证券代码：002753 证券简称：永东股份 山西永东化工股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 √其他 （电话会议） | | 参与单位名称及 | 山西证券李旋坤、王金源；国海富兰克林基金周艺佳；高腾国 | | 人员姓名 | 际吕栋；宝盈基金管理有限公司郑熊婧；博时基金管理有限公 | | | 司范卓宇；银华基金管理股份有限公司刘宇尘；长信基金管理 | | | 有限责任公司宁发俊 | | 时间 | 2025 年 11 月 24 日 15:30-16:00 | | 地点 | 公司研发楼三楼会议室 | | 上市公司接待人 | 董事会秘书张巍女士、财务总监陈梦喜先生、证券部陈翔先生。 | | 员姓名 | 在本次调研活动中，主要沟通内容简述如下： | | | 1、蒽油项目目前进展情况 | | | 公司 2024 年度向特定对象发行 A 股股票募投项目为"2 | | | ×10 万吨年蒽油深加工项目"及"补充流动资金"， ...

Core Viewpoint - The Henan Provincial Government has issued the "Henan Province Chemical Industry Quality Improvement and Upgrading Action Plan" to promote the transformation of the chemical industry towards park-based, cluster-based, refined, and green development, aiming for high-quality industry growth [1][2]. Group 1: Industry Goals and Targets - By 2027, the chemical industry is expected to achieve significant progress in refinement, with over 85% of the industry's total output value coming from chemical parks, and the creation of at least two competitive chemical parks focused on fine chemicals [1]. - The plan aims to cultivate three chemical industry clusters with output values exceeding 100 billion yuan, alongside a number of world-class chemical enterprises [1]. Group 2: Key Projects and Developments - The plan includes the construction of major projects such as the Luoyang million-ton ethylene and downstream supporting projects, aiming to establish a leading high-end petrochemical industry cluster in Central and Western China [1]. - The development of the Pingdingshan Nylon City and the Luhe billion-level fluorosilicon new materials project is also emphasized to foster globally competitive chemical industry clusters [1][2]. Group 3: Strengthening Industry Bases - The plan outlines the strengthening of several hundred billion-level industrial bases, including optimizing the construction of coal and coke chemical bases in Anyang and Pingdingshan, and enhancing the New Chemical Materials Base in Puyang [2]. - The focus is on developing high-end fine chemical industry chains, particularly in coal gasification and the production of advanced chemical materials [2]. Group 4: Industry Transformation and Collaboration - The Henan Provincial Government emphasizes the need for coordination among departments and local governments to ensure the successful implementation of the action plan [3]. - The association aims to facilitate collaboration between government, enterprises, and research institutions to address key challenges in technology and resource allocation, particularly in low-emission transformations and high-end material development [3][4].

Core Insights - The "2025 Ningxia Top 100 Private Enterprises" list has been released, with an entry threshold of 584 million yuan, down from 599.8 million yuan last year. The total revenue of the listed companies reached 351.379 billion yuan, with 51 companies showing growth, adding 37.155 billion yuan [1][12] - The total assets of the top 100 companies amounted to 575.501 billion yuan, with 53 companies increasing their assets by 51.261 billion yuan. The total profit reached 50.680 billion yuan [1][12] - The top 100 private enterprises contributed a total tax revenue of 13.592 billion yuan, a year-on-year increase of 10.3%, accounting for 37.87% of the total tax revenue in the region [1][12] Industry Overview - The industrial structure of the top 100 includes 1 company from the primary industry, 81 from the secondary industry, and 18 from the tertiary industry. The manufacturing sector dominates with 73 companies, followed by real estate with 11, and construction, wholesale and retail, and energy supply with 4 each [3] - The regional distribution shows that Yinchuan has 40 companies on the list with a total revenue of 155.425 billion yuan, leading the rankings. Shizuishan has 22 companies, Wuzhong has 19, and other regions follow [3] Company Highlights - Baofeng Group ranks first with a revenue of 69.199 billion yuan, a year-on-year increase of 13.1%. It is involved in energy chemistry, new energy, and new storage industries. The company’s project in Inner Mongolia is the largest single-plant ethylene project globally [12] - Ningxia Jianlong, established in 2012, ranks third with a steel production capacity of 3.5 million tons and is part of a larger group with a total crude steel capacity of 43 million tons [5] - Tianyuan Manganese Group, the second-largest, achieved a revenue of 67.367 billion yuan, with a production capacity of 800,000 tons of electrolytic manganese, accounting for 48% of the national output [7]

Core Insights - Guizhou is focusing on industrial development to establish a modern industrial system with unique characteristics and significant national importance [1] Group 1: Industrial Projects - The Meijin Huayu "Coal-Coke-Hydrogen" comprehensive utilization demonstration project in Liupanshui, Guizhou, has reached 99% completion in its second phase, with a total investment of 10 billion yuan. Once fully operational, it is expected to generate an annual output value of 20 billion yuan and tax revenue of 2.5 billion yuan, creating over 1,500 jobs [3] - Guizhou Meijin Huayu New Energy Co., Ltd. plans to leverage its advantages in coal chemical industries to attract more upstream and downstream enterprises to the park, forming a circular economy industrial chain including "Coal-Coke-Gas," "Coal-Coke-Chemicals," and "Coal-Coke-Hydrogen" [5] Group 2: Industrial Base Development - Guizhou is accelerating the construction of six major industrial bases, including a new comprehensive energy base, a significant resource deep processing base, a major liquor production base, a new energy battery and materials R&D and production base, a national computing power support base, and an important industrial backup base. The goal is to form three industrial clusters worth 500 billion yuan and three worth 300 billion yuan [7] - In the new energy base development, Guizhou is promoting the entire industrial chain of new energy battery materials, power batteries, and electric vehicles, with production of key materials like ternary precursors and battery-grade manganese sulfate leading the nation. As of August this year, Guizhou's computing power has surpassed 100 billion floating-point operations per second, making it one of the regions with the most and strongest intelligent computing resources in the country [9] Group 3: Economic Contribution - In the first half of 2025, Guizhou's industrial added value for large-scale enterprises grew by 9.6%, with the six major industrial bases' added value increasing by 11.2%. The industrial added value accounted for 27.8% of GDP, contributing 40% to the province's economic growth, indicating that industry has become the backbone of Guizhou's economic development [9] - The Guizhou Provincial Department of Industry and Information Technology aims to build a modern industrial system with significant national strategic importance during the "14th Five-Year Plan" period, focusing on the "six major industrial bases" and the "3533" key industrial cluster goals [11]

Investment Rating - The report maintains a "Buy-B" rating for the company [3]. Core Insights - The company is a leading player in coal-to-olefins, with the Inner Mongolia project set to enhance growth potential. The company operates in three main business segments: olefins, coking, and fine chemicals. As of the end of 2024, the domestic coal-to-olefins total capacity is 13.42 million tons per year, with the company's capacity accounting for approximately 23.8% of the national total. The company has a leading position in terms of unit product cost and energy consumption [3][4][59]. Summary by Sections Company Overview - The company was established in November 2005 and has developed a comprehensive coal chemical circular economy industry chain, focusing on coal mining and modern coal chemical as its core business [14][18]. Business Segments - The company has three main business segments: olefins (mainly producing polyethylene and polypropylene), coking (producing coke and by-products), and fine chemicals (producing refined products from coal tar and benzene) [18]. Production Capacity and Projects - The company has a current olefins production capacity of approximately 510,000 tons per year, with plans to increase capacity significantly through ongoing projects, including the Inner Mongolia coal-to-olefins project, which is the largest of its kind globally [20][57]. Financial Performance - The company’s revenue has shown consistent growth, increasing from 8.03 billion yuan in 2016 to 32.98 billion yuan in 2024, with a compound annual growth rate (CAGR) of 19.3%. The net profit has also increased from 1.72 billion yuan to 6.34 billion yuan during the same period [21][24]. Cost Advantages - The company benefits from significant cost advantages in coal-to-olefins production, with unit investment costs at 1.59 billion yuan per ton, lower than the industry average of 2.0 to 2.3 billion yuan per ton. This cost efficiency is attributed to large-scale facilities and innovative processes [4][59]. Market Trends - The report highlights a decreasing reliance on imports for polyethylene and polypropylene, with domestic production capacity expanding significantly. The net import dependence for polyethylene has dropped from 46.8% in 2020 to 31.4% in 2023, indicating a shift towards self-sufficiency [36][43]. Profitability Forecast - The company is projected to achieve net profits of 12.2 billion yuan, 13.2 billion yuan, and 14.4 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 times [5].

Core Insights - Erythritol, a key ingredient in the booming "zero-sugar" beverage market, is gaining attention, with Dongxiao Biological being a significant supplier for well-known companies like Yuanqi Forest [1] - Dongxiao Biological is planning to list on the New Third Board, having submitted its public transfer statement on June 30, with its application materials officially accepted [1] - The company, established in December 2004 and located in Zhucheng, Weifang City, focuses on synthetic biology manufacturing and fermentation technology, producing a range of products including animal nutrition, solid beverages, food additives, organic acids, and health sweeteners [1] Financial Performance - Dongxiao Biological's projected revenues for 2023 and 2024 are approximately 7.993 billion yuan and 7.840 billion yuan, respectively [1] - The net profits for the same periods are expected to be 298 million yuan and 578 million yuan [1] - The comprehensive gross profit margins are forecasted to be 10.33% and 13.91% for 2023 and 2024, respectively [1] Market Position - The global erythritol market is projected to reach approximately 910 million USD in 2024, with Chinese companies dominating the market with a 73% share, while Europe and the US combined account for about 22% [1] - Dongxiao Biological has established a complete value chain from raw materials to high-value products, utilizing its annual processing capacity of 1.7 million tons of corn [2] Production Efficiency - Dongxiao Biological has achieved significant breakthroughs in microbial fermentation, reducing the fermentation cycle by 25% and increasing the conversion rate by 5% compared to the industry average [3] - The company's erythritol products are supplied to major brands such as Yuanqi Forest, Coca-Cola, and Nestlé, contributing to the popularization of "zero-sugar" products [3] Future Developments - Dongxiao Biological is also focusing on the next generation of natural sweeteners, such as allulose, with a dedicated R&D team of nearly 200 members, including 5 PhDs and over 40 master's degree holders [3] - The company has established technology platforms for gene editing, high-throughput screening, and fermentation process regulation to drive innovation in biological manufacturing [3]

Group 1 - The company plans to establish a new project in Guangxi Qinzhou to optimize its industrial layout and enhance core competitiveness, with an investment of approximately 800 million yuan for the first phase of the project, which aims to produce 153,000 tons of polyolefin amine series products annually [2][5] - The investment decision was approved through a series of meetings held on July 3, July 21, and a subsequent shareholders' meeting, allowing the company to sign a project investment contract with the management committee of the China-Malaysia Qinzhou Industrial Park [3] - The company has signed an investment agreement with partners to establish Guangxi Xingxin New Materials Co., Ltd., which will implement the project, and has completed the necessary business registration [4] Group 2 - The contract signing marks a significant step in advancing the project, which is expected to leverage local geographical and raw material supply advantages, thereby expanding the company's circular economy industrial chain and enhancing profitability and market competitiveness [7] - The company intends to fund the project through its own or self-raised funds, maintaining a good financial status without significant debt, which is not expected to adversely affect its current operational and financial conditions [7]

Core Viewpoint - The company has developed a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, aiming to optimize operations, enhance governance, and actively return value to investors, in line with national policies and market demands [1][6]. Group 1: Business Strategy - The company focuses on the circular economy industry chain, strengthening its core business in aluminum electronic materials and aluminum alloy products, which are widely used in various sectors such as industrial control, electronics, and automotive manufacturing [1]. - The company has established a complete circular economy industry chain from energy to high-purity aluminum and electronic aluminum foil, ensuring low-cost energy supply and high-value-added downstream processing [1]. Group 2: Market and Innovation - The company aims to enhance management and market engagement, improve quality control, and focus on sectors like automotive lightweighting and renewable energy, while continuously adjusting its product structure to meet market demands [2]. - The company emphasizes technological innovation as a core driver, establishing a talent development mechanism to enhance core technology capabilities in aluminum electronic materials and electrical alloys [2]. Group 3: Investor Relations - The company prioritizes investor returns, planning to maintain a reasonable, stable, and sustainable profit distribution scheme, with cash dividends being the primary method of profit distribution over the past three years [3]. - The company has established a comprehensive investor relations management system to enhance communication with investors, ensuring timely and accurate information disclosure [4]. Group 4: Corporate Governance - The company has developed a governance structure that includes a clear division of responsibilities among the board of directors, supervisory board, and management, promoting effective checks and balances [5]. - The company is committed to improving its internal control systems and risk management practices to enhance operational management [5]. Group 5: Focus on Key Stakeholders - The company emphasizes the importance of key stakeholders, including major shareholders and senior management, ensuring they are well-informed about regulatory requirements and corporate governance [5].

Core Insights - The report highlights the significant progress in seawater desalination projects in China, with a total of 158 projects and a capacity of 2.856 million tons per day in 2024, an increase of 333,000 tons per day from 2023 [1] - Coastal provinces are actively developing large-scale seawater desalination projects to ensure a reliable water supply for high-water-consuming industries such as power, petrochemicals, and steel [1][3] Seawater Utilization Overview - Seawater utilization encompasses desalination, direct use, and chemical resource extraction, with policies encouraging the development of seawater resources in coastal areas [2] - The State Council's regulations prioritize the use of desalinated seawater for new industrial projects in water-scarce coastal regions [2] Industrial Applications - The majority of desalinated seawater is used for industrial purposes, particularly in coastal regions, with some allocated for domestic use in island areas and water-scarce coastal cities [3] - Major projects like the Tianjin South Port Industrial Zone desalination project and others are set to provide essential water resources for industries such as petrochemicals and nuclear power [3][4] Technological Developments - The Tianjin South Port project is a key collaboration under the Belt and Road Initiative, featuring a capacity of 150,000 tons per day and utilizing domestically produced equipment [4] - The report indicates that by the end of 2024, 141 desalination projects will employ reverse osmosis technology, accounting for 68.25% of total capacity [5] Policy Support and Incentives - Various local governments have introduced incentive policies to promote seawater desalination projects, including financial subsidies based on fixed asset investments [6][7]

Core Viewpoint - Yibin Tianyuan Group Co., Ltd. maintains a long-term credit rating of AA+ and a stable outlook, reflecting its strong competitive position in the chlor-alkali chemical industry despite facing challenges from industry downturns and operational losses in 2024 [1][3]. Company Overview - Yibin Tianyuan is the largest chlor-alkali chemical listed company in Southwest China, with a well-structured management and strong regional competitiveness [3]. - The company is expanding its industrial chain by focusing on new energy and new materials, although the new energy segment is still in the development phase and currently incurs losses [3][8]. Financial Performance - In 2024, the company experienced a decline in revenue due to reduced supply chain operations and a decrease in product prices, leading to an overall revenue drop [3][6]. - As of March 2025, the company reported total assets of 202.01 billion yuan and equity of 76.35 billion yuan, with a revenue of 31.41 billion yuan in the first quarter [10]. - The company's total debt reached 103.37 billion yuan, with a debt-to-asset ratio of 62.21% and a significant portion of short-term debt [6][9]. Industry Context - The chlor-alkali chemical industry is facing cyclical challenges, with a supply-demand imbalance expected to persist into 2025, impacting product prices and profitability [10]. - The company has established a circular economy model integrating resources and energy, which enhances its competitive edge in the region [8][10]. Strategic Initiatives - The company is implementing a "one body, two wings" strategy, focusing on lithium battery materials and new materials to strengthen its market position [4][5]. - Ongoing projects are expected to enhance the company's cost control capabilities and overall competitiveness [5][8]. Shareholder Support - Yibin Development Holding Group, the largest state-owned capital investment platform in Yibin, provides significant financial backing and guarantees for the company's debt obligations, enhancing its debt repayment security [3][8].