Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company experienced a slight decline in third-quarter performance, with revenue of 23.55 billion yuan, down 6.46% year-on-year, and a net profit of 2.37 billion yuan, down 22.14% year-on-year [1][7]. - Despite the decrease in product prices, the company managed to mitigate performance pressure through increased sales volume, particularly in new energy materials and chemical fertilizers [7]. - The company is actively advancing project launches and has several new projects in the pipeline, which are expected to enhance future growth potential [7]. Financial Data and Valuation - The company reported total revenue of 27.26 billion yuan for 2023, with a projected decline of 10% year-on-year, followed by a recovery of 26% in 2024 [2][14]. - The projected net profit for 2025 is 3.24 billion yuan, reflecting a 17% decrease from the previous year, with earnings per share (EPS) expected to be 1.53 yuan [2][14]. - The current price-to-earnings (PE) ratio is 15.0 for 2023, expected to decrease to 12.2 by 2027, indicating a potential undervaluation [2][14]. Sales and Production Insights - The average selling prices of core products have decreased year-on-year, with significant drops in new energy materials and chemical fertilizers, but sales volumes have increased, helping to offset revenue declines [7]. - The company’s gross margin improved to 19.1% in the third quarter, up 1.6 percentage points year-on-year, despite a slight decline from the previous quarter [7]. Project Development - The company is efficiently advancing project launches, with several new projects already in the preparatory stages, including a 20,000-ton BDO project and a 30.39 billion yuan investment in a gasification platform upgrade [7].

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 21 Oct 2025 环球富盛理财有限公司 华鲁恒升 Shandong Hualu-Hengsheng Chemical (600426.CH) 业绩环比增长，项目建设为公司发展奠定基础 Profit increased MoM & Project construction lays the foundation 最新动态 动向解读 ➢ 2025Q2 归母净利润环比增长 21.95%。2025Q2，公司实现营业收入 157.64 亿，同比-7.14%；实现 归母净利润 15.69 亿，同比-29.47%。25Q2，公司实现收入 79.92 亿元，同比-11.17%，环比+2.84%； 实现归母净利润 8.62 亿元，同比-25.62%，环比+21.95%。25Q2 公司毛利率为 19.63%，同比减少 0.96 个百分点，环比增加 3.28 个百分点；25Q2 净利率为 12.00%，同比减少 1.90 个百分点，环比增 加 2.06 个百分点。 ➢ 25H1 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][16]. Core Insights - The company's Q2 performance shows a recovery compared to previous quarters, driven by technological upgrades and new material projects that support long-term growth [1]. - The report highlights a significant investment of 3.039 billion yuan in upgrading the gasification platform, which is expected to generate annual revenue of 3.665 billion yuan upon completion [6]. - The company has successfully managed to stabilize its operations despite market challenges, with Q2 revenue from various segments showing positive trends [6]. Financial Performance Summary - Total revenue for 2024 is projected at 34.226 billion yuan, with a year-on-year growth rate of 25.6%. For 2025, revenue is expected to reach 35.765 billion yuan, reflecting a slower growth rate of 4.5% [2]. - The net profit attributable to the parent company is forecasted to be 3.903 billion yuan in 2024, decreasing to 3.510 billion yuan in 2025, which represents a decline of 10.1% [2]. - Earnings per share (EPS) are estimated to be 1.84 yuan in 2024, dropping to 1.65 yuan in 2025, with a projected recovery to 1.96 yuan in 2026 [2]. Operational Highlights - In H1 2025, the company reported total revenue of 15.764 billion yuan, a decrease of 7.14% year-on-year, with a net profit of 1.569 billion yuan, down 29.47% [6]. - The company plans to distribute a cash dividend of 2.50 yuan per share, totaling 530 million yuan, which accounts for 33.76% of the net profit for the period [6]. - The report emphasizes the company's focus on cost optimization and the acceleration of transformation into new material products, which is expected to enhance its competitive edge [6].

根据上海证券交易所《关于做好主板上市公司 2025 年第一季度报告披露工作的 重要提醒》、《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》的要 求，山东华鲁恒升化工股份有限公司（以下简称"公司"）现将 2025 年一季度主要 经营数据披露如下： | 本年主要产品 | 生产量（万吨） | 销售量（万吨） | 收入（亿元） | | --- | --- | --- | --- | | 新能源新材料相关产品 | 114.89 | 66.41 | 37.54 | | 化学肥料 | 145.46 | 145.33 | 18.98 | | 有机胺系列产品 | 12.61 | 13.51 | 5.61 | | 醋酸及衍生品 | 35.91 | 33.72 | 8.20 | 一、主要产品的产量、销量及收入实现情况 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-025 山东华鲁恒升化工股份有限公司 2025 年一季度主要经营数据的公告 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。 注：新能源新材料相关产品生 ...