拓展轻资产运营管理项目，积极推进化工新材料业务

拓展轻资产运营管理项目，积极推进化工新材料业务 Expand light asset operation and management projects& Promoting chemical new materials 最新动态 ➢运营管理服务业务打开成长空间。运营管理服务业务已经成为集团发展的重要板块、新的增长极，全面推动集团向服务型制造业转型升级。基于在行业内的深厚积累，旭阳对焦化和精细化工领域的经验和技术进行提炼、整合和固化，向行业输出了一套可复制的运营管理服务，逐步形成生产技术管理、营销一体化和“销、运、产、供、研”全产业链、全供应链经营管理的三种模式，为客户提供灵活高效的解决方案，全面为行业赋能。公司预计仍有1-2个托管项目在2025年下半年或2026年一季度落成，带来新的业务增量。此外，还要将轻资产运营管理项目拓展至海外，让“旭阳模式”融入全球产业链，提高运营管理服务板块在集团总收入、总利润、总规模的占比，预计2025年平均吨净利润18元。 ➢积极推进化工新材料业务。2025年，在巩固焦化主业优势的同时，化工新材料业务亦将有所进展。旭阳化工板块中，呼和浩特园区30万吨/年炭基新材料项目已落成；定州园区5000吨/年全球首创非硝化工艺的氨基醇项目，预计新增3000吨业务量；此外，郓城园区5万吨/年CTH项目预计年内落成，将在2026年带来业务增量。具体来看，自主研发设计的5万吨／年CTH项目拟于25H2投产，逐步向下游PA6、PA66、高温尼龙等高端新材料拓展，建立尼龙新材料全球第一的绝对龙头地位，确保盈利稳定增长。氨基醇新材料业务已经实现了海外市场爆发式增长，定州园区5000吨/年氨基醇项目投产后，未来产能将进一步扩大至2万吨／年；同时不断研发创新应用在不同场景下之不同牌号的氨基醇系列产品，如3-氨基-4-辛醇、2-二甲氨基-2-甲基-1-丙醇等，打造全球第一的氨基醇产品线，打开化工板块新的利润空间。 ➢焦化全球开拓初见成效。在国内焦炭需求持续低迷的背景下，旭阳提前布局，于2021年设立旭阳印尼苏拉威西园区。苏拉威西园区是旭阳在海外建设的首个生产园区，与澳洲、日本、越南、新加坡、印度等办事处共同开拓全球供应链体系，形成了以印尼旭阳伟山为支点，辐射全球焦化产业的国际化战略布局。目前，苏拉威西园区合计产能320万吨/年，2024年焦炭销量222万吨，覆盖欧洲、东南亚等13国市场28家客户，营收7.3亿美元、净利润1500万美元、ROE5.7%、ROA1.4%。此外，公司持续兴建江西萍乡市年产能180万吨的焦炭新生产园区，投产后焦炭年总产量达2520万吨。 动向解读 ➢公司为全球焦炭、己内酰胺、高温煤焦油龙头。自1995年邢台启航，旭阳通过多年打磨与沉淀，打造了多个全球第一的产品线，成为了全球最大独立焦炭生产商及供应商，全球最大焦化粗苯加工商，全球第二大己内酰胺生产商，全球第二大高温煤焦油加工商，中国最大焦炉煤气制甲醇生产商，中国最大工业萘制苯酐生产商，中国第二大、京津冀最大高纯氢供应商。 策略建议 ➢盈利预测。我们给予公司2025-2027年归母净利润分别为0.84亿元、1.02亿元、1.24亿元。结合可比公司估值，给予公司2025年1.00倍PB，按照港元兑人民币0.91汇率计算，对应目标价为3.16港币，首次覆盖给予“买入”评级。 风险提示 行业周期性风险、产品价格波动风险、原材料价格波动的风险。 What’s New ➢Opengrowth opportunities for operational management services.The operation management service business hasbecome an important sector and new growth pole for the group's development, comprehensively promoting the group'stransformation and upgrading towards a service-oriented manufacturing industry. Based on its profound accumulation in theindustry,Risunhas refined, integrated, and solidified its experience and technology in the coking and fine chemical fields, andhas exported a set of replicable operational management services to the industry, gradually formingthree models of productiontechnology management, marketing integration, and "sales, operation, production, supply, and research" full industry chain andfull supply chain management, providing customers with flexible and efficient solutions, and fully empowering the industry.Thecompany expects 1-2 hosting projects to be completed in 2025H2or 2026Q1, bringing new business growth.The operation andmanagement capacity of the chemical sector is planned to increase by another 1 million tons to 1.66 million tons; In addition, itis necessary to expand the light asset operation and management project overseas, integrate the "Risunmodel" into the globalindustrial chain, and increase the proportion of operation and management services in the group's total revenue, total profit, andtotal scale. It is expected that the average net profit per ton will beRMB18 by 2025. ➢Actively promote the business of new chemical materials.In 2025, while consolidating the advantages of the coking mainbusiness, the chemical new materials business will also make progress. TheRisunChemical sector is expected to increaseproductioncapacity, including the 300000 tons/year carbon based new materials project in Hohhot Park; The 5000 ton/yearamino alcohol projectequippedwith world'sfirstnitration-freeprocessing technologyin Dingzhou Park is expected tobecompleted within this year and contribute to businessvolumegrowth in2026; The 50000 ton/year CTH project in Yuncheng Parkis expected to add 6000 tons of business volume. Specifically, the independently developed and designed 50000 ton/year CTHproject is planned to be put into operation in the second half of 2025, gradually expanding downstream to high-end new materialssuch as PA6, PA66, and high-temperature nylon, establishing an absolute leading position in the world of nylon new materials,and ensuring stable profit growth. The amino alcohol new material business has achieved explosive growth in overseas markets.After the 5000 tons/year amino alcohol project in Dingzhou Park is put into operation, the future production capacity will befurther expanded to 20000 tons/year; At the same time, we continuously research and develop innovative amino alcohol seriesproducts of different grades applied in different scenarios, such as 3-amino-4-octanol, 2-dimethylamino-2-methyl-1-propanol,etc., to create the world's first amino alcohol product line and open up new profit margins in the chemical industry sector. ➢The global development of coking has achieved initial results.Against the backdrop of sustained sluggish domestic demandfor coke,Risunhas made early preparations and established theRisunSulawesi Industrial Park in Indonesia in 2021. SulawesiPark is the first production park built byRisunoverseas, jointly developing a global supply chain system with offices in Australia,Japan, Vietnam, Singapore, India, etc., forming an international strategic layout withRisunWeishan in Indonesia as the fulcrumand radiating the glob