Investment Rating - The report maintains a "Strong Buy" rating for Hengli Petrochemical (600346) with a target price of 17.4 yuan for 2025 [1] Core Views - Q3 2024 revenue reached 65.261 billion yuan, up 2.44% YoY and 20.44% QoQ, while net profit attributable to shareholders was 1.087 billion yuan, down 59.01% YoY and 42.14% QoQ [1] - Inventory losses and PTA product performance dragged down Q3 results, with gross margin declining to 7.78%, down 5.8 ppts YoY and 4.8 ppts QoQ [1] - The company is advancing overseas strategic cooperation with Saudi Aramco, which plans to acquire a 10% stake in Hengli Petrochemical [1] - New material production capacity is expected to be fully operational in H2 2024, with 1.6 million tons/year high-performance resin and new material projects leading the way [1] Financial Performance - Q3 2024 sales volume: 5.85 million tons for refining products (+10% YoY, +63% QoQ), 3.35 million tons for PTA (-14% YoY, -9% QoQ), and 1.26 million tons for new materials (+17% YoY, -12% QoQ) [1] - Q3 2024 product prices: 5,700 yuan/ton for refining products (-1% YoY, +4% QoQ), 4,908 yuan/ton for PTA (-4% YoY, -7% QoQ), and 8,211 yuan/ton for new materials (-3% YoY, +4% QoQ) [1] - 2024-2026 revenue forecasts: 251.544 billion yuan (+7.1% YoY), 264.025 billion yuan (+5.0% YoY), and 280.165 billion yuan (+6.1% YoY) [2] - 2024-2026 net profit forecasts: 7.327 billion yuan (+6.1% YoY), 10.186 billion yuan (+39.0% YoY), and 12.460 billion yuan (+22.3% YoY) [2] Strategic Developments - The company is actively pursuing internationalization through strategic cooperation with Saudi Aramco, focusing on crude oil supply, raw material supply, product procurement, and technology licensing [1] - New material projects, including the 1.6 million tons/year high-performance resin project and the Kanghui New Materials Nantong base, are expected to drive future growth [1] Valuation - Current PE ratios: 14x for 2024, 10x for 2025, and 8x for 2026 [1] - Target price of 17.4 yuan based on 12x 2025 PE, representing a 21.5% upside from the current price of 14.32 yuan [1][3]

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [3] Core Views - Demand is still at a low point, but recovery is expected in the future [3] - The company reported total revenue of 177.857 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.71%, while net profit attributable to shareholders was 5.105 billion yuan, a year-on-year decrease of 10.45% [2][6] - In Q3 2024, total revenue was 65.261 billion yuan, a year-on-year increase of 2.44% and a quarter-on-quarter increase of 20.44%, with net profit of 1.087 billion yuan, down 59.01% year-on-year and down 42.14% quarter-on-quarter [2][6] Summary by Sections Financial Performance - For Q3 2024, the average price spread of polyolefins and crude oil was 3,211 yuan/ton, up 16.10% year-on-year and 9.39% quarter-on-quarter [6] - The PTA-PX price spread averaged 315 yuan/ton, up 66.57% year-on-year, remaining stable quarter-on-quarter [6] - The apparent consumption of refined oil in Q3 2024 was 97 million tons, down 4.87% year-on-year [6] - The average price spread for diesel, gasoline, and aviation kerosene was 1,099 yuan, 1,619 yuan, and 1,416 yuan per ton, respectively, with year-on-year changes of -9.19%, +7.53%, and +29.24% [6] - The average PX-crude oil price spread was 2,760 yuan/ton, down 16.91% year-on-year [6] Cost and Competitive Position - Coal prices averaged 848 yuan/ton in Q3 2024, down 2.09% year-on-year, providing a cost advantage for the company [6] - The company has a coal processing capacity of 5 million tons per year, benefiting from lower raw material prices [6] Growth Potential - New materials are expected to be fully operational in the second half of 2024, with a 1.6 million tons/year high-performance resin project and functional film projects progressing as planned [6] - The company anticipates that the gradual release of new material capacity will open up growth opportunities if downstream demand improves [6] Earnings Forecast and Valuation - The company is expected to see net profits of 6.8 billion yuan, 9.8 billion yuan, and 12.3 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.97 yuan, 1.40 yuan, and 1.75 yuan [6][7] - The projected P/E ratios are 14.9X, 10.3X, and 8.2X for the same years [6][7]

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [1] Core Views - The report highlights that fluctuations in raw material prices have pressured profitability, while new materials are flourishing [1] - The company achieved revenue of 177.76 billion yuan in Q3 2024, a year-on-year increase of 2.69%, but the net profit attributable to shareholders decreased by 10.45% to 5.105 billion yuan [1] - The report anticipates that the company's net profit for 2024, 2025, and 2026 will be 7.245 billion yuan, 11.191 billion yuan, and 11.466 billion yuan respectively, with corresponding PE ratios of 14.00X, 9.06X, and 8.85X [3] Summary by Sections Financial Performance - In Q3 2024, the gross margin was 7.78%, down 5.78 percentage points year-on-year and 4.83 percentage points quarter-on-quarter [1] - The net profit margin was 1.67%, a decrease of 2.50 percentage points year-on-year and 1.81 percentage points quarter-on-quarter [1] - The company reported a significant increase in sales volume for refining products and new materials, with year-on-year changes of +9.7% for refining products and +16.7% for new materials [1] Future Projections - The company is expected to fully launch its 1.6 million tons/year high-performance resin and new materials project in the second half of 2024, focusing on downstream extensions of the C2-C4 industrial chain [2] - The report projects revenue growth of 4.0% in 2024, 6.2% in 2025, and 0.6% in 2026 [4][7] Cost Management - The report indicates good control over expenses, with sales, management, and financial expense ratios for Q3 2024 at 0.22%, 0.67%, and 1.86% respectively [1] - R&D expense ratio increased to 0.69%, reflecting a growth in R&D investment [1] Market Conditions - The report notes that the price of crude oil has been under pressure due to weak economic data from the US and China, with WTI crude oil averaging $75.20 per barrel in Q3 2024, down 6.81% quarter-on-quarter [1] - The report emphasizes the need for domestic substitution in critical areas such as functional films and biodegradable materials [2]

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [1][2]. Core Views - The company's revenue for the first three quarters of 2024 reached 177.857 billion yuan, a year-on-year increase of 2.71%, while the net profit attributable to shareholders was 5.105 billion yuan, a decrease of 10.45% [1]. - The report highlights that the decline in profitability is primarily due to the narrowing of chemical product margins, influenced by fluctuating oil prices and a weak supply-demand balance in the market [1][2]. - The report anticipates that the company's net profit for 2024-2026 will grow at rates of 2.3%, 13.7%, and 26.8%, respectively, with earnings per share (EPS) projected at 1.00, 1.14, and 1.45 yuan [2][3]. Financial Performance Summary - For the third quarter of 2024, the company reported total revenue of 65.261 billion yuan, a year-on-year increase of 2.44% and a quarter-on-quarter increase of 20.46% [1]. - The average Brent crude oil price for the first three quarters of 2024 was $81.6 per barrel, remaining stable compared to the previous year [1]. - The report indicates that the company's gross profit margins for key refining products have varied, with gasoline and diesel showing increases, while other products like polyethylene and polypropylene have seen significant declines [1]. Industry Outlook - The report suggests that the refining capacity growth is expected to peak, with the company positioned to benefit from its low-cost structure and high-end product offerings as the industry enters a phase of stock competition [1]. - The report notes that by 2025, domestic crude oil processing capacity is expected to be capped at 1 billion tons, with large-scale refining enterprises accounting for about 55% of this capacity [1]. - The company is actively expanding its high-performance resin and new materials projects, which are expected to enhance its profitability and reduce reliance on bulk chemical products [1].

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [5][6] Core Views - The company reported a revenue of 177.86 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.7%, while net profit attributable to shareholders decreased by 10.5% to 5.1 billion yuan [5][6] - The third quarter saw a revenue of 65.26 billion yuan, a quarter-on-quarter increase of 20.44%, but net profit dropped by 42.1% [5][6] - The report highlights the pressure from inventory devaluation in the refining sector and a decline in PX profitability due to weaker refined oil profits [5][6] - Despite expected downward pressure on oil prices, the report anticipates a recovery in refining margins in the fourth quarter [5][6] Summary by Sections Market Data - Closing price as of October 24, 2024: 14.41 yuan - Market capitalization: 101.43 billion yuan - Price-to-book ratio: 1.7 - Dividend yield: 3.82% [3][4] Financial Performance - For Q3 2024, the refining segment's price spread was calculated at 1,525 yuan/ton, a quarter-on-quarter decrease of 369 yuan/ton [5][6] - The report projects a decline in earnings forecasts for 2024-2026 to 7.03 billion, 9.71 billion, and 11.79 billion yuan respectively, with corresponding PE ratios of 14X, 10X, and 9X [6][7] Industry Outlook - The polyester industry is experiencing a shift in profitability downstream, with expectations of improved margins as demand for long filaments increases in October [6] - Capital expenditures are nearing completion, with high dividend levels expected to be maintained as new projects come online [6]

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：2024-059 恒力石化股份有限公司 2024年前三季度主要经营数据公告 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。 恒力石化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号行业信息披露：第十三号——化工》要求，现将公司 2024 年 前三季度主要经营数据披露如下： 二、主要产品价格变动情况 | 主要产品 | 2024 1-9 | 年 | 月 | 2023 年 1-9 月 | | 变动比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | | 平均售价（元/吨） | | | | | 炼化产品 | | | 5,509.68 | | 5,604.59 | | -1.69 | | PTA | | | 5,159.03 | | 5,083.14 | | 1.49 | | 新材料产品 | | | 8,138.92 | | ...

恒力石化股份有限公司 上述变更最终以市场监督管理部门核准的内容为准。本次《公司章程》修订尚 需提交股东大会审议，并提请股东大会授权董事会或董事会授权人士办理相应的工 商变更登记手续事项。 修订后的《公司章程》将在股东大会审议通过后披露在上海证券交易所网站 （www.sse.com.cn）。 证券代码：600346 证券简称：恒力石化 公告编号：2024-056 恒力石化股份有限公司 关于增加经营范围并修订公司章程的公告 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。 恒力石化股份有限公司（以下简称"公司"）于2024年10月24日召开了第九届 董事会第二十二次会议，会议审议通过了《关于增加经营范围并修订<公司章程>相 关条款的议案》，根据公司实际业务发展需要，拟增加公司经营范围并修订《恒力 石化股份有限公司章程》（以下简称"《公司章程》"）中的相关内容，具体修订内容 如下： | 原条款 | 修订后 | | --- | --- | | | 第十四条 经依法登记，公司的经营范围： | | | 许可项目：危险化学品经营（依法须经批准 ...

一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 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：2024-057 恒力石化股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 12 日 14 点 00 分 召开地点：苏州市吴江区盛泽镇南麻工业区恒力路一号 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 12 日 至 2024 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:0 ...

出席会议的监事认真审议并一致通过了以下议案： 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：2024-058 恒力石化股份有限公司 第九届监事会第十六次会议决议公告 本公司监事会及全体监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。 恒力石化股份有限公司（以下简称"公司"）第九届监事会第十六次会议（以下 简称"本次会议"）于 2024 年 10 月 19 日以电话和电子邮件的方式发出通知。会议 于 2024 年 10 月 24 日以现场结合通讯方式召开，会议由监事会主席康云秋女士主 持。本次会议应出席监事 3 人，实际出席监事 3 人。本次会议的召开和表决程序符 合《公司法》和《公司章程》等有关规定。 3、在提出本意见前，没有发现参与报告编制和审议的人员有违反保密规定的行 为。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 特此公告。 恒力石化股份有限公司监事会 2024 年 10 月 25 日 一、《2024年第三季度报告》 监事会认真审阅了公司《2024年第三季度报告》认为： 1、2024年第三季度报告的 ...

重要内容提示： 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：2024-060 恒力石化股份有限公司 关于召开2024年第三季度业绩说明会的公告 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。 恒力石化股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布 《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 07 日上午 9:00-10:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 07 日上午 9:00-10:00 （二）会议召开地点：上证路演中心 会议召开时间：2024 年 11 月 ...