基础化工行业 行业研究 | 行业周报 油价走弱，继续关注内需及国产替代新材 料机会 核心观点 原油相关信息： ⚫ 原油及相关库存：2025 年 4 月 25 日美国原油商业库存 4.404 亿桶，周减少 270 桶； 汽油库存 2.255 亿桶，周减少 400 万桶；馏分油库存 1.078 亿桶，周增加 90 万桶； 丙烷库存 0.47206 亿桶，周增加 57.6 万桶。美国原油产量及钻机数：2025 年 4 月 25 日美国原油产量为 1346.5 万桶/天，周度增加 0.5 万桶/天，较一年前增加 36.5 万 桶/天。2025 年 5 月 2 日美国钻机数 584 台，周减少 3 台，年减少 21 台；加拿大钻 机数 120 台，周减少 8 台，年度不变。其中美国采油钻机 479 台，减少 4 台，年度 减少 20 台。 价格变化： 价差变化： 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 05 月 06 日 看好（维持） | 倪吉 | 021-63325888*7504 | | ...

Core Insights - The company reported a total revenue of 1.391 billion yuan for Q1 2025, a decrease of 148 million yuan or 9.60% year-on-year [1] - The net profit attributable to shareholders was 36.0064 million yuan, down by 14.5351 million yuan or 28.76% compared to the same period last year [1] - Operating cash flow showed a net inflow of 16.7259 million yuan, an increase of 2.7804 million yuan or 19.94% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stands at 59.85%, ranking 49th among peers, with a quarter-on-quarter increase of 0.74 percentage points and a year-on-year decrease of 1.17 percentage points [3] - The gross profit margin is reported at 11.45%, ranking 35th among peers, with a decrease of 0.61 percentage points from the previous quarter but an increase of 2.13 percentage points year-on-year [3] - Return on equity (ROE) is at 1.13%, ranking 19th among peers, down by 0.54 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.07 yuan, ranking 19th among peers, a decrease of 0.03 yuan or 30.00% year-on-year [3] - The total asset turnover ratio is 0.16 times, ranking 24th among peers, down by 0.02 times or 11.67% year-on-year [3] - The inventory turnover ratio is 1.73 times, ranking 41st among peers, a decrease of 0.37 times or 17.48% year-on-year [3] Shareholder Structure - The number of shareholders is 54,300, with the top ten shareholders holding 229 million shares, accounting for 43.25% of the total share capital [3] - The largest shareholder is Shandong Lubei Enterprise Group Co., Ltd., holding 34.24% of the shares [3]

公司最新资产负债率为64.25%，在已披露的同业公司中排名第164，较去年同期资产负债率增加4.31个 百分点。 公司股东户数为6.95万户，前十大股东持股数量为21.59亿股，占总股本比例为60.17%，前十大股东持 股情况如下： 公司最新毛利率为2.31%，在已披露的同业公司中排名第174，较去年同期毛利率减少2.37个百分点。最 新ROE为-22.54%，在已披露的同业公司中排名第169，较去年同期ROE减少10.64个百分点。 公司摊薄每股收益为-0.79元，在已披露的同业公司中排名第174，较去年同报告期摊薄每股收益减少 0.27元。 公司最新总资产周转率为1.01次，在已披露的同业公司中排名第14，较去年同期总资产周转率增加0.13 次，同比较去年同期上涨15.25%。最新存货周转率为12.56次，在已披露的同业公司中排名第13，较去 年同期存货周转率增加2.47次，同比较去年同期上涨24.54%。 2025年4月30日，中化国际(600500.SH)发布2024年年报。 公司营业总收入为529.25亿元，在已披露的同业公司中排名第2，较去年同报告期营业总收入减少13.47 亿元，同比较去年同期下 ...

Group 1 - The market experienced significant fluctuations, with major consumer stocks dropping sharply, leading to losses for investors who had anticipated gains from tourism-related stocks before the holiday [1][2] - The performance of the banking sector reached historical highs, raising concerns about sustainability and potential market corrections [2][5] - The overall market lacks clear profit-making opportunities, with only a few sectors, such as electricity, showing healthier trends [6][7] Group 2 - Investors are advised to avoid stocks with poor earnings reports and to focus on sectors with potential, particularly in the electricity market [3][6] - Specific stocks in the electricity sector, such as Huadian and Huayin, are highlighted for their strong performance and growth potential due to upcoming seasonal demand [7][8] - The market outlook suggests a possible adjustment phase, with strong support expected around the 3200 level [5]

原油相关信息： ⚫ 原油及相关库存：2025 年 4 月 18 日美国原油商业库存 4.431 亿桶，周增加 20 桶； 汽油库存 2.295亿桶，周减少 450万桶；馏分油库存 1.069 亿桶，周减少 240万桶； 丙烷库存 0.46630 亿桶，周增加 226.3 万桶。美国原油产量及钻机数：2025 年 4 月 18 日美国原油产量为 1346.0 万桶/天，周度减少 0.2 万桶/天，较一年前增加 36.0 万 桶/天。2025 年 4 月 25 日美国钻机数 587 台，周增加 2 台，年减少 26 台；加拿大 钻机数 128 台，周减少 6 台，年增加 10 台。其中美国采油钻机 483 台，周度增加 2 台，年度减少 23 台。 价格变化： 价差变化： 基础化工行业 行业研究 | 行业周报 油价震荡走势，继续关注内需及国产替代 新材料机会 核心观点 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 04 月 29 日 看好（维持） | 倪吉 | 021-63325888*75 ...

地方政府债与城投行业监测周报 2022 年第 9 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 专题研究 2025 年 1 月 1 日—3 月 3 1 日 2025 年第 1 期 高收益债研究 高息资产稀缺性凸显， 聚焦风险收益平衡精细化择券 ——高收益债 2025 年一季度回顾及下阶段展望 本期要点 ◼ 策略及展望 作 者： 中诚信国际 研究院 | 卢菱歌 lglu@ccxi.com.cn | | --- | | 郝云龙 ylhao@ccxi.com.cn | | 王 晨 chwang01@ccxi.com.cn | | 谭 畅 chtan@ccxi.com.cn | 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 【高收益债 2024 年回顾及下阶段展望】市 场规模收缩分化趋势明显，结构性机会尚 有可为，2025-1-22 【高收益债 2024 年三季度回顾及下阶段展 望】市场规模收缩且行且珍惜，关注新一 轮政策投资机遇，2024-10-20 【高收益债 2024 年半年度回顾及下阶段展 望】高收益债延续缩量，优选主体拉久期 下沉品种，2024-7-23 【2024 年上半 ...

（一）主要产品的价格变动情况 证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-034 中盐内蒙古化工股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中盐内蒙古化工股份有限公司（以下简称"公司"）根据上海证 券交易所《上市公司行业信息披露指引第七号-医药》《上市公司行 业信息披露指引第十八号-化工》及《关于做好上市公司 2025 年第一 季度报告披露工作的通知》要求，现将公司 2025 年第一季度主要经 营数据披露如下： | 主要行业 | 主要产品 | 2025 年第 | 2025 年第 | 营业收入（万 元） | | --- | --- | --- | --- | --- | | | | 一季度产量 | 一季度销量 | | | 精细化工行业 | 金属钠、氯酸钠 （万吨） | 3.40 | 3.29 | 21,343.68 | | 基础化工行业 | 纯碱（万吨） | 104.39 | 95.02 | 121,025.87 | | | 聚氯乙烯树脂 ...

Core Insights - The 50th anniversary of diplomatic relations between China and the EU highlights significant achievements in economic and trade cooperation, which is deemed crucial for global economic stability and development [1][2] Economic Cooperation Significance - The complexity of the current international economic landscape emphasizes the importance of China-EU cooperation, which has shown resilience in trade and stable bilateral investments [2] - The shift in investment models from mergers and acquisitions to greenfield investments indicates a growing focus on mutual trust and benefits [2] - China and the EU's economic scale and bilateral trade volume are substantial, making their cooperation vital for enhancing mutual interests and stabilizing global governance [2] Industry Collaboration and Innovation - The chemical industry remains a key area for China-EU cooperation, with predictions that China will contribute 75% of global chemical industry growth by 2030, showcasing the market's potential [4] - Companies like Evonik are expanding production capabilities in China, focusing on strategic industries such as electric vehicles and renewable energy [4] - The collaboration in technology sharing and market synergy between China and the EU can lower costs for global green transitions and promote sustainable development [3][4] Investment Trends - EU investments in China increased by 11.7% from January to March this year, reflecting strong enthusiasm from European companies [5] - Companies like Siemens and Kasei are actively investing in China, with Siemens establishing a new medical base in Shenzhen and Kasei launching a "Dragon Plan" to enhance local investment and innovation in healthcare [5][6] Local Innovation and Market Potential - Companies like Beiersdorf are establishing local innovation centers in China to leverage the market's growth potential and drive global market strategies [6] - L'Oréal is also increasing investments in China, focusing on emerging beauty brands and reinforcing the market's strategic importance within its global operations [6]

Core Viewpoint - The company, Hualitai, reported a decline in revenue and net profit for the year 2024, indicating ongoing challenges in the chemical industry due to macroeconomic factors and increased competition [1][2]. Financial Performance - In 2024, Hualitai achieved revenue of 1.641 billion yuan, a year-on-year decrease of 8.42% - Net profit for the same period was 87.74 million yuan, down 44.56% year-on-year - The company's net profit has been on a downward trend for three consecutive years, with figures of 220 million yuan, 158 million yuan, and 87.74 million yuan from 2022 to 2024, representing declines of 47.12%, 27.98%, and 44.56% respectively [1][2]. Quarterly Performance - For Q1 2025, Hualitai reported revenue of 471 million yuan, a year-on-year increase of 19.25% - However, net profit for the quarter was 17.03 million yuan, reflecting a significant decline of 48.9% year-on-year [1]. Industry Context - The decline in performance is attributed to several factors, including a slowdown in macroeconomic growth affecting downstream demand for chemical products, intensified market competition due to new capacity expansions, and increased operational costs from R&D and other expenses [1][2]. Product Segmentation - Hualitai's main products include nitric acid, sulfuric acid, hydrogen peroxide, and melamine, with a focus on both basic and fine chemicals - Revenue from the basic chemical segment was 1.244 billion yuan, down 9.22%, with a gross margin of 17.84%, a decrease of 2.79 percentage points - Revenue from the fine chemical segment was 397 million yuan, down 5.81%, with a gross margin of 0.27%, a decrease of 0.58 percentage points [2]. Capacity Utilization - The company maintains high capacity utilization rates for its main products, with nitric acid at 118%, hydrogen peroxide at 96%, and sulfuric acid at 88% [2]. Expansion and Upgrades - Hualitai is actively pursuing capacity expansion and technological upgrades, with projects such as the ammonia synthesis energy-saving upgrade and a new 150,000-ton nitric acid project completed on schedule - The company is also working on a 60,000-ton electronic-grade hydrogen peroxide project, which is ready for production [3]. Investment Project Performance - Many of Hualitai's initial public offering (IPO) fundraising projects have not met expected benefits - The 10,000-ton N-methyl morpholine project has incurred cumulative losses of 38.94 million yuan since its launch in 2022 - The 150,000-ton hydrogen peroxide project has achieved cumulative benefits of 46.75 million yuan, but did not meet the forecasted benefits due to changes in market conditions - The cogeneration project has also fallen short of expectations, with cumulative benefits of 34.87 million yuan due to insufficient steam demand from downstream users [3]. Dividend Distribution - Hualitai plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders in 2024, amounting to approximately 33.19 million yuan, which represents 37.82% of its net profit [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 34.226 billion yuan in 2024, representing a year-on-year growth of 25.55%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.14% year-on-year [4] - In Q4 2024, the company achieved a revenue of 9.046 billion yuan, a year-on-year increase of 14.31% and a quarter-on-quarter increase of 10.26%, with a net profit of 0.854 billion yuan, up 31.61% year-on-year and 3.52% quarter-on-quarter [5] - The company's performance in Q4 2024 improved due to increased production and sales of core products, despite a decline in gross margin [6] - The company has launched new production capacities in the adipic acid and melamine resin sectors, which are expected to drive future performance [7] - The company is projected to achieve net profits of 4.358 billion, 4.893 billion, and 5.377 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 9 [10] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 18.71%, down 2.14 percentage points year-on-year, with major products experiencing price declines [6] - The average prices for key products in 2024 showed a decline, with DMF, acetic acid, and urea prices decreasing by 14.4%, 11.7%, and 14.3% respectively [6] - The company’s total assets are projected to grow from 46.658 billion yuan in 2024 to 65.822 billion yuan in 2027 [14] Production Capacity and Market Position - The company has a total production capacity of 526,600 tons for adipic acid, with ongoing projects expected to enhance its competitive position in the chemical new materials and fertilizer sectors [9] - The company maintains a leading market share in DMF production, with a domestic market share of 30% [9] Future Outlook - The company is expected to benefit from new production capacities and a strong cost control advantage, with product prices currently at a low point [10] - The projected revenue growth for the next few years is expected to be 4.6% in 2025, 8.2% in 2026, and 2.3% in 2027 [11]