来源:金融界 消息面上，博汇股份近日成功中标中国石油润滑油公司基础油采购项目。同时公司发布公告提示，截至 8月19日收市后仍未转股的"博汇转债"将被强制赎回，赎回价格为100.02元/张。 资金流向方面，8月14日主力资金净流出1977.54万元，占流通市值的0.53%。近五日主力资金累计净流 入2367万元，占流通市值的0.63%。 风险提示：投资有风险，入市需谨慎。 博汇股份8月14日股价报14.18元，较前一交易日下跌0.58元，跌幅3.93%。当日成交量为16.47万手，成 交金额达2.41亿元。 博汇股份主要从事石油化工产品的研发、生产和销售，产品包括润滑油基础油、白油等。公司属于石油 行业板块。 ...

Investment Rating - The report does not explicitly state the investment rating for Ningbo Bohui Chemical Technology Core Insights - The actual controller intends to change, with a framework agreement signed for the acquisition of control rights, leading to a change in the controlling shareholder to the original Xinxiwang Partnership and the actual controller to the State-owned Assets Management Office of Huishan District, Wuxi City [1][2] - The company focuses on the chemical industry sub-sector, emphasizing green chemicals and industrial upgrading, with an annual production capacity of up to one million tons and a range of products including special oils and fuel oils [3] - The company has seized opportunities in the international ship refueling market, being the only private refinery operating bonded high-sulfur fuel oil in China, with a significant increase in bonded ship fuel oil refueling volume [3] - A private placement application has been accepted, aiming to raise up to 420 million yuan to enhance working capital and repay bank loans, alongside the establishment of a subsidiary for liquid cooling technology [3] Summary by Sections Actual Controller Change - The controlling shareholder and actual controllers have signed an agreement for a change in control, which will transition to the original Xinxiwang Partnership and the State-owned Assets Management Office of Huishan District, Wuxi City [1][2] Business Focus and Upgrading - Founded in 2005, the company specializes in green chemicals, with production capabilities in a national chemical park and a diverse product range that supports various applications [3] Market Opportunities - The company has successfully entered the international ship refueling market, marking a significant milestone in domestic fuel oil futures delivery and increasing its market presence [3] Financial Developments - The company has initiated a private placement to raise funds for operational enhancements and has established a subsidiary focused on intelligent computing services and liquid cooling technology [3]

Company Overview - Founded in 2005, the company specializes in green chemicals with a production base located in the Ningbo Petrochemical Economic and Technological Development Zone, a key area for the petrochemical industry in China [2][3] - The company has established a wholly-owned subsidiary in Wuxi, focusing on the liquid cooling industry [2][3] Core Technologies and Production Capacity - The company has localized the application of Shell technology and developed several core technologies, establishing a research and innovation moat [3] - With two major production bases, the annual production capacity can reach 1 million tons, and the company has self-sufficient hydrogen production capabilities [3] Product Range and Applications - Main products include specialty oils, base oils, white oils, fuel oils, and asphalt, widely used in energy storage materials, ship refueling, lubricating oil processing, and rubber processing [3] - Continuous development of new products will expand application scenarios [3] Market Strategy and Innovation - The company has set up branches in Beijing, Singapore, and Zhoushan Free Trade Zone to quickly grasp global fuel information trends and link global procurement channels [3] - It is the only private refinery in China operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] Safety and Environmental Initiatives - Significant investments in safety and environmental protection from the outset, resulting in a factory with no odor and energy-saving effects that exceed industry standards [3] - Recognized as a national green factory and a national industrial product green design demonstration enterprise [3] Talent Acquisition - The company has gathered a management team with outstanding professional capabilities and rich practical experience across manufacturing, research and development, and safety and environmental protection [3] Subsidiary Establishment - Two wholly-owned subsidiaries, Ningbo Qihang New Materials Technology Co., Ltd. and Ningbo Qicheng New Materials Technology Co., Ltd., were established with a capital of RMB 1 million each, focusing on chemical-related businesses [4] Stock Issuance and Fund Utilization - The company plans to issue A-shares to specific investors, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with funds primarily for working capital and repaying bank loans [4] Industry Collaboration - Recent discussions with industry leaders focused on the company's transformation and development path in the context of industrial change, particularly in the liquid cooling sector [4] Liquid Cooling Sector Development - The company aims to leverage the explosive growth in national computing power demand by establishing a liquid cooling company and building a professional team to capture development opportunities [4] Financial Reporting - The company will release its semi-annual report on August 26, 2025, detailing the second-quarter profits [4]

Core Viewpoint - The credit rating agency maintains the credit rating of Ningbo Bohui Chemical Technology Co., Ltd. at "A" due to significant losses in 2024 and the first quarter of 2025, alongside declining profitability and debt repayment indicators, while the company is actively pursuing business transformation and restructuring [3][5][6]. Financial Performance - The company reported a total asset value of 20.61 billion in 2024, down from 21.35 billion in 2023 and 21.11 billion in 2022 [4]. - The net profit for 2024 was -3.10 million, a significant decline from 1.52 million in 2023 [4]. - The operating cash flow turned negative at -1.12 million in 2024, compared to 4.29 million in 2023 [4]. - The debt-to-equity ratio reached 79.41% by the end of March 2025, indicating high leverage [6][7]. Business Transformation - The company is focusing on transforming its product structure and business model, having obtained fuel oil processing trade qualifications by the end of 2024 [5][6]. - The introduction of local state-owned investors is expected to provide financial support and positively impact business operations and financing [5][6]. Industry Context - The fuel oil deep processing industry is characterized by specialized divisions and geographical constraints, primarily located in coastal regions such as North China and the Yangtze River Delta [12][13]. - The industry faces challenges related to production technology and the need for high-quality raw materials, which are critical for meeting the stringent quality requirements of downstream customers [12][13]. Production and Capacity - The company has two main production facilities with a design capacity of 40 million tons each for aromatic extraction and environmental aromatic oil production [19][20]. - The production capacity utilization rate for the aromatic extraction facility was 69.15% in 2023, while the environmental aromatic oil facility was at 74.26% [21]. Future Outlook - The company plans to invest 0.50 billion in a project to adapt raw materials for the environmental aromatic oil facility, which is expected to commence in the second half of 2025 [21][22]. - The company is exploring a fuel oil processing trade model, which is anticipated to significantly influence its future profitability [22].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The supply and demand in the base oil industry remain stable, with slight adjustments in tail oil prices. The demand is generally moderate, and imported base oils are stabilizing. Rising crude oil prices are stimulating downstream purchases [7][11][65] - The theoretical profit for hydrogenated base oil this week is 356 CNY/ton, a decrease of 10.55% compared to the previous week [13][19] - The production capacity utilization rate for domestic II-type paraffinic base oil is currently at 50% [22][24] Summary by Sections 1. Industry Chain Product Fluctuation Analysis - The price fluctuations of lubricating oil base oil products show a range of -1.6% to 0.3% this week, with waste mineral oil and base oil 150N experiencing declines of -1.6% and -0.3% respectively [16] - The theoretical profit for hydrogenated base oil has decreased by 10.55% week-on-week [19] 2. Base Oil Market Weekly Overview - The international base oil market shows mixed price trends, with some categories experiencing price increases while others remain stable or decline [25][26] - The domestic market for 150N base oil is reported at 7712 CNY/ton, a decrease of 0.48% [35] 3. Base Oil Cost and Profit Changes - The production cost for hydrogenated base oil is 7356 CNY/ton, with a slight increase of 0.09% week-on-week. The profit margin has decreased significantly [35] 4. Base Oil Supply and Demand Situation - The domestic II-type paraffinic base oil production has increased by 4% due to the resumption of operations at high-bridge petrochemical [40] - The inventory level for II-type paraffinic base oil remains low at approximately 35,000 tons, indicating a balanced supply-demand situation [54] 5. Base Oil and Downstream Inventory Situation - The average inventory ratio for lubricating oil production enterprises is 25%, indicating a slight decrease from the previous week [58] 6. Related Products - The international crude oil prices have shown an upward trend, with WTI at 62.85 USD/barrel and Brent at 64.86 USD/barrel, reflecting geopolitical tensions and seasonal demand [61] 7. Trend Forecast - The market sentiment survey indicates that 25% of participants expect prices to rise, 65% expect stability, and 10% expect a decline in the coming week [66]