山东海王化工股份有限公司核心产品为溴系阻燃剂、油田化学品。阻燃剂主要应用于塑料、橡胶、化纤 等人工合成材料中，适用于家电、新能源汽车内饰及电池电路系统、建筑保温材料、户外运动装备等领 域，发挥阻燃、防火的作用，下游客户包括国内众多头部的家电企业；油田化学品主要应用于石油钻探 领域，客户主要是国际油服巨头。 潍坊是化工大市，高端化工是潍坊重要的支柱产业。山东海王化工股份有限公司总部位于潍坊滨海经济 技术开发区，其核心业务是溴素及溴化物的研发、生产和销售，产能位居国内溴化工企业前列。 山东海王化工股份有限公司成立于2003年，由一家集体盐场改制而来。几十年来，海王化工扎根潍坊北 部沿海，围绕当地地下卤水资源综合利用，产品从工业盐拓展到溴素、溴化物、新材料制品，科技含量 逐步提升。 山东海王化工是国际溴工业协会5家会员企业中唯一中国会员，是中国无机盐工业协会溴及化合物分会 会长单位，工信部第四批专精特新"小巨人"企业，山东省制造业单项冠军企业，连年位列中国化工企业 500强。 公司是高新技术企业，设有省级企业技术中心和省级溴化物工程研究中心，申请了多项技术专利，在开 发新产品、改进生产工艺、提升产品质量方面做出了自 ...

Group 1 - Weifang is a significant chemical city in Shandong, with high-end chemicals being a crucial pillar industry [1] - Shandong Haiwang Chemical Co., Ltd. is headquartered in Weifang and specializes in the research, production, and sales of bromine and bromides, ranking among the top domestic bromine chemical enterprises [1] - The company was established in 2003, evolving from a collective salt field, and has expanded its product range from industrial salt to bromine, bromides, and new material products, enhancing its technological content over the years [1] Group 2 - The core products of Shandong Haiwang Chemical include brominated flame retardants and oilfield chemicals, with applications in various industries such as plastics, rubber, and construction materials [3] - The company is the only Chinese member of the International Bromine Industry Association and holds leadership positions in several industry associations, reflecting its prominence in the bromine sector [3] - Shandong Haiwang Chemical is recognized as a high-tech enterprise with provincial-level technology centers and has applied for multiple technology patents, contributing to product development and quality improvement [3]

Core Insights - The establishment of the drilling and completion tools R&D and manufacturing center has led to the completion of over 2,600 drilling and completion tool products since its inception on June 18 [1] - The company emphasizes technology-driven operations, focusing on market demand and application transformation, with a goal to enhance internal collaboration and industry chain resilience [1][2] - The R&D center aims to serve as a source of innovation, an accelerator for revenue generation, and a talent incubator within the industry [1] Group 1 - The drilling and completion tools R&D center integrates research design, manufacturing, and maintenance capabilities, achieving a controllable full chain from product design to finished product processing [2] - The center has established three major processing bases covering an area of approximately 2,600 square meters, equipped with 65 various processing machines, and can produce over 100 tool products weekly to meet internal supply needs [2] - The oilfield chemical products R&D and manufacturing center combines R&D, production, testing, and sales, implementing a three-tier quality control network and aiming for a production capacity of 100,000 tons within three years [2] Group 2 - The oilfield chemical center plans to achieve a 90% replacement rate for chemical additives, producing over 80 types of chemical agents autonomously [2] - The company is transitioning from a traditional service support model to a self-reliant strategic support model, enhancing product quality, price control, and overall efficiency [1]

Core Insights - Company reported a revenue of 380 million yuan for 2024, representing a year-on-year growth of 5.88%, and a net profit of 53.76 million yuan, up 3.26% from the previous year [1] - Total assets reached 769 million yuan, an increase of 41.19% year-on-year, with a debt-to-asset ratio reduced to 13.91%, down 3.13 percentage points from the previous year [1] Company Overview - Company operates in the upstream oil service sector, focusing on oilfield engineering technology services, including oilfield chemical research and production, equipment design, and manufacturing [1] - It is recognized as a national high-tech enterprise and a "little giant" enterprise, holding 86 patents, including 29 invention patents [1] Market Position and Growth - As the first company listed on the Beijing Stock Exchange in Xinjiang, it demonstrates strong growth and profitability, leveraging its technological advantages in oilfield services [2] - The company has strengthened its research and development capabilities in key technologies such as oilfield water treatment and crude oil dehydration, leading to significant breakthroughs [2] Financial Performance - Core business revenue from technical services reached 280 million yuan, a growth of 10.47% year-on-year, with a stable gross margin of 33.87% [3] - Product sales generated 76.58 million yuan, with a gross margin of 44.10%, reflecting a 20.89% increase from the previous year [3] Future Strategy - The company aims to enhance its competitiveness through a "technology + service + ESG" approach, focusing on developing green technologies for liquid treatment and resource recovery [4] - Long-term goals include upgrading to a "pollution reduction-resource recovery-digital closed-loop" system, tracking policy and technological innovations to create new markets [4]

Financial Performance - Company achieved a total revenue of 527 million yuan in 2024, with a net profit attributable to shareholders of 30.63 million yuan and a basic earnings per share of 0.35 yuan [1] - Proposed cash dividend of 1 yuan per 10 shares, totaling an estimated distribution of 8.82 million yuan [1] Business Focus and Product Offerings - Company specializes in microchannel continuous reaction technology and produces oil additives, refining aids, oilfield chemicals, and other fine chemical products [1] - Major products include diesel cetane improver (nitrate isooctyl ester), diesel anti-wear agents, and various fine chemical products serving large domestic and international oil and chemical enterprises [1] Market Strategy and Sales Growth - Company emphasizes solidifying the domestic market while expanding overseas, achieving domestic revenue of 322 million yuan (up 2.44% year-on-year) and international revenue of 205 million yuan [2] - Focus on enhancing marketing strategies, optimizing sales mechanisms, and improving service capabilities to capture market opportunities [2] Research and Development - R&D expenditure amounted to 12.87 million yuan, with an R&D intensity of 2.44% [3] - Achieved 5 new authorized invention patents and 7 new patent applications, along with 3 published professional papers [3] - Established a research center recognized as an engineering research center, enhancing the company's technological innovation capabilities [3] Future Directions - Company aims to focus on clean energy, new chemical materials, and new energy, promoting original innovation in functional new materials [4] - Plans to drive traditional industries towards high-end development through high-end, intelligent, and green technological innovations [4]