22 August 2025 abc Global Research First Read Hualu-Hengsheng Q2 net profit +22% QoQ, could benefit from anti-involution in mid-and long-term How did the results compare with expectations? H125 revenue fell 7% YoY to Rmb15.8bn, and net profit dropped 29% YoY to Rmb1.6bn. In particular, Q225 net profit rose 22% QoQ to Rmb862m, mainly thanks to improved product profitability on lower coal prices, and urea business benefiting from the relaxation of export policies. We estimate that the price spread index of th ...

证券研究报告 | 2025年08月22日 鲁西化工（000830.SZ） 优于大市 短期盈利承压，营收稳增显韧性 公司 2025 年上半年营收同比增长，归母净利同比下滑。2025 年上半年公司 实现营收 147.4 亿元（同比+5.0%），归母净利润 7.6 亿元（同比-34.8%）； 其中二季度营收 74.5 亿元（同比+2.2%，环比+2.2%），归母净利润 3.5 亿 元（同比-41.9%，环比-15.1%）；毛利率/净利率为 13.2%/4.7%，期间费用 率 5.8%。利润下滑主要因化工新材料板块受原料价格波动及下游需求疲软影 响，叠加部分产品竞争加剧致盈利空间压缩。 核心业务化工新材料营收同比增长，毛利率下滑。公司化工新材料业务 2025 年上半年营收 97.4 亿元（占比 66.1%，同比+2.4%），毛利率 11.4%（同比 -9.8pct）。多元醇仍为公司利润核心来源，上半年公司销售多元醇/六氟丙 烯 等 氟 材 料 / 己 内 酰 胺 / 聚 碳 酸 酯 的 全 资 子 公 司 净 利 润 分 别 为 2.36/0.63/-1.69/-1.38 亿元。2025 年上半年，聚碳酸酯、尼龙 6 ...

Group 1: Company Overview - The company operates in four main sectors: basic chemicals, fertilizers, new materials, and new energy [1] - The basic chemicals sector is currently challenging, with a focus on quality improvement and efficiency enhancement [1] - The company has made significant efforts for future development, as disclosed in the annual report [1] Group 2: Basic Chemicals Sector - The focus is on energy conservation, carbon reduction, and smart manufacturing [1] - Key projects include an intelligent transformation project for synthetic ammonia, expected to be operational by December 2025 [1] - Ongoing projects include energy-saving carbon reduction modifications for urea and the establishment of a central control room [1] Group 3: Fertilizer Sector - Strategic collaboration with the China Rice Research Institute to enhance rice quality and innovate marketing models [2] - The fertilizer industry is characterized by high technical content, with a current high price for potassium and phosphorus fertilizers, while nitrogen fertilizer prices are low [2] - The fertilizer sector is expected to perform better in the second half of the year due to anticipated increases in export volumes [2] Group 4: New Materials Sector - Focus on increasing production capacity, energy-saving modifications, and independent R&D [2] - A 300,000-ton multi-alcohol project is under construction, expected to generate over 2 billion yuan in new revenue upon completion [2] - The new materials sector is projected to account for over 50% of the company's total revenue [2] Group 5: New Energy Sector - Key areas include hydrogen fuel cells and vanadium flow (energy storage) batteries [2] - 103 hydrogen fuel cell vehicles have been deployed, accumulating over 7 million kilometers in operation [2] - The company aims to transition hydrogen fuel cell products from demonstration to commercial application by 2025 [2]

Group 1 - The company expects a decline in performance for the period from January 1, 2025, to June 30, 2025, compared to the same period last year [1] - The main reasons for the decline in operating performance include a decrease in product prices within the industry and a cyclical maintenance period in the second quarter, which led to a reduction in product volume [1] - The management will closely monitor market dynamics and implement relevant measures to stabilize production after maintenance, while continuing to advance planned projects [1] Group 2 - The financial data in the performance forecast is a preliminary estimate by the company's finance department and has not been audited by the accounting firm [2] - The specific financial data will be disclosed in the semi-annual report for 2025 [2]

Group 1 - The actual controller and chairman of Baichuan Co., Zheng Tiejiang, is under investigation and has been placed under detention by the Jiangyin Municipal Supervisory Committee [1] - Other board members and senior management are continuing their duties normally, and the company's control has not changed [1] - Baichuan Co. is monitoring the situation and will disclose information as required [1] Group 2 - In 2024, Baichuan Co. achieved operating revenue of 5.556 billion yuan, a year-on-year increase of 35.10%, and a net profit attributable to shareholders of 109 million yuan, up 123.31% [2] - In Q1 2025, the company reported operating revenue of 1.450 billion yuan, a 23.07% increase year-on-year, and a net profit of 42.216 million yuan, up 17.88% [2] - The company has conducted research on solid-state battery technology but is not currently producing solid-state batteries [2] - A project for producing 30,000 tons of graphite anode materials has been completed and is now in production, aligning with the company's strategic development plan [2]

Group 1: Company Overview and Strategy - Jiangsu Dongfang Shenghong Co., Ltd. operates in the petrochemical industry, focusing on sustainable development and innovation [2][3] - The company emphasizes a value philosophy of "safety, integrity, innovation, and transcendence" to achieve stable and sustainable growth [2] - In 2024, the company expanded its production capacity, including a new 200,000 tons/year of photovoltaic-grade EVA, bringing total capacity to 500,000 tons/year [3] Group 2: Innovation and Technology - The company established the world's first industrial chain from CO2 to polyester fiber, winning the "International Textile Federation Sustainable and Innovation Award" [3][4] - R&D investment reached 6.35 billion yuan in 2024, a year-on-year increase of 11.2%, with 3,797 R&D personnel [14] - The PDH smart factory project was recognized as the "Most Influential Engineering Project in China's Automation Field in 2023" [15] Group 3: Financial Performance - In Q1 2025, the company's net profit increased by 38.19%, supported by low crude oil prices and recovering demand for downstream chemical products [7] - The company's overseas revenue in 2024 was 6.753 billion yuan, accounting for approximately 5% of total revenue [11] Group 4: Market Position and Competitive Advantage - The company holds a leading position in the EVA market with a production capacity of 500,000 tons/year, benefiting from economies of scale [6] - The company has developed a comprehensive product line, including recycled polyester fiber with a capacity of 600,000 tons/year, serving over 30 well-known brands [9] Group 5: Future Outlook and Challenges - The company plans to implement an AI development strategy to enhance vertical integration across its supply chain and focus on new energy and materials [4] - Challenges include navigating a complex external environment and ensuring collaboration among various business segments to maximize the "1+N" strategy [7][8]

Group 1: Financial Performance - The company achieved a net profit of 2.029 billion yuan in 2024 and 413 million yuan in Q1 2025 [2] - The company is focused on improving production efficiency and quality to better return value to shareholders [2] Group 2: Market Conditions and Challenges - The company is closely monitoring raw material prices and market demand, adjusting production and procurement strategies accordingly [1] - There are concerns regarding the company's stock performance, with significant declines compared to the chemical sector and overall market trends [1][3] Group 3: Product and Technology - Key products include polycarbonate, formic acid, polyols, DMF, nylon 6, and DMC, with market prices subject to fluctuations [2] - The company has launched a 400,000-ton organic silicon project, with market price changes impacting profitability [2] Group 4: Corporate Governance and Investor Relations - The company has established a market value management system as of February 13, 2025 [2] - The company emphasizes transparent communication with investors and adherence to legal regulations regarding information disclosure [3]

Company Overview - Founded in 2002, Daon Co., Ltd. specializes in high-performance thermoplastic elastomers, modified plastics, color masterbatches, and polyester materials, with a focus on R&D, production, sales, and service [2] - The company has an annual production capacity of 500,000 tons for modified plastics, 90,000 tons for thermoplastic elastomers, 30,000 tons for color masterbatches, and 60,000 tons for copolyester materials [2] - Daon has established a comprehensive R&D system with four major platforms and nine production R&D bases, emphasizing innovation and collaboration with academia [2] Performance Growth Factors - The company's first-quarter performance growth was driven by a decrease in raw material prices, leading to lower production costs [3] - Strong growth in the automotive, home appliance, and electronics sectors, supported by government policies promoting product upgrades, contributed to record sales volumes [3] Acquisition Strategy - The acquisition of Daon Titanium Industry is aimed at enhancing synergy between the two companies, leveraging Daon Titanium's products in the inorganic chemical sector to complement Daon's polymer materials business [4] - The integration of high polymer new materials and titanium industries is expected to improve management efficiency and extend the industrial chain [4] Acquisition Progress - On April 28, the board approved the asset purchase and fundraising plan for the acquisition of Daon Titanium, with a shareholder meeting scheduled for May 16 to review the matter [5] Product Applications - Daon’s modified materials are utilized in robotics, including nylon and alloy materials for robotic arms, and elastic materials for bionic robots [6] - The company is actively developing high polymer composite materials for the robotics sector [6] Expansion Plans - Daon plans to expand its TPU and polyol projects, anticipating a growing market demand, with the domestic TPU market accounting for over 70% of global capacity [7] - The company aims to establish a phased production capacity of 100,000 tons of TPU and 60,000 tons of polyol to enhance its product chain and meet future market needs [7]

Group 1 - The core viewpoint is that overseas polyurethane companies faced pressure on volume and price in Q1 2025, leading to a general decline in profits. However, MDI/TDI prices have stabilized and rebounded by the end of April, with supply-side adjustments and progress in US-China trade negotiations suggesting a potential recovery in Q2 2025 for the Asia-Pacific polyurethane business [1][2]. - Major companies reported revenue declines in Q1 2025: BASF and Covestro both saw a 1% decrease, Huntsman a 4% decrease, and Dow a 3% decrease. EBITDA also fell significantly, with BASF down 18%, Covestro down 50%, Huntsman down 11%, and Dow down 32%. The overall demand weakness and price pressures were the main reasons for the revenue decline [1]. - The North American polyurethane market has become increasingly reliant on imports, particularly MDI, with about 500,000 tons imported annually, 70% from China and 30% from Europe. The impact of tariffs and anti-dumping duties is expected to reduce direct exports to the US, shifting trade flows towards Asia-Pacific or Europe [2]. Group 2 - Companies are accelerating asset disposals to cut costs, with BASF proceeding with the divestment of its coatings business and closing a production line in Germany. Huntsman plans to close two downstream factories in Europe and one in Canada, while Dow is shutting down its chlor-alkali/ethylene asset in Schkopau and a silicone plant in the UK [3]. - Earnings guidance remains cautious, with BASF maintaining an EBITDA target of €8-8.4 billion for 2025, Covestro expecting €200-300 million for Q2 2025, Huntsman projecting $35-50 million for Q2 2025, and Dow reducing capital expenditures by $1-2.5 billion [3].

Core Viewpoint - Huachang Chemical demonstrates strong risk management and development potential despite facing temporary pressure on performance due to price fluctuations in key products like soda ash [1][2] Group 1: Financial Performance - The company reported a temporary decline in performance for 2024 due to price volatility in key products [1] - Financial officer Zhao Huifen highlighted the continuous reduction of the asset-liability ratio and maintained good operating cash flow, laying a solid foundation for future development [1] - The company adheres to a dividend policy of "3 yuan per 10 shares," reflecting its commitment to returning value to investors [1] Group 2: Hydrogen Energy Business - Huachang Chemical has made substantial progress in its hydrogen energy business, with the operation of a 500 kg/d hydrogen refueling station and a 4 t/d hydrogen filling station [1] - The company has completed the demonstration application of 103 transport equipment units, showcasing its first-mover advantage and technological accumulation in the hydrogen energy sector [1] - Plans are underway to establish a hydrogen refueling station in collaboration with the port group, contributing to the construction of a green zero-carbon port [1] Group 3: Project Development - The 300,000-ton multi-alcohol project is progressing smoothly, with 65% of the financial payment progress expected to be completed by the end of 2024 [2] - This project is anticipated to become a new profit growth point for the company, optimizing product structure and enhancing market competitiveness [2] Group 4: Future Development Strategy - The company has outlined a clear development plan, focusing on enhancing operational efficiency through technological upgrades while seizing opportunities in the renewable energy sector [2] - Huachang Chemical aims to closely monitor market dynamics and actively seize development opportunities to create greater value for investors [2] - The company is committed to responsible corporate governance and is actively laying the groundwork for future industries while maintaining stable operations in traditional businesses [2]