Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company demonstrates resilience in performance by leveraging increased production to offset price declines in a challenging market environment [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 report highlights the successful ramp-up of production capacity at the Jingzhou base, which significantly boosted sales across various product lines [14][29]. Summary by Sections Market Performance - The company’s stock has shown a relative performance against the CSI 300 index, with a notable decline of 34% over the observed period [2]. Financial Data - The company reported total revenue of 34.226 billion yuan for 2024, with a net profit of 3.903 billion yuan [6]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.97, 2.15, and 2.42 yuan, respectively, indicating a growth trajectory [5][6]. Production and Sales - The company’s production and sales volumes for key products in 2024 saw significant increases, with fertilizers, organic amines, acetic acid, and related products experiencing year-on-year sales growth of 44.5%, 12.6%, 116.7%, and 17.1%, respectively [14][15]. - The report notes that the company’s production capacity is expected to continue expanding, with several projects currently under construction [14][19]. Profitability - The company’s gross margin and net margin for 2024 were reported at 18.7% and 12.2%, respectively, reflecting a slight decline compared to previous years [5][34]. - The report indicates that the company is actively managing costs, achieving a period expense ratio of 3.8% in 2024 [5][34]. Long-term Development - The company is positioned as a leader in the coal chemical industry, with a stable shareholding structure and ongoing projects that are expected to drive future growth [9][10]. - The report emphasizes the company’s strategic focus on optimizing existing operations while expanding its production capabilities [5][9].

山东华鲁恒升化工股份有限公司 2024 年年度股东大会会议资料 山东华鲁恒升化工股份有限公司董事会 二〇二五年四月编制 华鲁恒升 山东华鲁恒升化工股份有限公司 2024 年年度股东大会会议议程 现场会议时间:2025年4月29日9时30分 投票方式：现场投票和网络投票相结合 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年4月29日至2025年4月29日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东大会召开当日的9:15-15:00。 现场会议地点:山东省德州市经济开发区东风东路2555号凤冠假日酒店 主持人:董事长 一、介绍出席情况并宣布现场会议正式开始 二、宣读现场会议须知 三、选举监票人、计票人 四、对大会各项议案依次进行简要陈述 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | 非累积投票议案 | | | | 1 | 2024 年度董事会工作报告 | ...

二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 山东华鲁恒升集团有限公司 | 636,757,580 | 29.99 | | 2 | 香港中央结算有限公司 | 73,366,785 | 3.46 | | 3 | 全国社保基金一零六组合 | 58,694,697 | 2.76 | | 4 | 山东华鲁恒升集团德州热电有限责任公司 | 41,901,943 | 1.97 | | 5 | 中泰星元价值优选灵活配置混合型证券投 资基金 | 29,498,463 | 1.39 | | 6 | 全国社保基金一零三组合 | 28,823,414 | 1.36 | | 7 | 华泰柏瑞沪深 300 交易型开放式指数证券 | 27,874,493 | 1.31 | | | 投资基金 | | | | 8 | 全国社保基金一一四组合 | 21,954,992 | 1.03 | | 9 | 基本养老保险基金八零七组合 | 20,650,401 | 0.97 | | 10 | 易方达沪深 300 交易型开放式指数发起式 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-023 山东华鲁恒升化工股份有限公司 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法律责任。 一、 股东大会有关情况 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600426 | 华鲁恒升 | 2025/4/23 | 二、 增加临时提案的情况说明 公司已于 2025 年 3 月 29 日公告了股东大会召开通知，单独持有 29.99%股 份的股东山东华鲁恒升集团有限公司，在 2025 年 4 月 18 日提出临时提案并书面 提交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有关规定， 现予以公告。 3. 临时提案的具体内容 关于 2024 年年度股东大会增加临时提案的公告 2025 年 4 月 17 日，公司第九届董事会 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》，公司拟以集中竞价 交易方式回购公司部分股份。具体内容详见公司 ...

Mergers and Acquisitions - Baosteel Co., Ltd. plans to acquire a total of 49% equity in Maanshan Iron & Steel Co., Ltd. for a total investment of 9 billion yuan, which includes 5.139 billion yuan for 35.42% equity and 3.861 billion yuan for capital increase [1] Earnings Disclosure - Changying Precision reported a revenue of 16.934 billion yuan for 2024, a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 772 million yuan, representing a significant year-on-year growth of 800.24% [2] - Huace Film & TV announced a revenue of 1.939 billion yuan for 2024, a year-on-year decrease of 14.48%, with a net profit attributable to shareholders of 243 million yuan, down 36.41% year-on-year [3] - Zhongtai Co., Ltd. reported a revenue of 2.717 billion yuan for 2024, a year-on-year decrease of 10.86%, and a net loss attributable to shareholders of 77.96 million yuan, compared to a net profit of 350 million yuan in the same period last year [4] - Delixi Co., Ltd. announced a revenue of 1.858 billion yuan for 2024, a year-on-year increase of 39.86%, but reported a net loss attributable to shareholders of 173 million yuan, compared to a net loss of 85.51 million yuan in the previous year [5] Share Buybacks - HCT Holdings plans to repurchase shares worth 40 to 80 million yuan at a price not exceeding 17 yuan per share, using self-owned and/or self-raised funds for employee stock ownership plans [6] - Hualu Hengsheng intends to repurchase shares worth 200 to 300 million yuan for cancellation and reduction of registered capital, with a repurchase price not exceeding 32.38 yuan per share [7] - Inke Recycling plans to repurchase shares worth 40 to 80 million yuan for employee stock ownership plans and/or equity incentives, with a repurchase price not exceeding 41.44 yuan per share [8] Risk Matters - Huangshi Group received an administrative penalty notice from the Guangxi Securities Regulatory Bureau, which includes a warning and a fine of 4 million yuan [9] - Jiuzhiyang received a regulatory letter from the Shenzhen Stock Exchange for failing to disclose related party transactions in a timely manner, involving transactions totaling 14.5892 million yuan in 2022 and 10.5907 million yuan in 2023 [10] - Guofang Group issued a notice regarding the significant "hot potato" effect in its stock trading, indicating irrational speculation risks despite no major changes in its main business or fundamentals [11]

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-022 山东华鲁恒升化工股份有限公司 关于以集中竞价交易方式回购股份的预案 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份价格：公司本次回购股份的最高价不超过人民币 32.38 元/股。本次回 购股份最高价上限未超过董事会通过回购股份决议前 30 个交易日公司股票交易均 价的 150%，具体回购价格将综合公司二级市场股票价格、公司财务状况和经营状 况确定。 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：自股东大会审议通过最终回购股份方案之日起不超过十二个月。 ● 相关股东是否存在减持计划：经公司问询，截至本公告披露日，公司董事、监 事、高级管理人员、实际控制人、控股股东及一致行动人，在未来 3 个月、未来 6 个月内均无股份减持计划。若上述主体后续拟实施股份减持计划，公司将按照相 关规定及时履行信息披露义务。 ● 相关风险提示： 1、本次回购股份方案存在未能获得公司股东大会审议通过的风险； 2、在回购期限内，存在因股 ...

山东华鲁恒升化工股份有限公司第九届董事会 2025 年第 2 次临时会议于 2025 年 4 月 17 日以通讯方式举行，本次会议的召开通知已于 2025 年 4 月 14 日以通讯形式下发， 会议应参会董事 11 名，实际参会董事 11 名。会议符合《公司法》和《公司章程》的 规定，会议形成的决议合法、有效。经过认真审议,通过了以下决议： 一、审议通过《关于以集中竞价交易方式回购公司部分股份方案的议案》。 表决结果：11 票同意，0 票弃权，0 票反对。 具体内容详见公司在上交所网站（www.sse.com.cn）及相关媒体披露的《华鲁恒 升关于以集中竞价交易方式回购股份的预案》。 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-021 山东华鲁恒升化工股份有限公司 第九届董事会 2025 年第 2 次临时会议决议公告 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。 特此公告。 山东华鲁恒升化工股份有限公司董事会 2025 年 4 月 18 日 ...

Group 1 - The company plans to repurchase shares amounting to 200 million to 300 million yuan for cancellation and to reduce its registered capital [1] - The repurchase price will not exceed 32.38 yuan per share [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.11 CNY based on a projected EPS of 2.01, 2.16, and 2.41 CNY for 2025-2027 respectively [4][7]. Core Views - The company's main products are still experiencing a bottoming out in market conditions, but the profitability is supported by the fertilizer and new materials segments, which are expected to contribute significantly to revenue growth [11]. - The company achieved a revenue of 34.226 billion CNY in 2024, reflecting a year-on-year growth of 25.6%, and a net profit of 3.903 billion CNY, up 9.1% year-on-year [11]. - The report highlights that the chemical industry is currently at a low point in the economic cycle, but the company is leveraging its advantages in product offerings to improve performance [11]. Financial Summary - Revenue projections for the company are as follows: 27.26 billion CNY in 2023, 34.226 billion CNY in 2024, and expected growth to 35.96 billion CNY in 2025, 40.608 billion CNY in 2026, and 41.734 billion CNY in 2027 [6]. - The company's gross profit margin is projected to improve from 18.7% in 2024 to 21.3% in 2025, while the net profit margin is expected to stabilize around 11.9% in 2025 [6]. - The report indicates a significant decrease in operating profit in 2023, down 41.8% year-on-year, but forecasts a recovery with a projected increase of 18.6% in 2025 [6].

华鲁恒升 600426.SH 公司研究 | 年报点评 | 盈利基本盘扎实，新材料项目贡献增长 | | --- | 核心观点 盈利预测与投资建议 ⚫ 目前公司主要产品景气仍在持续磨底，我们根据产品价格及价差情况对公司营收和 利润进行调整，我们预测公司 2025-2027 年 EPS 分别为 2.01、2.16、2.41 元（原 25 年预测为 2.60 元），根据可比公司 25 年 11 倍市盈率，给以公司目标价 22.11 元 并维持买入评级。 风险提示 ⚫ 产品和原材料价格波动风险；项目建设不及预期风险。 | 公司主要财务信息 | | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,260 | 34,226 | 35,960 | 40,608 | 41,734 | | 同比增长 (%) | -9.9% | 25.6% | 5.1% | 12.9% | 2.8% | | 营业利润(百万元) | 4,428 | 5,008 | 5,942 | 6,35 ...