金融界4月28日消息，上证指数低开震荡，沪深300化工指数 (300化工，L11502)报2080.97点。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行 业。沪深300行业指数系列分别以进入各一级、二级、三级、四级行业的全部证券作为样本编制指数， 形成沪深300行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，沪深300化工指数十大权重分别为：万华化学（23.25%）、盐湖股份（13.52%）、宝 丰能源（7.58%）、巨化股份（7.48%）、恒力石化（7.2%）、卫星化学（7.1%）、华鲁恒升 （6.86%）、藏格矿业（6.26%）、龙佰集团（6.04%）、荣盛石化（5.49%）。 从沪深300化工指数持仓的市场板块来看，上海证券交易所占比56.54%、深圳证券交易所占比43.46%。 从沪深300化工指数持仓样本的行业来看，其他化学原料占比39.27%、聚氨酯占比23.25%、钾肥占比 19.79%、氟化工占比7 ...

华鲁恒升 (600426 CH) 煤炭成本延续改善，新项目逐步推进 证券研究报告 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 农用化工 | 华鲁恒升于 4 月 25 日发布 25Q1 季报：Q1 实现营业收入 77.7 亿元，同比 -2.6%/环比-14%，归母净利润 7.07 亿元，同比-34%/环比-17%，扣非净利润 7.03 亿元，同比-34%/环比-13%。公司 25Q1 归母净利基本符合我们预期（7.0 亿元）。考虑公司煤化工规模优势，荆州基地效益较好，维持"买入"评级。 Q1 新能源板块销量有所增长，多数主营产品价格仍处低位 Q1 醋酸及衍生品销量同比-8%/环比-21%至 33.7 万吨，营收同比-16%/环比 -20%至 8.2 亿元，均价同比-9%/环比+1%至 2432 元/吨。Q1 新材料板块销 量同比+23%/环比+2%至 66.4 万吨，营收同比-1%/环比-9%至 37.5 亿元， 均价同比-20%/环比-11%至 5653 元/吨。Q1 有机胺板块销量同比-1%/环比 -2 ...

Company Performance - In Q1 2025, the company reported revenue of 7.772 billion yuan, a year-on-year decrease of 2.59%, and a net profit attributable to shareholders of 707 million yuan, down 33.65% year-on-year [1] - The decline in performance is attributed to the overall downturn in the chemical industry since the second half of 2021, characterized by intense competition and oversupply leading to price drops, exemplified by urea prices falling from over 2000 yuan/ton in 2024 to over 1800 yuan/ton currently [1] - External factors, such as US-China trade tariffs, have also impacted the company's performance by causing a decline in oil prices, which are closely linked to the prices of most chemical products [1] Strategic Outlook - The company plans to adjust production based on market demand and product profitability, aiming to increase the output of higher-margin products while reducing that of lower-margin ones to optimize resource allocation and enhance overall efficiency [2] - The company aims to maintain price control over products with significant market influence to sustain profitability [2] Industry Context - According to a report by China Galaxy Securities, the chemical industry is currently at a historical low point, with basic chemicals and petrochemicals experiencing year-on-year net profit declines of 6.2% and 22.4%, respectively [2] - The industry is expected to face weak demand due to domestic macroeconomic pressures and increasing external uncertainties, with the Brent crude oil price forecasted to average around 70 USD/barrel in 2025, potentially alleviating cost pressures [2] Company Background - The company is a major player in the chemical sector under Shandong Hualu Group, with total assets of approximately 45 billion yuan and a diverse product range across four main sectors [3] - Historical revenue figures show fluctuations, with revenues of 30.245 billion yuan in 2022, 27.260 billion yuan in 2023, and 34.226 billion yuan in 2024, reflecting a year-on-year change of +13.10%, -9.87%, and +25.55%, respectively [3] - Net profits for the same years were 6.289 billion yuan, 3.576 billion yuan, and 3.903 billion yuan, with year-on-year changes of -13.50%, -43.14%, and +9.14% [3]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to falling product prices, but the results were in line with expectations [1] Financial Performance - Q1 2025 revenue was 7.772 billion yuan, down 2.6% year-on-year and 14.1% quarter-on-quarter [1] - Net profit attributable to shareholders was 707 million yuan, corresponding to earnings per share of 0.33 yuan, down 33.7% year-on-year and 17.2% quarter-on-quarter [1] - The decline in revenue was mainly attributed to a drop in average selling prices across key product categories, with significant decreases in prices for chemical fertilizers and organic amines [1] Market Trends - Most product price spreads are at historical low levels, with expectations for improved export demand for urea and oxalic acid [2] - Urea prices in Q1 2025 showed a year-on-year decline of 22%, while coal prices also decreased, impacting the price spread [2] - Urea exports from China fell significantly in 2024, but there is potential for recovery in 2025 as domestic supply remains ample [2] Operational Developments - The company is expanding its capacity and product categories while focusing on cost reduction and efficiency improvements [3] - As of Q1 2025, the company had ongoing construction projects valued at 4.883 billion yuan, indicating a slight increase from the end of 2024 [3] - New projects include the production of amide raw materials and integrated projects for BDO and NMP, aimed at enhancing future growth [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 3.660 billion yuan and 4.196 billion yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 12.2 times for 2025 and 10.6 times for 2026, with a target price of 29.5 yuan indicating a potential upside of 40.7% [4]

Core Viewpoint - The company, Shandong Hualu Hengsheng Chemical Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial data presented [2][7]. Financial Data Summary - The financial statements for the first quarter of 2025 have not been audited [3][5]. - The net profit from the merged entity before the merger was approximately 218.87 million yuan, compared to 237.66 million yuan in the previous period [5]. Shareholder Information - The company plans to repurchase shares using between 200 million yuan and 300 million yuan of its own or raised funds, pending approval at the 2024 annual general meeting [10]. - The announcement includes details about the top ten shareholders and their respective holdings [11][12]. Operational Data - The company disclosed key operational data for the first quarter, highlighting significant discrepancies between production and sales volumes for new energy materials due to internal usage of intermediate products [7][8].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 7,771,601,919.12, a decrease of 2.59% compared to CNY 7,978,040,671.96 in the same period last year[3] - Net profit attributable to shareholders decreased by 33.65% to CNY 706,862,256.32 from CNY 1,065,362,337.51 year-on-year[3] - The basic earnings per share fell by 33.47% to CNY 0.334 from CNY 0.502 in the previous year[3] - Total revenue for Q1 2025 was ¥7,771,601,919.12, a decrease of 2.6% compared to ¥7,978,040,671.96 in Q1 2024[16] - Net profit for Q1 2025 was ¥772,522,045.53, down 32.0% from ¥1,136,659,292.60 in Q1 2024[17] - Operating profit for Q1 2025 was ¥943,071,955.62, a decline of 31.1% compared to ¥1,369,736,191.09 in Q1 2024[17] - Total comprehensive income for the period attributable to the parent company was CNY 706,862,256.32, a decrease from CNY 1,065,362,337.51 in the previous period[18] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 930,375,592.80, down 17.72% from CNY 1,130,744,553.55 in the same period last year[3] - Cash inflow from operating activities totaled CNY 7,312,290,474.31, while cash outflow was CNY 6,381,914,881.51, resulting in a net cash flow of CNY 930,375,592.80[20] - Cash and cash equivalents at the end of the period amounted to CNY 2,011,009,566.94, down from CNY 2,129,430,947.68 at the end of the previous period[20] - Cash inflow from financing activities was CNY 1,323,710,903.08, significantly higher than CNY 504,437,892.33 in the previous year[20] - Net cash flow from investing activities was negative at CNY -1,213,527,168.24, compared to CNY -1,359,810,115.92 in the same period last year[20] Assets and Liabilities - Total assets increased by 3.02% to CNY 48,066,797,686.34 from CNY 46,657,911,907.48 at the end of the previous year[3] - Total current assets reached ¥8,252,238,852.93 as of March 31, 2025, a rise of 11.9% from ¥7,374,489,438.90 as of December 31, 2024[11] - Total liabilities increased to ¥14,454,095,417.01 as of March 31, 2025, compared to ¥13,830,138,622.56 as of December 31, 2024[13] - Shareholders' equity totaled ¥33,612,702,269.33 as of March 31, 2025, an increase from ¥32,827,773,284.92 as of December 31, 2024[13] Shareholder Information - The total number of common shareholders at the end of the reporting period was 62,150[7] - The largest shareholder, Shandong Hualu Hengsheng Group Co., Ltd., held 32.08% of the shares, totaling 681,061,374 shares[7] Expenses and R&D - Total operating costs increased to ¥6,865,841,946.01 in Q1 2025, up 4.4% from ¥6,574,462,417.52 in Q1 2024[16] - Research and development expenses rose to ¥162,842,945.03 in Q1 2025, an increase of 32.9% from ¥122,529,471.30 in Q1 2024[17] Other Financial Metrics - The weighted average return on equity decreased by 1.37 percentage points to 2.25% from 3.62% year-on-year[3] - The decrease in net profit was primarily due to lower product prices during the reporting period[5] - The company reported non-recurring gains of CNY 3,748,298.81, including government subsidies and other income[4] - The company experienced a foreign exchange gain of CNY 4,635,530.02 during the period, compared to CNY 3,433,184.60 in the previous year[20] - The net profit of the merged entity prior to consolidation was CNY 218,865,964.02, down from CNY 237,656,516.98 in the previous period[18]

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 ...

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。 | 10 | 易方达沪深 | 300 | 交易型开放式指数发起式 | 19,482,156 | 0.92 | | --- | --- | --- | --- | --- | --- | | | 证券投资基金 | | | | | 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-026 二、前十名无限售条件股东持股情况 山东华鲁恒升化工股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持 股情况的公告 山东华鲁恒升化工股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开第 九届董事会 2025 年第 2 次临时会议，审议通过了《关于以集中竞价交易方式回购公司 部分股份方案的议案》，拟使用不低于人民币 2 亿元（含），不超过人民币 3 亿元（含） 的自有资金或自筹资金，通过集中竞价交易方式回购公司股份，用于减少公司注册资本， 该回购方案尚需提交公司 2024 年年度股东大会审议，具体回购方案详见公司于 2025 年 4 月 18 日在 ...

华鲁恒升（600426）公告，2025年第一季度营收为77.72亿元，同比下降2.59%；净利润为7.07亿元，同 比下降33.65%。 ...

Investment Rating - The report gives a "Buy" rating for the company for the first time [1]. Core Views - The company demonstrates resilience in performance by leveraging volume to offset price fluctuations, showcasing its ability to navigate through industry cycles [28][29]. - In 2024, the company achieved a revenue of 34.226 billion yuan, a year-on-year increase of 25.6%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.1% year-on-year [29][32]. - The company is positioned as a leading player in the coal chemical industry, with a stable shareholding structure and significant production capacity coming online from its Jingzhou base [9][10]. Summary by Sections Market Performance - The company’s stock price has fluctuated between 19.70 and 30.14 yuan over the past 52 weeks [6]. Financial Performance - In Q4 2024, the company reported a revenue of 9.046 billion yuan, a quarter-on-quarter increase of 10.3%, and a net profit of 854 million yuan, up 3.5% from the previous quarter [29][31]. - The company’s gross margin and net margin for 2024 were 18.7% and 12.2%, respectively, reflecting a slight decline compared to the previous year [34]. Production and Sales - The company’s production and sales volumes for key products in 2024 saw significant increases, with fertilizer, organic amines, acetic acid, and related products experiencing year-on-year sales growth of 44.5%, 12.6%, 116.7%, and 17.1%, respectively [5][12]. - The company’s production capacity is expected to continue expanding, with several projects coming online, enhancing its long-term growth potential [9][34]. Cost and Pricing Dynamics - The report notes that while coal prices have been declining, the overall cost pressures remain due to high raw material prices and weak terminal demand, leading to a contraction in product price spreads [20][21]. - The average prices for key raw materials in 2024 were reported as follows: coal at 835 yuan/ton, pure benzene at 8,274 yuan/ton, and propylene at 6,893 yuan/ton, with year-on-year changes of -4.2%, +14.4%, and -1.0%, respectively [22][23]. Long-term Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits for 2025, 2026, and 2027 at 4.192 billion yuan, 4.566 billion yuan, and 5.143 billion yuan, respectively, indicating year-on-year growth rates of 7.4%, 8.9%, and 12.6% [5][34].