Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 34.596 billion yuan for 2024, a year-on-year decrease of 25.02%. The net profit attributable to the parent company was -2.795 billion yuan, indicating a loss compared to the previous year. The adjusted net profit was -2.898 billion yuan, also reflecting a loss year-on-year [2][6]. - In Q4 2024, the company achieved a revenue of 10.096 billion yuan, down 23.35% year-on-year but up 202.56% quarter-on-quarter. The net profit attributable to the parent company was -906 million yuan, showing a year-on-year loss but a reduction in loss compared to the previous quarter [2][6]. - The company is focusing on optimizing costs in its refining segment, with significant improvements in operational management and product structure. The processing ratio of light oil was reduced from 16% at the end of 2023 to a minimum of 12-13% [12]. - The company has developed new products, contributing 37.12% to its overall revenue, including innovative grades of polypropylene and high-value industrial oils [12]. - The company operates multiple large-scale chemical platforms, focusing on petrochemicals, fertilizers, and asphalt/lubricants, with a total annual production capacity of 8.3 million tons of crude oil processing and various chemical products [12]. - The projected net profits for 2025-2027 are estimated at 90 million yuan, 430 million yuan, and 640 million yuan, respectively, with corresponding price-to-earnings ratios of 86.5X, 18.5X, and 12.5X based on the closing price on April 22, 2025 [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company's performance in 2024 is under pressure due to a significant decline in sales, attributed to a scheduled maintenance shutdown and falling oil prices, leading to increased inventory losses [2][4]. - The company has partnered with Saudi Aramco to develop a large integrated refining and chemical project, which is expected to enhance its competitive position in the market [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 34.6 billion yuan, a decrease of 25% year-on-year, and a net profit attributable to shareholders of -2.8 billion yuan, down 28.65 billion yuan year-on-year [1][4]. - The fourth quarter saw an operating revenue of 10.1 billion yuan, a year-on-year decline of 23%, but a quarter-on-quarter increase of 203% [1]. Sales Volume - The company's petrochemical product sales fell to 4.19 million tons, down 25% year-on-year, while asphalt and fertilizer product sales decreased by 12% and 13%, respectively [2][4]. Project Development - The integrated refining and chemical project with Saudi Aramco has a total investment of 83.7 billion yuan and is expected to process 30,000 barrels of oil per day, with full operation anticipated by 2026 [3][4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward, with expected net profits of 110 million yuan, 281 million yuan, and 538 million yuan, respectively [4][10]. - The report highlights the company's potential to participate in the Saudi Aramco project, which could significantly enhance its competitive edge in the petrochemical sector [3][4].

Company Overview - Huajin Co., Ltd. closed at 4.96 yuan, down 1.20%, with a latest price-to-book ratio of 0.69 and a total market capitalization of 7.933 billion yuan [1] - As of March 31, 2025, the number of shareholders for Huajin Co. is 46,243, an increase of 30 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Business Operations - The main business of Northern Huajin Chemical Industry Co., Ltd. includes the production and sales of petrochemicals and chemical fertilizers [1] - Key products include urea, liquid ammonia, crude oil processing and petroleum products, polyolefins, aromatic products, ABS products and by-products, butadiene, ethylene oxide, ethylene glycol products, and plastic products [1] Financial Performance - For the fiscal year 2024, the company reported a revenue of 34.596 billion yuan, a year-on-year decrease of 25.02% [1] - The net profit for the same period was -2,794,763,928.73 yuan, reflecting a year-on-year decline of 4,075.49% [1] - The sales gross margin stood at 7.50% [1] Industry Comparison - Huajin Co. has a trailing twelve months (TTM) price-to-earnings (PE) ratio of -2.84 and a static PE ratio of -2.84, with a market capitalization of 7.933 billion yuan [2] - The industry average PE ratios are 11.58 (TTM) and 11.51 (static), with an average market capitalization of 167.112 billion yuan [2] - The industry median PE ratios are 34.10 (TTM) and 37.94 (static), with a median market capitalization of 54.72 billion yuan [2]

Core Viewpoint - Huajin Co., Ltd. reported a significant decline in its 2024 financial performance, with a 25.02% drop in revenue and a net loss of 2.8 billion yuan, marking a staggering 4075.49% decrease in net profit compared to the previous year [1][2][3] Financial Performance - The company's total revenue for 2024 was 34.6 billion yuan, down from 46.1 billion yuan in 2023, reflecting a decrease of 25.02% [2] - The net profit attributable to shareholders was -2.8 billion yuan, a drastic decline from a profit of 70.3 million yuan in 2023, representing a decrease of 4075.49% [2] - The net profit after deducting non-recurring gains and losses was also negative at -2.9 billion yuan, compared to a profit of 11.5 million yuan in 2023, indicating a decline of 25,406.76% [2] Dividend Policy - Despite the poor financial results, the company proposed a cash dividend of 0.18 yuan per 10 shares (tax included) and did not plan to issue bonus shares or convert reserves into share capital [2] Industry Context - The petrochemical industry faced challenges in 2024, with overall revenue growth of only 2.1% and a profit decline of 8.8% according to national statistics [3] - The international oil market experienced significant volatility, contributing to reduced downstream demand in the petrochemical sector [3] - OPEC's recent downward revision of global oil demand forecasts for 2025 and 2026 further exacerbated the challenges faced by the industry [3] Historical Performance - The company's revenue peaked at 49.1 billion yuan in 2022, but profitability began to decline, with net profit dropping to 5.3 million yuan in 2022 and further to 703 million yuan in 2023 [4] - The drastic loss in 2024 represents a continuation of a troubling trend for the company, which has seen its financial performance fluctuate significantly over the years [4] Company Background - Huajin Co., Ltd. is the only publicly listed petrochemical platform under the China Ordnance Industry Group, involved in oil refining, ethylene production, and chemical fertilizers [5] - The company has faced financial difficulties in the past, including a risk of delisting in 2015, which led to speculation about potential asset injections from Zhihua Petroleum [6][7]

北方华锦化学工业股份有限公司 二〇二四年度 审计报告 致同会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://aceof.gov.cn）"进行查测 ， | 1 | | --- | | 审计报告 | 1-7 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-110 | 审计报告 致同审字(2025) 第 110A011601 号 北方华锦化学工业股份有限公司全体股东: 一、审计意见 我们审计了北方华锦化学工业股份有限公司(以下简称华锦股份)财务 报表,包括 2024年 12月 31日的合并及公司资产负债表,2024年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了 ...

中信建投证券股份有限公司 关于北方华锦化学工业股份有限公司 使用闲置募集资金暂时补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"）作为 北方华锦化学工业股份有限公司（下称"华锦股份"或"公司"）2013 年度非公开发 行股票项目的保荐机构，根据《证券发行上市保荐业务管理办法》上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所股 票上市规则》和《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 等有关规定，对华锦股份拟使用闲置募集资金暂时补充流动资金的情况进行了核 查，具体情况如下： 一、募集资金基本情况 2014 年 12 月，经中国证券监督管理委员会证监许可[2014]1071 号文核准， 华锦股份向北方华锦化学工业集团有限公司等八名发行对象非公开发行 398,936,170 股股票，募集资金总额为 2,999,999,998.40 元，扣除发行费用 45,898,936.00 元，募集资金净额为 2,954,101,062.40 元。上述募集资金已于 2014 年 12 月 23 日到账，经瑞华会计师事务所（特殊普通合 ...

关于北方华锦化学工业股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所(特殊普通合伙) 目 录 | 关于北方华锦化学工业股份有限公司非经营性资金占用及其他关 | 1-2 | | --- | --- | | 联资金往来的专项说明 | | | 北方华锦化学工业股份有限公司2024年度非经营性资金占用及其 | 1-2 | | 他关联资金往来情况汇总表 | | an nt Thornton t 11 1 关于北方华锦化学工业股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 致同专字(2025) 第 110A007636 号 北方华锦化学工业股份有限公司全体股东: 我们接受北方华锦化学工业股份有限公司(以下简称"华锦股份")委 托,根据中国注册会计师执业准则审计了华锦股份 2024年 12月 31 日的合并及 公司资产负债表,2024年度合并及公司利润表、合并及公司现金流量表、合 并及公司股东权益变动表和财务报表附注,并出具了致同审字(2025)第 110A011601 号无保留意见审计报告。 根据《上市公司监管指引第8号 -- 上市公司资金往来、对外担保的监管 要求》等有关规定, ...

关于北方华锦化学工业股份有限公司 2024 年度募集资金存放与实际 使用情况鉴证报告 目 录 | 关于北方华锦化学工业股份有限公司 2024年度募集资金 | 1-2 | | --- | --- | | 存放与实际使用情况鉴证报告 | | | 北方华锦化学工业股份有限公司 2024年度募集资金存放 上 177 1 - 12 12 1 | 1-3 | 与实际使用情况的专项报告 致同会计师事务所 (特殊普通合伙) ant Thornton 载 |三 致同会计师赢各所(结残普语合 中国北京 朝阳区建国门外十年 2 -场5层 邮编 10000 关于北方华锦化学工业股份有限公司 2024年度募集资金存放与实际使用情况 鉴证报告 致同专字(2025) 第 110A007637 号 北方华锦化学工业股份有限公司全体股东: 我们接受委托,对后附的北方华锦化学工业股份有限公司(以下简称 "华锦股份"）《2024 年度募集资金存放与实际使用情况的专项报告》（以 下简称"专项报告")执行了合理保证的鉴证业务。 按照《深圳证券交易所上市公司自律监管指引第1号 -- 主板上市公司规 范运作》的要求编制 2024年度专项报告,保证其内容真 ...

北方华锦化学工业股份有限公司 2024 年 12 月 31 日 内部控制审计报告 致同会计师事务所 (特殊普通合伙) the state of the station of the subject of the subje the station of the sub and and the subject of 目 录 内部控制审计报告 1-2 . the state t Thornton 载|日| 内部控制审计报告 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是华锦股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 致同审字(2025)第 110A011602 号 北方华锦化 ...

信会师报字[2025]第 ZG30114 号 兵工财务有限责任公司 风险评估报告 目录 兵工财务有限责任公司 风险评估报告 | 一、风险评估报告 | …………………………………………………………… | 1 | | --- | --- | --- | | 二、风险评估说明 | …………………………………………………………… | 3 | 风险评估报告 信会师报字[2025]第 ZG30114 号 兵工财务有限责任公司： 我们接受委托，审核了后附的兵工财务有限责任公司(以下简称"财务公司") 管理层截至 2024 年 12 月 31 日止与财务报表相关的资金、信贷、投资、稽核、 信息管理等风险管理体系的制定及实施情况的认定。 建立健全并合理设计风险管理体系并保持其有效性，保证风险管理政策与程 序的真实性和完整性是财务公司管理层的责任。我们的责任是对财务公司与财务 报表相关的风险管理执行情况发表意见。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号——历史财务信息 审计或审阅以外的鉴证业务》的规定执行了审核业务。该准则要求我们计划和实 施审核工作，以对财务公司截至 2024 年 12 月 31 日止与财务报 ...