2025 年 09 月 08 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： | 杨丽蓉 S0350524090008 | | | yanglr@ghzq.com.cn | [Table_Title] 2025Q2 业绩环比改善，美国基地有序推进 ——山东赫达（002810）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 山东赫达 | 1.0% | 20.7% | 16.0% | | 沪深 300 | 8.7% | 15.0% | 36.9% | | 市场数据 | | | 2025/09/05 | | 当前价格（元） | | | 13.78 | | 52 周价格区间（元） | | | 1 ...

证券代码：002810 证券简称：山东赫达 公告编号： 2025-072 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 关于实施权益分派期间"赫达转债"暂停转股 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、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 2、债券代码：127088 债券简称：赫达转债 3、转股期限：2024 年 1 月 8 日至 2029 年 7 月 2 日 4、暂停转股日期：2025 年 9 月 9 日至 2025 年中期权益分派 登记日 5、恢复转股时间：公司 2025 年中期权益分派股权登记日后的 第一个交易日 鉴于山东赫达集团股份有限公司（以下简称"公司"）将于近日 实施 2025 年中期权益分派，根据《山东赫达集团股份有限公司向 不特定对象发行可转换公司债券募集说明书》中"转股价格的调整 方式及计算公式"条款（详见附件）的规定，自 2025 年 9 月 9 日 起至本次权益分派股权登记日止，公司可转换公司债券（债券简称： 赫达转债；债券代码：127088）将暂停转股，本次权益分派股权登 记日后的第一个交易日起恢复转股。 在上述期间，公 ...

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Core Viewpoint - The company has initiated a share repurchase plan to buy back its own shares using its own funds, with the aim of converting these shares into convertible bonds issued by the company [2]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan on April 15, 2025, with a total repurchase amount between RMB 50 million and RMB 100 million, and a maximum repurchase price of RMB 18.00 per share [2]. - The repurchase period is set for 12 months from the date of board approval [2]. - As of August 29, 2025, the company has repurchased a total of 1,777,700 shares, accounting for approximately 0.5106% of the total share capital, with a total transaction amount of RMB 21,130,571 [2]. Group 2: Compliance and Regulations - The share repurchase complies with relevant laws and regulations, as well as the company's established repurchase plan [3]. - The company has adhered to the Shenzhen Stock Exchange's guidelines regarding the timing and conditions for share repurchase [4][5]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [6].

证券日报网讯 9月1日晚间，山东赫达发布公告称，公司自2025年5月16日至8月29日期间，通过集中竞 价交易方式累计回购公司股份1，777，700股，约占公司总股本的0.5106%。 （文章来源：证券日报） ...

格隆汇9月1日丨山东赫达(002810.SZ)公布，公司于2025年5月16日首次通过股份回购专用证券账户以集 中竞价交易方式实施本次回购股份。截至2025年8月29日，公司通过股份回购专用证券账户使用自有资 金以集中竞价交易方式累计回购公司股份177.77万股，约占公司总股本的0.5106%，其中，最高成交价 为14.289元/股，最低成交价为11.10元/股，成交总金额2113.0571万元(不含交易费用)。 ...

Group 1 - The company Shandong Heda announced a share buyback plan, repurchasing approximately 1.78 million shares, which accounts for about 0.5106% of its total share capital, with a total transaction amount of approximately 21.13 million yuan [1] - The highest transaction price during the buyback was approximately 14.29 yuan per share, while the lowest was 11.1 yuan per share [1] - As of the report date, Shandong Heda's market capitalization is 4.9 billion yuan [1] Group 2 - For the first half of 2025, Shandong Heda's revenue composition is as follows: cellulose ether accounts for 72.98%, plant capsules 21.1%, other trade chemical products 3.86%, graphite chemical equipment 1.9%, and other businesses 0.16% [1]

山东赫达集团股份有限公司 证券代码：002810 证券简称：山东赫达 公告编号：2025-071 债券代码：127088 债券简称：赫达转债 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 山东赫达集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第九届董事会第二十一次会议，审议通过了《关于回购 公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式 回购公司部分已发行的人民币普通股（A 股）股票，回购股份全部用 于转换上市公司发行的可转换为股票的公司债券。本次回购资金总额 不低于人民币 5,000 万元（含），不超过人民币 10,000 万元，回购价 格不超过人民币 18.00 元/股。本次回购股份的实施期限为自公司董 事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于 2025 年 4 月 16 日 、 2025 年 4 月 18 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》 （公告编号：2025-013）、《回购股份报告书》（ ...

Core Insights - The company reported a revenue of 972 million yuan for the first half of 2025, representing a year-on-year increase of 3.91%, while the net profit attributable to the parent company was 113 million yuan, a decrease of 8.71% [1] - In the second quarter of 2025, the company achieved a revenue of 505 million yuan, a slight decline of 0.99% year-on-year, with a net profit of 67.97 million yuan, down 3.35% year-on-year [1] - For the year 2024, the company experienced significant growth, with total revenue reaching 1.957 billion yuan, an increase of 25.72%, and a net profit of 222 million yuan, up 0.65% [1] - The company signed an exclusive agency agreement with IMCD, a global leader in chemical distribution, to enhance its global presence [1] Business Strategy - The company plans to invest in a plant capsule project in the U.S. with a capacity of 20 billion capsules per year, aiming to strengthen its market share and pricing power in the U.S. and surrounding markets [2] - The investment is capped at 500 million yuan and will be funded through internal resources or external financing, with a construction period of approximately 20 months, targeting completion by 2026 [2] - This project aligns with industry trends and is seen as a necessary step for the company's sustainable global development strategy [2] Financial Projections - Revenue forecasts for 2025 to 2027 are 2.325 billion yuan, 2.488 billion yuan, and 2.724 billion yuan, respectively, with net profits projected at 229 million yuan, 283 million yuan, and 352 million yuan [2] - The expected earnings per share (EPS) for the same period are 0.66 yuan, 0.81 yuan, and 1.01 yuan, with corresponding price-to-earnings (PE) ratios of 21.6x, 17.4x, and 14.0x [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 972 million yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 113 million yuan, a year-on-year decrease of 9% [1] - In Q2 2025, the company reported revenue of 505 million yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 68 million yuan, a year-on-year decrease of 3% [1] - The company plans to distribute a cash dividend of 1 yuan for every 10 shares [1] Group 2: Industry Position and Product Development - The company is a global leader in cellulose ether, which is widely used in construction materials, pharmaceuticals, food, aerospace, and new energy batteries [2] - The company established a subsidiary, Hershey, in 2014 to enter the plant capsule industry, achieving an integrated supply chain from cellulose ether to plant capsules [2] - By the end of 2024, the company's production capacity for cellulose ether and plant capsules is expected to reach 74,000 tons and 35 billion capsules, respectively, with an additional 15 billion capsules under construction [2] Group 3: Market Expansion and Strategic Initiatives - In the first half of 2025, the company's export revenue accounted for 65% of total revenue, with a year-on-year increase of 9% to 630 million yuan, and the gross margin for exports is significantly higher than for domestic sales [2] - In May 2025, the company signed an exclusive agency agreement with Univar Solutions to expand its pharmaceutical-grade cellulose ether distribution to Europe, accelerating its global layout [2] - The company is responding to the U.S. anti-dumping measures by planning to invest in a plant capsule project in the U.S. with a capacity of 20 billion capsules per year, with an investment not exceeding 500 million yuan [3] Group 4: Future Outlook - The company expects net profits attributable to shareholders for 2025-2027 to be 221 million, 339 million, and 427 million yuan, respectively, and has initiated coverage with a "recommend" rating [4]