[Table_StockNameRptType] 恒力石化（600346） 公司点评 原料波动盈利承压，新材料全面开花 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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上 市 公 司 石油石化 证 券 研 究 报 告 2024 年 10 月 25 日 恒力石化 (600346) ——需求走弱叠加库存贬值导致业绩环比下滑，看好未来 炼化价差修复 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 14.41 | | 一年内最高/最低（元） | 17.23/11.11 | | 市净率 | 1.7 | | 息率（分红/股价） | 3.82 | | 流通 A 股市值（百万元） | 101,433 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | --- | --- | |---------------------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 8.71 | | 资产负债率 % 总股本/流通 A 股（百万） ...

Revenue and Profit Performance - Revenue for the first three quarters of 2024 reached 17,776,369.30 million yuan, a year-on-year increase of 2.69%[2] - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 was 510,462.06 million yuan, a year-on-year decrease of 10.45%[2] - Total operating revenue for the first three quarters of 2024 reached 177.86 billion RMB, a 2.7% increase compared to 173.16 billion RMB in the same period of 2023[19] - Net profit for the first three quarters of 2024 was 5.11 billion RMB, a 10.3% decrease from 5.70 billion RMB in the same period of 2023[20] - The net profit attributable to shareholders of the listed company for the third quarter of 2024 decreased by 59.01% year-on-year, mainly due to a decrease in product price differences[8] - Operating profit for the first three quarters of 2024 was 6.62 billion RMB, a 9.4% decrease from 7.31 billion RMB in the same period of 2023[20] - Total comprehensive income for the first three quarters of 2024 was RMB 5.07 billion, compared to RMB 5.62 billion in the same period of 2023[21] Cash Flow and Financial Activities - Net cash flow from operating activities for the first three quarters of 2024 was 2,011,699.48 million yuan, a year-on-year decrease of 16.03%[3] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 20.12 billion, a decrease from RMB 23.96 billion in the same period of 2023[23] - Net cash flow from investing activities for the first three quarters of 2024 was negative RMB 16.11 billion, an improvement from negative RMB 31.99 billion in the same period of 2023[23] - Net cash flow from financing activities for the first three quarters of 2024 was RMB 3.59 billion, down from RMB 6.56 billion in the same period of 2023[24] - Cash and cash equivalents at the end of the third quarter of 2024 were RMB 22.39 billion, up from RMB 18.94 billion at the end of the same period in 2023[24] - Cash paid for employee compensation and benefits in the first three quarters of 2024 was RMB 3.92 billion, an increase from RMB 2.98 billion in the same period of 2023[23] - Cash received from interest and commission fees in the first three quarters of 2024 was RMB 91.21 million, up from RMB 46.13 million in the same period of 2023[23] - Cash received from tax refunds in the first three quarters of 2024 was RMB 857.43 million, down from RMB 1.40 billion in the same period of 2023[23] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were 27,245,993.80 million yuan, a year-on-year increase of 4.55%[3] - Total assets increased to RMB 272.46 billion as of September 30, 2024, compared to RMB 260.60 billion at the end of 2023[16] - Total assets as of Q3 2024 reached 272.46 billion RMB, a 4.5% increase from 260.60 billion RMB in the same period of 2023[18] - Current assets rose to RMB 71.28 billion from RMB 66.08 billion year-over-year[16] - Fixed assets grew to RMB 141.52 billion, up from RMB 129.99 billion at the end of 2023[16] - Inventory decreased to RMB 26.86 billion from RMB 31.27 billion year-over-year[16] - Long-term equity investments increased to RMB 708.41 million from RMB 646.00 million at the end of 2023[16] - Construction in progress decreased to RMB 45.13 billion from RMB 48.82 billion year-over-year[16] - Accounts receivable financing increased to RMB 5.36 billion from RMB 4.17 billion at the end of 2023[14] - Other receivables rose to RMB 1.02 billion from RMB 809.21 million year-over-year[16] - Total liabilities as of Q3 2024 stood at 211.11 billion RMB, a 5.2% increase from 200.60 billion RMB in the same period of 2023[17] - Short-term borrowings increased to RMB 73.07 billion from RMB 66.99 billion year-over-year[16] - Long-term borrowings increased by 7.8% to 76.13 billion RMB in Q3 2024 compared to 70.62 billion RMB in the same period of 2023[17] - Contract liabilities increased by 29.4% to 11.00 billion RMB in Q3 2024 compared to 8.50 billion RMB in the same period of 2023[17] Equity and Shareholder Information - Equity attributable to shareholders of the listed company as of the end of the third quarter of 2024 was 6,133,148.53 million yuan, a year-on-year increase of 2.23%[3] - Total equity attributable to owners of the parent company increased by 2.2% to 61.33 billion RMB in Q3 2024 from 59.99 billion RMB in the same period of 2023[18] - The number of ordinary shareholders at the end of the third quarter of 2024 was 92,624[9] Earnings and Returns - Basic earnings per share for the first three quarters of 2024 were 0.73 yuan, a year-on-year decrease of 9.88%[3] - Basic earnings per share for the first three quarters of 2024 were RMB 0.73, down from RMB 0.81 in the same period of 2023[21] - Weighted average return on equity for the first three quarters of 2024 was 8.44%, a decrease of 1.78 percentage points year-on-year[3] R&D and Other Expenses - R&D expenses increased by 29.6% to 1.27 billion RMB in the first three quarters of 2024 compared to 979.64 million RMB in the same period of 2023[19] - Non-recurring gains and losses for the first three quarters of 2024 amounted to 478,000,124.77 million yuan[6] Sales and Interest Income - Sales revenue from goods and services for the first three quarters of 2024 reached RMB 195.76 billion, compared to RMB 184.08 billion in the same period of 2023[22] - Interest income for the first three quarters of 2024 was 33.52 million RMB, a 59.1% increase compared to 21.08 million RMB in the same period of 2023[19] Monetary Funds and Other Financial Metrics - Monetary funds rose to RMB 27.69 billion from RMB 20.47 billion at the end of 2023[14]

石油石化 证 券 研 究 报 告 2024 年 09 月 29 日 恒力石化 （600346） ——高分红的优质炼化企业，基本面改善下盈利存在上行 空间 报告原因：强调原有的投资评级 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： \n | 2024 年 09 月 27 日 | | 收盘价（元） | 14.46 | | 一年内最高 / 最低（元） | 16.71/11.11 | | 市净率 | 1.7 | | 息率（分红/股价） | 3.80 | | 流通 A 股市值（百万元） | 101,785 | | 上证指数 / 深证成指 | 3,087.53/9,514.86 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 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 ...

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 | | | | ...

2024 年 08 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 杨丽蓉 S0350122080038 yanglr@ghzq.com.cn [Table_Title] 经营业绩稳健，高性能树脂及新材料项目 逐步投产 ——恒力石化（600346）2024 年中报点评 事件: 最近一年走势 2024 年 8 月 22 日，恒力石化发布 2024 年中报： 2024Q2 公司实现营 业收入 541.5 亿元，同比+1.6%，环比-7.3%；实现归母净利润为 18.8 亿元，同比-7.4%，环比-12.2%；扣非后归母净利润 17.2 亿元，同比+1.9%， 环比-5.3%；经营活动现金流净额为 46.6 亿元。销售毛利率为 12.61%， 同比-0.37 个 pct，环比+1.45 个 pct。销售净利率为 3.48%，同比-0.34 个 pct，环比-0.20 个 pct。 投资要点: 2024Q2 公司部分炼化装 ...

-21% -14% -7% 0% 7% 14% 2023-08 2023-12 2024-04 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 恒力石化 上证指数 [Table_Report] 相关报告 | --- | --- | --- | |-----------------------------|-----------|-------| | | | /能源 | | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 18.15 | | | 上次预测: | 18.66 | | [当前价格： Table_CurPrice] | | 13.22 | ——恒力石化 2024 中报业绩点评 | --- | --- | |----------------------------|----------------------------| | 杨思远(分析师) | 陈浩越(研究助理) | | 021-38032022 | 021-38031035 | | yangsiyuan026856@gtj ...

[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 ...