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：2025-037 恒力石化股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.45元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2025/6/18 | 最后交易日 － | ...

2025 年 06 月 08 日 行业研究 评级：推荐(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 最近一年走势 | 行业相对表现 | | 2025/06/06 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 2.4% | 1.0% | 8.9% | | 沪深 300 | 1.7% | -2.1% | 7.8% | 相关报告 《基础化工行业周报：MDI 价格上涨，磷矿石价值 有望重估（推荐）*基础化工*李永磊，董伯骏》— —2025-05-12 《轮胎行业深度研究：轮胎行业深度之十一：美国 关税对中国轮胎企业的影响有多大？（推荐）*基 础化工*李永磊，董伯骏，李振方》——2025-04-25 《基础化工行业周报：冰晶石、脂肪醇价格上涨， 重视芭田股份磷矿产能扩张（推荐）*基础化工*李 永磊，董伯骏》——2025-04-14 《基础化工行业周报：欧美 MDI 厂商发布涨价函， 关注铬盐在军工领域的应用（推荐）*基础化工*李 ...

Core Insights - The petrochemical industry is a cornerstone of modern economic development and a major carbon emitter, with China's petrochemical sector emitting 1.4 billion tons of carbon in 2022, accounting for 18% of industrial carbon emissions and 12% of national emissions [1] Group 1: Carbon Emissions Data - In 2024, the total greenhouse gas emissions for four major private petrochemical companies are as follows: - Dongfang Shenghong: 30.1 million tons CO2 equivalent [4] - Hengli Petrochemical: 53.92 million tons CO2 equivalent, a year-on-year increase of approximately 64% [4][5] - Hengyi Petrochemical: 7.94 million tons CO2 equivalent, a year-on-year decrease of 1.9% [5] - Rongsheng Petrochemical: 29.39 million tons CO2 equivalent, a year-on-year increase of 1.1% [5] Group 2: Emission Breakdown - Hengli Petrochemical's emissions include: - Scope 1: 47.2 million tons CO2 equivalent, up about 51% year-on-year [4] - Scope 2: 6.72 million tons CO2 equivalent, up over three times year-on-year [4] - Dongfang Shenghong's emissions include: - Scope 1: 15.81 million tons CO2 equivalent - Scope 2: 14.29 million tons CO2 equivalent [5] - Rongsheng Petrochemical's emissions include: - Scope 1: 26.41 million tons CO2 equivalent - Scope 2: 2.98 million tons CO2 equivalent [5] - Hengyi Petrochemical's emissions include: - Scope 1: 6.13 million tons CO2 equivalent - Scope 2: 1.81 million tons CO2 equivalent [4] Group 3: Environmental Investments - Dongfang Shenghong has the highest environmental investment at 1.84 billion yuan, followed by Hengyi Petrochemical at approximately 400 million yuan, Hengli Petrochemical at 375 million yuan, and Rongsheng Petrochemical at 270 million yuan [8] Group 4: Waste Management - The hazardous waste production for the companies is as follows: - Hengli Petrochemical: 148,000 tons - Dongfang Shenghong: 91,300 tons - Hengyi Petrochemical: 437 tons - Rongsheng Petrochemical: 337,000 tons [8] Group 5: Carbon Management Initiatives - Dongfang Shenghong is advancing CO2 resource utilization by capturing CO2 to reduce emissions and exploring new carbon-neutral development pathways [9] - Hengli Petrochemical has implemented systems to reduce CO2 emissions by approximately 3,435.72 tons annually through process optimizations [9] - Hengyi Petrochemical has initiated a renewable energy project in Brunei, with a planned capacity of 476 MWp [9] - Rongsheng Petrochemical has established a high-value CO2 utilization industry chain, reducing emissions by 103,000 tons annually [10]

Group 1 - The textile industry in China has experienced fluctuations in investment and financing, with a peak in 2019 and a decline starting in 2020, leading to a total of 13 financing events and an investment amount of 9.65 billion yuan in 2024 [1][20] - Investment rounds in the textile industry are primarily early-stage, focusing on A-round, angel, and strategic investments, indicating a trend towards resource integration and industry chain extension [2] - The majority of financing events are concentrated in Guangdong and Zhejiang provinces, with 21 events each, due to their complete textile industry chain and mature market environment [5] Group 2 - The focus of investment in the textile industry is shifting towards new textile materials, reflecting a strategic direction in the sector [7] - The investment entities in the textile industry are predominantly capital organizations, accounting for 74%, with notable investors including Shenchuang Investment and SoftBank China Capital [11] - There are several textile-related private equity funds established, indicating a growing interest in the sector [14] Group 3 - Horizontal mergers and acquisitions among midstream textile companies have become mainstream as a strategy to expand scale amid intense competition [16][18] - Recent merger and acquisition activities include significant transactions, such as the acquisition of 100% of Longrun Materials by Jiulong Recycling [17] - The overall trend in the textile industry indicates a focus on consolidation through mergers and acquisitions to enhance competitiveness [20]

截至05月23日10:17，化工ETF（159870.SZ）上涨0.53%，其关联指数细分化工（000813.CSI）上涨 0.57%；主要成分股中，万华化学上涨0.75%，盐湖股份上涨1.00%，光威复材上涨1.62%，藏格矿业上 涨0.96%，云天化上涨0.85%。 消息面上，5月23日化工板块表现活跃，苏州龙杰11天7板，汇得科技3连板，尤夫股份、永冠新材涨 停，联合化学、润阳科技涨超10%；生意社数据显示涤纶FDY价格较月初上涨8.92%至7424元/吨，原料 成本上行推动相关企业盈利预期改善，带动细分化工指数及成分股走强。 券商研究方面，兴业证券指出当前化工核心资产估值总体处于历史较低水平，安全边际显著，以细分化 工指数成分股为例，万华化学、华峰化学PB历史分位均低于1%，宝丰能源、华鲁恒升等企业分位也低 于20%，配置价值凸显；慧博智能投研则强调AI技术正推动化工行业研发范式与生产模式变革，龙头企 业通过智能配煤系统等技术应用提升效率并降低成本，如宝丰能源利用AI算法优化煤化工生产流程， 行业技术升级或进一步强化头部企业竞争优势。 关联产品： 化工ETF（159870），联接基金（A类 01494 ...

Core Insights - The high-pressure cleaning machine market in China is experiencing steady growth, with the market size projected to increase from 1.937 billion yuan in 2018 to 3.02 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 7.68% [1][13] - The demand for high-pressure cleaning machines is diversifying due to rising living standards and changing consumer perceptions, which will further expand the market [1][13] - The industry is characterized by a complete supply chain, including upstream raw material supply, midstream manufacturing, and downstream applications across various sectors [7] Industry Overview - High-pressure cleaning machines utilize a power-driven high-pressure pump to generate high-pressure water for cleaning surfaces, making them an efficient and environmentally friendly cleaning solution [3] - The machines can be categorized based on the driving engine (electric, gasoline, diesel), usage (household, commercial, industrial), and water temperature (cold, hot, or both) [3] Industry Development History - The Chinese high-pressure cleaning machine industry has evolved through four stages: initial imitation of imported equipment, expansion with domestic innovation, technological upgrades, and a focus on high-quality development driven by carbon neutrality goals [5] Industry Chain - The industry chain includes upstream raw materials (plastics, steel, aluminum alloys), midstream manufacturing, and downstream applications in household, automotive, construction, food processing, and municipal sectors [7] Market Trends - The global high-pressure cleaning machine market is projected to reach approximately 3.195 billion yuan by 2024, driven by industrialization and urbanization [12] - The application of high-pressure cleaning machines is expanding into various sectors, including vehicle washing, building maintenance, and municipal cleaning, due to their efficiency and environmental benefits [24] Competitive Landscape - The industry is fragmented, with domestic manufacturers transitioning from OEM to ODM and OBM models, enhancing their competitive edge [16][18] - Key players include Greenfield Machinery, Zhejiang Danong, and others, with Greenfield's revenue from high-pressure cleaning machines expected to reach 1.085 billion yuan in 2024, a 70.06% increase [19][21] Future Development Trends - The industry is expected to see continued technological innovation, with a focus on high-performance materials and smart manufacturing processes [23] - The trend towards specialization, diversification, integration, and intelligence in high-pressure cleaning machines will cater to specific market needs and enhance user experience [25]

Group 1: Cost Structure Analysis - In the textile industry, direct material costs constitute the primary component of production costs, accounting for approximately 70%-85% of total costs, which significantly impacts pricing and profitability [1][4] - Fluctuations in raw material prices have a notable effect on cost control and profitability, leading companies to adopt strategies such as centralized purchasing, hedging, and advance stocking to mitigate risks [1] Group 2: Price Transmission Mechanism - The textile industry operates through a supply, manufacturing, and sales chain, where costs from the supply side, including raw materials and labor, are transmitted to the manufacturing side as production costs, which then influence consumer pricing through demand elasticity [4] Group 3: Value Distribution in the Textile Industry - Sales represent the most critical segment of the textile value chain, with downstream apparel and home textile brands holding significant bargaining power, while upstream suppliers have limited negotiation capabilities, resulting in intense price competition and low profitability for textile manufacturers [6] Group 4: Industry Operating Efficiency - From 2015 to 2023, the total profit of China's textile industry has shown a downward trend, indicating weakened profitability; however, in 2024, the total profit for textile enterprises (excluding apparel and chemical fiber) is projected to reach 86.87 billion yuan, reflecting a year-on-year increase of 3.5% after two consecutive years of decline [10] Group 5: Profitability of Textile Enterprises - The gross profit margin in the textile industry exhibits significant quarterly cyclicality, typically fluctuating between 10% and 12%, with November generally showing higher margins above 11%, while May and August tend to have lower margins due to seasonal production and sales factors [11]

智通财经APP获悉，兴业证券发布研报称，当前化工行业仍处底部区间：价格价差角度来看，当前多数 化工品价格、价差均仍在磨底;需求端，国家高度重视经济，静待政策加码巩固经济企稳回升态势，而 海外则在美国关税政策影响下存不确定性;供给端，海外现有产能开工率弹性有限，资本开支放缓且多 投向特种化学品;国内在建产能逐步释放，供给增速显著放缓。综合来看，行业底部运行，该行建议主 要聚焦于具有相对确定性的化工领域：1)具备核心竞争优势的龙头白马;2)需求刚性的农化，以及受益西 部开发的民爆行业;3)化工新材料的国产替代机会;4)价格见底后部分产品涨价机遇。 外部环境波动背景下，刚需/内需相关的化工子行业确定性凸显 兴业证券主要观点如下： (1)农化行业需求刚性，随粮食种植面积稳步增长，复合肥进入量、利修复通道，龙头集中度提升的中 长期逻辑持续兑现;海外农药库存去化，细分品类农药价格有望触底反弹。建议关注：新洋丰、史丹 利、扬农化工等。 坚守白马长期价值，化工核心资产有望迎来盈利与估值修复 (2)民爆行业由内需驱动，新疆、西藏等地增量需求旺盛，而供给端严约束集中度不断提升，行业龙头 有望充分受益。建议关注：广东宏大、易普力、 ...

Core Insights - Hengli Petrochemical reported a revenue of 236.27 billion yuan for 2024, a slight increase of 0.63% year-on-year, indicating stable business growth despite a complex economic environment [2] - The net profit attributable to shareholders was 7.04 billion yuan, reflecting a 2.01% increase from the previous year, suggesting improved profitability through effective cost control and market share expansion [3] - However, the net profit after excluding non-recurring gains and losses decreased by 13.14% to 5.21 billion yuan, highlighting potential pressures on core business performance [4] Financial Performance - Revenue growth was steady, with quarterly revenues of 58.39 billion yuan, 54.15 billion yuan, 65.23 billion yuan, and 58.51 billion yuan, showing a balanced performance throughout the year [2] - Basic earnings per share increased by 2.04% to 1.00 yuan, indicating enhanced profitability [3] - Research and development expenses rose significantly by 24.20% to 1.70 billion yuan, reflecting the company's commitment to innovation and competitiveness [4][6] Cash Flow Analysis - Operating cash flow net amount decreased by 3.41% to 22.73 billion yuan, indicating potential changes in cash collection speed or cost control [5] - Investment cash flow net amount improved significantly to -20.90 billion yuan from -38.81 billion yuan, suggesting a slowdown in fixed asset investments [5] - Financing cash flow net amount decreased by 21.11% to 7.82 billion yuan, indicating adjustments in the company's financing strategy [5] R&D and Personnel - The number of R&D personnel reached 3,779, accounting for 9.87% of the total workforce, providing a solid talent base for innovation [7] - The educational background of R&D staff includes 16 PhDs, 113 Master's degrees, and 3,650 with Bachelor's degrees or below, supporting a diverse skill set [7] Overall Assessment - Hengli Petrochemical maintained revenue and net profit growth in 2024, but the decline in net profit after excluding non-recurring items and operating cash flow warrants attention [4][5] - The significant increase in R&D investment is expected to drive future growth, while the company must navigate various risks related to macroeconomic conditions, raw material prices, and regulatory requirements [9][10][12]

2024 Annual Sustainability Report Hengli Petrochemical Co., Ltd. Address: 31F, Block B, Victory Plaza, No. 52 Xingang Road, Renmin Road Subdistrict, Zhongshan District, Dalian, Liaoning Province, China Tel: +86 411 3986 5111 Website: https://www.hengli.com/invest/hlsh Hengli Petrochemical Co., Ltd. Table of Contents Table of Contents | About the Report | 01 | | --- | --- | | Message from the Chairman | 03 | | About Hengli Petrochemical | 05 | | 2024 at a Glance | 09 | | Sustainability Management | 13 | 03 S ...