Investment Rating - The report maintains an "Accumulate" rating with a target price of 19.36, down from the previous target of 20.00, while the current price is 16.09 [1][5]. Core Insights - The company's 2023 performance met expectations, with a high dividend payout emphasizing shareholder returns and driving value reassessment. The establishment of a world-class refining platform is expected to create opportunities in green and low-carbon new materials [2]. - Due to rising crude oil costs squeezing chemical product spreads, the earnings per share (EPS) forecasts for 2024 and 2025 have been lowered to 1.21 and 1.46 respectively, with a new 2026 EPS forecast of 1.91 [2]. - The company achieved a revenue of 234.87 billion in 2023, a year-on-year increase of 5.61%, and a net profit of 6.91 billion, up 197.83% year-on-year. The Q4 revenue was 61.7 billion, with a net profit of 1.20 billion, reflecting a year-on-year increase of 131.90% [2]. - The company plans to distribute a cash dividend of 3.87 billion in 2023, representing 56% of the net profit attributable to shareholders, which significantly exceeds the capital raised from the market since its restructuring in 2016 [2]. - Leveraging its "large chemical" platform, the company is focusing on emerging industries, with new material capacities such as high-performance resins and functional films expected to be released [2]. Financial Summary - The company reported total revenue of 234.87 billion in 2023, with projections of 264.96 billion for 2024 and 291.46 billion for 2025, reflecting growth rates of 12% and 10% respectively [4]. - The net profit attributable to shareholders for 2023 was 6.91 billion, with forecasts of 8.51 billion for 2024 and 10.26 billion for 2025, indicating growth rates of 23% and 21% respectively [4]. - The company's operating profit margin for 2023 was 5.9%, with projections of 4.3% for 2024 and 4.7% for 2025 [4]. - The return on equity (ROE) for 2023 was 11.5%, with expectations of 12.4% in 2024 and 13.0% in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has significantly improved its profitability in 2023, with a 197.83% year-on-year increase in net profit, driven by growth in the refining segment and stable sales in polyester products [3][4] - The company is expected to achieve revenue of 266.9 billion, 278.7 billion, and 289.3 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 83.01 billion, 103.72 billion, and 119.90 billion [9] Financial Performance Summary - **Revenue**: 2023 revenue reached 234.79 billion, a 5.61% increase from 2022 [3] - **Net Profit**: 2023 net profit was 6.905 billion, up 197.83% year-on-year [3] - **Cash Flow**: Operating cash flow decreased by 9.32% to 23.536 billion in 2023 [3] - **Gross Margin**: The overall gross margin for 2023 was 11.25%, an increase of 3.04 percentage points from the previous year [3] - **Debt Ratios**: The company's debt-to-equity ratio was 78.1% in 2022, expected to be 79.3% in 2024 [11] Industry Overview - The company operates in the oil and petrochemical industry, which is currently experiencing a recovery in downstream demand, positively impacting the polyester product price spreads [2][8] - The refining segment has shown strong performance, with significant increases in gasoline and diesel crack spreads in 2023 [4] Future Growth Potential - The company is advancing several new material projects, including lithium battery separators and biodegradable plastics, which are expected to enhance its growth prospects [9] - The company maintains a high cash dividend payout ratio, with a proposed cash dividend of 0.55 per share for 2023, reflecting a 56.07% payout ratio [9]

证券研究报告 公司点评 恒力石化(600346.SH) 石油石化｜ 炼化及贸易 公司业绩持续回升， 产能进入投产高峰 2024年 04月 12日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 2,223.24 2,348 .66 2,623.71 2,764.77 2,853.24 归母净利润(亿元) 23.18 69.05 98.96 114.67 133.43 评级变动 维持 每股收益（元） 0.33 0.98 1.41 1.63 1.90 交易数据 每股净资产（元） 7.51 8.52 9.71 11.09 12.70 当前价格（元） 15.20 P/E 46.15 15.50 10.81 9.33 8.02 52周价格区间（元） 11.45-17.28 P/B 2.02 1.78 1.56 1.37 1.20 总市值（百万） 106994.40 资料来源：iFinD，财信证券 流通市值（百万） 106994.40 总股本（万股） 703910.00 投资要点： 流通股（万股） 703910.00  公司发布2023年年报，公司实现营业总收入234 ...

石油石化 | 证券研究报告 — 调整盈利预测 2024年4月15日 600346.SH 恒力石化 买入 归母净利润大幅增长，分红比例明显提升 原评级：买入 市场价格:人民币 15.20 2023 年公司实现营业总收入 2348.66 亿元，同比增长 5.62%；归母净利润 69.05 亿元，同比增长 197.83%。其中，2023 年四季度实现营业总收入 617.04 亿元， 板 块评级:强于大市 同比增长18.70%，归母净利润12.04亿元，同比增长131.95%，归母净利润大幅 增长，新材料产能有望投放，维持买入评级。 股价表现 支撑评级的要点 2%  归母净利润大幅增长，资产负债率小幅下降。2023年公司依托“大化工”平 台，全产业链一体化布局，营收和归母净利润同比均实现正增长。2023年公 (5%) 司销售毛利率11.25%，同比+3.04 pct，其中，炼化产品、PTA、新材料产品 (12%) 分别实现营收1199.61、726.07、341.15亿元，同比分别-3.00%、+28.20%、 (19%) +17.09%，毛利率分别为+18.53%、-1.36%、10.40%，同比分别+3.22p ...

Investment Rating - Buy rating maintained for Hengli Petrochemical (600346 SH) [4] Core Views - Hengli Petrochemical's 2023 annual report shows significant improvement in performance with full-year revenue of RMB 234 791 billion, a 5 61% YoY increase, and net profit attributable to parent company of RMB 6 905 billion, a 197 83% YoY surge [1][4] - The company's Q4 2023 revenue reached RMB 61 678 billion, up 18 69% YoY, with net profit attributable to parent company of RMB 1 204 billion, a 131 95% YoY increase [1][4] - The company is expected to achieve net profits attributable to parent company of RMB 10 19 billion, RMB 12 23 billion, and RMB 14 11 billion for 2024-2026, with corresponding P/E ratios of 10 2X, 8 5X, and 7 4X based on the closing price on April 10, 2024 [5] Business Highlights - Aromatics and refined oil products maintain high prosperity, benefiting from strong domestic travel demand and overseas seasonal peak demand [4] - The company is a unique "oil, coal, chemical" integrated petrochemical enterprise with world-class production clusters, significantly reducing operational and logistics costs [4] - Capital expenditure reduction and increased dividend payout ratio strengthen shareholder returns, with 2023 cash dividends accounting for 56 07% of net profit attributable to parent company [5] Project Updates - 1 6 million tons/year high-performance resin and new materials project expected to achieve full production in Q2 2024 [5] - Functional film projects in Suzhou Fenhu base have been put into production, with Nantong base projects expected to start production in H2 2024 [5] - Lithium battery separator projects in Yingkou and Nantong bases are progressing, with full production expected in H1 2024 [5] Financial Performance - 2023 operating cash flow reached RMB 23 536 billion, a 9 32% YoY decrease [1][4] - Gross margin improved to 11% in 2023, with expected further improvement to 14% by 2026 [8] - Net profit margin increased from 2 9% in 2023 to an expected 5 0% in 2026 [8] - Asset-liability ratio decreased from 77 0% in 2023 to an expected 65 7% in 2026 [8]

2024 年 04 月 11 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 年盈利大幅改[Ta 善ble ，_T 高itle] 分红注重股东回报 2023 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——恒力石化（ ） 年年报点评 600346 2023 联系人 ： 杨丽蓉 S0350122080038 yanglr@ghzq.com.cn 最近一年走势 事件 : 2024年4月9日，恒力石化发布2023年年度报告：2023年实现营业收 入2347.9亿元，同比增长5.6%；实现归母净利润69.05亿元，同比增 长197.8%；实现扣非归母净利润60亿元，同比增长473.7%；销售毛利 率11.2%，同比增长3.0个pct，销售净利率2.9%，同比增长1.9个pct； 经营活动现金流净额为235.4亿元。 2023年Q4单季度，公司实现营业收入616.8亿元，同比+18.7%，环比 -3.1%；实现归母净利润为12.0亿元，同比-48.1%，环比-54.6%；扣非 后归母净 ...

其他石化 恒力石化（600346.SH） 买入-B(维持) 业绩略超预期，静待新材料项目如期达产 2024年4月11日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布 2023 年年度报告，实现营业收入 2347.91 亿元，同比增长 5.61%；实现归母净利润69.05 亿元，同比增加197.83%。其中，2023Q4 实 现营业收入616.78亿元，同比增加18.7%；实现归母净利润12.04亿元，同 比增长131.95%。 事件点评  PTA新材料板块销量大幅增长，炼化板块毛利率提升至18.53%。公司 通过加强资源统筹，优化产销协同，结合原材料价格波动和市场需求变化， 市场数据：2024年4月11日 优先增产高效益产品，实现高质量的效益内生式增长。23年公司炼化产品 收盘价（元）： 14.88 /PTA/新材料产品销量分别为2164.27万吨、1422.2万吨、409.04万吨，同比 年内最高/最低（元）： 17.49/11.11 +1.33%/+33.99%/+25.4%。综合毛利率为11.25%，同比+3.04pct，炼化、PTA、 流通A股/总股本（亿）： 70.39/70.3 ...

石油石化/炼化及贸易 公 司 研 恒力石化（600346.SH） 2023 年归母净利润同比高增，看好需求复苏与新材 究 2024年04月11日 料项目放量 投资评级：买入（维持） ——公司信息更新报告 日期 2024/4/11 金益腾（分析师） 龚道琳（分析师） 蒋跨跃（分析师） 当前股价(元) 14.88 jinyiteng@kysec.cn gongdaolin@kysec.cn jiangkuayue@kysec.cn 公 一年最高最低(元) 17.49/11.11 证 书编号：S0790520020002 证书编号：S0790522010001 证书编号：S0790523120001 司  2023年归母净利润同比高增，维持“买入”评级 信 总市值(亿元) 1,047.42 公司发布2023年年报，全年实现营业收入2348.66亿元，同比增长5.62%，实现 息 流通市值(亿元) 1,047.42 更 归母净利润 69.05 亿元，同比增长 197.83%，实现扣非归母净利润 59.97 亿元， 总股本(亿股) 70.39 新 同比增长473.74%。同时，公司拟每股派发现金红利0.55元（含税） ...

上 市 公 司 石油石化 2024 年04月 09 日 恒力石化 (600346) 公 司 研 究 ——业绩显著回暖，高分红提升股东回报 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  2023年实现归母净利润69亿，符合我们预期。公司公告，2023年度实现营业收入2349 亿，同比增长5.6%，实现归母净利润69亿，同比增长198%。其中2023Q4公司实现营 业收入 617亿，同比增长 18.7%，环比下降 3.1%，实现归母净利润 12亿元，同比增长 证 市场数据： 2024年04月09日 132%，环比下降55%。2023年公司整体实现毛利率11.25%，同比提升0.18个百分点， 券 收盘价（元） 14.47 其中炼化、PTA 和聚酯板块毛利率同比分别提升 3.22、5.13、1.33 个百分点。此外，公 研 一年内最高/最低（元） 17.49/11.11 司2023年期间费用率约为14.7%，同比提升约3.4个百分点，主要是汇兑变化导致的财 究 市净率 1.7 务费用有所提升。 报 息率（分红/股价） - 告 流通A股市值（百万元） 101856  油价回调叠加 ...

Investment Rating - Buy (Maintained) [1] Core Views - Hengli Petrochemical's 2023 annual report shows significant improvement in performance, with revenue reaching CNY 234.866 billion, a year-on-year increase of 5.62%, and net profit attributable to shareholders of CNY 6.905 billion, a year-on-year increase of 197.83% [2] - The company's profitability indicators have significantly improved, with a gross profit margin of 11.25%, a net profit margin of 2.94%, and ROE of 11.51% [3] - The company's new material projects are progressing well, with several key projects achieving breakthroughs and contributing to future growth [6] - The company has a high dividend payout ratio of 56.07%, with a dividend yield of 3.80% based on the closing price on April 9, 2024 [7] Financial Performance - In 2023, Hengli Petrochemical achieved revenue of CNY 234.866 billion, a year-on-year increase of 5.62%, and net profit attributable to shareholders of CNY 6.905 billion, a year-on-year increase of 197.83% [2] - The company's gross profit margin increased by 3.04 percentage points to 11.25%, and the net profit margin increased by 1.90 percentage points to 2.94% [3] - The company's ROE increased by 7.12 percentage points to 11.51% [3] - The company's sales expense ratio, management expense ratio, and financial expense ratio were 0.13%, 0.85%, and 2.28%, respectively, with overall good cost control [3] New Material Projects - Hengli Petrochemical has made significant progress in new material projects, with several key projects achieving breakthroughs and contributing to future growth [6] - The company's new material projects include high-performance special industrial yarn, green multifunctional textile materials, and lithium battery separator projects, with several projects expected to be fully operational by 2024 [6] - The company's PTA production capacity has reached 17 million tons, ranking first in the world [6] Dividend Policy - Hengli Petrochemical has a high dividend payout ratio of 56.07%, with a dividend yield of 3.80% based on the closing price on April 9, 2024 [7] - The company plans to distribute a cash dividend of CNY 0.55 per share, totaling CNY 3.872 billion [7] Investment Recommendation - The report maintains a "Buy" rating for Hengli Petrochemical, with expected net profit attributable to shareholders of CNY 10.099 billion, CNY 14.034 billion, and CNY 14.672 billion for 2024, 2025, and 2026, respectively [8] - The company's EPS is expected to be CNY 1.43, CNY 1.99, and CNY 2.08 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10.09X, 7.26X, and 6.94X [8]