业绩环比增长，项目建设为公司发展奠定基础

业绩环比增长，项目建设为公司发展奠定基础 Profitincreased MoM& Project construction lays the foundation 最新动态 ➢2025Q2归母净利润环比增长21.95%。2025Q2，公司实现营业收入157.64亿，同比-7.14%；实现归母净利润15.69亿，同比-29.47%。25Q2，公司实现收入79.92亿元，同比-11.17%，环比+2.84%；实现归母净利润8.62亿元，同比-25.62%，环比+21.95%。25Q2公司毛利率为19.63%，同比减少0.96个百分点，环比增加3.28个百分点；25Q2净利率为12.00%，同比减少1.90个百分点，环比增加2.06个百分点。 ➢25H1公司销量稳步增长。（1）2025H1，公司化学肥料、有机胺系列产品、醋酸及衍生物和新能源材料相关产品分别实现销量288.40、28.11、74.04、140.38万吨，分别同比+13.62%、+33.21%、-0.60%、-1.87%。（2）2025H1，公司化学肥料、有机胺系列产品、醋酸及衍生物和新能源材料相关产品分别实现营收38.79、11.55、17.06、76.20亿元，分别同比-8.39%、+6.45%、-8.55%、-16.33%。 动向解读 ➢一体化项目丰富产品结构。一体化项目以电石为原料，通过炔醛法生产1.4丁二醇（“BDO”）；以BDO为原料，生产N-甲基吡咯烷酮（“NMP”）产品和聚己二酸/对苯二甲酸丁二醇酯（“PBAT”）产品。项目设计产能为年产20万吨BDO、16万吨NMP及3万吨PBAT生物可降解材料。公司一体化项目部分装置已打通流程，生产出合格产品，进入试生产阶段。根据可行性研究报告测算，一体化项目预计总投资33.87亿元。一体化项目投产的部分装置包括BDO、NMP相关装置，可新增20万吨/年BDO、5万吨/年NMP产品生产能力。 ➢投资建设气化平台升级改造项目。项目立足原煤消耗量不变进行气化装置替代，装置以煤为原料，经煤气化、净化后生产合成气；主要装置包括气化装置、辅助生产装置和部分配套公用工程。项目建成投产后，主要产品生产规模为合成气总量45.09万Nm 3/h（以有效气CO+H2计Nm3/h）；项目建设周期18个月。本项目预计总投资为30.39亿元，项目建设资金由公司自有资金和银行贷款解决。根据可行性研究报告测算，本项目建成投产后预计年均实现营业收入36.65亿元（按产出物全部对外销售测算），但本项目所产合成气为公司最终产品的原料气，故经济效益由最终产品盈利能力决定。 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37.00/45.89/51.84亿元。参考可比公司，考虑到公司为一体化项目和升级改造项目给予一定估值溢价，给予公司2026年14.5倍PE，首次覆盖给予公司目标价31.32元，给予买入评级。 风险提示 新工程投产进度不及预期的风险、产品价格波动的风险、原材料价格波动的风险、安全环保政策的风险。 What’s New ➢2025Q2netprofitincreased21.95%MoM.In 25Q2, thecompany achievedrevenue of 15.764 billion yuan,aYoYincrease of 7.14%; Achieve net profit of 1.569 billion yuan(YoY-29.47%).In 25Q2, thecompanyachievedrevenue of 7.992 billion yuan(YoY-11.17%&MoM+2.84%); The net profit was 862 million yuan(YoY-25.62% andMoM+21.95%). The gross margin of the company in25Q2 was 19.63%(-0.96 percentagepointsYoYand+3.28 percentage pointsMoM); The netprofitmargin for the 25Q2was 12.00%(-1.90percentage pointsYoYand+2.06 percentage pointsMoM). ➢In 2025H1, the company's sales are steadily increasing.（1）In 25H1, thecompany's chemical fertilizers,organic amine series products, acetic acid and derivatives, and new energy materials related productsachieved sales of 2.8840, 28.11, 74.04, and 1.4038 million tons, respectively(YoY+13.62%,+33.21%,-0.60%,and-1.87%).（2）In 25H1, thecompany's chemical fertilizers, organic amine series products, acetic acidand derivatives, and new energy materials related products achieved revenues of RMB 38.79 billion, RMB1.155 billion, RMB 1.706 billion, and RMB 7.62 billion, respectively(YoY-8.39%,+6.45%,-8.55%, and-16.33%). What’s Different ➢Integrated projects enrich product structure.The integrated project uses calcium carbide as raw materialto produce 1.4 butanediol (BDO) through the alkyne aldehyde method; Using BDO as raw material, produceN-methylpyrrolidone (NMP) products and polybutylene terephthalate (PBAT) products. The project is designedto have an annual production capacity of 200000 tons of BDO, 160000 tons of NMP, and 30000 tons of PBATbiodegradable materials. Some of the devices in the company's integrated project have completed the processand produced qualified products, entering the trial production stage. According to the feasibility study report,the estimated total investment for the integrated project is 3.387 billion yuan. The integrated project includesBDO and NMP related units, which can increase the production capacity of 200000 tons/year BDO and 50000tons/year NMP products. ➢Investment and construction of gasification platform upgrade and renovation project.The project aimsto replace the gasification unit based on the unchanged consumption of raw coal. The unit uses coal as rawmaterial and produces synthetic gas after gasification and purification; The main facilities include gasificationequipment, auxiliary production equipment, and some supporting public works. After the project is completedand put into operation, the main product production scale is a total synthesis gas of 450900 Nm 3/h (calculatedas Nm3/h based on effective gas CO+H2); The project construction period is 18 months. The estimated totalinvestment for this project is 3.039 billion yuan, and the project construction funds will be provided by thecompany'sown funds and bank loans. According to the feasibility study report, it is estimated that the projectwill achieve an average annual operating revenue of 3.665 billion yuan after completion and operation(calculated based on the total external sales of output). However, the synthetic gas produced by this projectis the raw material gas for the company's final product, so the economic benefits will be determined by theprofitability of the final product. Action ➢Profit forecast.We give the companynet profitof RMB 37.00/4.589/5.184 billion for2025-2027. Referring tocomparable companies, considering that the company provides a certain valuation premium for integratedprojects and upgrading projects, the company will be given 14.5xPE forFY26, withTPof 31.32 yuan for theinitialcoverage, and“Buy”rating will be given. Risks The risks of new project production progress falling short of expectations, pro