证券代码：002064 证券简称：华峰化学 公告编号：2025-022 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 华峰化学股份有限公司（以下简称"公司"）近日收到公司聘请的独立财务 顾问国泰君安证券股份有限公司的通知，"国泰君安证券股份有限公司"已正 式变更名称为"国泰海通证券股份有限公司"，并已完成工商变更登记。 本次工商变更仅涉及公司名称，原"国泰君安证券股份有限公司"与公司 之前签署的法律文件继续有效，将由"国泰海通证券股份有限公司"继续履 行，无需做任何修订。 华峰化学股份有限公司董事会 2025 年 4 月 9 日 华峰化学股份有限公司 关于独立财务顾问变更名称的公告 ...

证券研究报告 | 公司动态点评 2025 年 04 月 08 日 华峰化学（002064.SZ） 氨纶、己二酸行业或已触底，静待行业景气回升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 26,298 | 26,931 | 27,662 | 28,450 | 29,051 | | 增长率 yoy（%） | 1.6 | 2.4 | 2.7 | 2.8 | 2.1 | | 归母净利润（百万元） | 2,478 | 2,220 | 2,833 | 3,251 | 3,639 | | 增长率 yoy（%） | -12.9 | -10.4 | 27.6 | 14.8 | 11.9 | | ROE（%） | 9.9 | 8.4 | 9.9 | 10.5 | 10.8 | | EPS 最新摊薄（元） | 0.50 | 0.45 | 0.57 | 0.66 | 0.73 | | P/E（倍） | 13.5 | 15.1 | 11.8 | 10.3 | 9.2 | | P/ ...

4月7日，华峰化学股票盘中跌停，今年来已跌去16.95%，华峰化学股份有限公司成立于1999年12月,是华峰集团控股子公司。 | ○ 基金经理：谢治宇 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：12年又71天 | 任职起始日期：2013-01-29 现任基金公司:兴证全球基金管理有限公司 现任意令资产 总规模 375.55亿元 | 在管基金最佳 任期回报 505.27% | | 基金经理简介:谢治宇先生:1981年生,经济学硕士。历任兴证全球基金管理有限公司研究部研 究员、专户投资部投资经理、基金管理部基金经理、基金管理部投资副总监兼基金经理、基 金管理部投资总监兼基金经理、公司总经理助理兼基金管理部投资总监、兴全轻资产投资混 合型证券投资基金(LOF)基金经理、兴全趋势投资混合型证券投资基金(LOF)基金经理、基金 管理部总监、投资总监。现任兴证全球基金管理有限公司副总经理、研究部总监、国际业务 部总监、兴全合润混合型证券投资基金基金经理(2013年1月29日起至今)、兴全合宜灵活配置 ...

Group 1 - The company reported a total revenue of 26.93 billion yuan for 2024, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 2.22 billion yuan, a year-on-year decrease of 10.4% [1] - In Q4 alone, the company achieved a revenue of 6.56 billion yuan, a year-on-year decrease of 0.9% and a quarter-on-quarter decrease of 1.1%, with a net profit of 210 million yuan, a year-on-year decrease of 62.7% and a quarter-on-quarter decrease of 58.6% [1] - The decline in Q4 performance is attributed to the narrowing price spread of spandex and significant asset impairment losses at year-end [1] Group 2 - The price spreads for spandex and adipic acid have been under pressure due to oversupply and intensified competition, with spandex price spread showing a decrease of 258 yuan and 723 yuan respectively, while adipic acid price spread showed a decrease of 769 yuan and an increase of 191 yuan [1] - Despite the challenging market conditions, the company is expected to maintain steady expansion at the industry bottom due to its cost advantages, potentially leading to greater profit elasticity in the next economic cycle [1] - The company is reinforcing its integrated layout with a 1.1 million-ton natural gas integration project and a 240,000-ton PTMEG project, which is expected to enhance its cost competitiveness in spandex production [1] Group 3 - The company has adjusted its forecasts for spandex and adipic acid production, sales, prices, and unit gross margins based on Q4 performance and recent industry changes [2] - The adjusted earnings per share (EPS) for 2025-2027 are projected to be 0.46, 0.53, and 0.58 yuan respectively, down from previous estimates of 0.60 and 0.68 yuan for 2025-2026 [2] - The target price has been adjusted to 9.20 yuan based on a 20x PE ratio of comparable companies for 2025, while maintaining a buy rating [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 9.20 CNY [1] Core Views - The report highlights that the company's performance is expected to improve in the coming quarters, supported by cost advantages and a strong market position in the industry [4][5] - The company is anticipated to benefit from its integrated layout, particularly in the upstream raw materials for spandex production, which will enhance its cost competitiveness [9] Financial Summary - The company reported a revenue of 26,298 million CNY in 2023, with a projected revenue of 26,931 million CNY in 2024, and a slight decline to 26,114 million CNY in 2025, followed by growth in subsequent years [7] - The net profit attributable to the parent company is expected to decrease from 2,478 million CNY in 2023 to 2,220 million CNY in 2024, before recovering to 2,282 million CNY in 2025 [7] - The earnings per share (EPS) are projected to be 0.46 CNY in 2025, with a gradual increase to 0.58 CNY by 2027 [5][7] Industry Insights - The report indicates that the industry is currently at a low point in terms of profitability, but the company is positioned to expand during this period, potentially leading to greater profit elasticity in the next economic cycle [9] - The report notes that the price differentials for spandex and adipic acid have been narrowing, which has impacted margins, but the company’s cost advantages may allow it to navigate these challenges effectively [9]

Investment Rating - The investment rating for Huafeng Chemical is maintained as "Buy" [1] Core Views - The report indicates clear signals of bottoming out in performance, with expectations for the recovery of the spandex and adipic acid sectors [6] - In 2024, the company achieved revenue of 26.931 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.220 billion yuan, a year-on-year decrease of 10.43% [6] - The report forecasts net profits for 2025, 2026, and 2027 to be 2.474 billion yuan, 3.110 billion yuan, and 3.822 billion yuan respectively, with corresponding EPS of 0.50 yuan, 0.63 yuan, and 0.77 yuan [6][10] Financial Summary - In Q4 2024, the company reported revenue of 6.559 billion yuan, a year-on-year decrease of 0.87%, and a net profit of 205 million yuan, a year-on-year decrease of 62.66% [6] - The average price of adipic acid in Q4 2024 was 8,247 yuan/ton, down 6.49% from the previous quarter, while the average price of spandex 40D was 24,120 yuan/ton, down 5.71% [7] - The company has a total production capacity of 325,000 tons for spandex and 1,355,000 tons for adipic acid as of the end of 2024 [7] Industry Outlook - The report highlights that the expansion of the nylon 66 industry is expected to drive demand for adipic acid, with domestic leaders beginning to produce key raw materials [8] - The spandex industry is nearing the end of its capacity expansion phase, with anticipated growth in demand expected to support a recovery in the sector [8]

Investment Rating - The investment rating for Huafeng Chemical is maintained as "Buy" [1] Core Views - The report indicates clear signals of bottoming out in performance, with expectations for the recovery of the spandex and adipic acid sectors [6] - In 2024, the company achieved revenue of 26.931 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.220 billion yuan, a year-on-year decrease of 10.43% [6] - The report forecasts net profits for 2025, 2026, and 2027 to be 2.474 billion yuan, 3.110 billion yuan, and 3.822 billion yuan respectively, with corresponding EPS of 0.50 yuan, 0.63 yuan, and 0.77 yuan [6] Financial Summary - In Q4 2024, the company reported revenue of 6.559 billion yuan, a year-on-year decrease of 0.87%, and a net profit of 205 million yuan, a year-on-year decrease of 62.66% [6][7] - The average price of adipic acid in Q4 2024 was 8,247 yuan/ton, down 6.49% from the previous quarter, while the average price of spandex was 24,120 yuan/ton, down 5.71% [7] - The company has a total production capacity of 325,000 tons for spandex and 1,355,000 tons for adipic acid as of the end of 2024 [7] Industry Outlook - The report highlights that the expansion of the nylon 66 industry is expected to drive demand for adipic acid, while the spandex industry is nearing the end of its capacity expansion phase [8] - The anticipated recovery in the adipic acid and spandex markets is expected to benefit the company significantly due to its dual business model [8]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Hongde Fund on Huafeng Chemical, indicating a significant decline in product gross margins due to the drop in basic chemical product margins [1] - Huafeng Chemical's report for 2024 shows that the supply of adipic acid is growing faster than consumption, leading to a temporary supply-demand imbalance and a substantial decline in profitability [1] - The company is actively promoting restructuring projects and is on track with fundraising projects, expecting to launch new capacities between 2025 and 2026 [1] Group 2 - The company is optimistic about future demand for spandex, with an expectation of increased industry concentration and prices following market trends [1] - New production capacities are more economical, environmentally friendly, and efficient, resulting in reduced overall production costs [1] - There are no current plans for expanding adipic acid production, with a target to reach full production capacity for spandex by 2025 [1] Group 3 - Huafeng Chemical's inventory is approximately 20 days, while the industry average is around 50 days [1] - The company is implementing a reasonable, continuous, and stable dividend distribution policy to enhance its dividend mechanism [1] - Major investment projects are in the pipeline, including fundraising projects and a 1.1 million-ton integrated natural gas project [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has successfully launched its 115,000 tons/year adipic acid expansion project, leading to a year-on-year increase in the production and sales of basic chemical products [5] - Despite a decline in profits due to falling prices of major products, the company is expected to see strong performance growth driven by new capacity releases [9] - The company aims to achieve integration in the polyurethane industry and become a world-class leader in polyurethane materials [7][8] Summary by Sections Market Performance - The company’s stock price is currently at 7.74 yuan, with a total market capitalization of 38.4 billion yuan [1] Financial Performance - In 2024, the company achieved total revenue of 26.931 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.220 billion yuan, a year-on-year decrease of 10.43% [4] - The fourth quarter of 2024 saw a revenue of 6.559 billion yuan, a year-on-year decrease of 0.87%, and a net profit of 205 million yuan, down 62.66% year-on-year [4] Production and Sales - Chemical fiber production in 2024 was 357,400 tons, up 5.26% year-on-year, with sales of 368,200 tons, up 12.29% year-on-year [5] - Chemical new materials production was 657,100 tons, up 1.92% year-on-year, with sales of 425,500 tons, up 2.43% year-on-year [5] - Basic chemical products saw production of 1,681,000 tons, up 31.14% year-on-year, and sales of 1,365,700 tons, up 28.52% year-on-year, attributed to the new adipic acid expansion project [5] Cost Structure and R&D - The company optimized its cost structure, with R&D expenses contributing to maintaining its technological leadership and enhancing product competitiveness [6] Future Outlook - The company plans to strengthen its main business, pursue moderate diversification, and drive innovation to enhance its integrated operations in the polyurethane industry [7][8] - Profit forecasts for 2025-2027 are 2.636 billion, 3.234 billion, and 3.658 billion yuan respectively, with corresponding PE ratios of 14.6, 11.9, and 10.5 times [9]

Group 1: Financial Performance - The company's overall gross margin decreased by 1.56% compared to the previous year, with the chemical fiber and new chemical materials segments increasing by 1.16% and 3.12% respectively, while the basic chemical products segment saw a decline of 8.76% [1] - The decline in the basic chemical products segment's gross margin is attributed to a supply-demand imbalance in adipic acid, leading to a significant drop in profitability [1] Group 2: Project Updates - The company is actively progressing with its restructuring project, with due diligence and related work proceeding normally [2] - The remaining 150,000 tons of the fundraising project is on schedule, with expected launches between 2025 and 2026 [2] - The BDO and PTMEG projects are advancing in an orderly manner, with updates to be provided in future announcements [3] Group 3: Market Outlook - The company maintains a positive outlook on the future demand for spandex, driven by changing consumer preferences and an expanding application range [2] - The spandex market is characterized by high competition, with prices closely tied to supply and demand dynamics [2] Group 4: Cost and Production Efficiency - New production capacity is expected to lower costs due to more economical and environmentally friendly processes compared to older capacities [2] - The Chongqing base demonstrates competitive advantages through scale, energy efficiency, high automation rates, and integrated industrial chains [3] Group 5: Inventory and Dividends - The current industry inventory stands at approximately 50 days, while the company's inventory is around 20 days [3] - The company plans to implement a stable and reasonable dividend distribution policy to protect shareholder rights and enhance long-term value sharing with investors [3]