投资分析意见：考虑油价中枢下行以及新材料项目推迟，我们下调2025 年盈利预测至62亿（原值为69 亿），维持2026-2027 年盈利预测77、94 亿，对应PE 估值为10X、8X、7X。我们继续看好公司C2 板块 的成长性与C3 板块的景气修复，维持"买入"评级。 风险提示：项目进度不及预期，油价大幅波动，乙烷丙烷价格大幅上涨。 25Q2 油价下行导致C3 业绩有一定承压。受Q2 油价回落影响，C3 下游产品盈利也有所下降，产品价差 方面，我们计算25Q2 丙烷制丙烯、丙烯酸、丙烯酸丁酯价差分别为68美元/吨、2038 元/吨、2509 元/ 吨，环比分别-35 美元/吨、-357 元/吨、-718 元/吨，盈利有所收窄。此外，公司二季度对PDH 装置进行 常规检修，费用有所提升。展望未来，"反内卷"下丙烯景气存在较大修复空间，叠加下半年高分子乳 液、EAA、精丙烯酸等新产能放量，C3 盈利有望逐步提升。 中美贸易影响下，新材料项目进度有所放缓。根据规划，2025 年下半年公司预计将有4万吨EAA、16 万吨高分子乳液、15 万吨SAP、8 万吨新戊二醇和10 万 吨精丙烯酸产能逐步落地，带动业绩提升。 ...

Core Viewpoint - The article discusses the recent approval of two marine project applications by Shandong Yulong Petrochemical Co., Ltd., highlighting the significant investment and construction plans aimed at enhancing the petrochemical industry in Shandong Province [2][3]. Group 1: Project Overview - The total investment for the projects is approximately 11.79 billion yuan, with a construction period of 48 months [2]. - The projects will be located on Island 5, covering a land area of 700.15 hectares and a marine area of 639.3548 hectares [2]. - The projects will utilize methane for the production of various chemical products, including PTA, PTT, PBT, PCT, PCTG, and PETG [2]. Group 2: Company Background - Shandong Yulong Petrochemical Co., Ltd. is a mixed-ownership enterprise, with private control by Nanshan Group and state-owned participation [2]. - The company is developing a 40 million tons per year integrated refining and chemical project, which is considered a major initiative for industrial transformation and high-quality development in Shandong Province [2][3]. Group 3: Project Milestones - The project transitioned from a reserve project to a planned project in June 2020, with various approvals received from national and provincial authorities throughout 2020 [3]. - The construction of the first phase of the project commenced on October 24, 2020, and is currently progressing rapidly [3].

Core Viewpoint - The company forecasts a net profit attributable to shareholders of 2.7-3.15 billion yuan for the first half of 2025, representing a year-on-year growth of 31.32%-53.2% [1] - The company expects a net profit of 2.852-3.302 billion yuan after deducting non-recurring items, with a year-on-year increase of 27.65%-47.79% [1] Financial Performance - For Q2 2025, the company anticipates a net profit of 1.13-1.58 billion yuan, showing a year-on-year growth of 9%-53% but a quarter-on-quarter decline of 28%-1% [1] - The expected net profit after deducting non-recurring items for Q2 2025 is 1.16-1.61 billion yuan, with a year-on-year change of -1%-37% and a quarter-on-quarter decrease of 5%-31% [1] - The decline in Q2 2025 performance is attributed to falling oil prices leading to narrowed product price spreads and increased costs from PDH unit maintenance [1] Product Price Spreads - The calculated price spreads for Q2 2025 are 567 USD/ton for ethane-ethylene, 823 RMB/ton for styrene, and 393 RMB/ton for ethylene glycol, with changes of -43 USD/ton, +499 RMB/ton, and +126 RMB/ton respectively [2] - Despite some tariff disruptions on ethane imports, the overall impact is limited, and the supply-demand balance for ethane remains loose, suggesting continued low prices and improved profitability for ethylene production [2] - The decline in oil prices has led to a narrowing of C3 product price spreads, with calculated spreads for propane to propylene, acrylic acid, and butyl acrylate being 68 USD/ton, 2038 RMB/ton, and 2509 RMB/ton respectively, reflecting decreases of -35 USD/ton, -357 RMB/ton, and -718 RMB/ton [2] Project Development - The progress of new material projects has slowed due to Sino-U.S. trade impacts, with planned capacities for 2025 including 40,000 tons of EAA, 160,000 tons of high polymer emulsion, 150,000 tons of SAP, 80,000 tons of neopentyl glycol, and 100,000 tons of refined propylene acid [3] - The company's future growth is primarily dependent on the α-olefin comprehensive utilization high-end new material industrial park project, with the third phase expected to be completed in the second half of 2026 and gradually contribute to performance from 2026 to 2027 [3] - The fourth phase of the project has been delayed due to Sino-U.S. trade issues [3] Investment Analysis - The company maintains its profit forecast for 2025 but has lowered the profit predictions for 2026-2027 to 7.7 billion and 9.4 billion yuan, respectively, from previous estimates of 9.2 billion and 11.5 billion yuan [3] - The corresponding PE valuations are adjusted to 9X, 8X, and 6X for the years 2025, 2026, and 2027 [3] - The company remains optimistic about the growth potential of the C2 segment and the recovery of the C3 segment, maintaining a "buy" rating [3]

（1）新戊二醇 公司拟对山东省烟台化工产业园的三羟甲基丙烷（TMP）装置进行技术改造，产品由TMP转为新戊二醇（NPG），产能由5万吨/年提升为10万吨/年。 目前，万华化学新戊二醇产能共16万吨，包括2套5万吨/年和一套6万吨装置，主要以工业园区上游装置异丁醛、甲醛、氢气等为主要原料。今年3月24日，公司宣 布拟对6万吨装置技改，扩建到9万吨/年。 加上本次技改， 仅三个月，就陆续将新戊二醇产能提升8万吨，达产后总产能将达到24万吨，居全球第二。 新戊二醇，广泛用于生产聚酯多元醇、不饱和聚酯树脂、饱和聚酯树脂、增塑剂、润滑剂、醇酸树脂、涂料等产品，还被认为是潜在的新型无污染、绿色环保和 高效节能固态制冷剂之一，可以应用到CO2减排等。 全球主要的生产企业有 LG化学 （约5万吨/年）、 伊士曼 （约 10万吨/年 ）、 三菱化学 、 巴斯夫 （约 33.5万吨/年，含湛江8万吨新项目 ）、 德国欧季亚 、 瑞典帕斯托 等。其中，巴斯夫是全球最大生产商。 我国主要生产企业除万华化学外，还有 江苏华昌化工 （3万吨/年）、 铜陵阡弈新材 料（8万吨/年）、 沾化瑜凯新材 、 神剑股份 （7万吨/年）、 鲁西化工 ...

Group 1: Business Strategy and Focus - The company will continue to focus on its core business of bioenergy, enhancing operational efficiency through strategic measures such as increasing bio-jet fuel production capacity and optimizing production processes [2][3] - The bioenergy sector is identified as the most important development direction, with plans to build a comprehensive supply and sales system [3] - The company aims to improve its asset return rate by disposing of inefficient assets and enhancing resource allocation efficiency through mergers and technology upgrades [4] Group 2: Production Capacity and Market Expansion - The Shandong Sanju 200,000 tons/year biodiesel project is expected to start production in May 2025, adding approximately 200,000 tons of bio-jet fuel to the company's offerings [4] - The company has existing SAF production capacity of 50,000 tons/year and aims to fully capitalize on the bio-jet fuel market opportunities [4] - The company is actively expanding into non-EU markets, with plans to strengthen partnerships in Asia and Australia, having already signed long-term contracts with key clients [3] Group 3: Financial Management and Accounts Receivable - The company's accounts receivable decreased from 828 million yuan to 530 million yuan, a reduction of 298 million yuan [6] - Measures to enhance accounts receivable recovery include improving management systems and legal actions [6][7] Group 4: Product Development and Market Trends - The demand for neopentyl glycol is expected to grow significantly, particularly in the PETG industry, which is projected to increase by 64.5% in 2024 compared to 2023 [5] - The company is exploring new raw material types and optimizing pre-treatment technologies for waste oils and fats [7]

公司上市时未盈利且目前未实现盈利 证券代码：300072 证券简称：海新能科 公告编号：2025-016 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 北京德皓国际会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意 见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由利安达会计师事务所（特殊普通合伙）变 更为北京德皓国际会计师事务所（特殊普通合伙）。 非标准审计意见提示 □适用 √不适用 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以2,349,720,302为基数，向全体股东每10股派发现金红 利0元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 报告期内，公司主要业务为生物能源、催化净化材料、 ...