Group 1 - The company, China Energy Conservation Wanrun Co., Ltd., plans to repurchase its shares through centralized bidding, with a total fund amounting to no less than RMB 100 million and no more than RMB 200 million, at a maximum price of RMB 16.55 per share [1] - The repurchased shares will be used to reduce the company's registered capital, and the proposal requires approval at the 2024 annual general meeting [1] - The announcement regarding the share repurchase plan was disclosed on April 25, 2025, on the Giant Tide Information Network [1] Group 2 - The company has provided details on the shareholding status of the top ten shareholders and the top ten unrestricted shareholders as of the equity registration date for the 2024 annual general meeting [2][3] - The shareholding numbers include the total holdings from both regular accounts and margin trading accounts [2][3]

证券代码：002643 证券简称：万润股份 公告编号：2025-028 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将公司 2024 年度股东大会股权登记日（即 2025 年 5 月 15 日）登记在册的前十名股东和前十名无限售条件股东持股情况公 告如下： | 序号 | 股东名称 | 持股数量（股） | 占公司总股本 比例（%） | | --- | --- | --- | --- | | 1 | 中国节能环保集团有限公司 | 258,882,259 | 27.84 | | 2 | 鲁银投资集团股份有限公司 | 70,577,994 | 7.59 | | 3 | 山东鲁银科技投资有限公司 | 35,360,000 | 3.80 | | 4 | 中节能资本控股有限公司 | 20,100,366 | 2.16 | | 5 | 烟台市供销资本投资公司 | 19,692,952 | 2.12 | | 6 | 基本养老保险基金一六零三二组合 | 15,106,186 | 1.62 | 一、前十名股东持股情况 1 | 7 | 全国社保基金一一四组合 | 15,000 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][6]. Core Views - The company has faced challenges in its zeolite and pharmaceutical segments due to weak downstream demand, but there is optimism regarding the growth potential from its various new material developments [4][9]. - The financial performance for 2024 shows a total revenue of RMB 3.693 billion, a decrease of 14.22% year-on-year, and a net profit attributable to shareholders of RMB 246 million, down 67.72% year-on-year [4][10]. - The report highlights the company's ongoing research and development efforts and the successful progress in new materials, which are expected to drive long-term growth [9][12]. Financial Summary - For 2024, the company reported total revenue of RMB 36.93 billion, with a significant decline in net profit to RMB 2.46 billion, reflecting a 67.72% decrease compared to the previous year [4][10]. - The first quarter of 2025 saw a revenue drop of 8.17% to RMB 861.23 million, with a net profit decrease of 18.76% to RMB 79.87 million [12]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.39, RMB 0.48, and RMB 0.56 respectively, with corresponding price-to-earnings (PE) ratios of 28.4, 23.1, and 19.6 [6][8]. Business Segment Performance - The functional materials segment generated RMB 30.19 billion in revenue for 2024, down 10.30% year-on-year, with a gross margin of 39.96% [9]. - The company has maintained its leading position in high-end liquid crystal monomer materials and has seen good development in OLED materials, while also making progress in semiconductor manufacturing materials [9][12]. - The life sciences and pharmaceutical business experienced a revenue decline of 28.65% to RMB 6.29 billion in 2024, although the gross margin improved to 38.16% [9]. Future Outlook - The company is expected to expand its production capacity in functional materials, with the first phase of the Penglai project set to gradually come online in the first half of 2025 [9]. - The report emphasizes the potential for growth in various new materials, including applications in the petrochemical sector and advancements in OLED and semiconductor materials [9][12].

Group 1: Company Overview and Financial Performance - The company is advancing the "Zhongjie Neng Wanrun (Penglai) New Materials Phase I Construction Project," expected to gradually start operations within 2025 [2] - The projected net profit for 2025 is approximately 360 million [3] - The company ranked sixth in the latest national fine chemical top 100 list [5] Group 2: Product Capacity and Development - The company has a theoretical production capacity of 65 tons for resin products and 1,500 tons for PEI materials, with the latter expected to be operational within the year [2][7] - The PEEK material has completed pilot testing and is currently undergoing downstream validation [4] - The company is actively developing various semiconductor manufacturing materials, including photoresist monomers and resins [8] Group 3: Market Opportunities and Collaborations - The collaboration with BOE Technology Group is expected to create more market opportunities in electronic information materials [3] - The company aims to enhance its competitiveness in the life sciences and pharmaceutical sectors through various R&D strategies [4] - The partnership with Sinopec is focused on catalyst products and zeolite molecular sieves, with plans to achieve business cooperation by 2025 [6][9] Group 4: Challenges and Strategic Adjustments - The decline in net profit in 2024 was attributed to reduced orders for zeolite series environmental materials and increased R&D expenses [4] - The company is addressing inventory turnover issues and aims to reduce stock levels while managing cash flow effectively [9] - The company is not currently planning any acquisitions in the semiconductor materials sector but will disclose any future plans [6][9]

为进一步加强与投资者的互动交流，中节能万润股份有限公司（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： 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 董事长黄以武先生、财务负责人高斌先生、董事会秘书于书敏先生将在线就公司 2024年度及2025年第一季度业绩、公司治理、发展战略、经营状况等投资者关心 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！ 证券代码：002643 证券简称：万润股份 公告编号：2025-027 中节能万润股份有限公司 关于参加 2025 年山东辖区上市公司投资者 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内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2025 年 5 月 14 日 1 特此公告。 中节能万润股份有 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company experienced a significant decline in performance in 2024, with revenue of 3.693 billion yuan, down 14.22% year-on-year, and a net profit of 246 million yuan, down 67.72% year-on-year [2][10] - The decline in performance is attributed to reduced orders for zeolite series environmental materials and a downturn in the pharmaceutical product segment due to changing customer demands [2][9] - Despite short-term pressures, the company is expected to benefit from the growth of OLED materials, polyimide materials, and semiconductor manufacturing materials, indicating a positive long-term growth outlook [3][10] Financial Summary - In 2024, the company reported a revenue of 36.93 billion yuan and a net profit of 2.46 billion yuan, with a gross margin of 39.81% [2][12] - For Q4 2024, the revenue was 9.31 billion yuan, down 17.62% year-on-year, and the net profit turned negative at -0.50 billion yuan [1][2] - The first quarter of 2025 showed a revenue of 8.61 billion yuan, down 8.17% year-on-year, but a net profit of 0.80 billion yuan, reflecting a significant sequential increase [1][2] Segment Performance - Functional materials generated revenue of 30.19 billion yuan in 2024, down 10.30% year-on-year, while the life sciences and pharmaceutical products segment saw revenue of 6.29 billion yuan, down 28.65% year-on-year [2] - The OLED materials segment is growing steadily, with a revenue increase of 31.43% year-on-year in 2024, reaching 1.43 billion yuan [3] Future Projections - The company is projected to achieve net profits of 388 million yuan, 485 million yuan, and 605 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.42, 0.52, and 0.65 yuan [10][12] - The expected P/E ratios for the next three years are 26.57, 21.21, and 17.00, indicating a favorable valuation trend [10][12]

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - Short-term performance remains under pressure, but growth in the new materials business is expected [1][8] - The company reported a net loss of 21.09 million yuan in Q1 2025, compared to a loss of 7.68 million yuan in the same period last year [5] - Revenue from the molecular sieve segment has declined due to weak demand in the automotive sector, while OLED materials continue to show strong growth [5][8] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 36.93 billion yuan, a year-on-year decrease of 14% [7] - The company expects a net profit of 0.38 billion yuan in 2025, with a growth rate of 53.7% compared to the previous year [7] - The gross profit margin is forecasted to be 40.7% in 2025, with a gradual increase in subsequent years [7][10] - The company plans to distribute a cash dividend of 0.1 yuan per share, amounting to 37.76% of the annual net profit [8] Business Segment Performance - Functional materials revenue decreased by 10% year-on-year, while the life sciences and pharmaceutical segment saw a 29% decline [8] - The OLED materials segment is expected to maintain growth, with new applications in TFT and other areas being developed [8] - The company is actively expanding into new applications for molecular sieves and other high-value materials, which are anticipated to drive future growth [8]

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

Group 1: Company Performance and Financials - The company reported a revenue of approximately 36.93 billion yuan and a net profit of about 2.46 billion yuan for 2024, with a further revenue of around 8.61 billion yuan and a net profit of approximately 0.80 billion yuan for Q1 2025 [11] - The gross profit margin for 2024 decreased by 2.68 percentage points to 39.81%, with a continued decline expected in Q1 2025 [21] - Short-term borrowings increased to 430 million yuan, a rise of 79.22%, with an asset-liability ratio of 26.29% [4] Group 2: Market and Product Development - The company is focusing on four main sectors: environmental materials, electronic information materials, new energy materials, and life sciences and pharmaceuticals [2] - The revenue from zeolite environmental materials decreased by 28.65% year-on-year in 2024, with ongoing efforts to develop next-generation zeolite products [2] - The company aims to enhance its market position in the automotive zeolite sector and has successfully developed non-automotive zeolite products for various applications [2] Group 3: Strategic Partnerships and Collaborations - The company has signed a project cooperation letter with Sinopec Catalyst Co., aiming to enhance resource sharing and technical complementarity [11] - Future collaborations with Sinopec will focus on petrochemical catalysis products, with plans to achieve business cooperation by 2025 [15] Group 4: R&D and Innovation - R&D expenses for 2024 were approximately 423 million yuan, representing a year-on-year increase of 16%, exceeding 10% of total revenue [13] - The company is committed to continuous investment in R&D across various high-performance polymer materials, including OLED materials and semiconductor manufacturing materials [17] - The company has developed several high-performance polymer products, with over thirty downstream customers already certified [33] Group 5: Risk Management and Future Outlook - The company is actively working to diversify its customer base, with the top five customers accounting for 60.29% of total revenue and over 80% of revenue coming from overseas [3] - The company is addressing potential risks related to inventory and goodwill impairment, with a provision for inventory impairment of 105 million yuan and goodwill impairment of 40.08 million yuan in 2024 [22] - The company is optimistic about the future of the advanced materials industry and is focused on enhancing its core competitiveness through product development and market expansion [32]