Group 1: Company Strategy and Development - The company aims to create a closed loop of R&D, engineering, and industrial operations to enhance efficiency across these sectors [2][3] - Focus on technological innovation and collaboration with universities and research institutions to drive high-quality development [3][6] - Plans to expand into new industries such as high-end chemicals, new materials, and renewable energy [3][6] Group 2: Financial Performance - In 2024, the company reported total revenue of RMB 255,429.04 million, a decrease of 3.88% year-on-year [6] - Net profit attributable to shareholders was RMB 26,264.85 million, down 6.92% compared to the previous year [6] Group 3: Market Expansion and Competitiveness - The company is the largest producer of n-propanol in China and maintains flexibility in production to maximize product profitability [4][10] - Plans to enhance overseas market presence, particularly in Southeast Asia and Central Asia, leveraging existing technology advantages [7][10] Group 4: R&D and Innovation - The company applied for 27 patents during the reporting period, with 21 patents granted, enhancing its technological capabilities [9] - R&D investments focus on sulfur recovery, catalysts, and the aldehyde-alcohol ester industry chain, as well as exploring new energy and fine chemicals [9] Group 5: Industry Outlook - The chemical and petrochemical industries are expected to undergo structural optimization, with a shift towards high-end, efficient production [10][12] - The company anticipates growth opportunities from the implementation of coal chemical projects and the integration of renewable energy with traditional energy sources [10][12]

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The announcement of "reciprocal tariffs" by Trump has exceeded expectations, reinforcing the logic of domestic demand recovery. The focus is on infrastructure and key strategic industries like coal chemical investments, which are expected to receive policy support [2][21] - The construction index rose by 0.13% this week, outperforming the Shanghai and Shenzhen 300 index by 0.57 percentage points, with significant gains in small and mid-cap transformation stocks [1][31] - The first quarter of 2025 saw a significant increase in local government bond issuance, indicating potential for local investment release despite external demand pressures [4][21] Summary by Sections Section 1: Tariff Impact and Domestic Demand - Trump's new tariffs, including a 10% baseline tariff and higher rates for major trade deficit countries, are expected to suppress overseas and manufacturing investments while boosting domestic demand [2][14] - The previous trade friction period saw a decline in manufacturing and infrastructure investments, with real estate becoming a key contributor to economic stability [3][21] Section 2: Market Performance - The construction index's performance this week was driven by sectors such as professional engineering and building design, with notable stock gains from companies like Shanshui Bide and Zhongyan Dadi [1][31] Section 3: Investment Recommendations - Focus on infrastructure-related stocks, particularly in high-growth regions like Tibet and Xinjiang, and sectors benefiting from domestic demand recovery [21][28] - Coal chemical projects are expected to see significant investment, with recommendations for companies like Sanwei Chemical and China Chemical [28] - Companies with production layouts in North America or Mexico are likely to benefit, with recommendations including China Jushi and Puyang Refractories [28] Section 4: Fiscal Policy and Investment Opportunities - The first quarter of 2025 saw local government bond issuance reach approximately 2.84 trillion yuan, a year-on-year increase of about 80%, indicating a strong fiscal push for infrastructure investment [4][21] - The report emphasizes the importance of structural and regional characteristics in infrastructure investment, particularly in water conservancy and transportation sectors [38]

2025 年 04 月 02 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 李娟廷 S0350524090007 lijt03@ghzq.com.cn [Table_Title] 工程化工齐发展，新疆煤化工带来机遇 ——三维化学（002469）2024 年年报点评 最近一年走势 2024 年公司实现营业收入 25.54 亿元，同比下降 3.88%；实现归属 于上市公司股东的净利润 2.63 亿元，同比下降 6.92%。分板块看， 2024 年公司工程总承包业务实现营收 4.67 亿元，同比-1.32%，毛 利率 15.83%，同比减少 12.15 个百分点；工程设计实现营收 0.97 亿元，同比-19.79%，毛利率 48.58%，同比减少 1.01 个百分点；醛 醇酸酯类实现营收 14.08 亿元，同比+1.75%，毛利率 18.80%，同 比增加 4.73 个百分点；残液加工类实现营收 3.84 亿元，同比 -12. ...

近期建筑装饰行业市场表现呈现结构性分化，中西部地区固定资产投资增速显著回升，成为行业关注焦 点。与此同时，部分企业在化工业务领域的盈利波动也引发市场探讨。 三维化学化工业务盈利前景分析 三维化学（002469）自2021年收购诺奥化工后，化工业务成为其重要盈利板块。数据显示，2022年该业 务净利润为1.64亿元，较2021年的3.11亿元显著下滑，主要受原材料成本上涨及终端价格传导不畅的影 响。以22年上半年为例，乙烯采购成本同比上涨14.1%，而同期醇醛酸酯类产品售价同比下降5.4%，利 润空间受到挤压。 2025年以来，原材料价格压力有所缓解。乙烯、丙烯市场均价较2022年分别下降5.2%、10.3%，同时正 丙醇、辛醇等产品价格同比降幅收窄。若当前价格水平维持，公司化工业务盈利或接近2022年低位，但 若成本端进一步下行或产品提价，盈利弹性有望释放。 近期三维化学密集接受机构调研，市场对其化工业务转型及新能源领域拓展关注度提升。公司表示，工 程业务正积极向新能源市场延伸，叠加化工原材料价格趋稳，未来盈利改善可能性增加。 风险提示：基建投资增速受政策落地节奏影响存在不确定性；原材料价格波动可能对企业盈利 ...

[Table_Main] 证券研究报告 | 公司点评 三维化学(002469.SZ) 2025 年 03 月 28 日 买入（维持） 所属行业：建筑装饰/专业工程 当前价格(元)：8.94 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -29% 0% 29% 57% 86% 114% 143% 171% 2024-03 2024-07 2024-11 三维化学 沪深300 沪深300对比 1M 2M 3M 绝对涨幅(%) 15.87 20.99 17.74 相对涨幅(%) 16.90 18.74 19.45 资料来源：德邦研究所，聚源数据 相关研究 1.《三维化学（002469.SZ）：正丙醇涨 价带来弹性，新疆煤化工赋予机遇》， 2024.11.15 2.《三维化学（002469.SZ）：工程业务 履约进度放缓拖累业绩，拟中期分红 约 6500 万元》，2024.8.27 三维化学(002469.SZ)：全年业 绩符合预期，分红比例大幅提升 投资要点 请务必阅读正文之后的信息披露和法律声明 事件：3 月 26 日，公司发布 2024 年 ...

[Table_Main] 证券研究报告 | 公司点评 三维化学(002469.SZ) 2025 年 03 月 28 日 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -29% 0% 29% 57% 86% 114% 143% 171% 2024-03 2024-07 2024-11 三维化学 沪深300 买入（维持） 沪深300对比 1M 2M 3M 绝对涨幅(%) 15.87 20.99 17.74 相对涨幅(%) 16.90 18.74 19.45 资料来源：德邦研究所，聚源数据 所属行业：建筑装饰/专业工程 当前价格(元)：8.94 相关研究 1.《三维化学（002469.SZ）：正丙醇涨 价带来弹性，新疆煤化工赋予机遇》， 2024.11.15 2 / 4 请务必阅读正文之后的信息披露和法律声明 2.《三维化学（002469.SZ）：工程业务 履约进度放缓拖累业绩，拟中期分红 约 6500 万元》，2024.8.27 三维化学(002469.SZ)：全年业 绩符合预期，分红比例大幅提升 投资要点 请务必阅读正文之后的信息披露和法律 ...

三维化学 20250327 摘要 Q&A 请介绍一下 3D 化学 2024 年的整体经营情况和主要财务数据。 • 2024 年公司营收增长，经营利润接近 3 亿元，虽扣除商誉及资产处置损失 约 3,000 万元，但化工制造业营收达 18 亿元，利润约 2.5 亿元，同比增长 超 40%，显示化工板块强劲增长。 • 工程板块营收约 6 亿元，利润 4,000 多万元，工程总承包毛利率因收入成 本错配下降，但工程设计毛利率维持在 48%-49%，纯化工板块醇醛酸酯类 产品毛利率因丙醇价格上涨至 19%。 • 公司财务状况稳健，持有约 20 亿现金，通过投资理财获益 3,000 多万元， 资产负债率低，无长期或短期负债，2024 年年度分红总计 10.4 元/股，分 配比例高达 98%。 • 工程端重点推进泸州老窖和新疆煤化工项目，新疆煤化工业务已落地，一 季度中标金额约 5 亿元，化工端具备全产业链动态切换原料能力，2024 年 丙醇价格上涨贡献较高利润。 • 四季度短期借款增加 1.5 亿元，主要为票据贴现或保证金项目，非银行借 款，华锦项目收入主要在项目交割前确认，剩余部分在项目开车后确认， 预计二季度确认收 ...

公司报告 | 年报点评报告 三维化学（002469） 证券研究报告 现金分红比例近 100%，25 年有望迎来业绩集中兑现 高分红+高在手现金，投资价值凸显 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,657.45 | 2,554.29 | 3,339.38 | 4,177.66 | 4,856.04 | | 增长率(%) | 1.82 | (3.88) | 30.74 | 25.10 | 16.24 | | EBITDA(百万元) | 512.18 | 511.55 | 510.81 | 640.50 | 755.53 | | 归属母公司净利润(百万元) | 282.18 | 262.65 | 380.55 | 485.81 | 587.98 | | 增长率(%) | 3.07 | (6.92) | 44.89 | 27.66 | 21.03 | | EPS(元/股) | 0.43 | 0.40 | 0.59 | 0.75 | 0.91 | | ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 27 年 月 日 三维化学（002469.SZ） Q4 业绩显著提速，分红率大幅提升表现亮眼 业绩符合预期，Q4 大幅提速增长。2024 年公司实现营业收入 25.5 亿元， 同比下降 3.9%；实现归母净利润 2.6 亿元，同比下降 6.9%；扣非归母净 利润 2.67 亿元，同比下降 2.4%，业绩符合预期。分业务看：工程/化学品 /催化剂等其他业务分别实现营业收入 5.7/18.1/1.8 亿元，同比-5.5%/- 0.9%/-23.6% 。 分 季 度 看 ： Q1/Q2/Q3/Q4 单 季 分 别 实 现 营 业 收 入 5.2/5.1/6.7/8.6 亿元，同比-13%/-31%/+1%/+29%；单季分别实现归母 净利润 0.58/0.27/0.62/1.17 亿元，同比+27%/-61%/-26%/+39%，Q4 单 季收入业绩大幅提速，预计主要受北方华锦等工程项目收入确认提速以及 正丙醇价格上涨带动。 综合毛利率有所提升，各业务板块表现分化。公司全年综合毛利率 21.6%， 同比提升 0.32pct。分业务看，工程/化 ...

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]