HUALU-HENGSHENG(SH:600426) Guohai Securities·2025-09-09 06:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in Q2 performance, with new projects continuously providing development momentum [3] - The company is actively responding to complex external environments and intensifying competition by focusing on innovation, production operations, and cost reduction [7] - The company is a leading player in the coal chemical industry, with ongoing projects expected to enhance growth potential [12] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 15.764 billion yuan, a year-on-year decrease of 7.14% [7] - The net profit attributable to shareholders was 1.569 billion yuan, down 29.47% year-on-year [7] - The sales gross margin was 18.01%, a decrease of 3.19 percentage points year-on-year [7] - In Q2 2025, the company reported revenue of 7.992 billion yuan, a year-on-year decline of 11.17% but a quarter-on-quarter increase of 2.84% [7] - The net profit for Q2 2025 was 862 million yuan, down 25.62% year-on-year but up 21.95% quarter-on-quarter [7] Product Performance Summary - Revenue from new energy materials-related products in the first half of 2025 was 7.620 billion yuan, a year-on-year decrease of 8.39% [7] - Fertilizer products generated revenue of 3.879 billion yuan, an increase of 6.43% year-on-year [7] - The organic amine series products achieved revenue of 1.155 billion yuan, down 8.53% year-on-year [7] - Acetic acid and its derivatives generated revenue of 1.706 billion yuan, down 16.33% year-on-year [7] Project Development Summary - The company is advancing its project planning and accelerating the implementation of new projects, with several projects nearing completion [10] - The company has announced an investment in a gasification platform upgrade project, with a total investment of 3.039 billion yuan [10] - The project is expected to enhance production efficiency and operational effectiveness, aligning with the company's long-term strategic goals [10] Shareholder Returns - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling approximately 529.72 million yuan, which accounts for 33.76% of the net profit for the first half of 2025 [11] Earnings Forecast - The company’s projected operating revenues for 2025-2027 are 36.2 billion, 39.8 billion, and 45.8 billion yuan, respectively [12] - The net profit attributable to shareholders is expected to be 4 billion, 4.5 billion, and 5.7 billion yuan for the same period [12] - The company is expected to maintain a price-to-earnings ratio (PE) of 15, 13, and 10 times for the respective years [12]