Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical, indicating a positive outlook for the company's stock performance relative to the market index [2][6]. Core Views - The company is currently experiencing performance pressure due to the cyclical downturn, but the "anti-involution" trend in the global petrochemical industry is expected to optimize the industry landscape [5][6]. - The financial health of the company remains robust, with stable cash flow supporting dividend payments and debt servicing [5][6]. - The company is expected to benefit from the global petrochemical restructuring, with significant capacity reductions anticipated in both domestic and international markets [5][6]. Financial Summary - For H1 2025, the company reported revenue of 103.94 billion yuan, a year-on-year decrease of 7.68%, and a net profit attributable to shareholders of 3.05 billion yuan, down 24.08% year-on-year [5]. - The average selling prices of key products have declined, with refining products, PTA, and new materials seeing price drops of 5.61%, 19.41%, and 14.17% respectively [5]. - The company’s operating cash flow reached 19.48 billion yuan in H1 2025, providing a solid foundation for dividends and debt repayment [5][6]. Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 236.89 billion yuan, 244.74 billion yuan, and 251.51 billion yuan respectively, with corresponding net profits of 7.32 billion yuan, 8.47 billion yuan, and 9.38 billion yuan [6][7]. - The earnings per share (EPS) are expected to be 1.04 yuan, 1.20 yuan, and 1.33 yuan for the years 2025, 2026, and 2027 respectively [6][7]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 16.44 for 2025, decreasing to 12.84 by 2027, suggesting an improving valuation as earnings grow [6][7]. - The price-to-book (P/B) ratio is projected to be 1.83 in 2025 and 1.71 in 2027, reflecting a stable valuation relative to the company's book value [6][7].

Group 1 - The chemical sector experienced a significant rally on August 26, with the Chemical ETF (516020) rising over 2% at one point and closing up 1.67% [1][2] - Key stocks in the sector included Zhonghua International, which hit the daily limit, and Zhongke Titanium, which surged over 9%, while several others like Xin Fengming and Luxi Chemical rose over 5% [1][2] - Recent trends indicate a push towards "anti-involution" in various chemical sub-industries, suggesting that both administrative and self-regulatory measures are needed for improvement [1][3] Group 2 - Huatai Securities noted that the industry's profitability is at a low point, and with policy guidance, supply-side adjustments are expected to accelerate, potentially improving profitability for bulk chemical products [3] - The chemical sector is anticipated to benefit from increased demand driven by economic growth in regions like Africa and Latin America, with exports becoming a crucial growth engine [3] - Current valuations for the chemical sector are attractive, with the Chemical ETF's underlying index trading at a price-to-book ratio of 2.22, which is at a low percentile compared to the last decade [3][4] Group 3 - Open-source Securities highlighted that as specific policies are implemented, some outdated capacities in the chemical industry may be eliminated, leading to an optimized competitive landscape and improved profitability [4] - The Chemical ETF (516020) is positioned to provide efficient exposure to the sector, with nearly 50% of its holdings in large-cap leading stocks, allowing investors to capitalize on strong performance opportunities [4]

Group 1 - The chemical fiber sector is experiencing a rebound, with Haiyang Technology reaching the daily limit increase [1] - Other companies such as Tongkun Co., Hengli Petrochemical, Huilong New Materials, Xin Fengming, Hengshen New Materials, and Hengyi Petrochemical are also seeing gains [1]

两融数据显示，该股最新融资余额为34.80亿元，近5日增加1.79亿元，增幅为5.42%。 进一步统计，近3个月内该股累计发生23笔大宗交易，合计成交金额为10.62亿元。 证券时报·数据宝统计显示，恒力石化今日收盘价为17.15元，上涨0.29%，日换手率为0.65%，成交额为 7.86亿元，全天主力资金净流出2128.89万元，近5日该股累计上涨13.43%，近5日资金合计净流入1.64亿 元。 恒力石化8月25日大宗交易平台出现一笔成交，成交量1169.45万股，成交金额2.00亿元，大宗交易成交 价为17.10元，相对今日收盘价折价0.29%。该笔交易的买方营业部为华泰证券股份有限公司上海分公 司，卖方营业部为中国银河证券股份有限公司大连人民路证券营业部。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是华泰证券，8月25日华泰证券发 布的研报预计公司目标价为22.44元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 8月25日恒力石化大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | ...

风险提示：炼化下游需求不及预期；能源原料价格剧烈波动；新材料项目建设不及预期等 最新盈利预测明细如下： 东海证券股份有限公司谢建斌,吴骏燕近期对恒力石化（600346）进行研究并发布了研究报告《公司简评报 告：石化周期底部盈利暂时承压，"反内卷"下龙头优势有望凸》，给予恒力石化买入评级。 恒力石化 投资要点 2025上半年石化行业供需承压，公司业绩同比下降：2025年上半年，恒力石化实现营业总收入1038.87亿元， 同比下降7.69%；归属于上市公司股东的净利润为30.5亿元，同比下降24.08%。其中，第二季度的业绩压力更 为明显，营收同比减少13.5%，环比减少17.8%；归母净利润同比下滑46.8%，环比下滑51.3%。业绩下滑主要 受两方面因素影响：一是产品价差收窄。上半年，国际原油价格宽幅震荡，布伦特原油均价同比下跌约 15%，炼化企17.15业承受一定库存损失，同时，石化需求恢复缓慢，炼化产能仍在释放，周期底部产品价格 703,910价差承压。二是第二季度公司对乙烯装置进行了计划检修，短期内影响相关化工品的产量76.89%并推 高单位生产成本，对当季业绩造成了一定扰动。 经营性现金流净额同比大增 ...

Group 1 - The latest stock price of Hengli Petrochemical is 17.15 yuan, up by 0.05 yuan from the previous trading day, with an opening price of 17.10 yuan, a high of 17.50 yuan, and a low of 16.84 yuan, with a trading volume of 458,160 hands and a transaction amount of 786 million yuan [1] - Hengli Petrochemical is a leading domestic petrochemical company, with main businesses covering oil refining, PTA, and polyester new materials, possessing a complete industrial chain from crude oil processing to polyester new materials, widely used in textiles, packaging, and electronics [1] - On August 25, a block trade occurred involving 11.6945 million shares, with a transaction amount of 200 million yuan at a price of 17.10 yuan, which is a discount of 0.29% compared to the closing price of that day, accounting for 25.43% of the total transaction amount, with the buyer being Huatai Securities Shanghai Branch and the seller being China Galaxy Securities Dalian Renmin Road Branch [1] Group 2 - On that day, the net outflow of main funds for Hengli Petrochemical was 45.239 million yuan, accounting for 0.04% of the circulating market value, while the cumulative net inflow of main funds over the past five days was 213.1349 million yuan, accounting for 0.18% of the circulating market value [1]

Investment Rating - The report indicates a positive outlook for the basic chemical industry, particularly for refrigerants and glyphosate, with a focus on the refining sector due to policy catalysts [1][4]. Core Insights - Glyphosate prices continue to rise, driven by strong downstream demand and sufficient orders from overseas markets, with the price reaching 26,899 CNY/ton, an increase of 200 CNY/ton from the previous week [3][17]. - The demand for refrigerants, particularly R32, is increasing due to high summer temperatures, with R32 prices rising by 1,000 CNY/ton to 58,500 CNY/ton [4][32]. - The refining industry is gaining attention due to policy changes in South Korea and China, which may lead to capacity reductions and increased operational efficiency [4][5]. Summary by Sections (1) Key Chemical Product Price Tracking - The report tracks significant price changes in various chemical products, with notable increases in acrylic acid and PTA, while some products like tetrachloroethylene saw declines [13][14]. (2) Polyurethane: MDI and TDI Price Trends - MDI prices have decreased due to weak demand from end-users, while TDI prices have also dropped amid seasonal demand pressures [15][16]. (3) Agricultural Chemicals: Glyphosate and Urea Price Increases - Glyphosate prices are on the rise, with a reported weekly production of 8,600 tons and a slight decrease in inventory levels [17][21]. - Urea and potassium chloride prices have also increased, attributed to export agreements and tight supply conditions [21][25]. (4) Fluorochemicals: R32 and Refrigerant Price Increases - R32 and other third-generation refrigerants have seen price increases due to steady demand and supply constraints [26][32]. (5) Tire Industry: Rubber and Additive Price Movements - The report notes fluctuations in rubber prices, with a slight increase in styrene-butadiene rubber and stable prices for other additives [34][36].

进一步统计，近3个月内该股累计发生23笔大宗交易，合计成交金额为10.62亿元。该股近5个交易日累 计上涨13.43%，主力资金合计净流入2.08亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月25日，恒力石化收涨0.29%，收盘价为17.15元，发生1笔大宗交易，合计成交量1169.45万股，成交 金额2亿元。 第1笔成交价格为17.10元，成交1,169.45万股，成交金额19,997.60万元，溢价率为-0.29%，买方营业部 为华泰证券股份有限公司上海分公司，卖方营业部为中国银河证券股份有限公司大连人民路证券营业 部。 责任编辑：小浪快报 ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 103.88 billion yuan, down 7.69% year-on-year, and a net profit attributable to shareholders of 3.05 billion yuan, down 24.08% year-on-year [6] - The company has initiated a mid-term dividend, distributing 0.08 yuan per share, totaling 563 million yuan, reflecting a dividend payout ratio of 18.46% [6] - Future profitability forecasts for 2025-2027 are set at 8 billion, 10 billion, and 12 billion yuan respectively, with corresponding price-to-earnings ratios of 15X, 12X, and 10X [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 243.79 billion yuan, with a year-on-year growth rate of 3.1% [5] - The expected net profit for 2025 is 8.02 billion yuan, representing a year-on-year increase of 13.8% [5] - The gross profit margin for 2025 is projected at 10.9%, with a return on equity (ROE) of 11.5% [5] Market Data - As of August 22, 2025, the closing price is 17.10 yuan, with a market capitalization of 120.369 billion yuan [1] - The stock has a price-to-book ratio of 1.8 and a dividend yield of 2.63% based on the most recent dividend [1]

Company Overview - Hengli Petrochemical Co., Ltd. is located in Dalian, Liaoning Province, and was established on March 9, 1999, with its listing date on August 20, 2001. The company specializes in the research, production, and sales of polyester fibers, polyester films, and related products, as well as the production and sales of steam and electricity, PTA production and sales, and refining and petrochemical businesses [1]. Financial Performance - As of June 30, 2025, Hengli Petrochemical reported a revenue of 103.944 billion yuan, a year-on-year decrease of 7.68%. The net profit attributable to shareholders was 3.050 billion yuan, down 24.08% compared to the previous year [2]. - The company has cumulatively distributed 25.573 billion yuan in dividends since its A-share listing, with 7.039 billion yuan distributed over the past three years [3]. Stock Performance - On August 25, Hengli Petrochemical's stock price increased by 2.05%, reaching 17.45 yuan per share, with a trading volume of 358 million yuan and a turnover rate of 0.30%. The total market capitalization stood at 122.832 billion yuan [1]. - Year-to-date, the stock price has risen by 17.11%, with a 15.41% increase over the last five trading days, an 11.08% increase over the last 20 days, and an 18.71% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hengli Petrochemical was 74,400, a decrease of 0.75% from the previous period. The average number of circulating shares per person increased by 0.75% to 94,588 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fifth largest, holding 239 million shares, an increase of 23.2252 million shares from the previous period [3]. Business Segmentation - The main revenue composition of Hengli Petrochemical includes refining products (45.92%), PTA (31.10%), polyester products (19.24%), and others (3.73%) [1]. - The company is classified under the Shenwan industry as part of the petroleum and petrochemical sector, specifically in refining and trade [1].