【机构调研记录】泓德基金调研华峰化学

Group 1 - The core viewpoint of the article highlights the recent research conducted by Hongde Fund on Huafeng Chemical, indicating a significant decline in product gross margins due to the drop in basic chemical product margins [1] - Huafeng Chemical's report for 2024 shows that the supply of adipic acid is growing faster than consumption, leading to a temporary supply-demand imbalance and a substantial decline in profitability [1] - The company is actively promoting restructuring projects and is on track with fundraising projects, expecting to launch new capacities between 2025 and 2026 [1] Group 2 - The company is optimistic about future demand for spandex, with an expectation of increased industry concentration and prices following market trends [1] - New production capacities are more economical, environmentally friendly, and efficient, resulting in reduced overall production costs [1] - There are no current plans for expanding adipic acid production, with a target to reach full production capacity for spandex by 2025 [1] Group 3 - Huafeng Chemical's inventory is approximately 20 days, while the industry average is around 50 days [1] - The company is implementing a reasonable, continuous, and stable dividend distribution policy to enhance its dividend mechanism [1] - Major investment projects are in the pipeline, including fundraising projects and a 1.1 million-ton integrated natural gas project [1]