Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The strategic importance of the central region has been further emphasized, particularly regarding the infrastructure boom in the Midwest, especially in Sichuan province. The central economic work conference at the end of 2023 highlighted the need to optimize major productivity layouts and strengthen the construction of national strategic hinterlands [2][13]. - The issuance of special bonds in the Midwest has significantly accelerated, with a total of 1.19 trillion yuan in new special bonds issued from January to April 2025, a year-on-year increase of 65%. This indicates a clear recovery in fixed asset investment sentiment in the region [3][14]. - The construction sector is expected to see a rebound in physical work volume, with cement shipment rates and asphalt plant operating rates showing positive trends. The cement shipment rate reached 49%, up 0.93 percentage points week-on-week, indicating optimism for Q2 [18]. Summary by Sections Strategic Importance of the Central Region - The central region's development opportunities, particularly in Sichuan, have been recognized at the highest levels of government, with strategic initiatives aimed at enhancing regional development and optimizing economic layouts [2][13][17]. Special Bond Issuance - The issuance of special bonds in the Midwest has accelerated, with Sichuan province alone issuing 800.17 billion yuan in new special bonds, a 162% increase year-on-year. This trend is expected to support infrastructure investment and economic recovery in the region [3][14]. Market Performance - The construction index rose by 1.10% during the week of May 12-16, 2025, with significant gains in the housing and construction decoration sectors. Notable stocks included Dongzhu Ecology (+22%) and Zhengzhong Design (+20%) [4][22]. Investment Recommendations - Focus on cyclical opportunities arising from improved infrastructure work volumes, particularly in water conservancy, railways, and aviation sectors. Recommended stocks include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction [28][29]. - Emphasis on the transformation of the construction sector and emerging business directions, such as AI-driven computing power facilities and cleanroom technology, with recommendations for companies like Hainan Huatie and Baicheng Co [30][31].

Group 1: Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in R&D, engineering services, and production of chemical raw materials [2][3]. - The company is the largest producer of n-propanol in China and a leading enterprise in the recovery of dibutyl and octanol waste liquids [3][13]. Group 2: Engineering Business - In Q1 2025, the company signed engineering consulting and EPC contracts worth CNY 30,232.80 million, with a total of CNY 167,064.56 million in uncompleted contracts as of March 31, 2025 [7][8]. - Major ongoing projects include sulfur recovery and acid gas treatment for various clients, indicating a robust order backlog [7][8]. Group 3: Technological Advantages - The company has developed advanced sulfur recovery technologies, achieving domestic leadership and international advancement [5][6]. - It has completed the design and total contracting of 240 sulfur recovery units, with a total capacity of 12.83 million tons/year [5]. Group 4: Financial Health and Expansion Plans - The company maintains a strong cash reserve and low debt ratio, allowing it to meet current business development needs [9]. - Future plans include optimizing production efficiency and expanding into high-value downstream fine chemicals [9]. Group 5: Shareholder Returns - For the fiscal year 2024, the company plans to distribute a cash dividend of CNY 3.00 per 10 shares, totaling CNY 194,658,789.00, which represents 98.82% of the net profit attributable to shareholders [11][12]. - Cumulative cash dividends since its listing in 2010 amount to CNY 1,225.88 million, reflecting the company's commitment to shareholder returns [12]. Group 6: Chemical Production Capacity - The company has a production capacity of 170,000 tons/year for aldehydes, 260,000 tons/year for alcohols, 30,000 tons/year for acids, and 100,000 tons/year for esters [13]. - Ongoing projects aim to enhance production capacity for cellulose acetate butyrate by 50,000 tons/year and improve existing facilities [13].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Views - The company benefits from the acceleration of coal chemical construction in Xinjiang, leveraging its leading technology in sulfur recovery and a synergistic effect between engineering and industrial operations [1][2]. - The company has established a unique competitive advantage through a dual-driven model of "engineering services + chemical industry," creating a closed-loop value chain from design to production and research [1][21]. - The modern coal chemical construction wave presents new opportunities for engineering business growth, with a strong order backlog ensuring sustained revenue growth [2][24]. Financial Summary - The company is projected to achieve revenues of 2,657 million yuan in 2023, with a forecasted increase to 3,784 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.1% [3]. - The net profit attributable to shareholders is expected to grow from 282 million yuan in 2023 to 614 million yuan in 2027, indicating a significant growth trajectory [3]. - The company maintains a healthy asset quality, abundant cash flow, and generous dividends, with a projected PE ratio decreasing from 20.0 in 2023 to 9.2 in 2027 [3][4]. Business Segments - The engineering segment is expected to generate revenues of 5.7 billion yuan in 2024, while the chemical products segment is projected to contribute 18.1 billion yuan, indicating a well-formed dual business structure [1][21]. - The company is the largest producer of n-propanol in China, with a projected supply gap of 41,000 tons in 2025, allowing for stable pricing in the range of 8,000-9,000 yuan per ton [2][24]. - The cellulose acetate project, with a capacity of 15,000 tons, is anticipated to become a significant profit growth point upon its launch in 2026 [2][24].

Group 1: Company Strategy and Innovation - The company focuses on technology innovation and aims to strengthen its core technology advantages in sulfur recovery and other fields while exploring new industries [3] - In 2024, the company applied for 27 patents, including 12 invention patents and 15 utility model patents, enhancing its technological development capabilities [3] - The company plans to develop high-end chemicals and new materials, aiming to become a "value enterprise" with resource efficiency and technological differentiation [3] Group 2: Project Developments and Investments - The company is involved in the "Middle China Nuclear Delingha 50MW Solar Thermal Power Station Project," which is the first large-scale commercial solar thermal power project in China [4] - The total investment for the Luyou L Refining Project is 24.5 billion yuan, with construction expected to take 2 years and 7 months [4] - As of March 31, 2025, the company has signed uncompleted project orders amounting to 167,064.56 million yuan [8] Group 3: Financial Performance and Market Position - The company’s market value is influenced by its profitability and future development potential, with a target market value of 7.5 billion yuan for 2025 [4] - The company has distributed a total cash dividend of 1,225.88 million yuan since its listing, reflecting its commitment to shareholder returns [9] - The first quarter of 2025 saw a slight decline in profits due to fluctuations in chemical product prices, with expectations for improvement in the second quarter [7] Group 4: Future Plans and Market Opportunities - The company is exploring opportunities in cellulose derivatives and related projects, with a planned capacity of 15,000 tons for cellulose acetate and its derivatives [7] - The company is cautious about mergers and acquisitions, focusing on strategic alignment and careful decision-making [10] - The company aims to expand its production capacity for high-value-added products while maintaining a low debt ratio and sufficient cash reserves [10]

证券代码：002469 证券简称：三维化学 公告编号：2025-018 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP，参与本次互动交流。活动时间为2025年5月15日（周四）15:00-16:30。 届时公司财务总监王文旭先生、董事会秘书张军先生将在线就公司2024年 度业绩、公司治理、发展战略、 经营状况和可持续发展等投资者关心的问题， 与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 山东三维化学集团股份有限公司董事会 2025 年 5 月 13 日 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东三维化学集团股份有限公司（以下 简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公 司联合举办的"2025年山东辖区上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 山东三维化学集团股份有限公司 关于参加2025年山东辖区上市公司投资者 ...

Summary of Conference Call Records Company and Industry Overview 1. Company: Sanwei Chemical (三维化学, 002469) - Industry: Chemical Manufacturing 2. Company: Hanshuo Technology (汉朔科技, 301275) - Industry: Electronic Price Tag Technology Key Points and Arguments Sanwei Chemical 1. **Business Expansion and Growth Potential** - Acquired Nuoao Chemical in 2020, expanding into chemical product sales, benefiting from product price increase logic [1][3][5] - Chemical production lines can quickly switch to high-efficiency products, mitigating price volatility impacts on profitability [3][5] 2. **Revenue and Profit Forecast** - Expected net profits for 2025-2027: 3.8 billion, 4.9 billion, and 6 billion CNY, with growth rates of 43.69%, 30.23%, and 22.07% respectively [1][3] - Projected P/E ratios for the same period: 15.11, 11.60, and 9.51 [1][3] 3. **Production Capacity and Projects** - Leading in sulfur recovery device business, with revenue recognition peak expected in Q2 and Q3 of this year [1][7] - Ongoing construction of 50,000 tons/year isooctanoic acid and 15,000 tons/year cellulose capacity, expected to contribute to performance [1][3] 4. **Financial Data** - Revenue forecast for 2023-2027: 2,657.45 million, 2,554.29 million, 3,676.37 million, 4,213.36 million, and 4,816.81 million CNY [4] - Net profit forecast for the same period: 282.18 million, 262.65 million, 377.41 million, 491.49 million, and 599.97 million CNY [4] Hanshuo Technology 1. **Market Position and Technology** - Leading player in the electronic price tag industry with a comprehensive software and hardware technology system [2][11] - Developed key communication protocol HiLPC, enhancing software-hardware synergy [11][16] 2. **Market Penetration and Growth Forecast** - Global market penetration for electronic price tags in supermarkets is approximately 15%, with strong relationships with major clients ensuring stable order flow [2][11][13] - Expected net profits for 2025-2027: 8.18 billion, 9.68 billion, and 11.66 billion CNY, with growth rates of 15.2%, 18.3%, and 20.4% respectively [2][11] 3. **Financial Data** - Revenue forecast for 2023-2027: 3,775 million, 4,486 million, 5,160 million, 6,091 million, and 7,311 million CNY [12] - Net profit forecast for the same period: 678 million, 710 million, 818 million, 968 million, and 1,166 million CNY [12] Other Important Insights 1. **Risk Factors** - For Sanwei Chemical, risks include unexpected fluctuations in raw material prices [1][3] - For Hanshuo Technology, risks involve lower-than-expected downstream demand [2][11] 2. **Strategic Partnerships** - Both companies emphasize strong partnerships with major clients to ensure stable growth and market presence [11][14] 3. **Industry Trends** - Sanwei Chemical benefits from domestic production of acetate cellulose amid global trade uncertainties [3] - Hanshuo Technology is positioned to leverage digital transformation trends in the retail sector [11][16]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.59 CNY, while the current price is 8.79 CNY [6]. Core Views - The company has significant growth potential driven by its chemical business, which serves as a stabilizing force for performance and a catalyst for stock price appreciation [1][14]. - The acquisition of Nuoao Chemical has substantially improved the company's financials, transitioning it from a pure engineering firm to a dual-driven model of "engineering + chemicals" [14]. - The company is the largest producer of n-propanol in China, with a production capacity of 100,000 tons/year, which allows it to benefit from price increases in chemical products [1][22]. Summary by Sections Chemical Industry - The chemical segment is expected to contribute significantly to revenue, with n-propanol sales projected to account for 55% of total revenue by 2024 [1][14]. - The company has a flexible production line that can switch raw materials to produce higher-margin products, mitigating the impact of price fluctuations [1][26]. Engineering Business - The company leads in sulfur recovery device contracts, with a total of 240 sets designed and constructed, amounting to a capacity of 12.83 million tons/year [2]. - Significant contracts, such as the 1.307 billion CNY order from Beifang Huajin, are expected to lead to concentrated revenue recognition in 2025 [2]. Financial Performance - The company plans to distribute a cash dividend of 260 million CNY for 2024, with a dividend payout ratio of 98.8%, resulting in a dividend yield of 4.6% [3][24]. - As of Q1 2025, the company holds 1.8 billion CNY in cash with a low debt ratio of 17.85%, indicating a strong financial safety margin [3][24]. Future Growth Potential - The company is expanding its high-end materials projects, with new capacities for isooctanoic acid and cellulose derivatives expected to contribute to revenue growth [4]. - Profit forecasts for 2025-2027 are 3.8 billion CNY, 4.9 billion CNY, and 6.0 billion CNY respectively, indicating a positive growth trajectory [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.59 CNY, while the current price is 8.79 CNY [6]. Core Views - The company has significant growth potential driven by its chemical business, which serves as a stabilizing force for performance and a catalyst for stock price appreciation [1][14]. - The acquisition of Nuoao Chemical has substantially improved the company's financials, transitioning it from a pure engineering firm to a dual-driven model of "engineering + chemicals" [14]. - The company is the largest producer of n-propanol in China, with a production capacity of 100,000 tons/year, which allows it to benefit from price increases in chemical products [22][36]. Summary by Sections Chemical Industry - The chemical segment is expected to contribute significantly to revenue, with n-propanol sales projected to account for 55% of total revenue by 2024 [1][14]. - The company has a flexible production line that can switch raw materials to produce higher-margin products, mitigating the impact of price fluctuations [1][26]. Engineering Business - The company leads in sulfur recovery device contracts, with a total of 240 sets designed and constructed, amounting to a capacity of 12.83 million tons/year [2]. - Significant projects like the Luyou Luyuan project, with a total investment of 24.5 billion CNY, are expected to enhance revenue recognition in 2025 [2]. Financial Performance - The company plans to distribute a cash dividend of 260 million CNY for 2024, with a dividend payout ratio of 98.8%, resulting in a dividend yield of 4.6% [3][24]. - The company has a strong cash position, with total cash of 1.8 billion CNY and a low debt ratio of 17.85%, indicating a high safety margin [3][24]. Future Growth Potential - The company is expanding its production capacity with new projects in high-end materials, including 50,000 tons/year of iso-octanoic acid and 15,000 tons/year of cellulose [4]. - Profit forecasts for 2025-2027 are 378 million CNY, 490 million CNY, and 600 million CNY respectively, indicating strong growth potential [4].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The modern coal chemical industry is experiencing a development opportunity period, driven by industrial upgrades and energy security [10] - Xinjiang is emerging as a strong coal chemical base due to its abundant resources, favorable policies, and significant investment in coal chemical projects [10][28] - The report identifies three major investment directions within the coal chemical industry: equipment providers, project owners, and service providers [9][10] Summary by Sections 1. Modern Coal Chemical Industry Development - Modern coal chemical processes produce alternative petrochemical products and clean fuels, including coal-to-olefins and coal-to-oil [17] - The industry is essential for ensuring national energy security, given China's reliance on coal as a primary energy source [22][26] 2. Xinjiang's Coal Chemical Industry - Xinjiang has rich coal reserves, with a total resource of 2.19 trillion tons, accounting for about 40% of the national total [28] - The region's coal quality is high, primarily consisting of low-sulfur and high-calorific value coal types, making it suitable for large-scale coal chemical projects [33] - Favorable national policies have positioned Xinjiang as a key coal chemical base, with over 800 billion yuan in planned investments for various coal chemical projects [45] 3. Economic Competitiveness - Xinjiang's coal-to-gas production costs are significantly lower than those in Inner Mongolia and Shaanxi, with costs estimated at 1.28 yuan per cubic meter compared to 2.06 yuan and 2.68 yuan, respectively [53] - The report highlights the cost advantages of Xinjiang's coal resources, with pithead prices for coal being substantially lower than in other regions [34][53] 4. Investment Opportunities - Recommended companies for investment include those involved in engineering design, total contracting, and equipment supply, such as Sandi Chemical, China National Chemical, and Donghua Technology [9] - Project owners benefiting from Xinjiang's cost advantages include Baofeng Energy and Guanghui Energy [9] - Service providers in the coal chemical sector, such as Guangdong Hongda and Xuefeng Technology, are also highlighted as potential investment opportunities [9]

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national energy security and the Belt and Road Initiative, highlighting its transition from a geographical hinterland to a frontline hub [9][10] - The coal chemical industry in Xinjiang is poised for growth due to favorable external conditions, including rising coal prices and a shift towards resource-rich western regions [9][10] - The report suggests focusing on two main investment themes: coal chemical investments and state-owned enterprise reforms in Xinjiang [9][10] Xinjiang Index Situation - The Xinjiang index stands at 101.14, reflecting a week-on-week increase of 1.75%, while the coal chemical investment index is at 100.21, up 3.98% [16] - The top three performing companies this week include Fostda (603173.SH) with a 26.22% increase, followed by Sanwei Chemical (002469.SZ) at 21.83%, and Tianfu Energy (600509.SH) at 12.32% [16][17] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 140 CNY/ton, Q5200 mixed coal at 225 CNY/ton, and urea at 1638 CNY/ton, with significant year-on-year production increases noted [21][29] - In March 2025, coal railway shipments from state-owned key coal mines reached 3.24 million tons, a year-on-year decrease of 16.9%, while raw coal production was 51.46 million tons, up 24.13% year-on-year [21][29] Key News and Company Announcements - The Ministry of Ecology and Environment has accepted the environmental impact assessment for the National Energy Group's 2 billion cubic meters per year coal-to-gas project, which will produce natural gas and several by-products [35][39] - Recent announcements from companies like Guanghui Energy indicate significant revenue declines, with a 40.72% drop in total revenue for 2024 compared to the previous year [38] Project Overview - The report outlines several key coal chemical projects in Xinjiang, including the National Energy Group's coal-to-gas project with an investment of 250 billion CNY and a production capacity of 40 billion cubic meters per year [41] - The total planned capacity for coal-to-gas, coal-to-oil, coal-to-olefins, and coal-to-methanol projects in Xinjiang is projected to reach 9,203 billion CNY in investments [41][43]