S1130519040001 xujunyi gjzq.com.cn 业绩简评 S1130522060004 恒力石化于2024 年 4 月 9 日发布2023 年年度报告，2023 年全 c henlvlou gjzq.com.cn 年公司实现营业收入2348.66 亿元，同比增加5.62%；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18.65%；实现归母净利润 12.04 14.47 亿元，同比增加413.81%。业绩基本符合预期。 经营分析 炼油板块持续强劲，全年盈利能力显著修复：2023 成品油裂解价 差持续维持较高水平，2023 年全年柴油/汽油/航空煤油裂解价差 均值分别为912 元/1129 元/2597 元/吨，分别同比增加2.53%/增 加 81.77%/减少 0.66%。伴随国内成品油消费需求持续旺盛以及 海外炼能的出清，成品油裂解价差有望持续维持在中高水平。与 此同时，PX-原油价差持续维持较高水平，2023 全年 PX-原油价 差达3204 元/吨，同比上涨19.73%。公司现有 2000 万吨/年原油 ...

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]

Financial Performance - In 2023, the company achieved a revenue of 234.8 billion RMB, representing a year-on-year growth of 5.61%[4] - The net profit for the year was 6.9 billion RMB, showing a significant increase of 197.83% compared to the previous year[4] - Hengli Petrochemical reported a revenue of 100 billion RMB for the fiscal year 2023, reflecting a year-on-year growth of 15%[22] - The company achieved a net profit of 12 billion RMB, which is an increase of 20% compared to the previous year[22] - The company's operating revenue for 2023 reached ¥23,479,067.24 million, an increase of 5.61% compared to ¥22,232,358.40 million in 2022[31] - Net profit attributable to shareholders for 2023 was ¥690,460.39 million, representing a significant increase of 197.83% from ¥231,830.32 million in 2022[31] - The company's quarterly revenue for Q4 2023 was ¥6,167,835.32 million, with a net profit of ¥120,407.84 million attributable to shareholders[34] - The company reported a total revenue of 10 billion RMB for the last quarter, representing a year-over-year increase of 15%[154] Production Capacity and Projects - The PTA project at the Huizhou industrial park reached an annual production capacity of 5 million tons, fully operational this year[4] - The company has established a unique integrated chemical platform with a total capacity of 20 million tons for refining, 5 million tons for coal chemical, 1.5 million tons for ethylene, and 12 million tons for PTA, all located within the same industrial park[53] - The company has built the largest domestic coal-to-hydrogen facility, supplying 250,000 tons of pure hydrogen annually, and a self-owned power plant with a capacity of 520MW, significantly reducing production and operational costs[53] - The company has entered the lithium battery separator market with a production capacity of 440 million square meters per year, with the first production line achieving full operation in June 2023[56] - The company’s functional film projects in Suzhou and Nantong are expected to commence production in the second half of 2024, positioning it as a leading global manufacturer in this sector[56] - The company is set to achieve full production of a 1.6 million tons/year high-performance resin and new materials project by Q2 2024, enhancing its downstream capabilities[55] Innovation and R&D - The company has made progress in new material innovation, with the "ultra-thin carbon-based film" being the first of its kind in the industry, and the "solar backsheet film" receiving international certification[4] - The company is investing 5 billion RMB in new product development, focusing on biodegradable plastics and advanced materials[22] - The company’s R&D investment reached 1.371 billion yuan, a year-on-year increase of 15.73%, with a total of 1,331 domestic and international patents granted as of December 31, 2023[58] - The company holds a total of 1,331 patents, with 215 new patents granted during the reporting period[108] - The company has established a high-level international R&D team and a robust technology innovation mechanism, enhancing its competitive edge in the market[74] Market Expansion and Strategy - Hengli Petrochemical plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[22] - Future guidance estimates a revenue growth of 10-15% for 2024, driven by increased production capacity and market demand[22] - The company is exploring potential acquisitions in the chemical sector to diversify its product offerings and strengthen its market position[22] - The company aims to enhance its green and low-carbon development capabilities, targeting over 30% of benchmark-level capacity in key petrochemical sectors by 2025[98] - The company is focusing on high-quality development in the chemical industry, aligning with national policies to enhance innovation and sustainability[97] Sustainability and Environmental Management - The company is committed to high-quality development and aims to align with national development strategies while ensuring operational safety[5] - The company has implemented a comprehensive green development strategy, achieving a reduction in natural gas consumption by 0.56 tons per hour, saving 4,704 tons annually, equivalent to 7,940 tons of standard coal[64] - The company is committed to promoting energy-saving and low-carbon technologies, including the elimination of inefficient production capacities in the refining and petrochemical sectors[98] - The company is focusing on green and low-carbon transformation, emphasizing clean production technology and resource conservation under the "dual carbon" goals[131] - The company is actively monitoring and managing its environmental impact through self-monitoring and third-party assessments[192] Governance and Shareholder Engagement - The company plans to spin off Kanghui New Materials for independent listing, enhancing market competitiveness and financing flexibility[66] - The company has held a total of 4 shareholder meetings during the reporting period, including 1 annual meeting and 3 extraordinary meetings, all conducted in compliance with legal and regulatory requirements[147] - The company is committed to high-quality governance, ensuring compliance with legal regulations and maintaining effective communication with investors[144] - The board has proposed to revise several internal management systems, including the fundraising management system and foreign exchange derivative trading management system[165] - The company has a clear cash dividend policy that aligns with its articles of association and shareholder resolutions[180] Risk Management - There were no significant risks impacting production and operations during the reporting period[12] - The company faces macroeconomic volatility risks that could impact operational performance, and it will adjust strategies accordingly[139] - Fluctuations in raw material prices, particularly crude oil and coal, pose risks to the company's operations, which will be managed through dynamic analysis and strategic procurement[139] - The company has engaged in hedging activities to mitigate risks associated with raw material price fluctuations, particularly in crude oil and chemical products[121]

CONTENTS 目 录 | 报告前言 | 0 1 | | --- | --- | | | / 02 | | 董事长寄语 | / 04 | | 2023年可持续发展亮点 | / 06 | | 附录 | 114 | | --- | --- | | 指标索引 | / 114 | | 意见反馈 | / 116 | | 报告综述 | 01 | | --- | --- | | 探索恒力石化 | / 10 | | ESG发展管理 | / 18 | | 报告前言 | 0 1 | | 报告综述 | 01 | 规范治理 "恒"毅前行 | 02 | 节能减排 "恒"护绿色 | 03 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关于本报告 | / 02 | | | | | | | | | 董事长寄语 | / 04 | | | | | | | | | 2023年可持续发展亮点 | | / 06 | 探索恒力石化 | / 10 | 党建筑牢根基 | / 26 | 应对气候变化 | / 38 | | | | | ESG发展管理 | / 18 | 持续规范运营 | ...

关于恒力石化股份有限公司 分拆所属子公司康辉新材料科技有限公司 重组上市的说明及会计师专项报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 关于恒力石化股份有限公司 分拆所属子公司康辉新材料科技有限公司 重组上市的说明及会计师专项报告 中汇会专[2024]3345号 恒力石化股份有限公司全体股东: 我们接受委托,审计了恒力石化股份有限公司(以下简称"恒力石化")的 2021 年度、2022 年度及 2023 年度财务报表,包括 2021 年 12 月 31 日、2022 年 12 月 31 日及 2023 年 12 月 31 日的合并及母公司资产负债表,2021 年度、2022 年度及 2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有 者权益变动表以及相关财务报表附注,并分别出具中汇会审[2022 ...

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：2024-028 恒力石化股份有限公司 2023年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 2023 年 度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 3.炼化产品、PTA的销售量含贸易量，营业收入含贸易销售收入，不含上市公司内部使 用的PX、醋酸和乙二醇等化工产品； 4.炼化产品、PTA的平均售价不含上市公司内部使用PX、醋酸和乙二醇等产品的结算均 价，含贸易均价。 三、主要原材料价格波动情况 恒力石化股份有限公司 | | 2023 年 1-12 月 | 2022 年 1-12 月 | | | --- | --- | --- | --- | | 主要原材料 | 平均进价 | 平均进价 | 变动比率（%） | | | （元/吨） | （元/吨） | | | 煤炭 | 8 ...

恒力石化股份有限公司 恒力石化股份有限公司 2023年度独立董事述职报告（刘俊） 作为恒力石化股份有限公司（以下简称"公司"）的独立董事，根据《公司法》、 《上市公司治理准则》、《上市公司独立董事管理办法》、《上海证券交易所股票 上市规则》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》、《公 司章程》及《独立董事工作制度》等相关法律法规和规章制度的规定和要求，本人 勤勉尽责、恪尽职守，深入了解公司运作情况，审慎认真地行使公司和股东赋予的 权利，为公司发展出谋划策，积极维护公司及全体股东利益，有效保证了董事会及 各专门委员会、独立董事专门会议的规范运作。现将 2023 年度履职情况汇报如下： 一、现任独立董事的基本情况 （一）个人履历 恒力石化股份有限公司 刘俊：1964 年出生，中国国籍，无境外永久居留权，博士。曾任南京师范大学 副教授、教授、副院长，挂职扬州市中级人民法院任党组成员、副院长、审判委员 会委员、审判员。现任南京师范大学法学院教授、广西睿奕新能源股份有限公司董 事。2022 年 4 月 27 日起担任公司独立董事。 （二）独立性的情况说明 作为公司独立董事，本人未在公司担任除独立 ...

恒力石化股份有限公司董事会 关于独立董事独立性自查情况的专项意见 经核查独立董事刘俊、薛文良、邬永东的任职经历以及签署的相关自查文件， 上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任 任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客 观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第1号——规范运作》中对独立董事独立性的相关要求。 恒力石化股份有限公司董事会 2024年4月9日 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第1号——规范运作》 等要求，恒力石化股份有限公司（以下简称"公司"）董事会就公司在任独立董事 刘俊、薛文良、邬永东的独立性情况进行评估并出具如下专项意见： ...

恒力石化股份有限公司 恒力石化股份有限公司 董事会审计委员会2023年度履职情况报告 根据中国证监会《上市公司治理准则》、《上海证券交易所股票上市规则》、 《上海证券交易所上市公司自律监管指引第1号——规范运作》、《公司章程》、《董 事会审计委员会实施细则》等有关规定，作为恒力石化股份有限公司董事会审计委 员会成员，本着勤勉尽责的原则，认真履行职责，充分发挥了董事会审计委员会的 监督、指导职能。现就2023年度履职情况汇报如下： 一、审计委员会基本情况 公司第九届董事会审计委员会由邬永东、刘俊、龚滔三名董事组成，其中邬永 东、刘俊为独立董事，委员会主任委员由具有专业会计背景的独立董事邬永东担任。 二、报告期内会议召开情况 2023年度，董事会审计委员会共召开6次会议，具体情况如下： 1、2023 年 4 月 20 日，召开 2022 年年报第二次年审沟通会，就年审会计师拟对 公司财务会计报表出具的初步审计意见等事项发表意见。 2、2023 年 4 月 26 日，召开董事会审计委员会 2022 年年度会议，审议公司 2022 年度及 2023 年第一季度财务会计报表、董事会审计委员会关于 2022 年度审计工作 ...

恒力石化股份有限公司 恒力石化股份有限公司 2023年度独立董事述职报告（薛文良） 作为恒力石化股份有限公司（以下简称"公司"）的独立董事，根据《公司法》、 《上市公司治理准则》、《上市公司独立董事管理办法》、《上海证券交易所股票 上市规则》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》、《公 司章程》及《独立董事工作制度》等相关法律法规和规章制度的规定和要求，本人 勤勉尽责、恪尽职守，深入了解公司运作情况，审慎认真地行使公司和股东赋予的 权利，为公司发展出谋划策，积极维护公司及全体股东利益，有效保证了董事会及 各专门委员会、独立董事专门会议的规范运作。现将 2023 年度履职情况汇报如下： 一、现任独立董事的基本情况 （一）个人履历 薛文良：1979 年出生，中国国籍，无境外永久居留权，博士，曾任东华大学纺 织学院副研究员、硕士生导师，现任东华大学纺织学院教授、博士生导师。2022 年 4 月 27 日起担任公司独立董事。 （二）独立性的情况说明 作为公司独立董事，本人未在公司担任除独立董事以外的任何职务，也未在公 司股东单位担任职务，不存在影响独立性的情形。 二、独立董事 2023 年度履 ...