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]

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [2] Core Views - Hengli Petrochemical's 2023 annual report shows significant improvement in profitability, with a total revenue of 234.79 billion yuan, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 6.905 billion yuan, up 197.8% year-on-year [3][4] - The company emphasizes shareholder returns with a cash dividend payout ratio of 56.07%, amounting to 3.872 billion yuan in dividends [8] - The new materials projects are entering a concentrated production phase, indicating strong growth potential [9] Summary by Sections Financial Performance - In 2023, Hengli Petrochemical achieved a net profit of 6.905 billion yuan, with a significant increase in non-recurring net profit of 60 billion yuan, reflecting a 473.7% year-on-year growth [3] - The fourth quarter of 2023 saw a revenue of 61.68 billion yuan, a year-on-year increase of 18.7%, but a decline in net profit to 1.2 billion yuan, down 48.1% year-on-year [3][4] Revenue Breakdown - Revenue from refining products decreased by 3.0% to 119.96 billion yuan, while PTA products saw a revenue increase of 28.2% to 72.6 billion yuan [4] - New materials generated 34.1 billion yuan in revenue, marking a 17.1% increase [4] Market Position and Strategy - The company has maintained a cost advantage through integrated operations in oil, coal, and chemicals, which has contributed to improved profitability despite market challenges [4] - The report highlights the company's focus on optimizing operations, reducing debt, and enhancing dividends as it approaches the end of its current investment cycle [8] Future Outlook - Revenue projections for 2024-2026 are set at 256.895 billion yuan, 265.678 billion yuan, and 274.678 billion yuan, respectively, with net profits expected to reach 9.897 billion yuan, 12.023 billion yuan, and 13.809 billion yuan [10][42] - The report anticipates a continued upward trend in profitability driven by multiple project developments [42]

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） ...

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 ...

证券研究报告·公司点评报告·炼化及贸易 恒力石化（600346） 2023 年年报点评：分红比例超预期提升，经 2024 年 04月 10日 营现金流表现优异 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 营业总收入（百万元） 222,373 234,866 289,904 293,528 291,090 执业证书：S0600123050015 heyzh@dwzq.com.cn 同比 12.31% 5.62% 23.43% 1.25% -0.83% 归母净利润（百万元） 2,318 6,905 8,688 10,630 12,362 股价走势 同比 -85.07% 197.83% 25.83% 22.36% 16.29% 恒力石化 沪深300 EPS-最新摊薄（元/股） 0.33 0.98 1.23 1.51 1.76 6% P/E（现价&最新摊薄） 43.94 14.75 11.72 9.58 8.24 2% -2 ...

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 ...

证券研究报告 [Table_Title] 公司自身优势与景气回暖共振，注重股东回报凸显 公司研究 长期投资价值 [公Ta司ble点_Re评po报rtT告ype] [Table_ReportDate] 2024年4月10日 [恒Ta力bl石e_化Sto(c6k0A0n3dR4a6n)k ] [Table_Summary] 事件：2024年4月9日晚，恒力石化发布2023年年度报告。2023年公司 实现营业总收入 2348.66 亿元，同比增长 5.62%；实现归母净利润 69.05 投资评级 买入 亿元，同比增长 197.83%；实现扣非后归母净利润 59.97 亿元，同比增长 上次评级 买入 473.74%；实现基本每股收益0.98元，同比增长196.97%。公司资产负债 率为76.98%，同比-1.1pct。 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 执业编号：S1500518070001 点评： 联系电话：010-83326712 ➢ 行业景气改善，公司经营业绩明显提升。2023 年公司旗下恒力炼化、 邮箱：zuoqianming@cindasc.com 恒力化工、恒力化纤分别实现净利润 ...