Guosheng Securities: Maintaining a "buy" rating on Hualu Hengsheng, the bottom of the cycle + high oil prices, coal chemical industry leader continues to benefit.

GuoSheng Securities research report pointed out that Huaru Hengsheng's cyclical bottoming out + high oil prices, the leading company in coal chemical industry continues to benefit. In 2025, the company achieved operating income of 30.969 billion yuan, a year-on-year decrease of 9.5%; achieved a net profit attributable to the parent of 3.315 billion yuan, a year-on-year decrease of 15.0%. During the reporting period, the company actively promoted project construction and added momentum to its development. The optimization and upgrading of amide raw materials, the construction of the 200,000 tons/year diacid project, the successful commissioning of the BDO and NMP integration project, the start of construction of the gasification platform upgrade project, and other technological transformation projects are steadily advancing. The company has strong cost advantages, with project construction achieving technological leadership, controllable investment, and efficient production; production leverages its flexible co-production advantages, tapping into the potential of units and systems, optimizing public works, continuously energy conservation, improving resource utilization efficiency; actively promoting the development of the Dezhou headquarters and Jingzhou Hengsheng "integrated wings", "double aircraft carrier" model, enhancing comprehensive profitability. The company is a leading player in the domestic coal chemical industry, with significant cost advantages, benefiting from the rise in oil prices brought about by the geopolitical situation in the Middle East. The company's cost advantages continue to expand. Maintaining a "buy" rating.