山东赫达分析师会议-20250515

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core Viewpoints - The company's cellulose ether exports in May 2025 were in good condition, and the current price is basically stable without significant fluctuations [26][27][28]. - The US plant construction is in progress, and the company will disclose the progress according to regulatory requirements [24][25]. - The US factory only plans to build a plant - based capsule production line, and cellulose ether will be sourced through a combination of domestic imports and US procurement [31]. - The company's repurchased shares are for converting convertible corporate bonds, and it will choose an appropriate time to implement the repurchase plan after completing the approval procedures [30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Shandong Hedda, belonging to the chemical products industry. The reception time was May 15, 2025, and the company's reception staff included the chairman, board secretary, financial director, and securities affairs representative [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided on the research institution proportion in the given content. 3.4. Main Content Data - US Plant Construction: It is in progress, and the company will disclose the progress as required. The US factory only plans a plant - based capsule production line, and cellulose ether will be sourced from domestic imports and US procurement [24][25][31]. - Cellulose Ether: Exports in May 2025 were good, and the current price is stable [26][27][28]. - 2025 Performance: Details of the 2025 business plan can be found in the 2024 annual report [29]. - Inventory Accounting: The inventory of plant - based capsules reserved in the US warehouse is recorded under accounts receivable in the company's statements, and relevant revenues and costs have been offset [29]. - Share Repurchase: The repurchased shares are for convertible corporate bonds. After completing the approval procedures on May 14, 2025, the company will choose an appropriate time to implement the plan [30].