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嘉化能源(600273):立足内外双循环+业务多元化 股权回购彰显信心

Group 1: Industry Overview - The Ministry of Industry and Information Technology announced a new round of stable growth work plans for ten key industries, including steel, non-ferrous metals, petrochemicals, and building materials, focusing on structural adjustments, supply optimization, and phasing out outdated production capacity [1] - The specific work plans for the petrochemical industry are expected to be released soon, which may lead to the elimination of outdated production capacity and further benefit company profitability [1] Group 2: Company Strategy and Performance - The company is positioned to benefit from the chemical industry's anti-involution by providing energy, basic chemicals, and logistics services to other chemical enterprises within the Jiaxing Chemical New Materials Park, ensuring a stable performance base [1] - The company has established an internal production cycle by recycling by-products across its business segments, which helps reduce overall production costs [1] - The company's diversification into areas such as fatty alcohols, chlor-alkali, sulfonated pharmaceuticals, hydrogen energy, and photovoltaic power plants ensures stable profitability and supports national carbon reduction goals [1] - The company has implemented a proactive and steady dividend policy and share repurchase plan, aiming to repurchase shares worth 400 to 600 million RMB within 12 months at a price not exceeding 11.82 RMB per share, reflecting confidence in long-term development [2] - As of July 7, 2025, the company has repurchased approximately 14.1 million shares, accounting for 1.04% of total share capital, with a total expenditure of 119 million RMB [2] - Future projects, such as the second phase of fatty alcohols and energy-saving upgrades for boilers, are expected to enhance long-term development prospects [2] Group 3: Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.26 billion, 1.44 billion, and 1.57 billion RMB for the years 2025 to 2027 [2]