公司2024 年盈利修复，归母净利润高增。公司2024 年营收297.6 亿元（同比+17.4%），归母净利润20.3 亿元（同比+147.8%）；2025 年一季度营收72.9 亿元（同比+8.0%，环比-10.9%），归母净利润4.1 亿元 （同比-27.3%，环比-9.0%）。2024 年盈利增长主要因开工率提升带动产销量提升，部分产品毛利提升 致公司毛利率同比增长1.4 pct，费用控制得当致期间费用率同比-1.3 pct。 核心业务化工新材料营收及毛利率均提升。公司化工新材料业务2024 年营收203.66 亿元（占比68%， 同比+27%），毛利率16%（同比+1 pct），盈利能力提升。2024 年，聚碳酸酯供需失衡，价格低迷， 企业靠成本控制与高端化转型求发展；尼龙6 行业发展迅速但竞争严峻，虽需求有增长预期但利润空间 受挤压；多元醇下游终端家电、汽车等行业出口订单持续，排产增量，但供给增加之下市场向弱平衡转 化；有机硅下游建筑领域受行业景气度下滑影响，同时新兴领域需求增加，海外需求持续旺盛，但因产 能持续扩张整体处于低位运行；氟材料产品表现分化，六氟丙烯价格小幅震荡波动，聚四氟乙烯微利运 行 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main product prices have declined, leading to a decrease in performance for the second half of 2024 and the first quarter of 2025 [6] - In 2024, the company achieved a revenue of 29.763 billion yuan, a year-on-year increase of 17.37%, and a net profit attributable to shareholders of 2.029 billion yuan, a year-on-year increase of 148% [5] - The company is expected to face challenges in 2025 due to further price declines in key products, resulting in a downward adjustment of profit forecasts for 2025-2026 [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.763 billion yuan, with a net profit of 2.029 billion yuan, reflecting a significant year-on-year growth of 148% [5] - The first quarter of 2025 saw a revenue of 7.290 billion yuan, a year-on-year increase of 7.96%, but a quarter-on-quarter decrease of 10.92% [5] Business Segments - The chemical new materials segment generated a revenue of 20.4 billion yuan in 2024, up 26.8% year-on-year, while the basic chemical products segment saw a revenue of 5.8 billion yuan, down 7.4% year-on-year [6] - The fertilizer business achieved a revenue of 3.07 billion yuan, a year-on-year increase of 17.9% [6] Price Trends - The report highlights a decline in sales prices for key products in the second half of 2024 and the first quarter of 2025, with specific declines noted for PC, PA6, and other chemicals [6] Production Capacity and Management - The company has successfully resumed production of its hydrogen peroxide facility and launched new capacity projects, including a 600,000-ton caprolactam project [7] - The production target for 2025 is set at 13.5 million tons, a 40.6% increase from 2024 [7] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downward due to the decline in product prices, with expected net profits of 2.056 billion yuan for 2025, 2.325 billion yuan for 2026, and 2.643 billion yuan for 2027 [7]

Group 1: Company Performance Overview - The company achieved an operating income of approximately 29.763 billion yuan in 2024, representing a year-on-year growth of 17.37% [1] - The net profit attributable to shareholders was about 2.029 billion yuan, with a significant year-on-year increase of 147.79% [2] - The net profit excluding non-recurring gains and losses was approximately 1.962 billion yuan, reflecting a year-on-year growth of 126.9% [2] Group 2: Q1 2025 Performance - In Q1 2025, the company reported an operating income of around 7.29 billion yuan, marking a year-on-year increase of 7.96% [2] - The net profit attributable to shareholders for Q1 2025 was approximately 413 million yuan, showing a decline of 27.3% compared to the previous year [2] - The net profit excluding non-recurring gains and losses for Q1 2025 was about 384 million yuan, which is a decrease of 33.81% year-on-year [2] Group 3: Market Conditions and Product Pricing - The chemical product prices have fluctuated recently due to changes in peer company operating rates and downstream demand [1] - The company is adapting its production and sales strategies based on market conditions to mitigate risks and seize opportunities [1] Group 4: Dividend Policy - The profit distribution plan for 2024 proposes a cash dividend of 3.50 yuan (including tax) for every 10 shares based on the total share capital at the end of 2024 [2] - The company will determine future dividend plans in accordance with regulatory requirements and its operational needs [2]

证券代码：000830 证券简称：鲁西化工 公告编号：2025- 033 鲁西化工集团股份有限公司 关于举办2024年度暨2025年一季度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 鲁西化工集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日在巨潮资讯网上披露了《2024 年年度报告》及《2025 年一季度报告》。为便于广大投资者更加全面深入地了解公司经 营业绩、发展战略等情况，公司定于 2025 年 5 月 6 日（星期二） 会议召开时间：2025 年 5 月 6 日（星期二）15:30-16:30 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2025 年 5 月 6 日前访问网址 https://eseb.cn/1nOgsSvNeFO 或使用微信扫描下方小程 序码进行会前提问，公司将通过本次业绩说明会，在信息 披露允许范围内就投资者普遍关注的问题进行回答。 15:30-16:30 在"价值在线"（www.ir-online.cn） ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.98 RMB [7][8]. Core Views - The company achieved a significant increase in net profit for 2024, with a year-on-year growth of 148%, reaching 2.03 billion RMB. The revenue for the same period was 29.76 billion RMB, up 17% year-on-year [1]. - The first quarter of 2025 saw a revenue of 7.29 billion RMB, an 8% increase year-on-year, although net profit decreased by 27% to 410 million RMB due to substantial inventory impairment losses [1][4]. - The company is expected to benefit from integrated production and scale advantages, with new capacity gradually coming online, which is anticipated to drive performance growth [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.76 billion RMB and a net profit of 2.03 billion RMB, with the fourth quarter revenue at 8.18 billion RMB, reflecting a 10% year-on-year increase [1]. - The first quarter of 2025 showed a revenue of 7.29 billion RMB, an 8% increase year-on-year, but a 27% decline in net profit compared to the previous year [1][3]. Price Trends and Market Conditions - Average prices for various products, including butanol and DMF, declined in 2024 due to increased supply, with most products experiencing price drops [2][3]. - The company’s new projects, particularly in nylon production, are expected to contribute positively to revenue growth [2]. Cost Management and Future Prospects - The cost side of coal chemical production showed improvement in the first quarter of 2025, with significant price drops in raw materials like coal [3]. - New projects, including a 400,000-ton organic silicon project, are expected to come online and contribute to future growth [3]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 2.0 billion RMB, 2.3 billion RMB, and 2.6 billion RMB respectively, with corresponding EPS of 1.07 RMB, 1.22 RMB, and 1.39 RMB [4][6]. - The target price of 14.98 RMB is based on a 14x PE ratio for 2025, reflecting the company's integrated advantages and potential from new projects [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.98 RMB [7][8]. Core Views - The company achieved a significant increase in net profit for 2024, with a year-on-year growth of 148%, reaching 2.03 billion RMB. The revenue for the same period was 29.76 billion RMB, up 17% year-on-year [1]. - The first quarter of 2025 saw a revenue of 7.29 billion RMB, an 8% increase year-on-year, although net profit decreased by 27% to 410 million RMB due to substantial inventory impairment losses [1][4]. - The company is expected to benefit from integrated production and scale advantages, with new capacity gradually coming online, which is anticipated to drive performance growth [1][4]. Summary by Sections Financial Performance - For 2024, the company reported a revenue of 29.76 billion RMB and a net profit of 2.03 billion RMB, with a proposed dividend of 0.35 RMB per share [1]. - The fourth quarter of 2024 showed a revenue of 8.18 billion RMB, a 10% increase year-on-year, and a net profit of 450 million RMB, up 46% year-on-year [1]. - The first quarter of 2025 reported a revenue of 7.29 billion RMB, an 8% increase year-on-year, but a net profit decline of 27% [1][3]. Market Conditions - The average prices for various chemical products, including butanol and DMF, declined in 2024 due to oversupply, impacting revenue from the new materials and basic chemicals segments [2][3]. - The company’s new nylon 6 project and improved capacity utilization contributed to a 27% revenue increase in the new materials segment [2]. Cost Management - The cost side of the coal chemical sector showed improvement in the first quarter of 2025, with significant price drops in raw materials like power coal and lanthanum [3]. - The company has initiated new projects, including a 400,000-ton organic silicon project, which is expected to contribute to future revenue growth [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 estimates net profits of 2.0 billion, 2.3 billion, and 2.6 billion RMB respectively, with corresponding EPS of 1.07, 1.22, and 1.39 RMB [4][6]. - The report assigns a 14x PE ratio for 2025, reflecting the company's integrated advantages and potential from new projects, leading to a target price of 14.98 RMB [4].

Group 1 - The company held its ninth board meeting on April 24, 2025, where several key resolutions were passed, including the approval of the 2024 annual report and the 2025 first-quarter report [19][25][75] - The board approved a profit distribution plan for 2024, proposing a cash dividend of 3.50 yuan per 10 shares, totaling approximately 668.56 million yuan [32][34] - The company plans to apply for a comprehensive credit limit of up to 23 billion yuan for 2025 to support its operational and development needs [51] Group 2 - The company will hold its 2024 annual general meeting on May 23, 2025, to discuss various resolutions, including the profit distribution plan and the appointment of auditors [68] - The board approved the continuation of the accounting firm Tianzhi International for the 2025 audit, with a total fee of 1.28 million yuan [49][50] - The company aims to produce 13.5 million tons of products in 2025, with a revenue target of 35.37 billion yuan [45][78] Group 3 - The company signed a framework cooperation agreement with a related party to resolve competition issues regarding the production of HFC-32, ensuring that all products, except those for internal use, will be sold by the related party [95][96] - The agreement includes a pricing mechanism based on market conditions, with expected transaction amounts of approximately 228.85 million yuan in 2025, 240 million yuan in 2026, and 250 million yuan in 2027 [113]

证券代码：000830 证券简称：鲁西化工 公告编号：2025-028 鲁西化工集团股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 鲁西化工集团股份有限公司（以下简称"公司"）第九届董事会第八 次会议审议通过了《关于召开2024年年度股东大会通知的议案》。现就召 开股东大会的相关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、召集人：2025 年 4 月 24 日召开的第九届董事会第八次会议审议通 过了《关于召开 2024 年年度股东大会通知的议案》，定于 2025 年 5 月 23 日（星期五）召开公司 2024 年年度股东大会。 3、会议召开的合法、合规性：本次会议召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》等规定。 4、会议召开的日期、时间： (1)现场会议时间：2025年5月23日（星期五）14:30。 (2)网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体 时间为2025年5月23日9:15—9:25，9:30—11:30和1 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2025-030 鲁西化工集团股份有限公司 第九届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 （一）鲁西化工集团股份有限公司（以下简称"公司"或 "本公司"）第九届监事会第三次会议（以下简称"本次会议"） 通知已于 2025 年 4 月 14 日以电子邮件方式向全体监事发出。 （二）本次会议于 2025 年 4 月 24 日在本公司会议室以现 场方式召开。 （三）应到监事 5 人，实到监事 5 人。 （四）本次会议由监事会主席陈建东先生主持，监事会全 体成员参加会议。 （五）本次会议召开符合《公司法》及《公司章程》的有 关规定。 二、监事会会议审议情况 （一）审议通过了 2024 年年度报告全文及其摘要； 经审核，公司监事会认为董事会编制和审议的 2024 年年 度报告的程序符合法律、行政法规及中国证监会的规定，报告 内容真实、准确、完整地反映了公司的实际情况，不存在任何 虚假记载、误导性陈述或者重大遗漏。 1 （四）审议通过了关于公司 2024 年度内 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2025-029 （五）本次会议的召开符合《公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 鲁西化工集团股份有限公司 第九届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）鲁西化工集团股份有限公司（以下简称"本公司" 或"公司"）第九届董事会第八次会议通知于 2025 年 4 月 14 日以电话、邮件形式发出。 （二）会议于 2025 年 4 月 24 日在公司会议室以现场方 式召开。 （三）会议应出席董事 7 名，实际出席董事 7 名。 （四）会议由董事长陈碧锋先生主持，公司监事、高级 管理人员列席了会议。 （一）审议通过了 2024 年年度报告全文及其摘要； 2024 年年度报告全文及摘要详见同日巨潮资讯网披露 的《2024 年年度报告》及《2024 年年度报告摘要》（公告编 号：2025-020）。本议案已经公司董事会审计与风险委员会 审议通过，需提交公司 2024 年年度股东大会审议。 1 表决结果：同意票 7 票，反对票及弃权票 ...