资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn [Table_Main] 证券研究报告 | 公司点评 广汇能源(600256.SH) 2025 年 04 月 30 日 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 财务报 ...

广汇能源(600256.SH) 2025 年 04 月 30 日 [Table_Main] 证券研究报告 | 公司点评 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 事件： ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 在手订单充裕支撑业绩增长，国内煤化工投资加速+海外市场拓展强化成 长动能。2025Q1 公司新签订单 18.86 亿元，同比下降 11%，其中设计/工 程总承包分别新签 0.23/18.63 亿元，同比下降 37%/11%。Q1 通常为公 司签单淡季，2023-2024 年 Q1 订单在全年占比均为 10%。当前国内煤化 工投资加速趋势明确，新疆煤化工市场以及公司二股东陕煤集团重大项目 潜在订单规模可期，年内有望开启较大规模 EPC 招标，为公司订单增长注 入强劲动能；公司持续开拓海外市场，境外订单有望延续较好增势，内外 市场共同发力，全年订单有望稳健增长。截至 2025Q1 末，公司未完合同 额 499 亿元，为 2024 年营收 5.6 倍，在手订单充裕支撑业绩增长。 东华科技（002140.SZ） Q1 营收稳健增长，扣非业绩增速亮眼 Q1 收入稳健增长，归母业绩同比基本持平，扣非业绩增速亮眼。2025Q1 公司实现营业总收入 20.7 亿元，同比增长 13.5%，在建总承包项目有序 推进带动收入规模稳健增长；实现归 ...

Q1 业绩增长超预期，实业板块盈利有望改善 24 全年营收业绩稳健增长，毛利率改善带动 25Q1 业绩超预期。2024 年公 司实现营业总收入 1866 亿，同增 4.1%；实现归母净利润 57 亿，同增 4.8%； 扣非归母净利润同增 6%，全年业绩稳增符合预期。分季度看：24Q1/Q2/Q3/Q4 单季营收分别同比+6%/-6%/+8%/+9%；单季归母净利润分别同比+9%/- 12%/+29%/+9%，Q4 收入业绩稳健增长。分业务看：化学工程/基础设施/环 境治理/实业分别实现营收 1522/206/22/88 亿，同比+7%/-6%/-22%/+13%。 分区域看：境内/境外分别实现营收 1391/462 亿，同比-2%/+30%，海外收 入增长强劲。2025Q1 公司实现营业总收入 447 亿，同降 1%；实现归母净利 润 14.4 亿，同增 19%；扣非归母净利润同增 23%，业绩增长超预期，主要得 益于单季毛利率显著提升。 毛利率稳步上行，净现比持续优异。2024 年公司综合毛利率 10.48%，同比 +0.65pct，主要得益于化工主业盈利显著改善（毛利率同比+0.8pct）；基建/ 实业/ ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported Q1 2025 revenue of 7.77 billion yuan, a year-over-year decrease of 3% and a quarter-over-quarter decrease of 14%. The net profit attributable to shareholders was 710 million yuan, down 34% year-over-year and 17% quarter-over-quarter [1][3] - The company is a leading player in the coal chemical industry in China, with a significant low-cost moat. The extension of the industrial chain and product expansion at the Jingzhou base are expected to drive steady growth in performance. Projected net profits for 2025-2027 are 4.036 billion, 4.666 billion, and 5.120 billion yuan, with year-over-year growth rates of 3.41%, 15.62%, and 9.73%, respectively [3][4] - The company is experiencing pressure on profitability due to product price declines, but cost reductions are expected to improve product price differentials in Q2, driven by industry recovery [8][9] Financial Summary - For 2025, the company is expected to achieve revenue of 37.041 billion yuan, with a year-over-year growth of 8.22%. The net profit is projected to be 4.036 billion yuan, reflecting a year-over-year growth of 3.41% [4][9] - The company's earnings per share (EPS) for 2025 is estimated at 1.90 yuan, with a price-to-earnings (P/E) ratio of 10.59 [4][9] - The company’s gross margin and net margin for Q1 2025 were 16.3% and 9.9%, respectively, indicating a decline in profitability due to lower product prices [8][9]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but maintains a "buy" rating due to its coal chemical scale advantages and good performance from the Jingzhou base [1] Financial Performance - Q1 2025 revenue was 7.77 billion yuan, down 2.6% year-on-year and 14% quarter-on-quarter [1] - Net profit attributable to shareholders was 707 million yuan, down 34% year-on-year and 17% quarter-on-quarter [1] - Non-recurring net profit was 703 million yuan, also down 34% year-on-year and 13% quarter-on-quarter [1] Segment Performance - Acetic acid and derivatives sales decreased by 8% year-on-year and 21% quarter-on-quarter to 337,000 tons, with revenue down 16% year-on-year and 20% quarter-on-quarter to 820 million yuan [2] - New materials segment saw a 23% year-on-year increase in sales to 664,000 tons, but revenue decreased by 1% year-on-year to 3.75 billion yuan [2] - Fertilizer segment sales increased by 37% year-on-year to 1.45 million tons, with revenue up 5% year-on-year to 1.9 billion yuan [2] - Overall gross margin decreased by 5.5% year-on-year to 16.4% [2] Cost and Pricing Trends - As of April 25, 2023, prices for key chemicals showed mixed trends, with some prices improving slightly due to inventory digestion [3] - Coal chemical cost pressures have eased, with reference prices for thermal coal and anthracite at 570 yuan/ton and 912 yuan/ton, respectively [3] - The company has ongoing construction projects valued at 4.88 billion yuan, which are expected to support future growth [3] Profit Forecast and Valuation - The company revised down its profit forecasts for 2025-2027, expecting net profits of 3.8 billion, 5 billion, and 5.8 billion yuan respectively [4] - The target price for 2025 is set at 25.34 yuan, reflecting a 14x PE ratio, considering the growth potential from new projects and materials [4]

行业研究 证券研究报 告 新疆周报（20250421-20250427） 国家生态环境部受理国能准东20亿方煤制气 推荐（维持） 项目环评 基础化工 2025 年 04 月 28 日 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 489 | 0.06 | | 总市值(亿元) | 41,489.30 | 4.27 | | 流通市值(亿元) | 36,738.07 | 4.77 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -5.7% | -2.4% | 3.9% | | 相对表现 | -2.0% | 1.9% | -3.4% | 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：陈俊新 《基础化工行业周报（20250414-20250420）：本 周丙烷、敌草快、石脑油价格涨幅居前》 2025-04-21 证 ...

| 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 12.43 | | 一年最高最低(元) | 26.00/11.90 | | 总市值(亿元) | 1,247.95 | | 流通市值(亿元) | 736.34 | | 总股本(亿股) | 100.40 | | 流通股本(亿股) | 59.24 | | 近 3 个月换手率(%) | 25.5 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 兖矿能源 沪深300 相关研究报告 《成本管控对冲煤价下跌影响，关注 煤炭主业成长—公司 2024年报点评报 告》-2025.3.31 《Q3 业绩稳健海外高增，兼具高分红 与 高 成 长 — 公 司 信 息 更 新 报 告 》 -2024.10.28 煤炭/煤炭开采 兖矿能源（600188.SH） 煤炭量价齐跌致业绩承压，关注煤炭煤化工成长 2025 年 04 月 28 日 投资评级：买入（维持） 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E ...

Core Viewpoint - The company Zhongmi Holdings (300470) has shown a steady growth in its financial performance, with significant increases in revenue and net profit in the first quarter of 2025, while also experiencing changes in shareholder structure and capital flow dynamics [4][5][6]. Financial Performance - For Q1 2025, Zhongmi Holdings reported a main revenue of 410 million yuan, representing a year-on-year increase of 21.99% [4] - The net profit attributable to shareholders was 94.35 million yuan, up 13.84% year-on-year [4] - The company's debt ratio stands at 15.3%, with investment income of 2.63 million yuan and financial expenses of -1.63 million yuan, resulting in a gross profit margin of 44.43% [4] Shareholder Dynamics - As of March 31, 2025, the number of shareholders increased to 17,500, up by 1,226 from December 31, 2024, marking a growth rate of 7.51% [3] - The average number of shares held per shareholder decreased from 12,800 shares to 11,900 shares, with an average market value of 440,400 yuan per shareholder [3] Capital Flow - On April 25, 2025, the capital flow for Zhongmi Holdings showed a net outflow of 1.89 million yuan from main funds, while speculative funds saw a net inflow of 2.18 million yuan, and retail investors experienced a net outflow of 286,000 yuan [2][5] Business Segments Performance - The mechanical seal segment has increased its market share in domestic large petrochemical projects, while international business revenue reached 200 million yuan in 2024, reflecting a growth of approximately 50% [6] - The rubber and plastic seal segment saw an 8.18% increase in revenue, with net profit rising by 58.67% [6] - The special valve segment experienced a revenue increase of 37.28% and a net profit increase of 108.3% [6] Future Outlook - The growth of international business is expected to slow down in 2025 compared to previous years, despite a significant increase in orders in recent years [6] - The coal chemical sector is anticipated to positively impact the company's performance due to the rapid advancement of national coal chemical projects [6] - Key growth drivers for 2025 include sustained growth in international business, successful market expansion by subsidiaries, and improved internal management efficiency [6] Capital Expenditure Plans - The company's capital expenditure will focus on infrastructure development and acquisitions, with investment decisions being dynamically adjusted based on market conditions [6]

华鲁恒升 (600426 CH) 煤炭成本延续改善，新项目逐步推进 证券研究报告 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 农用化工 | 华鲁恒升于 4 月 25 日发布 25Q1 季报：Q1 实现营业收入 77.7 亿元，同比 -2.6%/环比-14%，归母净利润 7.07 亿元，同比-34%/环比-17%，扣非净利润 7.03 亿元，同比-34%/环比-13%。公司 25Q1 归母净利基本符合我们预期（7.0 亿元）。考虑公司煤化工规模优势，荆州基地效益较好，维持"买入"评级。 Q1 新能源板块销量有所增长，多数主营产品价格仍处低位 Q1 醋酸及衍生品销量同比-8%/环比-21%至 33.7 万吨，营收同比-16%/环比 -20%至 8.2 亿元，均价同比-9%/环比+1%至 2432 元/吨。Q1 新材料板块销 量同比+23%/环比+2%至 66.4 万吨，营收同比-1%/环比-9%至 37.5 亿元， 均价同比-20%/环比-11%至 5653 元/吨。Q1 有机胺板块销量同比-1%/环比 -2 ...