丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨三维化学（002469.SZ） [Table_Title] 在手订单逐步确认，新项目稳步推进 报告要点 [Table_Summary] 公司公布 2025 年半年度报告，2025 年上半年实现营业收入 12.49 亿元，同比增长 21.81%； 归母净利润 1.20 亿元，同比增长 42.54%；扣非归母净利润 1.20 亿元，同比增长 46.32%。其 中 2025 年第二季度实现营业收入 7.01 亿元，同比增长 38.48%，环比增长 28.02%；归母净利 润 0.69 亿元，同比增长 156.22%，环比增长 33.53%；扣非归母净利润 0.68 亿元，同比增长 165.78%，环比增长 32.64%。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 1 三维化学（002469.SZ） cjzqdt11111 [Table_Title2] ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [10][12]. Core Viewpoints - The company is a leading domestic comprehensive service provider in sulfur recovery and has developed proprietary "non-online furnace sulfur recovery technology." It is currently the largest designer and general contractor for sulfur recovery units in China. The dual benefits of resources and policies are expected to drive growth in modern coal chemical projects in Xinjiang, alongside ongoing refining transformation projects [5][7]. - The company has transitioned from an "engineering expert" to a "technology + engineering + industry" full-chain ecosystem, establishing a comprehensive chemical service provider with three synergistic segments: technology research and development, engineering services, and chemical manufacturing [7][19]. - The company is the largest producer of n-propanol in China and is expanding its new materials business, which is expected to significantly boost growth with the production of cellulose acetate and isooctanoic acid [5][9]. Summary by Sections Engineering - The company is deeply involved in the coal chemical sector, supported by national and local policies promoting the development of coal chemical projects in Xinjiang, with an estimated investment of over 800 billion yuan in the future [7][61]. - The replacement of outdated refining capacities will further drive the demand for sulfur recovery units, as new refining projects are initiated [8][10]. Chemical Sector - The company has established a comprehensive layout in the "aldehyde-alcohol-ester" chain, enhancing its industrial ecosystem. It is also a leading producer of n-butanol and isooctanol, with a flexible production model that allows for product switching based on market demand [9][24]. - The cellulose segment is expected to benefit from domestic substitution trends, with significant potential for performance elasticity [9][24]. Financial Performance - The company achieved a total revenue of 2.554 billion yuan in 2024, a year-on-year decrease of 3.88%. The revenue contributions from the chemical, engineering, and catalyst segments were 70.7%, 22.1%, and 6.8%, respectively [33][34]. - The projected net profits for 2025, 2026, and 2027 are 360 million yuan, 420 million yuan, and 560 million yuan, respectively, with corresponding PE ratios of 15.5X, 13.3X, and 10.0X based on the closing price on August 8, 2025 [10][12].

Group 1: Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in R&D, engineering services, and production of chemical raw materials [2][3]. - The company is the largest producer of n-propanol in China and a leading enterprise in the recovery of dibutyl and octanol waste liquids [3][13]. Group 2: Engineering Business - In Q1 2025, the company signed engineering consulting and EPC contracts worth CNY 30,232.80 million, with a total of CNY 167,064.56 million in uncompleted contracts as of March 31, 2025 [7][8]. - Major ongoing projects include sulfur recovery and acid gas treatment for various clients, indicating a robust order backlog [7][8]. Group 3: Technological Advantages - The company has developed advanced sulfur recovery technologies, achieving domestic leadership and international advancement [5][6]. - It has completed the design and total contracting of 240 sulfur recovery units, with a total capacity of 12.83 million tons/year [5]. Group 4: Financial Health and Expansion Plans - The company maintains a strong cash reserve and low debt ratio, allowing it to meet current business development needs [9]. - Future plans include optimizing production efficiency and expanding into high-value downstream fine chemicals [9]. Group 5: Shareholder Returns - For the fiscal year 2024, the company plans to distribute a cash dividend of CNY 3.00 per 10 shares, totaling CNY 194,658,789.00, which represents 98.82% of the net profit attributable to shareholders [11][12]. - Cumulative cash dividends since its listing in 2010 amount to CNY 1,225.88 million, reflecting the company's commitment to shareholder returns [12]. Group 6: Chemical Production Capacity - The company has a production capacity of 170,000 tons/year for aldehydes, 260,000 tons/year for alcohols, 30,000 tons/year for acids, and 100,000 tons/year for esters [13]. - Ongoing projects aim to enhance production capacity for cellulose acetate butyrate by 50,000 tons/year and improve existing facilities [13].