公司报告 | 半年报点评 高分红彰显投资价值，维持"买入"评级 公司发布 25 年中报，25H1 公司实现营业收入 12.49 亿元，同比+21.81%， 实现归母净利润 1.20 亿元，同比+42.54%，其中 Q2 单季度实现营业收入 7.01 亿元，同比+38.48%，实现归母净利润 0.69 亿元，同比+156.22%，我 们判断总承包收入的快速增长带动公司上半年盈利能力的改善，25H1 公司 继续保持 100%左右现金分红比例，截止 8 月 23 日收盘股息率（TTM）达 4.43%，高分红彰显投资价值。 工程总承包业务快速增长，新业务贡献增量可期 分业务看，1）工程方面，25H1 公司工程总承包、工程设计业务分别实现 营收 4.09、0.46 亿元，同比分别+483.46%、+89.67%，毛利率分别为 17.61%、 41.28%，同比分别+16.75、+10.24pct，截至 25H1 北方华锦项目已累计确 认收入 5.68 亿元，已累计收款 6.08 亿； 三维化学（002469） 证券研究报告 Q2 单季度业绩增长超 150%，高分红仍具投资价值 2）化工方面，25H1 公司醇醛酯类、残液 ...

证券代码：002469 证券简称：三维化学 山东三维化学集团股份有限公司 投资者关系活动记录表 编号：2025012 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 | □业绩说明会 | | 系活动类 | □新闻发布会 | □路演活动 | | 别 | □现场参观 | | | | ●其他 电话会议 | | | | 国联民生证券：武慧东、朱思敏 | | | | 格林基金：刘喆 | | | | 北大方正人寿：范泽挺 | | | | 九泰基金：林柏川 | | | | 嘉实基金：卓佳亮、李昊泽 | | | | 富安达基金：余思贤 | | | | 厦门中略投资：姚迪 | | | 参与单位 | 国寿安保基金：李博闻 | | | 名称及人 | 安联证券投资：许廷全 | | | 员姓名 | 远信投资：黄垲锐 | | | | 民生通惠：艾孟奇 | | | | 招商证券资产管理：李龙峰 | | | | 陆家嘴国际信托：江坤 | | | | 太平基金：史彦刚 | | | | 中银基金：罗庆 | | | | 惠升基金：彭柏文 | | | | 天风证券：鲍荣富、王涛 | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.249 billion yuan for 1H2025, representing a year-on-year increase of 21.81%, and a net profit attributable to shareholders of 120 million yuan, up 42.54% year-on-year [7][8] - The engineering segment saw significant revenue growth, primarily due to the steady progress of the Beifang Huajin project, which generated 239 million yuan in revenue in 1H2025 [7][8] - The company expects to achieve net profits of 339 million yuan, 451 million yuan, and 581 million yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 17.9, 13.5, and 10.5 [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,657 million yuan in 2023, 2,554 million yuan in 2024, 3,075 million yuan in 2025, 3,658 million yuan in 2026, and 4,296 million yuan in 2027, with a revenue growth rate of 20.4% in 2025 [6][9] - The net profit attributable to shareholders is projected to be 282 million yuan in 2023, 263 million yuan in 2024, 339 million yuan in 2025, 451 million yuan in 2026, and 581 million yuan in 2027, with a net profit growth rate of 29.2% in 2025 [6][9] - The company's sales gross margin for 1H2025 was 19.94%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 9.64%, up 1.4 percentage points year-on-year [7][8] Market Performance - The company's stock price closed at 9.38 yuan as of August 20, 2025, with a circulating share capital of 629 million shares and a total share capital of 649 million shares [2]

Group 1: Company Overview - Shandong Sanwei Chemical Group is a technology-driven chemical group engaged in R&D, engineering services, and production of basic chemical raw materials [3] - The company is the largest producer of n-propanol in China and a leading enterprise in the recovery of butyl and octanol residuals [3][4] - Products are widely used in pharmaceuticals, pesticides, dyes, coatings, and food additives [3][4] Group 2: Engineering Business Performance - In Q1 2025, the company signed new engineering consulting and EPC contracts worth 302.328 million yuan [5] - As of March 31, 2025, the total signed but uncompleted orders amounted to 1.6706456 billion yuan [5] - Major ongoing projects include sulfur recovery and technical transformation projects for various petrochemical companies [6] Group 3: Coal Chemical Projects - The company has undertaken several coal chemical projects, including sulfur recovery design and technical services for major energy groups [7][8] - New contracts signed in 2025 include projects for natural gas production and sulfur recovery technology services [7][8] Group 4: Chemical Business and Product Strategy - The company is actively developing new chemical materials and has a complete "aldehyde-alcohol-ester" industrial chain [9] - Strategies to cope with price fluctuations include flexible production adjustments based on market demand and raw material prices [9] Group 5: Future Development Plans - Ongoing projects include the optimization of acetic acid butyl cellulose production and the enhancement of cellulose derivatives [10] - The company aims to integrate R&D resources to promote high-end product development in food-grade and pharmaceutical-grade chemicals [10] Group 6: Collaboration and R&D - A strategic partnership with the Dalian Institute of Chemical Physics focuses on technology development in petrochemicals and materials [11] - Current projects include the development of hydrogen production and sulfur technology from refining processes [11] Group 7: Catalyst Business Overview - The catalyst business is primarily managed by Qingdao Lianxin, which specializes in sulfur-resistant conversion technology [12] - The company aims to leverage its technological advantages to enhance profitability in the catalyst sector [12]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The construction sector has outperformed the market recently, with a 2.23% increase compared to the 2.09% rise in the CSI 300 index, indicating a positive trend in the industry [1] - Significant price increases in cellulose-related products have been observed, highlighting the potential for domestic substitution to drive performance and valuation catalysts, with a strong recommendation for Sanwei Chemical [1][24] - The issuance of special bonds remains high, suggesting a focus on the conversion rhythm of physical construction work in the future [4] - The year 2025 is anticipated to be a pivotal year for coal chemical projects, likely receiving additional policy support [1] Summary by Sections 1. Progress of Domestic Substitution for Cellulose Products - Acetate cellulose (CA) is primarily used in tobacco filters, with China consuming approximately 300,000 tons annually, and Sichuan Pushi holding a leading position in production [2] - The prices of CAB (cellulose acetate butyrate) and CAP (cellulose acetate propionate) have significantly increased, with domestic CAB prices rising to 90,000-115,000 RMB/ton from 58,000 RMB/ton earlier in the year [2][24] - Sanwei Chemical is enhancing its production capacity for cellulose and its derivatives, with a projected annual capacity of 15,000 tons expected to be operational by December 2025 [3][24] 2. Special Bond Issuance and Infrastructure Work - In April 2025, new local special bonds totaled 230.144 billion RMB, with a cumulative issuance of 1.1904 trillion RMB from January to April, marking a year-on-year increase of 467.9 billion RMB [4][29] - The cement shipment rate was reported at 48.07%, indicating a slight decrease, while the asphalt plant operating rate was 28.8%, showing a slight increase [4][29] 3. Market Review - The construction index rose by 2.23% during the week of May 5-9, with notable gains in the building decoration and design sectors, which increased by 5.91% and 4.43% respectively [5][36] - Top-performing stocks included Shanshui Bide (+28.1%) and ST Saiwei (+21.7%) [5][36] 4. Investment Recommendations - Focus on traditional construction blue-chip stocks, particularly in infrastructure sectors such as water conservancy, railways, and aviation, with recommendations for companies like Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [41] - Emphasis on cyclical opportunities in the construction sector, with a positive outlook for companies involved in coal chemical projects, particularly Sanwei Chemical and China Chemical [42]

Core Viewpoint - The company reported a steady operational performance in Q1 2025, with revenue growth but a decline in net profit, primarily due to fluctuations in chemical product prices and project revenue recognition delays [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 548 million yuan, representing a year-on-year increase of 5.5% but a quarter-on-quarter decrease of 36.4% [1]. - The net profit attributable to shareholders was 52 million yuan, down 10.5% year-on-year and down 55.8% quarter-on-quarter [1]. - The company's gross margin and net margin were 20.6% and 9.2%, respectively, with a year-on-year increase of 0.8 percentage points and a decrease of 1.1 percentage points [3]. Group 2: Business Outlook - The chemical business is expected to benefit from the company's integrated layout in alcohols and esters, with a new production line for 50,000 tons of isooctanoic acid expected to contribute to growth within the year [2]. - The engineering business has a strong order backlog, with new contracts signed in Q1 totaling 474 million yuan, 117 times that of the same period last year [2]. - The company is positioned to capture more orders due to its geographical advantages, particularly with ongoing projects like the Northern Huajin order expected to be completed in 2025 [2]. Group 3: Strategic Initiatives - The company is advancing its cellulose derivatives project, which includes upgrading a 1,000 tons/year butyric acid cellulose facility to 15,000 tons/year capacity, aiming to benefit from domestic substitution opportunities [3]. - The company leads in sulfur recovery technology, having designed and contracted 240 sulfur recovery units with a total capacity of 12.83 million tons/year, making it the largest in this sector in China [4]. - Recent wins in Xinjiang's coal chemical sector are expected to drive rapid growth in performance, with multiple projects secured for sulfur recovery design and technical services [4]. Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 416 million yuan, 525 million yuan, and 657 million yuan for 2025-2027, representing year-on-year growth rates of 58.5%, 26.0%, and 25.2%, respectively [4].