Investment Rating - The report maintains a "Strong Buy" rating for Huafeng Chemical [2][4]. Core Views - The company's Q1 performance was under pressure due to a decline in product prices, with revenue at 6.314 billion yuan, down 5.15% year-on-year, and net profit at 504 million yuan, down 26.21% year-on-year [3]. - Despite short-term challenges, the recovery in spandex prices since 2025 is expected to alleviate operational pressures for spandex manufacturers [3]. - Huafeng Chemical has a strong scale advantage, being the second-largest spandex producer globally and the largest in China, with significant production capacities in adipic acid and polyurethane [3]. - The company is expanding its production capacity, with ongoing projects expected to enhance its scale advantage further [3]. - Investments in upstream raw material projects are anticipated to strengthen the company's cost advantages in the spandex industry [4]. Financial Performance Summary - For 2025, the company forecasts net profits of 2.133 billion yuan, with earnings per share (EPS) of 0.43 yuan, and a price-to-earnings (P/E) ratio of 16 [4][5]. - Revenue is projected to grow from 26.298 billion yuan in 2023 to 33.293 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.56% [5]. - The net profit is expected to decline slightly in 2025 before recovering in subsequent years, with a forecast of 2.664 billion yuan by 2027 [5]. Company Overview - Huafeng Chemical is a leading manufacturer of spandex fibers, adipic acid, and polyurethane raw materials, with a comprehensive product range that meets diverse customer needs [6]. - The company has established itself as a top player in the chemical fiber industry, recognized for its efficiency and product quality [6].

投建上游原料项目，增强产业链一体化成本优势。公司在建年产110 万吨天然气一体化项目（一期）和 年产24 万吨PTMEG 氨纶产业链深化项目，布局氨纶上游原料，有望增强公司氨纶的成本优势。 公司盈利预测及投资评级：公司是氨纶、己二酸和聚氨酯原液的龙头企业，规模、技术、成本优势明 显，未来将继续深耕行业，强化规模优势。我们维持公司2025~2027 年盈利预测，2025~2027 年净利润 分别为21.33、24.03 和26.64亿元，对应EPS 分别为0.43、0.48 和0.54 元，当前股价对应P/E 值分别为 16、14 和12 倍。维持"强烈推荐"评级。 华峰化学发布2025 年1 季报：公司1 季度实现营业收入63.14 亿元，YoY-5.15%，归母净利润5.04 亿元， YoY-26.21%。 产品价格下滑致业绩短期承压。从收入端看，氨纶、己二酸市场价格同比下滑，造成公司营收小幅下 滑。但氨纶市场价格自2025 年以来有所回升，预计氨纶企业经营压力将有所缓和。从利润端看，受到 产品价格下滑的影响，1 季度公司综合毛利率同比下降2.66 个百分点至13.47%，拖累净利润增长。 产能持续扩张，强 ...

金融界4月29日消息，上证指数低开震荡，沪深300化工指数 (300化工，L11502)报2064.08点。 数据统计显示，沪深300化工指数近一个月下跌7.57%，近三个月下跌6.98%，年至今下跌6.77%。 从沪深300化工指数持仓的市场板块来看，上海证券交易所占比56.49%、深圳证券交易所占比43.51%。 从沪深300化工指数持仓样本的行业来看，其他化学原料占比39.09%、聚氨酯占比23.08%、钾肥占比 19.98%、氟化工占比7.60%、钛白粉占比6.10%、有机硅占比4.15%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 据了解，为反映沪 ...

中国石油和化学工业联合会副会长傅向升介绍了石化行业发展现状与形势。他表示，我国聚氨酯工业高 质量发展的任务艰巨，"十五五"期间行业要贯彻新的发展理念，加大实施创新驱动发展战略，加快绿色 低碳转型和数字化升级，向着"创新一流、管理一流人才一流、效益一流"的更高标准，在培育更多世界 一流企业和建设现代化聚氨酯产业集群上下功夫。 聚氨酯协会秘书长吕国会发布了中国聚氨酯行业2024年度发展报告。2024年中国聚氨酯原料MDI、 TDI、聚醚产能分别达到469万吨、152万吨和903万吨，保持了快速增长；制品产量1365万吨，同比增 长6.1%。2020—2024年，聚氨酯制品产量年均复合增长率3.6%。 4月23日，聚氨酯协会召开了七届十一次常务理事会。 中化新网讯 4月24日，中国聚氨酯工业协会七届八次理事扩大会议在北京召开，总结2024年协会工作， 并提出了协会2025年工作计划。 中国聚氨酯工业协会理事长杨茂良作了题为《发挥理事会决策职能 加强协会服务意识 引领聚氨酯行业 高质量发展》的七届八次理事扩大会议工作报告。工作报告指出，去年全球聚氨酯产业链遭受压力，但 我国聚氨酯行业原材料投资亦然活跃，环氧丙烷、异氰 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，华峰化学股份有限公司（002064.SZ，下称"华峰化学"）发布重大资产重组草案，宣布拟以总对价60亿元收购控股股东华峰集团有限公司 （下称"华峰集团"）及关联方持有的华峰合成树脂100%股权（作价40.4亿元）和华峰热塑100%股权（作价19.6亿元）。 交易完成后，两家标的公司将纳入上市公司合并报表，成为华峰化学全资子公司，进一步巩固其在聚氨酯产业链的垂直整合优势。 公开资料显示，华峰化学主要从事氨纶纤维、聚氨酯原液、己二酸等聚氨酯制品材料的研发、生产与销售，华峰合成树脂、华峰热塑与其同属于聚 氨酯产业链，产品应用于聚氨酯制品的不同细分领域。 近年来，华峰化学业绩表现不尽如人意，2021年后公司归母净利润出现连续下滑。数据显示， 2022年至2024年，公司归母净利润分别为28.44亿 元、24.78亿元和22.20亿元，同比分别下滑64.17%、12.85%和10.43%。 同期，公司营业收入分别为258.84亿元，262.98亿元和269.31亿 元，呈现先下滑后增长的态势。 制图：李昕 净利润下降的同时，公司的毛利率也不容乐观。 自2021年达到顶峰 ...

Core Viewpoint - The company, Huide Technology, reported a slight decline in revenue for 2024, but significant growth in net profit, indicating a strong operational performance despite market challenges [10][12]. Company Overview - Huide Technology specializes in the research, production, and sales of polyurethane materials, which are widely used in various industries including automotive, electronics, and construction [4][5]. - The company operates production facilities in Shanghai, Fujian, and Zhejiang, with a focus on direct sales to customers in economically developed regions [5][6]. Financial Performance - In 2024, the company achieved operating revenue of 2.67 billion yuan, a decrease of 1.51% year-on-year, while the main business revenue grew by 1.17% to 2.55 billion yuan [10]. - The net profit attributable to shareholders reached 124.56 million yuan, marking a substantial increase of 95% compared to the previous year [10][12]. - The gross profit margin for the main business improved to 14.24%, an increase of 2.89 percentage points year-on-year [10]. Product and Market Dynamics - The demand for traditional polyurethane applications, such as footwear and apparel, has declined, while new markets like automotive interiors and eco-friendly products are experiencing growth [5][6]. - The company reported a 39.88% increase in sales volume for elastic body and raw liquid products, reaching 21,300 tons in 2024, driven by the recognition of its thermoplastic polyurethane (TPU) products [7][10]. - The polyester polyol business also saw an 11.94% increase in sales volume, totaling 34,500 tons, attributed to the company's R&D capabilities and product optimization [7][10]. Dividend Distribution - The company plans to distribute a cash dividend of 3.75 yuan per 10 shares (including tax) for the 2024 fiscal year, with a total payout amounting to approximately 52.93 million yuan, representing 42.50% of the net profit [3][10][12]. Strategic Initiatives - The company is focusing on product innovation and supply chain integration to enhance competitiveness in the polyurethane industry, which is expected to become more intense [4][6]. - New business areas, such as polyurethane components for new energy batteries and adhesive products for automotive interiors, are developing healthily, with 26 new large customers acquired during the reporting period [8][10].

请务必阅读正文之后的免责声明部分 投资要点 证券研究报告 基础化工周报：聚氨酯价格继续承压 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年04月20日 2 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为17140/14330/10653元/吨，环比分别-350/- 1240/-915元/吨，纯MDI/聚合MDI/TDI行业毛利分别为3688/2066/-910元/吨，环比分别-164/- 929/-733元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1234/4521/540/4061元/吨，环比分 别-132/+509/+0/+209元/吨。②本周聚乙烯均价为7918元/吨，环比-97元/吨，乙烷裂解/CTO/石脑 油裂解制聚乙烯理论利润分别为1268/1889/182元/吨，环比分别+80/-63/-215元/吨。③本周聚丙烯 均价为7200元/吨，环 ...

Core Viewpoint - Huafeng Chemical is acquiring 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. for a total price of 6 billion yuan, aiming to extend its industrial chain and enhance its business scope in the polyurethane industry [1][2][3]. Group 1: Transaction Details - The acquisition involves Huafeng Chemical purchasing the stakes from its controlling shareholder and related parties, which will allow the company to enter the fields of leather polyurethane resin and thermoplastic polyurethane elastomers [2][3]. - The transaction is expected to increase Huafeng Chemical's revenue from 26.931 billion yuan to 32.154 billion yuan, and net profit from 2.22 billion yuan to 2.724 billion yuan, representing growth rates of 19.39% and 22.7% respectively [2][8]. - The total assets of Huafeng Chemical will rise from 35.966 billion yuan to 40.684 billion yuan, marking a 13.12% increase post-transaction [2][8]. Group 2: Business Expansion and Synergies - The acquisition will allow Huafeng Chemical to diversify its product offerings and enhance its profitability and sustainable development capabilities [2][4]. - The two acquired companies will become wholly-owned subsidiaries, enabling Huafeng Chemical to leverage synergies in supply chain, sales channels, and production management, thereby reducing costs and improving operational efficiency [4][5]. - The transaction is part of a broader strategy to integrate high-quality resources within the polyurethane industry, aiming for vertical and horizontal expansion [7][8]. Group 3: Financial Performance and Commitments - The acquired companies, Huafeng Synthetic Resin and Huafeng Thermoplastic, are projected to achieve combined net profits of no less than 1.571 billion yuan from 2025 to 2027 [5][7]. - In 2023 and 2024, Huafeng Synthetic Resin is expected to generate revenues of 2.897 billion yuan and 3.234 billion yuan, while Huafeng Thermoplastic is projected to achieve revenues of 2.857 billion yuan and 3.181 billion yuan [8][9]. - Both acquired companies have high debt ratios, with Huafeng Synthetic Resin at 60.48% and 75.75%, and Huafeng Thermoplastic at 71.44% and 85.21% for the years 2023 and 2024 respectively [8][9].

Core Viewpoint - Huafeng Chemical (002064.SZ) is advancing its related acquisition by planning to purchase 100% equity of two companies controlled by its actual controller, You Xiaoping, through a combination of share issuance and cash payment, despite concerns over high asset-liability ratios and related transactions [2][3][4]. Group 1: Acquisition Details - The acquisition involves 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd., with a total transaction price of 6 billion yuan, including 600 million yuan in cash and 5.4 billion yuan through share issuance [3][4]. - The valuation of the two target companies shows significant appreciation, with Huafeng Synthetic Resin valued at 4.04 billion yuan (an increase of 506.96%) and Huafeng Thermoplastic valued at 1.96 billion yuan (an increase of 478.49%) [4]. Group 2: Financial Performance and Concerns - Both target companies have seen their asset-liability ratios increase, with Huafeng Synthetic Resin's ratio rising from 60.48% to 75.75% and Huafeng Thermoplastic's from 71.44% to 85.21%, which is significantly higher than industry averages [4][5]. - In 2024, the two companies distributed a total of 2 billion yuan in dividends, primarily benefiting the family of the actual controller, raising concerns about the sustainability of the acquisition given the rising debt levels [4][7]. Group 3: Historical Context and Future Projections - This acquisition follows a previous related transaction in 2019, where Huafeng Chemical acquired 100% equity of Zhejiang Huafeng New Materials Co., Ltd. with a valuation increase of 222% [14]. - Huafeng Chemical's financial performance has been under pressure, with a reported revenue of 26.93 billion yuan in 2024, a year-on-year increase of 2.4%, but a net profit decline of 10.4%, marking three consecutive years of profit decline [15].

Report Information - Report Title: Weekly Report on Basic Chemical Industry: Continuous Increase in Urea Price [1] - Report Date: March 30, 2025 [1] - Analyst: Chen Shuxian, CFA [1] - Research Assistant: Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents the weekly data of the basic chemical industry, including the price and profit changes of various chemical products, as well as the performance of related listed companies [2][8][10] Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance** - The basic chemical index had a 0.0% change in the past week, 0.9% in the past month, 2.8% in the past three months, 9.6% in the past year, and 5.3% since the beginning of 2025 [8] - Among related companies, Satellite Chemical had a significant increase in stock price, with a 7.2% increase in the past week, 6.8% in the past month, 23.9% in the past three months, and 38.1% in the past year [8] - The report also provides the profit tracking data of related companies, including total market value, net profit attributable to the parent company, PE, and PB [8] - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI this week were 17,870 yuan/ton, 16,280 yuan/ton, and 11,983 yuan/ton respectively, with a week-on-week change of -170 yuan/ton, -420 yuan/ton, and +18 yuan/ton [2][8] - The corresponding gross profits were 3,971 yuan/ton, 3,407 yuan/ton, and 199 yuan/ton, with a week-on-week change of -100 yuan/ton, -336 yuan/ton, and -44 yuan/ton [2][8] - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, steam coal, and naphtha this week were 1,531 yuan/ton, 4,523 yuan/ton, 540 yuan/ton, and 4,593 yuan/ton respectively, with a week-on-week change of -34 yuan/ton, +165 yuan/ton, +0 yuan/ton, and +35 yuan/ton [2][8] - The theoretical profits of ethylene production from ethane cracking, CTO, and naphtha cracking were 1,162 yuan/ton, 2,055 yuan/ton, and -197 yuan/ton respectively, with a week-on-week change of +76 yuan/ton, +47 yuan/ton, and -4 yuan/ton [2][8] - The theoretical profits of propylene production from PDH, CTO, and naphtha cracking were -333 yuan/ton, 1,610 yuan/ton, and -453 yuan/ton respectively, with a week-on-week change of -159 yuan/ton, +0 yuan/ton, and -49 yuan/ton [2][8] - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,671 yuan/ton, 1,905 yuan/ton, 4,150 yuan/ton, and 2,642 yuan/ton respectively, with a week-on-week change of -29 yuan/ton, +64 yuan/ton, +110 yuan/ton, and -25 yuan/ton [2][10] - The corresponding gross profits were 725 yuan/ton, 218 yuan/ton, -291 yuan/ton, and 12 yuan/ton, with a week-on-week change of +50 yuan/ton, +68 yuan/ton, +213 yuan/ton, and -28 yuan/ton [2][10] 2. Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - Not provided in the report - **2.2 Polyurethane Sector** - The report shows the price and profit trends of pure MDI, polymer MDI, and TDI [2][8] - **2.3 Oil, Gas, and Olefin Sector** - It presents the price trends of raw materials such as ethane, propane, and naphtha, as well as the profit comparison of different production processes [2][8] - **2.4 Coal Chemical Sector** - The report shows the price and profit trends of coal chemical products such as synthetic ammonia, urea, and DMF [2][10]