公司报告 | 半年报点评 华鲁恒升（600426） 证券研究报告 归母净利润同比上行，多项目完成投产 事件：华鲁恒升发布 2025 年中报，上半年公司实现营业收入 157.64 亿元， 同比-7.1%，实现归母净利润 15.69 亿元，同比-29.5%。其中第二季度实现 营业收入 79.92 亿元，同比-11.2%，环比+2.8%，实现归母净利润 8.62 亿元， 同比-25.6%，环比+21.9%。 收入利润环比改善，毛利率环比提升，二季度从历史谷底走出 公司第二季度营业收入 79.92 亿元，归母净利润 8.62 亿元，环比一季度分 别+2.8%和+21.9%，均出现回升，二季度毛利率 19.6%，环比一季度提升 3.3PCT，盈利能力的恢复，伴随收入的增长，使得公司净利润环比一季度 实现高增，二季度盈利水平从历史谷底走出。 盈利预测：产品价格变动影响，我们调整公司 2025-2027 年归母净利润预 期至 29.98/43.08/43.99 亿元（25-26 年前值为 41.16/42.96 亿元），维持"增 持"评级。 风险提示：全球经济增长不确定性风险；化工企业安全生产风险；产品价 格和原材料价格波 ...

在德州市的产业版图中，高端化工产业链既承载着传统产业的厚重底蕴，又迸发出新兴产业的蓬勃生 机。2024年，德州市化工产业以845.48亿元的营业收入、69.62亿元的利润，占据全市制造业产业链 的"四分之一营收"和"三分之一利润"，今年1-7月，产业继续保持良好发展态势，实现营收463.86亿元、 利润34.21亿元。面对"双碳"目标与产业升级的双重挑战，德州市聚力实现"千亿集群"发展目标，以高 端化、智能化、绿色化、集群化为方向，推动化工产业从"规模扩张"向"质量跃升"转型，一幅"老树发 新枝"的产业图景正徐徐展开。 产业根基 三大优势的"硬支撑" 德州市化工产业的崛起，离不开深厚的产业积淀与完善的生态体系。 "目前，德州市化工产业已形成183家规上企业集群，产品体系完善，近千种化工产品覆盖石油、煤、盐 和精细化工四大领域，其中二甲基甲酰胺等5种产品全球市场占有率第一，山梨酸钾等20种产品全国领 先。"德州市高端化工产业链办公室主任，市工信局党组书记、局长孙洪魁介绍说。 同样在新能源领域深耕的还有恒源碳材料股份有限公司（以下简称"恒源碳材料"），近年来，新能源产 业，尤其是锂电池产业蓬勃发展，让其产品针状焦 ...

Group 1 - The core viewpoint of the article highlights the recent announcement by Shandong Hualu Hengsheng Chemical Co., Ltd. regarding the successful trial production of a 200,000 tons/year dicarboxylic acid project, with a total investment of 867 million yuan [2] - In the first half of 2025, the company reported an operating income of 15.764 billion yuan, a year-on-year decrease of 7.14%, and a net profit attributable to shareholders of 1.569 billion yuan, down 29.47% year-on-year [2] Group 2 - The company's new energy and new materials products include Nylon 6, caprolactam, adipic acid, isooctanol, dimethyl carbonate, and methyl ethyl carbonate, with various designed production capacities [3] - The designed production capacities for key products are as follows: PA6 at 200,000 tons, caprolactam at 300,000 tons, adipic acid at 526,600 tons, isooctanol at 200,000 tons, dimethyl carbonate at 600,000 tons, urea at 3,070,000 tons, DMF at 480,000 tons, and acetic acid at 1,500,000 tons [3]

Core Viewpoint - Yuanli Chemical Group Co., Ltd. has disclosed its key operational data for the first half of 2025, highlighting production, sales, and revenue figures for its main products, as well as price changes for both products and raw materials [1]. Group 1: Key Operational Data - The production and sales figures for the main products in the first half of 2025 are as follows: - Dimethyl Dicarboxylate Series: Production of 60,270.57 tons, Sales of 59,656.35 tons, Revenue of 459.89 million yuan - Plasticizer Series: Production of 26,373.26 tons, Sales of 23,891.33 tons, Revenue of 201.15 million yuan - Fatty Alcohol Series: Production of 25,554.95 tons, Sales of 25,952.46 tons, Revenue of 398.87 million yuan - Total: Production of 112,198.78 tons, Sales of 109,500.14 tons, Revenue of 1,059.91 million yuan [1]. Group 2: Price Changes - The price changes for the main products (excluding tax) are as follows: - Dimethyl Dicarboxylate Series: Price decreased from 7,826.78 yuan/ton to 7,708.99 yuan/ton, a change of -1.50% - Plasticizer Series: Price decreased from 9,997.66 yuan/ton to 8,419.39 yuan/ton, a change of -15.79% - Fatty Alcohol Series: Price decreased from 17,247.54 yuan/ton to 15,369.26 yuan/ton, a change of -10.89% [1]. Group 3: Raw Material Price Changes - The price changes for the main raw materials (excluding tax) are as follows: - 2-Octanol: Price decreased from 10,007.83 yuan/ton to 6,780.00 yuan/ton, a change of -32.25% - Caprolactam: Price decreased from 8,348.73 yuan/ton to 6,502.84 yuan/ton, a change of -22.11% - Normal Butanol: Price decreased from 7,544.20 yuan/ton to 6,017.75 yuan/ton, a change of -20.23% [1].

证券代码：603217 证券简称：元利科技 公告编号：2025-027 元利化学集团股份有限公司 2025 年半年度主要经营数据公告 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。 元利化学集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司自律监管指引第 3 号行业信息披露第十三号——化工》《关于做好主板上 市公司 2025 年半年度报告披露工作的重要提醒》要求，现将 2025 年半年度主要 经营数据披露如下： | 主要产品 | 产量（吨） | 销量（吨） | 主营业务收入（万元） | | --- | --- | --- | --- | | 二元酸二甲酯系列 | 60,270.57 | 59,656.35 | 45,989.03 | | 增塑剂系列 | 26,373.26 | 23,891.33 | 20,115.03 | | 脂肪醇系列 | 25,554.95 | 25,952.46 | 39,887.00 | | 合计 | 112,198.78 | 109,500.14 | 105,991.06 | ...

Core Viewpoint - Shandong Hualu Hengsheng Chemical Co., Ltd. is demonstrating significant advancements in energy conservation and efficiency through innovative projects, leading to substantial cost savings and enhanced market competitiveness in the chemical industry [3][5][7]. Group 1: Energy Efficiency and Cost Savings - The company has implemented multiple waste heat recovery projects, saving over 100 tons of steam per hour, resulting in direct cost reductions of 140 million yuan annually [3]. - The low-energy comprehensive utilization project has effectively transformed idle low-grade waste heat into chilled water, meeting production needs while saving significant steam [5]. Group 2: Innovative Production Models - Hualu Hengsheng has developed a flexible multi-production model centered around gasification, which allows for efficient resource integration and high-quality product collaboration [5]. - The company’s large-scale chemical park operates with a unique model that responds flexibly to market changes, achieving high raw material utilization rates and leading industry synergy and efficiency [5]. Group 3: Market Position and Financial Performance - In the latest Fortune China 500 list, Hualu Hengsheng ranked 403rd, an increase of 81 places from the previous year, reflecting its strong performance in the new energy and materials sectors [7]. - The company reported revenue of 7.6 billion yuan from new energy and materials products in the first half of the year, accounting for a significant portion of total revenue [7]. Group 4: Research and Development Investments - Since 2020, the company has invested over 4 billion yuan in R&D in the Dezhou area, resulting in more than 270 national patents and recognition for its innovative products [13]. - The establishment of a new R&D center aims to enhance collaboration with top universities and advance national key laboratory projects [11][13]. Group 5: Future Projects and Strategic Goals - Hualu Hengsheng plans to launch over ten key projects in Dezhou, focusing on upgrading old equipment and enhancing gasification platforms to improve competitiveness [13]. - The company aims to deepen inter-product and chain coupling to develop fine chemicals and specialty chemicals, increasing product value [13].

Core Viewpoint - The company is implementing an action plan focused on "quality improvement, efficiency enhancement, and return to shareholders" to ensure sustainable development and maintain investor trust [1][2]. Group 1: Business Development - The company has established two profit centers, focusing on stable development amidst industry adjustments and structural overcapacity, demonstrating strong resilience and adaptability [1]. - Key projects such as the amide raw material optimization and the integrated production of 200,000 tons/year of dicarboxylic acid, BDO, and NMP are progressing as planned, contributing to high-quality development [1]. - The company is enhancing market presence and optimizing industry layout, leading to increased market share and influence for its main products [1]. Group 2: Shareholder Returns - The company maintains a consistent and reasonable cash dividend policy, proposing a cash dividend of 3.00 yuan per 10 shares for the 2024 annual distribution, with a payout ratio of 32.63% of net profit attributable to shareholders [2]. - The company plans to use 200 million to 300 million yuan for share repurchases to enhance shareholder value, having already repurchased 2.3 million shares for a total expenditure of 48.1 million yuan by the end of June [2]. Group 3: Investor Relations - The company emphasizes compliance and transparency in information disclosure, achieving an "A" rating for its disclosure work for ten consecutive years [3]. - Various communication channels are established to enhance investor relations, including investor meetings, online Q&A sessions, and the release of the 2024 ESG report, which has received high recognition in the capital market [3]. Group 4: Corporate Governance - The company is committed to improving its governance structure and risk management in accordance with relevant laws and regulations, having revised its articles of association and established a rapid response mechanism for public opinion [4]. - Ongoing updates to governance policies are being made to align with new legal requirements and enhance operational standards [4].

Core Viewpoint - The coal chemical industry in China is undergoing a profound transformation driven by the "dual carbon" goals and energy revolution, with Shandong Hualu Hengsheng Chemical Co., Ltd. leading the way through technological innovation and strategic shifts [1][5]. Group 1: Industry Transformation - The industry is shifting from scale expansion to value reconstruction, with a focus on integrating traditional sectors like fertilizers and basic chemicals with emerging fields such as new energy materials and high-end chemical materials [1]. - By 2024, Hualu Hengsheng's revenue from new energy materials is expected to reach 50%, with products like dicarboxylic acid and carbonate ester holding the largest market share in China [1][2]. Group 2: Technological Advancements - Hualu Hengsheng has developed new processes and catalytic technologies for producing dicarboxylic acid and dimethyl carbonate, significantly impacting the lithium battery market [2]. - The company has established the largest domestic production capacity for dimethyl carbonate at 300,000 tons per year, which has reshaped market dynamics [2]. Group 3: Strategic Planning and Investment - Over the past five years, Hualu Hengsheng has invested over 5 billion yuan in R&D and 26 billion yuan in projects, implementing 15 high-end chemical projects to solidify its growth foundation [3]. - The company emphasizes a dynamic and scientific approach to strategic decision-making, ensuring that projects leverage existing industry chain advantages and have both technological and market potential [3]. Group 4: Risk Management and Operational Efficiency - Hualu Hengsheng employs a comprehensive risk control system, conducting multi-dimensional evaluations of projects and ensuring rigorous financial management [4]. - The company maintains a cycle of continuous investment, with new projects starting and completing each year, contributing to sustained growth [4]. Group 5: Future Outlook - Hualu Hengsheng aims to transition from a coal-dominant model to a diversified support structure, focusing on green intelligent manufacturing and high-quality development [5]. - The company is committed to innovation and industry integration, striving to enhance competitiveness and set benchmarks for the coal chemical industry's transformation [5].

Core Viewpoint - The coal chemical industry in China is undergoing a profound transformation driven by the "dual carbon" goals and energy revolution, with Shandong Hualu Hengsheng Chemical Co., Ltd. leading the way through technological innovation and strategic shifts into new energy materials and high-end chemical new materials [1][5]. Group 1: Industry Transformation - The industry is shifting from scale expansion to value reconstruction, with a focus on integrating traditional sectors with emerging markets [1]. - Hualu Hengsheng aims for 50% of its revenue to come from new energy materials by 2024, with leading market shares in products like dicarboxylic acid and carbonate [1][2]. Group 2: Technological Advancements - The company has developed new processes for producing dicarboxylic acid and dimethyl carbonate, significantly impacting the lithium battery supply chain [2]. - Hualu Hengsheng's nylon products have found applications in both battery packaging and textile industries, showcasing the versatility of its innovations [2]. Group 3: Strategic Planning and Investment - Over the past five years, the company has invested over 50 billion yuan in R&D and 260 billion yuan in projects, with a focus on high-end chemical projects [3]. - The company has established a technical development committee to ensure that projects are aligned with existing industry advantages, leading to immediate growth upon completion [3]. Group 4: Risk Management and Operational Efficiency - Hualu Hengsheng employs a comprehensive risk control system, ensuring projects are evaluated across multiple dimensions, including economic and social benefits [4]. - The company maintains a cycle of continuous investment and project completion, ensuring that each new project contributes to overall growth [4]. Group 5: Future Outlook - The company is transitioning from a coal-dominant model to a diversified support structure, emphasizing green manufacturing and high-quality development [5]. - Hualu Hengsheng aims to enhance its competitiveness and set benchmarks for the coal chemical industry's transformation and sustainable development [5].

二、主要产品和原材料价格变动情况 （一）主要产品的价格变动情况（不含税） 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。 元利化学集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司自律监管指引第 3 号行业信息披露第十三号——化工》《关于做好主板上 市公司 2024 年年度报告披露工作的通知》要求，现将 2024 年度主要经营数据披 露如下： | 主要产品 | 产量（吨） | 销量（吨） | 主营业务收入（万元） | | --- | --- | --- | --- | | 二元酸二甲酯系列 | 111,304.42 | 111,717.93 | 87,529.81 | | 增塑剂系列 | 50,436.09 | 52,570.37 | 50,284.36 | | 脂肪醇系列 | 46,864.54 | 45,914.44 | 78,726.13 | 一、2024 年度主要产品的产量、销量及收入实现情况 证券代码：603217 证券简称：元利科技 公告编号：2025-009 元利化学集团股份有限公司 202 ...