其他石化 恒力石化（600346.SH） 买入-B(维持) 业绩稳步增长，全产业链发展领先优势 2025 年 4 月 21 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 2024 年报，实现营业收入 2362.73 亿元，同比增长 0.63%； 实现归属于上市公司股东的净利润 70.44 亿元，同比增长 2.01%。其中，Q4 实现营业收入 585.44 亿元，同比-5.12%，环比-10.29%，实现归母净利润为 19.39 亿元，同比+61.03%，环比+78.39%。 事件点评 原油走低带动公司成本降低，纺服链复苏带动民用丝需求快速增长。从 成本端来看，原油价格有所回落，2024 年原油价格呈现前高后低、宽幅震 荡走势。全年布伦特原油均价 80 美元/桶，同比下降 2.8%；WTI 原油均价 76 美元/桶，同比下降 2.3%。全年煤炭供需处于宽松状态，库存维持高位， 价格震荡下行，2024 公司煤炭平均进价 692.68 元/吨，同比-14.69%。在居民 收入及消费信心趋稳、国家促消费政策逐步显效等因素的支撑下，我国纺服 内销市场稳中有增，2024 年 1-12 月限额以上服装鞋帽 ...

二、主要产品价格波动情况 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：2025-030 恒力石化股份有限公司 2025年一季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。 | 主要产品 | 2025 年 | 1-3 | 月 | 2024 年 | 1-3 月 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | | 平均售价（元/吨） | | | | 炼化产品 | | | 5,181.99 | | 5,314.66 | -2.50 | | PTA | | | 4,388.69 | | 5,263.29 | -16.62 | | 新材料产品 | | | 6,963.22 | | 8,339.31 | -16.50 | 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 2025 年 一季度主要经营数据 ...

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：2025-029 恒力石化股份有限公司（以下简称"公司"）第九届监事会第十八次会议（以下 简称"本次会议"）于 2025 年 4 月 16 日以电话和电子邮件的方式发出通知。会议于 2025 年 4 月 21 日以现场方式召开，会议由监事会主席康云秋女士主持。本次会议应 出席监事 3 人，实际出席监事 3 人。本次会议的召开和表决程序符合《公司法》和 《公司章程》等有关规定。 出席会议的监事认真审议并一致通过了以下议案： 一、《2025年第一季度报告》 监事会认真审阅了公司《2025年第一季度报告》认为： 1、2025年第一季度报告的编制和审议程序符合法律、法规、《公司章程》和公 司内部管理制度的各项规定； 恒力石化股份有限公司 第九届监事会第十八次会议决议公告 本公司监事会及全体监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。 3、在提出本意见前，没有发现参与报告编制和审议的人员有违反保密规定的行 为。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 特此公告。 ...

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：2025-028 恒力石化股份有限公司 第九届董事会第二十七次会议决议公告 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"）第九届董事会第二十七次会议（以 下简称"本次会议"）于2025年4月16日以电子邮件、电话方式发出通知。会议于2025 年4月21日以现场结合通讯方式召开。本次会议应出席董事8名，实际出席董事8名。 会议由董事长范红卫女士主持，公司部分高级管理人员列席了会议。本次会议的召 开和表决程序符合《公司法》和《公司章程》等有关规定。 出席会议的董事认真审议并一致通过了以下议案： 一、《2025年第一季度报告》 公司董事会审计委员会审议通过了《2025年第一季度报告》中的财务信息。 本报告具体内容详见公司于同日在指定信息披露媒体及上海证券交易所网站 （www.sse.com.cn）上披露的《恒力石化股份有限公司2025年第一季度报告》。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 特此公告。 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,702,408.57 million, a decrease of 2.34% compared to CNY 5,839,049.81 million in the same period last year[5]. - Net profit attributable to shareholders was CNY 205,093.54 million, down 4.13% from CNY 213,936.87 million year-on-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 123,908.73 million, a significant decline of 31.88% compared to CNY 181,886.72 million in the previous year[5]. - The decline in net profit was attributed to seasonal demand fluctuations and intensified competition in the downstream product market, despite stable profitability in upstream refining and PTA products[8]. - Total operating revenue for Q1 2025 was CNY 57.05 billion, a decrease of 2.34% from CNY 58.41 billion in Q1 2024[20]. - Net profit for Q1 2025 was CNY 2.05 billion, compared to CNY 2.14 billion in Q1 2024, representing a decline of 4.36%[20]. - The total comprehensive income for Q1 2025 was approximately CNY 1.98 billion, compared to CNY 2.03 billion in Q1 2024, reflecting a decrease of around 2.8%[21]. Cash Flow and Assets - The net cash flow from operating activities was CNY 774,551.81 million, a slight decrease of 1.67% from CNY 787,674.21 million in the same period last year[5]. - The operating cash flow for Q1 2025 was CNY 7.75 billion, slightly down from CNY 7.88 billion in Q1 2024, indicating a decrease of about 1.7%[23]. - Cash inflows from operating activities totaled CNY 67.27 billion in Q1 2025, an increase from CNY 64.65 billion in Q1 2024, marking a growth of approximately 4.0%[23]. - The net cash flow from investing activities for Q1 2025 was negative at approximately CNY -3.50 billion, an improvement from CNY -8.82 billion in Q1 2024[24]. - The net cash flow from financing activities for Q1 2025 was negative at approximately CNY -1.52 billion, contrasting with a positive cash flow of CNY 5.20 billion in Q1 2024[24]. - Total current assets increased to CNY 80,407,944,247.87 as of March 31, 2025, up from CNY 73,269,556,146.66 at the end of 2024, representing a growth of approximately 9.5%[15]. - The total cash and cash equivalents at the end of Q1 2025 stood at approximately CNY 27.21 billion, up from CNY 19.10 billion at the end of Q1 2024, representing an increase of about 42.5%[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,978[10]. - The total number of shares held by the top 10 shareholders includes 2,100,612,342 shares held by Hengli Group Co., Ltd., representing the largest stake[12]. - Hengneng Investment (Dalian) Co., Ltd. holds 1,498,478,926 shares, accounting for approximately 21.29% of the total shares[12]. - The company has a diverse shareholder base, with the top four shareholders collectively holding over 60% of the shares[12]. - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[12]. Costs and Expenses - Total operating costs for Q1 2025 were CNY 55.46 billion, down from CNY 56.20 billion in Q1 2024, reflecting a reduction of 1.32%[20]. - Research and development expenses increased to CNY 380.19 million in Q1 2025 from CNY 357.09 million in Q1 2024, an increase of 6.45%[20]. - Financial expenses for Q1 2025 were CNY 1.43 billion, slightly down from CNY 1.47 billion in Q1 2024, a decrease of 2.45%[20]. Asset Management - Total assets at the end of the reporting period were CNY 27,860,130.25 million, an increase of 2.02% from CNY 27,308,286.99 million at the end of the previous year[6]. - Total liabilities increased to CNY 213.28 billion from CNY 209.67 billion, reflecting a rise of 1.53%[17]. - The company's equity attributable to shareholders rose to CNY 65.31 billion, compared to CNY 63.40 billion, an increase of 3.01%[17]. - The total non-current liabilities amounted to CNY 79.94 billion, up from CNY 78.79 billion, indicating a growth of 1.46%[17]. Other Information - The company reported non-recurring gains totaling CNY 811,848,101.17 million, with significant contributions from government subsidies and asset disposals[7][8]. - The company continues to adjust its product structure and strengthen cost control to mitigate the impact of market price fluctuations[8]. - There are no other significant reminders or important information regarding the company's operational status during the reporting period[13].

Group 1 - The core point of the article is that Hengli Petrochemical (600346) reported a revenue of 57.024 billion yuan for the first quarter of 2025, which represents a year-on-year decrease of 2.34% [1] - The net profit for the same period was 2.051 billion yuan, showing a year-on-year decline of 4.13% [1]

Group 1 - The Shanghai Composite Index opened lower but rose later, with the CSI 300 Chemical Index reported at 2022.67 points [1] - The CSI 300 Chemical Index has decreased by 11.64% over the past month, 9.12% over the past three months, and 8.64% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.47%), Salt Lake Industry (14.14%), Baofeng Energy (7.62%), Juhua Co. (7.3%), Hengli Petrochemical (7.28%), Hualu Hengsheng (6.99%), Longbai Group (6.23%), Zangge Mining (6.19%), Satellite Chemical (6.02%), and Rongsheng Petrochemical (5.53%) [1] - The market share of the CSI 300 Chemical Index is 57.05% from the Shanghai Stock Exchange and 42.95% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.28%, polyurethane for 23.47%, potassium fertilizer for 20.33%, fluorochemical for 7.30%, titanium dioxide for 6.23%, and organic silicon for 4.39% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [1] Core Views - The company demonstrates strong profitability resilience, with a focus on performance elasticity and high dividends in the future [1][6] - The company has ended its peak capital expenditure phase, shifting its operational focus towards meticulous cost control, reducing debt, and enhancing dividends [7] Financial Performance Summary - In 2024, the company achieved a revenue of 236.27 billion yuan, a year-on-year increase of 0.63%, and a net profit attributable to shareholders of 7.04 billion yuan, up 2.01% year-on-year [5] - The fourth quarter of 2024 saw a significant increase in net profit, reaching 1.939 billion yuan, which is a year-on-year increase of 61.0% and a quarter-on-quarter increase of 78.4% [5] - The projected net profits for 2025, 2026, and 2027 are 9.142 billion yuan, 11.395 billion yuan, and 12.324 billion yuan respectively, with corresponding EPS of 1.30, 1.62, and 1.75 yuan [5][8] Sales and Margins - In 2024, the sales volumes for refining products, PTA, and new materials were 19.97 million tons, 13.67 million tons, and 5.64 million tons respectively, with year-on-year changes of -7.7%, -3.8%, and +37.9% [6] - The revenue from refining products, PTA, and new materials in 2024 was 108.14 billion yuan, 68.12 billion yuan, and 41.76 billion yuan respectively, with gross margins of 13.13%, 3.39%, and 14.11% [6] Cost and Pricing - The average prices for key raw materials in 2024 were 692.98 yuan/ton for coal, 8,058.55 yuan/ton for butanediol, 4,208.28 yuan/ton for crude oil, and 6,981.94 yuan/ton for PX, showing various percentage changes compared to 2023 [6] Dividend Policy - The company distributed a cash dividend of 3.168 billion yuan in 2024, with a dividend payout ratio of 44.97% [7] Market Position and Future Outlook - The company is expected to benefit from the gradual exit of marginal refining capacities due to increased fuel oil import tariffs, which will favor high-quality development in the refining industry [7]

证券研究报告 | 公司动态点评 2025 年 04 月 18 日 恒力石化（600346.SH） 原料价格下行助力降本增效，全产业链协同发展-恒力石化 2024 年 报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 234,791 | 236,273 | 247,142 | 258,182 | 268,688 | | 增长率 yoy（%） | 5.6 | 0.6 | 4.6 | 4.5 | 4.1 | | 归母净利润（百万元） | 6,905 | 7,044 | 8,460 | 10,753 | 12,008 | | 增长率 yoy（%） | 197.8 | 2.0 | 20.1 | 27.1 | 11.7 | | ROE（%） | 11.5 | 11.1 | 12.3 | 14.2 | 14.1 | | EPS 最新摊薄（元） | 0.98 | 1.00 | 1.20 | 1.53 | 1.71 | | P/E（倍） | 15.5 | 15.2 | ...

Core Viewpoint - Hengli Petrochemical reported a slight increase in revenue and net profit for 2024, driven by a favorable market environment and cost reduction strategies, despite a decline in non-recurring net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 236.27 billion yuan, a year-on-year increase of 0.63% - The net profit attributable to shareholders was 7.04 billion yuan, up 2.01% year-on-year - The non-recurring net profit was 5.21 billion yuan, down 13.14% year-on-year - For Q4 2024, operating revenue was 58.51 billion yuan, a decrease of 5.14% year-on-year and 10.30% quarter-on-quarter - Q4 2024 net profit attributable to shareholders was 1.94 billion yuan, up 61.03% year-on-year and 78.39% quarter-on-quarter [1]. Cost and Efficiency - The overall sales gross margin for 2024 was 9.86%, a decrease of 1.39 percentage points from the previous year - Financial expenses decreased by 2.44% year-on-year, while sales and management expenses increased by 11.23% and 10.38%, respectively - R&D expenses rose by 24.20% year-on-year - The net profit margin for 2024 was 2.99%, an increase of 0.05 percentage points year-on-year [1][2]. Cash Flow and Working Capital - The net cash flow from operating activities was 22.73 billion yuan, a decrease of 3.41% year-on-year due to reduced sales collections - The net cash flow from investing activities was -20.90 billion yuan, while financing activities generated 7.82 billion yuan, a year-on-year decline of 21.11% - The cash and cash equivalents balance at the end of the period was 24.55 billion yuan, an increase of 63.37% year-on-year - Accounts receivable turnover decreased from 515.54 times in 2023 to 422.88 times, while inventory turnover increased from 6.03 times to 7.67 times [2]. Industry Trends and Demand - The petrochemical industry experienced expanded demand in 2024, with both production and sales increasing - The decline in crude oil and coal prices contributed to cost reduction and efficiency improvements for the company - The domestic textile supply chain showed steady recovery, with rapid growth in demand for civilian silk, benefiting the company's aromatic-PTA-polyester value chain [1][2]. New Material Production and Innovation - In 2024, several projects were launched, including a 1.6 million tons/year high-performance resin and new materials project, enhancing the company's capabilities in high-value downstream sectors - The annual production of 400,000 tons of high-performance special industrial silk was fully operational, supporting the automotive, chemical, and electronics industries - The Suzhou Fenhu base's 12 functional film production lines were fully operational, with an annual capacity of 470,000 tons, improving competitiveness in the high-end functional film sector [3]. Integrated Development Strategy - The company is a leader in implementing a full industrial chain strategy in polyester new materials, aiming to create a world-class integrated platform from crude oil to various high-value chemical products - The company has established significant processing capacities, including 20 million tons of crude oil and 5 million tons of coal, with advanced PTA production capabilities [4]. Future Outlook - Revenue projections for 2025-2027 are 247.14 billion yuan, 258.18 billion yuan, and 268.69 billion yuan, respectively, with net profits of 8.46 billion yuan, 10.75 billion yuan, and 12.01 billion yuan - The company is expected to benefit from the continued decline in raw material prices, new material capacity releases, and its integrated development strategy [5].