Group 1: Company Overview - The company specializes in polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (special isocyanates, special amines) [2] - Products are widely used in various sectors including consumer electronics, automotive manufacturing, sports and leisure, high-end equipment, green energy, home life, industrial printing, and food hygiene [2] Group 2: Project Progress - The first phase of the polyurethane industrial park in Henan has successfully established a complete production process, with six products achieving qualified output [2] - The two new fundraising projects commenced construction in Q4 2024, with an 18-month construction period; one project aims for an annual output of 10,000 tons of expandable thermoplastic polyurethane elastomer, while the other targets 30,000 tons of water-based polyurethane [4] Group 3: Market Development - The sales team is actively engaging with target customers through domestic and international exhibitions and visits, establishing a solid foundation for sales efforts [3] - The company’s self-developed foaming TPU is emerging in the footwear sector, characterized by lightweight and high rebound properties, with strong profitability and rapid sales growth [4] Group 4: Future Plans - The second phase of the Henan project will be planned after the first phase stabilizes, with timing dependent on market conditions and company operations [4]

华峰化学（002064）5月13日晚间公告，因相关议案未获得股东大会有效表决权总数的2/3以上通过，决定终止对华峰合成树脂及华峰热塑的关联并购事 项。 关联收购终止 本次拟终止的交易是同一控制下的企业并购。 2024年10月29日，华峰化学首次披露，拟以发行股份和支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限公司(以下简称"华峰热塑")100%股 权以及华峰集团、尤小平、尤金焕、尤小华共同持有的浙江华峰合成树脂有限公司(以下简称"华峰合成树脂")100%股权。华峰集团为公司控股股东，尤小 平为公司实际控制人，尤金焕、尤小华为公司关联自然人，本次交易构成关联交易。 2025年4月12日，华峰化学披露交易草案，华峰合成树脂100%股权的交易价格为40.4亿元，增值率506.96%，华峰热塑100%股权的交易价格为19.6亿元， 增值率478.49%。本次交易价格合计60亿元，其中，上市公司拟现金支付6亿元，发行股份支付54亿元。 华峰化学称，本次交易可以逐步实现上市公司聚氨酯产业一体化发展的战略目标，并将进一步拓宽上市公司在聚氨酯产业链上"纵向延伸、横向拓展"的空 间和潜力。 净利润连续三年下滑 华峰化 ...

丨证券研究报告丨 [Table_Author] 马太 孙国铭 SAC：S0490516100002 请阅读最后评级说明和重要声明 SFC：BUT911 %% %% 公司研究丨点评报告丨华峰化学（002064.SZ） [Table_Title] 己二酸价差修复，公司盈利能力上行 报告要点 [Table_Summary] 公司发布 2025 一季报，2025Q1 实现收入 63.1 亿元（同比-5.2%，环比-3.7），实现归属净利 润 5.0 亿元（同比-26.2%，环比+145.6%），实现归属扣非净利润 4.6 亿元（同比-29.9%，环比 +163.1%）。 分析师及联系人 %% %% research.95579.com 1 华峰化学（002064.SZ） cjzqdt11111 [Table_Title2] 己二酸价差修复，公司盈利能力上行 [Table_Summary2] 事件描述 公司发布 2025 一季报，2025Q1 实现收入 63.1 亿元（同比-5.2%，环比-3.7），实现归属净利 润 5.0 亿元（同比-26.2%，环比+145.6%），实现归属扣非净利润 4.6 亿元（同比-29.9 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported Q1 performance that exceeded expectations, with a revenue of 6.314 billion yuan, down 5.15% year-on-year, and a net profit attributable to shareholders of 504 million yuan, down 26.21% year-on-year but up 145.60% quarter-on-quarter [6] - The company is a dual leader in the industries of adipic acid and spandex, maintaining cost advantages and demonstrating resilience in performance during the industry downturn [6][7] - The company is pursuing vertical mergers and acquisitions to strengthen its polyurethane industry position, with a projected net profit of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [6][8] Financial Summary - In Q1 2025, the average price of adipic acid was 8,106 yuan/ton, down 2.14% quarter-on-quarter, with an average price difference of 2,200 yuan/ton, down 5.06% quarter-on-quarter and down 32.41% year-on-year [7] - The average price of spandex 40D was 23,876 yuan/ton, down 1.01% quarter-on-quarter, with a price difference of 11,083 yuan/ton, down 3.25% quarter-on-quarter and down 12.82% year-on-year [7] - The company plans to acquire 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplastic for a total transaction price of 6 billion yuan, with expected net profits from these assets projected to be 9.67 billion yuan and 6.04 billion yuan respectively from 2025 to 2027 [8] Financial Projections - The company’s revenue projections for 2025-2027 are 27.645 billion, 29.799 billion, and 30.468 billion yuan respectively, with corresponding net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan [10] - The projected EPS for 2025-2027 is 0.50, 0.63, and 0.77 yuan, with P/E ratios of 13.5, 10.7, and 8.7 respectively [10]