【私募调研记录】宁泉资产调研华峰化学

Group 1 - The core viewpoint of the article highlights the recent research conducted by Ningquan Asset on Huafeng Chemical, revealing a decline in revenue and net profit for the first half of 2025 [1] - Huafeng Chemical achieved a revenue of 12.137 billion yuan, a year-on-year decrease of 11.7%, and a net profit decline of 35.23% [1] - The company advocates for "anti-involution" in the spandex industry, focusing on differentiated competition, industry chain collaboration, and technological innovation to enhance competitiveness [1] Group 2 - The industry inventory stands at 50 days, while Huafeng Chemical's inventory is at 20 days, indicating intensified industry reshuffling and increased concentration as small capacities exit the market [1] - Huafeng Chemical maintains strong customer loyalty due to its product quality and technological advantages, with the spandex segment operating at full capacity [1] - The company expects to complete its asset restructuring by December 2026, with sales to the U.S. accounting for only 1% of its revenue [1] Group 3 - Huafeng Chemical is collaborating with Eastman to produce acetic acid, although the current investment scale is small and does not significantly impact the company's performance [1] - There are no new expansion plans, with a differentiated spandex capacity of 150,000 tons per year expected to reach full production by the end of 2026 [1] - The new capacity has a low investment per ton and features more economical, environmentally friendly, and efficient processes [1] Group 4 - The company will continue to improve its dividend distribution system, implementing a reasonable, sustainable, and stable dividend policy [1]