恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2024-053 恒力石化股份有限公司 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 本次股东大会由公司董事会提议召开，经半数以上董事共同推举，由董事王 治卿先生主持会议，采取现场投票和网络投票相结合的表决方式。会议的召集、 召开及表决均符合《公司法》和《公司章程》等相关法律法规的规定。 (一) 股东大会召开的时间：2024 年 9 月 10 日 (二) 股东大会召开的地点：苏州市吴江区盛泽镇南麻工业区恒力路一号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 672 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,415,990,833 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | ...

恒力石化（600346.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|---------|---------|---------|------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 222,324 | 234,791 | 263,582 | 278,054 | 288,629 | 股票信息 | | | 增长率 yoy （ % ） | 12.3 | 5.6 | 12.3 | 5.5 | 3.8 | | | | 归母净利润（百万元） | 2,318 | 6,905 | 8,568 | 10,641 | 12,231 | 行业 | 石油石化 | | 增长率 yoy （ % ） | -85.1 | 197.8 | 24.1 | 24.2 | 14.9 | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable operating performance, with high-performance resin and new material projects gradually coming into production [1] - The second quarter of 2024 saw a slight increase in revenue year-on-year, but a decrease compared to the previous quarter, attributed to maintenance of some refining units [2][3] - The company is expected to achieve significant growth with the completion of new projects, particularly in high-performance resins and new materials [5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 54.15 billion yuan, a year-on-year increase of 1.6% but a quarter-on-quarter decrease of 7.3% [2] - The net profit attributable to shareholders was 1.88 billion yuan, down 7.4% year-on-year and down 12.2% quarter-on-quarter [2] - The gross profit margin was 12.61%, a decrease of 0.37 percentage points year-on-year but an increase of 1.45 percentage points quarter-on-quarter [2] - The company’s cash flow from operating activities was 4.66 billion yuan [2] Segment Performance - Refining products generated revenue of 19.7 billion yuan, down 42% year-on-year and down 25% quarter-on-quarter, with sales volume decreasing by 39% year-on-year [3] - PTA revenue was 19.5 billion yuan, up 41% year-on-year, with sales volume increasing by 32% year-on-year [3] - New materials revenue reached 11.3 billion yuan, a 61% increase year-on-year, with sales volume up 72% year-on-year [3] Future Growth Potential - The company’s high-performance resin and new materials project is expected to achieve full production in the second half of 2024, contributing to future growth [5] - The company has completed its 2023 cash dividend distribution, emphasizing shareholder returns, with a payout of 0.55 yuan per share [5] - The projected revenue for 2024-2026 is expected to be 256.9 billion, 265.7 billion, and 274.7 billion yuan respectively, with net profits of 9.16 billion, 11.09 billion, and 13.06 billion yuan [5][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.15 yuan, down from the previous target of 18.66 yuan [7][8] Core Views - The company's H1 2024 performance met expectations, with a net profit attributable to shareholders of 4.018 billion yuan, up 31.77% YoY [8] - The company is leveraging its large-scale refining platform to build new momentum, with new material capacities such as high-performance resins and lithium battery separators expected to be released [8] - The company emphasizes shareholder returns, with a proposed cash dividend of 3.871 billion yuan in 2023, accounting for 56% of net profit attributable to shareholders [8] - The company's controlling shareholder, Hengli Group, has signed a memorandum of understanding with Saudi Aramco for strategic cooperation, including a potential equity acquisition and collaboration in crude oil supply and product procurement [8] Financial Summary - Revenue is expected to grow from 222.373 billion yuan in 2022 to 326.432 billion yuan in 2026, with a CAGR of 10.1% [6] - Net profit attributable to shareholders is projected to increase from 2.318 billion yuan in 2022 to 13.463 billion yuan in 2026, with a CAGR of 55.6% [6] - EPS is forecasted to rise from 0.33 yuan in 2022 to 1.91 yuan in 2026 [6] - ROE is expected to improve from 4.4% in 2022 to 18.2% in 2026 [6] Valuation and Comparables - The company's 2024E PE is 10.93x, lower than peers such as Rongsheng Petrochemical (18.36x) and Wanhua Chemical (11.13x) [11] - The company's 2024E PB is 1.46x, compared to 1.76x in 2022 [10] Industry and Market Position - The company operates in the oil/energy sector and is positioned as a leader in the refining and chemical industry, with a 2000万吨 world-class refining platform [7][8] - The company is seen as a representative of "new quality productivity" in the chemical industry, driving structural optimization and industrial upgrading [8]

[Table_StockNameRptType] 恒力石化（600346） 公司点评 二季度经营稳健，在建项目顺利推进 | --- | --- | |-------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData] 收盘价（元） | 13.29 | | 近 12 个月最高/ | 16.52/11.45 | | 总股本（百万股） | 7,039 | | 流通股本（百万股） | 7,039 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 931 | | 流通市值（亿元） | 931 | [Table_Chart] 公司价格与沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 恒力石化 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱 ...

| --- | --- | |------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [短期检修影响逐步弱化，行业整合推动公司增长动能释放Table_Title] | | 公司研究 | [Table_ReportDate] 2024 年 8 月 26 日 | | | | | [Tabl 点评报告 e_ReportType] | [Table_S 事件： ummary] 2024 年 8 月 22 日晚，恒力石化发布 2024 年半年度报告。2024 年 | | [Table_StockAndRank] 恒力石化(600346.SH) | 上半年公司实现营业总收入 1125.96 亿元，同比增长 2.87%；实现归母净利润 40.18 亿元，同比增长 31.77%；实现扣非后归母净 ...

石油石化 2024 年 08 月 23 日 恒力石化 (600346) ——检修导致 Q2 业绩环比下滑，继续看好炼化景气修复 | --- | |---------------------| | 2024 年 08 月 22 日 | | 13.39 | | 16.71/11.11 | | 1.5 | | 4.11 | | 94,254 | | 2,848.77/8,162.18 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 8.56 | | 资产负债率% | 78.02 | | 总股本/流通 A 股（百万） | 7,039/7,039 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2209-2210-2211-2212-2201-2202-2203-2204-2205-2206-2207-2208-22 -20% -10% 0% 10% 20% 恒力石化 沪深300指数 (收益率) 相关研究 - 证券分析师 刘 ...

其他石化 恒力石化（600346.SH） 买入-B(维持) 业绩稳步增长，新材料产能逐步释放 2024 年 8 月 23 日 公司研究/公司快报 事件描述 公司发布 2024 年半年度报告，公司实现营业收入 1125.39 亿元，同比增 加 2.84%；实现归属于上市公司股东的净利润 40.18 亿元，同比增加 31.77%。 Q2 实现营业收入 541.84 亿元，同比+1.65%，环比-7.24%，实现归母净利润 为 18.78 亿元，同比-7.44%，环比-12.2%。 事件点评 业绩稳步增长，新材料产品销量同比增幅较大。公司加强资源统筹，优 化产销协同，及时结合原材料价格波动和市场需求变化，优先增产高效益产 品，做到"宜油则油、宜烯则烯、宜芳则芳、宜化则化"，全力保障炼化、 石化、化工和新材料各大产业园区的高效协同运行，保持产销平衡，从销量 来看，上半年炼化产品、PTA、新材料分别同比-24%、+30%、+47%。 上半年主要产品价格多数走高，毛利率改善。根据隆众资讯，上半年汽 油 / 柴 油 /PX/ 纯 苯 /PE/PP 均 价 同 比 分 别 +1.46%/-3.26%/+2.12%/+22.9 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% relative to the market index over the next six months [3][9]. Core Views - The company achieved a net profit attributable to shareholders of 4.018 billion yuan in the first half of 2024, representing a year-on-year increase of 31.77% [3]. - The company's revenue for the same period was 112.539 billion yuan, up 2.84% year-on-year, with a non-recurring net profit of 3.542 billion yuan, reflecting a significant increase of 55.69% [3]. - The company is benefiting from a decline in coal prices, which has positively impacted its production costs despite a temporary reduction in output due to maintenance activities [4]. Financial Data and Valuation - Revenue projections for the company are as follows: 234.87 billion yuan in 2023, 263.05 billion yuan in 2024, 289.36 billion yuan in 2025, and 303.82 billion yuan in 2026, with growth rates of 5.62%, 12.00%, 10.00%, and 5.00% respectively [2]. - The EBITDA for 2024 is estimated at 29.41 billion yuan, with a projected net profit of 9.46 billion yuan, indicating a growth rate of 37.03% [2]. - The company's earnings per share (EPS) is expected to increase from 0.98 yuan in 2023 to 1.34 yuan in 2024, with a price-to-earnings (P/E) ratio decreasing from 13.55 to 9.89 [2]. Operational Insights - The company is undergoing a significant expansion in its new materials segment, with a high-performance resin and new materials project expected to be fully operational by the second half of 2024 [6]. - The company has completed a cash dividend distribution of 0.55 yuan per share for 2023, totaling 3.871 billion yuan, with a payout ratio of 56.07% [5]. - The company is focused on balancing operational growth and shareholder returns, aiming for a sustainable value return mechanism [5].

恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2024-049 恒力石化股份有限公司 关于申请注册发行中期票据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为保证公司融资渠道的多元化，优化债务结构，降低融资成本，根据《中华人 民共和国公司法》《中华人民共和国证券法》《银行间债券市场非金融企业债务融 资工具管理办法》《银行间债券市场非金融企业中期票据业务指引》等有关法律法 规及规范性文件的规定，结合实际情况，恒力石化股份有限公司（以下简称"公 司"）于 2024 年 8 月 22 日召开了第九届董事会第二十一次会议，会议审议通过了 《关于申请注册发行中期票据的议案》，同意公司向中国银行间市场交易商协会申 请注册发行金额不超过人民币 30 亿元（含 30 亿元）的中期票据。该议案尚需经公 司股东大会审议通过。具体情况如下： 一、中期票据发行方案的主要内容 1、发行人：恒力石化股份有限公司。 2、注册发行金额：不超过人民币 30 亿元（含 30 亿元），具体发行规模以中国 银行间市场交易商协会 ...