智通财经4月16日电，恒力石化(600346.SH)公告称，公司拟根据经营计划和资金使用情况，在保证正常 经营活动及资金安全的前提下，开展委托理财业务。拟用于委托理财的单日余额上限为42亿元，公司将 选择安全性高、流动性好的中低风险理财产品，包括但不限于银行、券商、信托理财产品及其他基金理 财产品等。 恒力石化：拟使用不超42亿元自有资金进行委托理财 ...

Group 1 - The core viewpoint of the announcement is that Hengli Petrochemical (600346) reported a slight increase in revenue and net profit for the year 2024, indicating stable financial performance [1] - The company's operating revenue for 2024 is 236.273 million yuan, representing a year-on-year growth of 0.63% [1] - The net profit attributable to shareholders of the listed company for 2024 is 7.044 million yuan, showing a year-on-year increase of 2.01% [1] Group 2 - The profit distribution plan for 2024 includes a cash dividend of 0.45 yuan per share (tax included) to all shareholders, based on the total share capital on the equity distribution registration date [1]

Core Insights - The Ministry of Industry and Information Technology of China has released the first batch of China's Consumer Brand List, highlighting five brands from Suzhou, which ranks first in the province for the number of selected brands [1][21]. Group 1: Selected Brands from Suzhou - The five Suzhou brands included in the list are: - Leike Electric (莱克电气), known for its innovative small home appliances and recognized as a leading enterprise in environmental cleaning and health [22]. - Zhi Mi Technology (追觅科技), a rising brand focusing on high-end consumer electronics and smart manufacturing, emphasizing core technology and innovation [23]. - Hengli Group (恒力), which aims to build a world-class enterprise and brand, covering a full industrial chain from oil to fabric [24]. - Bosideng (波司登), a globally recognized down clothing brand, focusing on brand-led development and technological innovation in the textile industry [25]. - Shengze Weaving (盛泽织造), which is enhancing brand recognition and quality through a regional brand initiative [26]. Group 2: Growth Enterprises - Jiangsu Huajia Silk Co., Ltd. is the only company from Suzhou included in the list of China's Consumer Brand Growth Enterprises, indicating its potential for future development [1]. - The brand "Sang Luo" under Huajia Group is a luxury silk home brand that combines traditional silk culture with modern design, aiming to become a leading brand in global silk home products [27].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating potential for excess returns in certain segments under tariff impacts [4][5]. Core Insights - The petrochemical index has historically underperformed the broader market, but segments like refining and oil services have shown periods of excess returns [5][6]. - As of April 11, 2025, refining margins for major domestic refineries reached 767 CNY/ton, with a significant month-on-month increase of 24.16% [9]. - The report highlights that the current procurement of crude oil in China is primarily from Russia and Middle Eastern countries, limiting the impact on refining costs from U.S. imports [9]. - The oil service sector is expected to continue its upward trend due to domestic requirements for increased reserves and production [11]. Summary by Sections Upstream Sector - Brent crude oil prices closed at 64.76 USD/barrel on April 11, 2025, reflecting a decrease of 1.25% from the previous week [20]. - The number of active oil rigs in the U.S. decreased to 583, down by 7 rigs week-on-week [30]. Refining Sector - The report notes a recovery in refining profitability, with domestic refining margins improving significantly [9]. - The Singapore refining margin for major products was reported at 9.87 USD/barrel, down by 4.08 USD/barrel from the previous week [9]. Polyester Sector - PTA profitability has increased, with the average price in East China at 4316.25 CNY/ton, down 11.43% week-on-week [9]. - The report suggests that the polyester industry is currently underperforming but may improve as new capacities are expected to taper off in the coming years [9]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [16]. - It also suggests looking at companies with high dividend yields like China Petroleum and China National Offshore Oil Corporation [16]. - For the ethylene production segment, Satellite Chemical is highlighted as a key player due to favorable supply-demand dynamics [16]. - In the polyester sector, companies like Tongkun Co. and Wankai New Materials are recommended as they are expected to benefit from tightening supply-demand conditions [16].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 15.22 CNY based on its strong operational performance and growth potential [5]. Core Insights - The company has established a comprehensive integrated layout across the entire industrial chain, enhancing its operational performance and dividend potential. In 2023, the company's revenue reached 234.9 billion CNY, a year-on-year increase of 5.62% [1][2]. - The company’s refinery has a higher proportion of heavy oil feedstock (60%), yet it maintains a leading complexity and processing depth in the industry, thanks to advanced technologies such as ebullated bed hydrocracking [2][46]. - The profitability of the company's products is expected to improve continuously, particularly in the aromatics and polyester segments, driven by a decrease in supply growth and low inventory levels [2][3]. Summary by Sections 1. Integrated Refining and Chemical Platform - The company has developed a "one drop of oil to all things" business layout, expanding from its origins in textile manufacturing to a comprehensive petrochemical platform [10]. - The company’s revenue has shown steady growth, exceeding 234.9 billion CNY in 2023, with a significant contribution from refining products, which accounted for over 51% of total revenue [23][17]. - The company has a strong cash position, with 27.7 billion CNY in cash as of Q3 2024, and is expected to reduce capital expenditure intensity, enhancing its dividend potential [26][30]. 2. Refinery Efficiency and Cost Advantages - The company’s refinery demonstrates a higher conversion rate and cost advantages, with a significant portion of heavy oil feedstock processed efficiently [2][46]. - The application of ebullated bed hydrocracking technology has significantly enhanced the refinery's competitiveness, allowing for higher conversion rates of heavy oil into more valuable products [55][52]. - The integration of coal chemical projects provides additional cost advantages, supplying hydrogen and other chemicals to the refinery [58][65]. 3. Profitability Improvement and Domestic Substitution - The company is expanding into new materials, with a focus on high-performance resins and biodegradable materials, which are expected to enhance its product offerings and reduce reliance on bulk chemicals [67]. - The aromatics segment has a significant production capacity of 4.5 million tons per year, with potential for profitability recovery as downstream demand improves [68]. - The polyester segment is poised for profitability improvement due to a slowdown in supply growth and low inventory levels, which is expected to drive demand [81][76].

Core Viewpoint - The report on Hengli Petrochemical (600346) highlights its significant advantages in refining facilities and positions it as an industry leader poised for growth, with a buy rating assigned for the first time [1] Company Overview - Hengli Petrochemical has established a fully integrated industrial chain, evolving from a textile factory to a large chemical platform that deeply integrates oil, coal, and chemicals [2] - The company achieved a revenue of 234.9 billion yuan in 2023, reflecting a year-on-year growth of 5.62%, demonstrating resilience even in challenging market conditions [2] - Capital expenditures are expected to decrease as the upstream refinery and downstream new materials platforms are nearly completed, enhancing the company's dividend potential [2] Refining Capabilities - The company has a higher proportion of heavy oil feedstock at 60%, yet maintains a leading complexity and processing depth in its refining operations [2] - Advanced technologies, including ebullated bed residue hydrocracking, allow the company to convert lower-value residue into higher-value products, maximizing refinery efficiency [2] Product Profitability - The company’s aromatics production capacity is significant, with a capacity of 4.5 million tons per year for PX, and profitability is expected to improve across various product lines [3] - The olefins segment has substantial room for profit improvement, with current margins below 30%, and a recovery in downstream demand is anticipated to boost profitability [3] - The polyester segment is expected to see improved profitability due to a slowdown in supply growth and low inventory levels [3] Subsidiary Development - The subsidiary Kanghui New Materials has a comprehensive industrial chain and focuses on high-end, differentiated, and environmentally friendly materials, enhancing the company's competitive edge [3] Investment Projections - Projected net profits for Hengli Petrochemical from 2024 to 2026 are 6.569 billion, 8.093 billion, and 8.937 billion yuan, respectively, with corresponding EPS of 0.93, 1.15, and 1.27 yuan [4] - The price-to-earnings ratios are projected to be 16, 13, and 12 times for the respective years, indicating a favorable valuation [4]

■ 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"）于2024年8月22日召开第九届董事会第二十一次会议审议通 过了《关于申请注册发行中期票据的议案》，上述议案经2024年9月10日召开的2024年第一次临时股东 大会审议通过，同意公司向中国银行间市场交易商协会（以下简称"交易商协会"）申请注册发行金额不 超过30亿元（含30亿元）人民币的中期票据事项。 2024年11月20日，公司收到交易商协会出具的《接受注册通知书》（中市协注〔2024〕MTN1155 号），交易商协会决定接受公司中期票据注册。公司中期票据注册金额为30亿元，注册额度自通知书落 款之日起2年内有效，由中国邮政储蓄银行股份有限公司和中国建设银行股份有限公司联席主承销。公 司在注册有效期内可分期发行中期票据。 公司于2025年4月9日在全国银行间市场发行了中期票据，发行结果如下： 证券代码：600346 证券简称：恒力石化 公告编号：2025-014 恒力石化股份有限公司 关于2025年度第一期中期票据发行结果的公告 本 ...

证券代码：600346 证券简称：恒力石化 公告编号：2025-014 恒力石化股份有限公司 关于2025年度第一期中期票据发行结果的公告 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"）于2024年8月22日召开第九届 董事会第二十一次会议审议通过了《关于申请注册发行中期票据的议案》，上述 议案经2024年9月10日召开的2024年第一次临时股东大会审议通过，同意公司向 中国银行间市场交易商协会（以下简称"交易商协会"）申请注册发行金额不超 过30亿元（含30亿元）人民币的中期票据事项。 2024年11月20日，公司收到交易商协会出具的《接受注册通知书》（中市协 注〔2024〕MTN1155号），交易商协会决定接受公司中期票据注册。公司中期票 据注册金额为30亿元，注册额度自通知书落款之日起2年内有效，由中国邮政储 蓄银行股份有限公司和中国建设银行股份有限公司联席主承销。公司在注册有效 期内可分期发行中期票据。 恒力石化股份有限公司 | 债券名称 | 恒 力 石 化 股 份 有 限 公 ...

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。 为增强投资者对恒力石化股份有限公司（以下简称"公司"）的投资信心、稳定及提升公司价值，结合投 资者关心的问题，现将近期公司生产经营情况公告如下： 一、强化全产业链挖潜，生产运营整体保持正常 公司是行业内首家实现"原油-芳烃、烯烃-PTA、乙二醇-聚酯新材料"全产业链一体化化工新材料的上市 公司。公司现拥有2000万吨/年炼化一体化项目、500万吨/年现代煤化工装置、150万吨/年乙烯项目和7 套合计1660万吨/年的PTA装置四大产能集群，成功打通上游的"卡脖子"业务环节，打破原料供给瓶颈， 构筑了"世界级化工型炼厂+现代煤化工装置"集成的现代化产业体系，实现了"油煤化"深度融合的"大化 工"战略支撑平台，同时在差异化纤维、功能性薄膜、工程塑料和可降解新材料等下游化工新材料领域 拥有完善的产能布局，进而具备"大化工平台"和"新材料延伸"的体系化产业格局。 公司充分利用"品质、成本、快速反应，实现利润最大化"的经营优势以及弹性、高效、灵活的机制特 点，主动适应市场形势，快速应对市场 ...

Group 1 - The actual controller of Hengli Petrochemical, Chen Jianhua, plans to increase his shareholding in the company by no less than 500 million yuan and no more than 1 billion yuan within 12 months starting from April 9, 2025, without setting a price range for the purchase [2][3] - This shareholding increase reflects a positive outlook and confidence in the company's future development and performance, allowing for flexibility in timing and pricing based on market conditions [2][3] - Chen Jianhua's decision is based on a commitment to the high-quality development strategy of the national economy and a response to the significant opportunities presented by the reform of the capital market [3] Group 2 - Hengli Petrochemical has a strong financial track record, having repurchased shares worth over 3 billion yuan and distributed cash dividends totaling 22.371 billion yuan since its restructuring, with dividends accounting for 41.08% of the cumulative net profit attributable to shareholders [4] - The company is one of the earliest private refining enterprises in China, with a comprehensive production capacity including 20 million tons/year refining integration projects and 5 million tons/year modern coal chemical facilities, establishing a modern industrial system [5] - Hengli Petrochemical maintains a competitive edge through its integrated "oil-coal-chemical" strategy, which enhances its cost structure and product offerings, supported by a well-structured product layout in downstream chemical materials [6]