| 被执行人姓名/名称： 山西同德化工股份有限公司 | | | --- | --- | | 身份证号码/组织机构代码： | 9114000011****278L | | 执行法院: | 上海市浦东新区人民法院 | | 交案时间： | 2025年08月22日 | | ： | (2025) 沪0115执24400号 | | 执行标的： 10135365 | | 山西同德化工股份有限公司（简称"同德化工" 或"公司"）是国家民爆行业的优势企业，也是山西省专精特新中小企业。公司于2006年改制为股份有限公 司，2010年3月在深圳证券交易所中小板上市（股票简称：同德化工，股票代码：002360）。 近日，记者从中国执行信息公开网获悉，山西同德化工股份有限公司于2025年8月22日被上海市浦东新区人民法院列为被执行人，执行标的10135365元，案 号（2025）沪0115执24400号。 新材料产品类 项目建设 公司简介 山西同德化工股份有限公司（简称"同德化工"或"公司"）是国家民爆行业的优势1 2006年改制为股份有限公司，2010年3月在深圳证券交易所中小板上市（股票简称：同 业历经改制、并购扩张、公司上市、产 ...

Summary of Key Points from the Conference Call Industry Overview - The chemical industry is currently at the bottom of the cycle, but leading Chinese companies have strong cash flow and low debt ratios, which may enhance potential dividend yields as capacity expansion slows down [1][3][5] - Global GDP growth supports chemical demand, and changes on the supply side combined with demand growth are expected to lead to a recovery in industry prosperity [1][4] Key Insights - The "anti-involution" policy aims to control new capacity in sectors like coal chemical, refining, and polyurethane, which may still yield considerable dividend rates even at the cycle's bottom [1][5] - The industrial silicon and soda ash sectors, which are currently in surplus, have greater elasticity due to restrictions on existing and new capacities [1][5] - The oil and gas chemical sector has begun to see positive free cash flow in 2024, indicating a gradual improvement in the industry [8] Financial Metrics - In 2024, the net cash flow for the chemical industry is projected to shrink to nearly 20 billion, while total operating cash flow exceeds 250 billion [7] - Capital expenditures are expected to decrease from 350 billion to below 300 billion [7] - By 2025 or 2026, the industry is anticipated to generate positive net free cash flow, marking a historic shift [7] Company-Specific Insights - Hualu Hengsheng's market value in 2024 is approximately 50.6 billion, with cash flow expected to rise from 5 billion in 2025 to 8.3 billion by 2027, suggesting attractive dividend yields even in a downturn [9] - The European chemical production capacity utilization is at a historical low of around 74%, indicating that high-cost production is unlikely to recover, which benefits Chinese companies with cost advantages [10][11] Future Trends - The chemical industry is expected to see a rebound in prosperity due to low inventory levels and attractive valuations [11] - The exit of high-cost European production will allow Chinese leaders to further consolidate and expand their market positions [11] - The polyurethane sector is currently at a cyclical low, but price recovery is anticipated due to supply constraints and demand growth [18][19] Challenges and Opportunities - The olefin industry faces challenges with low prices, but strict approval processes for new capacities may lead to a recovery if production contracts [16] - The refining sector is grappling with overcapacity and outdated facilities, but the anti-involution policy may help improve market conditions for major players [17] - The organic silicon market is at a historical low, but limited new capacity and potential overseas exits may lead to a recovery in the medium to long term [24][25][26] Sector-Specific Recommendations - Focus on companies in controlled capacity sectors like coal chemicals (e.g., Hualu Hengsheng, Baofeng Energy) and refining (e.g., Sinopec) for potential dividend yields [5][17] - Monitor the industrial silicon market for companies like Hesheng Silicon Industry, which may see profit doubling if prices recover [32] - In the soda ash sector, companies like Boyuan Chemical are worth watching as they navigate a challenging market [33] Conclusion - The chemical industry is poised for a potential recovery driven by policy changes, strong cash flows from leading companies, and a favorable global economic backdrop. Investors should focus on companies with strong fundamentals and those positioned to benefit from supply-side constraints and market shifts.

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 15.87 CNY, indicating a potential upside from the current price of 13.34 CNY [5]. Core Views - The company experienced a revenue decline of 6.03% year-on-year in H1 2025, with total revenue of 1.059 billion CNY and a net profit of 121 million CNY, down 11.14% year-on-year [1]. - The integrated civil explosives business is under short-term pressure, while the military new materials business is progressing steadily, with significant growth in contract orders for the subsidiary [1][2]. - The company is advancing its energetic materials project, with construction investment increasing by 60.57% to 264 million CNY, and the project is nearing completion with qualified products produced [2]. Summary by Sections Financial Performance - In H1 2025, the company sold 55,323.61 tons of industrial packaged explosives, a 2.29% increase year-on-year, generating revenue of 332 million CNY, while electronic detonators saw a 12.66% decrease in sales volume, leading to a revenue drop of 20.09% to 144 million CNY [1]. - The company expects net profits of 329 million CNY, 430 million CNY, and 542 million CNY for 2025, 2026, and 2027 respectively, with growth rates of 82.0%, 30.8%, and 26.0% [3]. Valuation and Comparables - The report compares the company with peers such as Guangdong Hongda, AVIC High-Tech, and Yipuli, with average PE ratios of 24 and 20 for 2025 and 2026 respectively [3]. - The company is projected to have a PE ratio of 23 for 2026, supporting the target price of 15.87 CNY [3]. Project Development - The energetic materials project is progressing well, with the construction of a production line capable of producing 3,000 to 4,300 tons of flexible energetic materials annually [2]. - As of June 2025, the project’s earthwork and slope engineering reached 99% completion, with the main production area and warehouse nearly finished [2].

Investment Rating - The report maintains a "Buy" recommendation for the petrochemical sector, particularly focusing on private large-scale refining companies [3][15]. Core Insights - The report highlights a transformative period in refining, suggesting a focus on private large-scale refining companies due to structural adjustments in the industry [15]. - The "anti-involution" trend is seen as a potential turning point for the chemical industry, with expectations of improved profitability and competitive dynamics in the coming quarters [16][17]. - The report emphasizes the importance of PPI turning positive, which could lead to increased market allocation towards cyclical midstream sectors, benefiting the chemical industry [17]. Industry Overview - The basic chemical industry comprises 493 listed companies with a total market capitalization of 51,121.17 billion and a circulating market value of 45,298.84 billion [3]. - The industry index for the chemical sector is reported at 71.55, reflecting a slight decrease of 0.06% week-on-week and a year-on-year decline of 22.79% [14]. - The report notes that the current operating rate in the chemical industry is around 66.53%, indicating a stable production environment [14]. Price Trends - Key price movements include an 8.0% increase in lithium carbonate and a 7.7% increase in acrylic short fibers, driven by strong demand and supply constraints [6][15]. - The report indicates that the export prices for diammonium phosphate and monoammonium phosphate have risen significantly, with year-to-date increases of 24.4% and 18.1%, respectively [18]. Recommendations - The report suggests focusing on companies with low valuations and potential for upward movement, including leading chemical firms like Wanhua Chemical and Hualu Hengsheng, as well as companies benefiting from export quotas [17][18]. - Specific companies to watch include Hengli Petrochemical, Rongsheng Petrochemical, and Yihua Chemical, which are positioned to benefit from the ongoing structural changes in the industry [15][18].

证券时报、西藏日报联合调研组 证券时报、西藏日报"从资本市场看地方高质量发展"大型融媒报道采访组日前走进西藏，进行深度调研。 谁是全国经济增速的"领跑者"？答案或许出乎不少人的意料——西藏。数据显示，2023年和2024年，西藏地区生产总值 （GDP）分别以9.5%和6.3%的增速领跑全国；今年上半年，西藏7.2%的增速较全国平均水平高出1.9个百分点，继续稳居 全国第一。 这片耸立在世界屋脊之上的土地，曾长期背负着"起步晚、底子薄、体量小"的标签。边陲区位、交通掣肘和严苛的自然 环境，更被视为难以逾越的发展"天堑"。今年，是西藏自治区成立60周年，年初召开的西藏自治区两会描绘了宏伟的发 展蓝图——2025年地区生产总值预期增长7%以上、力争达到8%。西藏正以昂扬之姿奋马扬鞭、迎头赶上，改写外界的固 有印象。 GDP增速持续领跑 2023年和2024年,西藏地 区GDP增速分别以9.5%和 6.3%领跑全国;今年上半 年,其7.2%的增速较全国 平均水平高出1.9个百分 点,继续稳居全国第一。 N = AN 紅 王霜王少 区器时报社出版 在每场场值费量增优 2.9个百分点 今年上半年,西藏金融业 增加值达11 ...

M资本市场看地方高质量发展 · 西藏篇 GDP增速持续领跑 2023年和2024年,西藏地 区GDP增速分别以9.5%和 6.3%领跑全国;今年上半 年,其7.2%的增速较全国 平均水平高出1.9个百分 点,继续稳居全国第一。 2.9个百分点 今年上半年,西藏金融业 增加值达118.85亿元; 同比增长26.7%,增速 居全国第一,直接拉动西 藏地区GDP增长2.9个百 分点。 115家 在"格桑花行动"计划推 动下,西藏累计筛选确定 入库上市后备企业115家, 其中成熟期企业23家、成 长期企业46家、初创期企 业46家。 西藏经济发展 14% 2024年,西藏22家上市 公司在藏纳税24.83亿 元、占西藏税收收入的 14%,新增在藏投资 5.82亿元。 六个一批 构建区域发展"强磁场" 飞往拉萨的航班上，透过舷窗那一方小小天地，可窥得连绵的雪山，如同地球的脊梁横亘天际，与辽阔苍穹 相接，铺展成一片广袤的高原美景。 在这片神奇的土地上，一场经济变革正在悄然发生。中央给予西藏的金融、税收等优惠政策，犹如春风化 雨，浇灌出蓬勃的经济活力。 西藏全面实行"培育一批、 股改一批、辅导一批、申报 一批、上市一批、做 ...

用好政策高地：构建区域发展"强磁场" 证券时报、西藏日报"从资本市场看地方高质量发展"大型融媒报道采访组日前走进西藏，进行深度调研。 谁是全国经济增速的"领跑者"？答案或许出乎不少人的意料——西藏。数据显示，2023年和2024年，西藏地区生 产总值（GDP）分别以9.5%和6.3%的增速领跑全国；今年上半年，西藏7.2%的增速较全国平均水平高出1.9个百分 点，继续稳居全国第一。 这片耸立在世界屋脊之上的土地，曾长期背负着"起步晚、底子薄、体量小"的标签。边陲区位、交通掣肘和严苛 的自然环境，更被视为难以逾越的发展"天堑"。今年，是西藏自治区成立60周年，年初召开的西藏自治区两会描 绘了宏伟的发展蓝图——2025年地区生产总值预期增长7%以上、力争达到8%。西藏正以昂扬之姿奋马扬鞭、迎 头赶上，改写外界的固有印象。 雪域高原经济发展的底气，源自何处？证券时报、西藏日报"从资本市场看地方高质量发展"大型融媒报道采访组 日前走进西藏，走访当地政府部门、监管部门、上市企业、拟上市企业以及援藏央国企，探寻西藏经济高速发展 的内在逻辑。调研发现，政策甘霖正在持续浸润、特色资源加速转化、区域价值深度重估，蓄积起西藏经济 ...

图为国能（西藏）多布水电站。 图为"从资本市场看地方高质量发展"大型融媒报道采访组走进西藏矿业。 图为高争民爆。 图为西藏证监局。 本组图片摄影：证券时报记者 宋春雨 图为航拍国能（西藏）尼洋河水电站。 图为航拍甘露藏药。 图为高争民爆。 图为国能（西藏）尼洋河水电站。 ...

谁是全国经济增速的"领跑者"？答案或许出乎不少人的意料——西藏。数据显示，2023年和2024年，西 藏地区生产总值（GDP）分别以9.5%和6.3%的增速领跑全国；今年上半年，西藏7.2%的增速较全国平 均水平高出1.9个百分点，继续稳居全国第一。 这片耸立在世界屋脊之上的土地，曾长期背负着"起步晚、底子薄、体量小"的标签。边陲区位、交通掣 肘和严苛的自然环境，更被视为难以逾越的发展"天堑"。今年，是西藏自治区成立60周年，年初召开的 西藏自治区两会描绘了宏伟的发展蓝图——2025年地区生产总值预期增长7%以上、力争达到8%。西藏 正以昂扬之姿奋马扬鞭、迎头赶上，改写外界的固有印象。 雪域高原经济发展的底气，源自何处？证券时报、西藏日报"从资本市场看地方高质量发展"大型融媒报 道采访组日前走进西藏，走访当地政府部门、监管部门、上市企业、拟上市企业以及援藏央国企，探寻 西藏经济高速发展的内在逻辑。调研发现，政策甘霖正在持续浸润、特色资源加速转化、区域价值深度 重估，蓄积起西藏经济跨越式发展的澎湃势能，打开了高质量发展的广阔空间。 用好政策高地： 构建区域发展"强磁场" 飞往拉萨的航班上，透过舷窗那一方小小天地 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 民爆一体化区域龙头，上半年发展稳步向前 公司是江西省唯一的民爆生产企业，渠道覆盖江西省、粤东地区。上半年，公司实现销售工业包装炸药 5.53万吨，营业收入3.32亿元；销售电子雷管1123.68万发，营业收入1.44亿元；爆破一体化服务收入2.10 亿元。公司积极推进民爆主业适度扩张，2025年成功收购控股子公司龙狮科技49%股权使之成为全资子公 司。同时，公司大力拓展泛民爆业务，新产品研发有序推进。上半年，公司业务市场拓展与区域布局成效 显著，电子雷管产品成功进驻西藏市场，基本形成全国销售布局。 含能新材料项目进展顺利，上半年已产出合格产品 2024年5月公司公告，对全资孙公司九江国泰增资3.4亿元，用于建设年产3000吨-4300 ...