东华科技 20250918 摘要 绿色甲醇市场受政策溢价影响，售价远高于煤制甲醇，东华科技已承接 多个绿色甲醇项目设计，覆盖多种技术路线，但项目推进速度依赖国家 政策导向。 东华科技自研生物质气化炉具备适应性广、成本低、环保性好等优势， 但面临 90 多家企业的激烈竞争，市场份额待提升。 绿色能化领域技术难度高于传统化工，东华科技积极布局绿氢、绿氨等 项目，但目前市占率较低，未来增长空间巨大。 煤化工市场需求旺盛，东华科技已超额完成年度订单目标，陕煤集团二 期项目交付周期长达 3 年以上，新疆地区项目推进迅速，为公司带来重 大利好。 海外市场基础化工 EPC 项目需求旺盛，东华科技积极拓展海外业务，计 划到十五五末期将海外营收占比提升至三分之一以上。 东华科技有股权激励计划，但具体实施需结合十五规划评估净利润复合 增长率、营收利润率等指标。 东华科技作为综合性工程公司，多元化经营增强抗风险能力，新疆市场 重要性凸显，内地市场亦有大型项目支撑。 Q&A 东华科技在绿色甲醇领域的市场机遇和公司进展情况如何？ 东华科技在绿色甲醇领域起步较早，自 2021 年开始聚焦这一板块，并将其纳 入新能源板块。2023 年，公 ...

Group 1: Financial Performance - R&D expenses decreased by 29.25% year-on-year, raising concerns about the impact on technology reserves and project competitiveness in the new energy sector [2] - Revenue from the environmental governance infrastructure sector dropped by 36.93%, attributed to project acceptance delays and insufficient new orders [2] - Operating revenue and net profit (excluding non-recurring items) increased in the first half of 2025, but operating cash flow net amount fell sharply by 78.46% [4] Group 2: Project Developments - The Zabuye Salt Lake Phase II project has achieved lithium content standards in trial production, but stable mass production and revenue confirmation are still pending [3] - The company is actively promoting the Zabuye project, which faces challenges due to high-altitude construction and complex technical adjustments [3] Group 3: Strategic Initiatives - The company is focusing on "R&D + Engineering + Operations" in new energy, new materials, and new environmental protection, maintaining its status as a "National Technology Innovation Demonstration Enterprise" [2] - Significant growth in overseas revenue by 2941.38% and in the northwest region by 148.50%, primarily driven by major projects in Indonesia and various provinces [4] - The company is enhancing its green energy initiatives, including projects in hydrogen production and green methanol, with a dedicated team of over 50 technical personnel [5] Group 4: Shareholder Relations - The lock-up period for shares held by Shaanxi Coal and Chemical Group will expire on December 5, 2025, with no current information on potential share reductions [3] - The change in major shareholders does not create a competitive issue with Sinochem International, as the two companies operate in different sectors [5]

Summary of Donghua Technology Conference Call Company Overview - Donghua Technology holds a leading position in the coal chemical industry, with a market share of 70% in large-scale synthetic ammonia, urea, methanol, and coal-based ethylene glycol [2][4] - The company is a state-owned enterprise, with the largest shareholder being China Chemical Engineering Co., Ltd. (47% stake) and the second largest being Shaanxi Coal and Chemical Industry Group (approximately 20.8% stake) [3] Core Business Areas - **Coal Chemical Industry**: Dominates the market with a 70% share in key products [2][4] - **New Materials**: Focus on DMC (dimethyl carbonate), biodegradable materials, and vinyl acetate [4][22] - **Lithium Battery Materials**: A leading player in lithium carbonate, lithium iron phosphate, and lithium hexafluorophosphate [2][4] - **Green Energy**: Development of green hydrogen production and green buildings, aiming for a contract share of 1 billion yuan in lithium phosphate and lithium hexafluorophosphate [2][18] - **Biomass Gasification**: Conducting pilot projects to reduce conversion costs and improve conversion rates, with plans to launch biomass gasification furnaces by the second half of 2025 [2][7] Strategic Goals - **14th Five-Year Plan**: Targeting revenue of 10 billion yuan and total profit of 570 million yuan by 2025, with a goal to double profits to 1 billion yuan by 2030 [2][8] - **Order Book**: As of May, domestic orders exceeded 4 billion yuan, with expectations of securing large international projects worth 4-5 billion yuan by mid-2025 [10][12] Financial Performance - The latest quarterly report indicates stable revenue and profit performance, suggesting ongoing growth potential [9] Industry Dynamics - **Coal Chemical Orders**: Last year, orders were low at around 1 billion yuan due to a slowdown in the coal chemical sector since 2015. This year, the company aims for 5-6 billion yuan in orders, indicating a potential recovery in the sector [11][12] - **New Projects**: Significant projects in Xinjiang are progressing, with approvals for coal-to-gas projects, which are expected to benefit the company [13][14] Environmental and Technological Initiatives - **Green Hydrogen**: Transitioning from traditional coal-based hydrogen to green hydrogen production using photovoltaic power [19][20] - **Graphene Project**: Currently in pilot stage, expected to generate significant revenue upon completion [28] Market Challenges - The company faces challenges in the green energy sector due to higher costs compared to traditional fossil fuels, requiring government support for large-scale development [21] Conclusion Donghua Technology is strategically positioned in the coal chemical and new materials sectors, with ambitious growth targets and a focus on sustainable energy solutions. The company is navigating industry challenges while leveraging its strong market position and state-owned enterprise backing to pursue new opportunities.