华共同持有的浙江华峰合成树脂有限公司（以下简称"浙 江合成"）100%股权（以下简称"本次交易"）。本次交易预计不构成重大资产 重组，不构成重组上市。华峰集团为公司控股股东，尤小平为公司实际控制人， 尤金焕、尤小华为公司关联自然人，本次交易构成关联交易。 因有关事项尚存不确定性，为了维护投资者利益，避免对公司证券交易造成 重大影响，根据深圳证券交易所的相关规定，经公司申请，公司证券（品种：A 股股票；简称：华峰化学；代码：002064）自 2024 年 10 月 29 日开市时起开始 停牌。 公司预计在 ...

F源证券 基础化工/化学纤维 公 司 研 究 华峰化学（002064.SZ） 2024 年 10 月 28 日 己二酸极端价差拖累公司业绩，未来有望逐步修复 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/10/28 | | 当前股价 ( 元 ) | 8.11 | | 一年最高最低 ( 元 ) | 9.24/5.58 | | 总市值 ( 亿元 ) | 402.46 | | 流通市值 ( 亿元 ) | 401.61 | | 总股本 ( 亿股 ) | 49.63 | | 流通股本 ( 亿股 ) | 49.52 | | 近 3 个月换手率 (%) | 31.11 | 股价走势图 -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 华峰化学 沪深300 数据来源：聚源 相关研究报告 《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》-2024.8.13 《中报业绩预告大超预期，行业底部 彰显龙头优势—公司信息更新报告》 -20 ...

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].