编号：2025015 | | ●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（请文字说明其他活动内容） | | | 长城证券：花江月 | | 参与单位 | 招商证券：袁定云 | | 名称及人 | 陆家嘴国泰人寿：刘尚 | | 员姓名 | 东方财富证券：梅宇鑫 | | | 方正证券：杨宇禄 | | 时间 | 年 月 日 2025 11 26 | | 地点 | 三维化学公司总部 | | 上市公司 | 董事会秘书：张军先生 | | 接待人员 | 证券事务代表：刘财先生 | | 姓名 | | | | 一、公司2025年前三季度经营业绩介绍 | | 投资者关 | 公司2025年前三季度生产经营实现稳健发展。2025年前三季度， | | 系活动主 | 公司合计实现营业收入人民币194,100.37万元，同比增长14.63%； | | 要内容介 | 实现归属上市公司股东的净利润人民币15,345.82万元，同比增长 | | 绍 | 5.14%。具体情况可查阅公司于2025 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 1.941 billion yuan for the first three quarters of 2025, an increase of 14.63% year-on-year. The net profit attributable to shareholders was 153 million yuan, up 5.14% year-on-year [2][6]. - In Q3 2025, the company achieved a revenue of 692 million yuan, a year-on-year increase of 3.61%, but a quarter-on-quarter decrease of 1.28%. The net profit attributable to shareholders was 33 million yuan, down 46.18% year-on-year and down 51.90% quarter-on-quarter [2][6]. - The company has a contract asset of 190 million yuan in Q3 2025, which is a 102.8% increase compared to the beginning of the year, mainly due to the confirmation of income from various engineering projects [13]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.941 billion yuan, with a net profit of 153 million yuan. The Q3 revenue was 692 million yuan, with a net profit of 33 million yuan [2][6]. - The projected net profits for 2025, 2026, and 2027 are 250 million yuan, 370 million yuan, and 500 million yuan, respectively, with corresponding PE ratios of 22.8X, 15.3X, and 11.3X [13]. Market and Industry Analysis - The chemical sector is under pressure, with the average market price of normal propanol around 7070 yuan/ton in Q3 2025, down 1.9% quarter-on-quarter [13]. - The company is advancing coal chemical projects and refining transformation projects, supported by national policies aimed at enhancing efficiency and reducing costs [13]. Product and Technology Development - The company is the largest producer of normal propanol in China and is focusing on optimizing production processes for various aldehydes and alcohols [13]. - The high-end cellulose products are expected to benefit from domestic substitution trends, with a significant production capacity upgrade planned for acetate butyrate cellulose [13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company experienced a temporary pressure on performance in Q3 2025, with revenue of 6.92 billion yuan, a year-on-year increase of 3.61%, and a net profit of 0.33 billion yuan, a year-on-year decrease of 46.18%. However, the company is focusing on optimizing its production of cellulose acetate butyrate and aims to quickly bring new capacity for isooctanoic acid (50,000 tons/year) into production, which is expected to contribute to long-term growth [1][4]. - The company has a robust order backlog, with signed but uncompleted orders amounting to approximately 16.41 billion yuan as of Q3 2025, and new engineering orders signed in Q3 totaling 3.73 billion yuan [2][4]. - The company has shown improved cost control, with a period expense ratio of 9.82%, a year-on-year decrease of 1.19 percentage points. The cash flow remains positive, with a net cash flow from operations of 1.19 billion yuan [3][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.941 billion yuan, a year-on-year increase of 14.63%, and a net profit attributable to the parent company of 153 million yuan, a year-on-year increase of 5.14% [1]. - The gross margin for Q3 2025 was 13.85%, down 6.97 percentage points year-on-year, primarily due to declining chemical product prices, such as a 15.58% drop in the average price of octanol [2]. - The company’s projected net profits for 2025-2027 are adjusted to 265 million, 330 million, and 415 million yuan, respectively, with corresponding P/E ratios of 21.47, 17.24, and 13.71 [4][5].

Summary of 3D Chemical Conference Call Company Overview - **Company**: 3D Chemical - **Industry**: Chemical Engineering, specifically in sulfur recovery and chemical products Key Points and Arguments 1. **Market Position**: 3D Chemical holds a leading position in the sulfur recovery engineering sector, having completed over 250 installations, particularly in the petrochemical and coal chemical industries [2][4][6] 2. **Financial Performance**: In the first half of 2025, the company reported revenues of approximately 12.5 billion yuan and a net profit of about 1.2 billion yuan, reflecting a year-on-year profit growth of over 40% [4][20] 3. **Revenue Breakdown**: - **Sulfur Recovery**: Generated around 5 billion yuan in revenue with a profit of about 50 million yuan [2][4] - **Chemical Products**: The chemical segment, primarily through the Zibo Nuoao facilities, achieved revenues of approximately 7 billion yuan, with profits ranging from 60 million to 70 million yuan [2][4] - **Catalyst Segment**: Smaller scale, with revenues of 200 to 300 million yuan and profits between 10 million to 20 million yuan [2][4] 4. **Future Growth**: The company has a backlog of orders exceeding 16 billion yuan, with new contracts signed this year surpassing 1 billion yuan, ensuring business growth for the next three to five years [2][5][6] 5. **New Projects**: The company is advancing projects in acetic acid cellulose and related products, with high-margin products expected to enhance profitability by the end of next year [2][5][8] 6. **Investment Strategy**: Plans to maintain a dividend payout ratio of over 70% and no major capital expenditures in the next three years, focusing instead on potential acquisitions for growth [2][18] 7. **Technological Development**: Currently testing hydrogen sulfide electrocatalytic separation technology, which could revolutionize the sulfur recovery industry [3][19] 8. **Profit Margins**: The profit margin for ongoing projects is gradually improving, with expectations of reaching over 15% as revenue recognition increases [9] 9. **Order Contributions**: The Xinjiang coal chemical sector contributed over 30% of new orders this year, amounting to approximately 4 billion yuan [10][12] 10. **Project Profitability**: Design projects are expected to yield profit margins of 40% to 50%, while construction projects are estimated at 20% to 25% [13] Additional Important Information - **Market Demand**: The domestic demand for acetic cellulose is significant, with a market capacity of around 600,000 to 700,000 tons, and the company aims to capture a portion of this market with its new production lines [16][17] - **Stock Incentives**: The company is considering a stock incentive plan to align management interests with shareholder value, although practical implementation details are still being worked out [21]

Core Viewpoint - Shandong Sanwei Chemical Group Co., Ltd. is actively engaging with investors and showcasing its diverse business operations, which include engineering, chemicals, and catalysts, highlighting its strong market position and future growth plans [1][2]. Group 1: Business Overview - Sanwei Chemical operates as a technology-driven chemical group with three main segments: engineering, chemicals, and catalysts [2]. - In the engineering sector, the company is the leading domestic provider of sulfur recovery design and contracting services [2]. - The chemical segment includes being a leading domestic producer of n-propanol, a recovery enterprise for dibutyl and octanol residual liquids, and a seller of n-pentanol [2]. - In the catalyst field, the company is a significant provider of sulfur-resistant conversion technology and catalyst products, with its QDB series catalysts recognized for their international performance [2]. Group 2: Engineering Business Orders - In the first half of 2025, Sanwei Chemical signed new engineering consulting and contracting orders totaling approximately 637 million yuan [3]. - As of June 30, the company had a total of 1.629 billion yuan in signed but uncompleted orders, including projects for Northern Huajin United Petrochemical and Sinopec (Tianjin) Petroleum and Chemical [3]. Group 3: Coal Chemical Projects - The company has a strong track record in coal chemical projects, having previously worked with major firms like Shenhua Yulin and Ningxia Baofeng Energy [4]. - Since 2025, Sanwei has taken on new coal chemical projects for Xinjiang Tianchi Energy and the National Energy Group, providing engineering services and catalyst procurement [4]. Group 4: Chemical Business Operations - The chemical segment employs a flexible production model based on market demand, allowing for quick adjustments in production [5]. - The company is advancing several projects, including the optimization of cellulose acetate butyrate production and the addition of 50,000 tons per year of isooctanoic acid capacity [5]. - Future plans include integrating R&D resources to develop high-end fine chemicals [5]. Group 5: Shareholder Returns and Expansion Plans - For the first half of 2025, the company announced a cash dividend of 1 yuan per 10 shares, totaling approximately 64.89 million yuan, with cumulative cash dividends since 2010 reaching 1.226 billion yuan [6]. - The company plans to enhance capital efficiency and expand into fine chemicals while also exploring external growth opportunities due to its strong cash position and low debt ratio [6].

Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in R&D, engineering services, catalyst production, and basic chemical raw material sales [2][3] - The company is a leading domestic producer of n-propanol, butanol residue recovery, and n-pentanol sales [3] Engineering Business Performance - In the first half of 2025, the company signed new engineering consulting and EPC contracts worth approximately ¥637.45 million [4] - As of June 30, 2025, the total amount of signed but uncompleted engineering contracts was ¥1.629 billion [4][5] - Major ongoing projects include sulfur recovery installations and technology transformation projects for various clients [4][5] Coal Chemical Projects - The company has undertaken several coal chemical projects, including sulfur recovery installations and catalyst procurement for major energy groups [6][7] - New projects since 2025 include a 2 billion cubic meters/year coal-to-natural gas project and various sulfur recovery technology services [7][8] Chemical Business Model - The chemical business operates on a flexible production model, adjusting production based on market demand and raw material prices [8][9] - The company has a complete "aldehyde-alcohol-acid-ester" industrial chain, allowing for flexible production adjustments [9] Future Development Plans - The company is advancing projects to enhance the production of cellulose derivatives and high-quality octanoic acid, targeting an additional capacity of 50,000 tons/year [10] - Plans include integrating R&D resources to promote green and high-end product development [10] Shareholder Returns - The company plans to distribute a cash dividend of ¥1.00 per 10 shares, totaling ¥64.89 million, based on the total share capital of 648,862,630 shares as of June 30, 2025 [12] - Cumulative cash dividends since 2010 amount to ¥1.225 billion, reflecting the company's commitment to shareholder returns [12] Financial Position - The company maintains a strong cash reserve and low debt ratio, positioning itself for potential expansion opportunities [13][14] - Plans to enhance production efficiency and explore high-value downstream chemical products are in place [14]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.249 billion yuan, up 21.8% year-on-year, and net profit of 120 million yuan, up 42.5% year-on-year [5][6] - The engineering business has seen substantial growth, particularly from the Huajin project, which contributed significantly to revenue [6] - The company has a strong order backlog, with new orders signed amounting to 640 million yuan, a year-on-year increase of 60.2% [6] Financial Performance - In H1 2025, the company achieved a gross margin of 19.9% and a net margin of 19.0%, reflecting improvements in profitability [6] - The company’s total revenue for 2025 is projected to be 2.934 billion yuan, with net profits expected to reach 340 million yuan [9] - The earnings per share (EPS) for 2025 is estimated at 0.52 yuan, with a growth forecast of 29.3% year-on-year [7][9] Business Segments - The engineering segment reported a revenue increase of 483.5% year-on-year, while the design segment grew by 89.7% [6] - Chemical and other business segments experienced mixed results, with some categories like alcohol and aldehyde esters declining due to weak end-market demand [6] Future Outlook - The company is expected to benefit from the expansion of the Xinjiang coal chemical industry, which will drive future growth [6] - The production of isooctanoic acid is anticipated to contribute to new growth, with a projected output of 50,000 tons by the end of the year [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company has shown significant growth in revenue and new orders year-on-year, with a strong dividend payout to shareholders [2][7] - The company is expected to achieve a net profit of 3.4 billion, 4.3 billion, and 5.4 billion for the years 2025 to 2027, representing year-on-year growth of 31%, 26%, and 25% respectively [7] Financial Performance Summary - For 2023A, the company reported revenue of 2,657 million, with a projected increase to 4,581 million by 2027E, reflecting a growth rate of 19.2% [10] - The net profit attributable to the parent company for 2023A was 282 million, expected to rise to 537 million by 2027E, with a growth rate of 24.6% [10] - The company's return on equity (ROE) is projected to improve from 10.1% in 2023A to 15.0% in 2027E [10] - The latest diluted earnings per share (EPS) is 0.43 yuan, expected to increase to 0.83 yuan by 2027E [10] Order and Revenue Growth - The company achieved a significant increase in new contracts, with a total of 6.37 billion in new orders, a year-on-year increase of 60% [7] - The engineering contracting revenue saw a remarkable increase of 483.46%, driven by key projects such as the contract with Beifang Huajin [2][7] Margin Improvement - The company's gross margin and net margin improved year-on-year, with sales gross margin at 19.94% and net margin at 9.51% for the first half of the year [2] - The gross margin for engineering contracting and aldehyde alcohol ester products showed significant improvement, with respective margins of 17.61% and 20.97% [2][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][4]. Core Views - The company reported a significant increase in Q2 performance, with a revenue growth of over 150% and a high dividend payout, showcasing its investment value [1]. - The engineering contracting business is experiencing rapid growth, with substantial contributions from new projects expected to enhance future performance [2]. - The company's profitability has improved, with better cost control and a net profit margin increase [3]. - Long-term growth prospects remain strong, supported by a robust order backlog and new project contributions [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.249 billion yuan, a year-on-year increase of 21.81%, and a net profit of 120 million yuan, up 42.54% [1]. - Q2 alone saw revenues of 701 million yuan, reflecting a 38.48% increase year-on-year, and a net profit of 69 million yuan, which is a remarkable 156.22% increase [1]. - The company maintained a cash dividend payout ratio of around 100%, with a TTM dividend yield of 4.43% as of August 23 [1]. Business Segments - The engineering segment reported revenues of 409 million yuan and 46 million yuan from contracting and design services, respectively, with year-on-year growth of 483.46% and 89.67% [2]. - In the chemical segment, revenues from various products showed mixed results, with a decline in some areas but an increase in profit margins due to rising prices of certain chemicals [2]. - New business initiatives, particularly in cellulose and its derivatives, generated 9.654 million yuan in revenue, indicating a 47.73% increase year-on-year, with potential for future growth [2]. Profitability and Cost Control - The overall gross margin improved to 19.9%, a year-on-year increase of 0.89 percentage points, while the expense ratio decreased to 10.11%, down 1.55 percentage points [3]. - The net profit margin reached 9.51%, reflecting a 1.39 percentage point increase year-on-year [3]. - Cash flow from operations showed a net inflow of 22 million yuan, although it was lower than the previous year due to increased bank acceptance bill settlements [3]. Long-term Growth Potential - The company has a strong order backlog, and new projects are expected to contribute positively to future earnings [4]. - Adjusted profit forecasts for 2025-2027 are 330 million, 430 million, and 550 million yuan, respectively, with corresponding P/E ratios of 17.6, 13.7, and 10.7 [4].

Group 1 - The core viewpoint of the article highlights the recent research conducted by the well-known private equity firm Ruipu Investment on a listed company, Sanwei Chemical, which has shown significant growth in revenue and net profit in the first half of 2025 [1] - Sanwei Chemical achieved an operating revenue of 1,248.81 million yuan, representing a year-on-year increase of 21.81%, and a net profit attributable to shareholders of 120.36 million yuan, up 42.54% year-on-year [1] - The company has a total of signed but uncompleted orders amounting to 1,629.46 million yuan in its engineering business, indicating a strong backlog and future revenue potential [1] Group 2 - Sanwei Chemical employs a flexible production model that adapts to market demand, focusing on optimizing its products and enhancing its technological capabilities in sulfur recovery and comprehensive utilization of C4 resources [1] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 64.89 million yuan, reflecting its cash-rich position and commitment to returning value to shareholders [1] - Future strategies include optimizing existing operations and actively expanding into downstream fine chemicals, while also considering opportunities for external growth [1]