关于控股股东部分股份解除质押及再质押的公告 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。 重要内容提示： 控股股东恒力集团有限公司及其一致行动人目前合计持有公司股份 5,310,675,080 股，持股比例为 75.45%，累计质押公司股份 1,946,477,500 股， 占其所持有公司股份的 36.65%，占公司总股本的 27.65%。 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：2024-061 恒力石化股份有限公司 10月31日，具体质押到期日以实际办理解除质押登记手续为准。 一、上市公司股份解除质押及再质押情况 恒力石化股份有限公司（以下简称"公司"）近日接到公司控股股东恒力集 团有限公司（以下简称"恒力集团"）通知，获悉恒力集团为其所持有的公司部 分股份办理了解除质押及再质押手续。具体事项如下： | 股东名称 | 恒力集团 | | --- | --- | | 本次解质股份（股） | 142,000,000 | | 本次解质股份占该股东所持股份比例 | 6.76% | | 本次解质股 ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346 SH) [1] Core Views - Despite raw material price declines impacting performance, Hengli Petrochemical demonstrates strong profit resilience [1] - The company's 160 000 tons/year performance resin and new materials project is expected to be operational by the end of 2024, focusing on differentiated quality improvement of resin materials [5] - The Fenhu base's 12 functional film production lines have been gradually put into operation, while the Nantong base's 12 functional film projects and lithium battery separator project are expected to be completed and operational in the first half of 2025 [5] Financial Performance - Q3 2024 revenue reached 65 225 billion yuan, a year-on-year increase of 2 42% and a quarter-on-quarter increase of 20 46% [4] - Q3 2024 net profit attributable to the parent company was 1 087 billion yuan, a year-on-year decrease of 59 01% and a quarter-on-quarter decrease of 42 14% [4] - For the first three quarters of 2024, the company achieved revenue of 1 777 64 billion yuan, a year-on-year increase of 2 69%, with a gross profit margin of 10 36% and a net profit margin of 2 88% [4] Industry and Market Performance - Hengli Petrochemical's stock price performance over the past year shows a 1-month decline of 10 09%, a 3-month increase of 4 22%, and a 12-month decrease of 0 35% [2] - The refining and trading industry sector shows a 1-month decline of 5 33%, a 3-month increase of 3 52%, and a 12-month increase of 0 15% [2] Future Projections - Revenue is projected to reach 254 522 billion yuan in 2024, 269 530 billion yuan in 2025, and 285 476 billion yuan in 2026 [3] - Net profit attributable to the parent company is expected to be 8 186 billion yuan in 2024, 10 156 billion yuan in 2025, and 11 917 billion yuan in 2026 [3] - EPS is forecasted to be 1 16 yuan in 2024, 1 44 yuan in 2025, and 1 69 yuan in 2026 [3] Valuation Metrics - The company's P/E ratio is expected to decrease from 14 58 in 2023 to 8 45 in 2026 [3] - P/B ratio is projected to decline from 1 68 in 2023 to 1 26 in 2026 [3] - The report suggests a target price range of 18 58-20 43 yuan based on 2 0-2 2 times PB for 2024 [6]

恒力石化股份有限公司 证券代码：600346 恒力石化股份有限公司 2024 年第二次临时股东大会 会议材料 中国·苏州 2024 年 11 月 | 目 录 | 1 | | --- | --- | | 会议须知 | 2 | | 会议议程 | 4 | | 会议议案 | 5 | | 议案一：《关于增加经营范围并修订<公司章程>相关条款的议案》 | 5 | 恒力石化股份有限公司 会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证股东大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上海证券交易所股票上市规则》、《上市公司股东大会规则》、《恒力石 化股份有限公司章程》（以下简称"《公司章程》"）及公司《股东大会议事规则》 的有关规定，特制定如下会议须知： 一、本次股东大会相关事宜由公司董事会办公室具体负责。 二、出席本次大会的对象为股权登记日在册的股东。 三、股东（包括股东代理人，下同）参加股东大会依法享有发言权、质询 权、表决权等权利。股东参加股东大会，应认真履行其法定权利和义务，不得 侵犯其他股东的权益，不得扰乱大会的正常秩序。 四、会议进行中只接受股东（或其 ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - Hengli Petrochemical's Q3 2024 performance was impacted by weak macro demand and fluctuating crude oil prices, leading to a year-on-year decline in net profit [4][5] - The company's new materials projects are gradually being put into production, which is expected to drive future growth [7] - Hengli Petrochemical completed its 2023 cash dividend distribution, emphasizing shareholder returns [8] Financial Performance - In Q3 2024, Hengli Petrochemical reported revenue of RMB 65.23 billion, a year-on-year increase of 2.4%, but net profit attributable to shareholders decreased by 59.0% to RMB 1.09 billion [4] - The company's gross profit margin in Q3 2024 was 7.78%, down 5.78 percentage points year-on-year [4] - For the first three quarters of 2024, the company achieved revenue of RMB 177.86 billion, a year-on-year increase of 2.7%, but net profit attributable to shareholders decreased by 10.5% to RMB 5.10 billion [4] Product Performance - In Q3 2024, the refining products segment achieved revenue of RMB 33.3 billion, a year-on-year increase of 9%, with sales volume increasing by 10% to 5.85 million tons [3] - The PTA segment reported revenue of RMB 16.4 billion, a year-on-year decrease of 17%, with sales volume down 14% to 3.35 million tons [3] - The new materials segment achieved revenue of RMB 10.3 billion, a year-on-year increase of 14%, with sales volume up 17% to 1.26 million tons [3] Future Outlook - The 1.6 million tons/year high-performance resin and new materials project is expected to be fully operational in the second half of 2024, contributing to the company's growth [7] - The company's Suzhou Fenhu base has 12 functional film production lines in operation, with another 12 lines and a lithium battery separator project under construction, expected to be completed by the first half of 2025 [7] - The company is expected to achieve revenue of RMB 255.7 billion, RMB 267.7 billion, and RMB 274.9 billion in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of RMB 7.015 billion, RMB 9.048 billion, and RMB 10.623 billion [8][9] Valuation Metrics - The company's P/E ratio is projected to be 14x, 11x, and 9x for 2024, 2025, and 2026, respectively [9] - The P/B ratio is expected to be 1.53x, 1.43x, and 1.33x for 2024, 2025, and 2026, respectively [9] - The P/S ratio is forecasted to be 0.38x, 0.36x, and 0.35x for 2024, 2025, and 2026, respectively [9]

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346 SH) [1] Core Views - Short-term profit pressure due to weaker demand for refining products, but new materials projects are gradually coming online [1] - PTA and new materials segments show strong production and sales growth [4][6] - New materials capacity expansion is expected to boost long-term growth [8] Financial Performance - 2024 Q3 revenue reached 652 25 billion yuan, up 2 42% YoY and 20 46% QoQ [1] - 2024 Q3 net profit attributable to parent company was 1 087 billion yuan, down 59 01% YoY and 42 14% QoQ [1] - 2024 Q1-Q3 gross margin was 10 36%, down 1 63 percentage points YoY [2] - 2024 Q1-Q3 net profit margin was 2 88%, down 0 41 percentage points YoY [2] Operational Highlights - PTA segment revenue in 2024 Q1-Q3 was 55 165 billion yuan, up 14 11% YoY [4] - New materials segment revenue in 2024 Q1-Q3 was 31 403 billion yuan, up 30 38% YoY [4] - PTA production volume in 2024 Q1-Q3 was 12 4449 million tons, up 41 27% YoY [6] - New materials production volume in 2024 Q1-Q3 was 4 5394 million tons, up 49 23% YoY [6] Industry and Market Conditions - International oil prices fluctuated downward in Q3 2024, with OPEC+ planning to increase production in Q4 2024 [7] - Global demand remains weak due to sluggish European economy and lack of significant improvement in China's crude oil demand [7] - Refining product prices declined overall due to weak supply-demand dynamics and cost-side support collapse [7] Future Outlook - 1600 ktpa high-performance resin and new materials project expected to achieve full production in H2 2024 [8] - Suzhou Fenhu base's 12 functional film production lines have been put into operation [8] - Nantong base's 12 functional film production lines and lithium battery separator project are progressing steadily [8] - Expected 2024-2026 revenue of 2635 82/2780 54/2886 29 billion yuan [9] - Expected 2024-2026 net profit attributable to parent company of 7 089/10 043/11 700 billion yuan [9]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for the first three quarters of 2024 increased slightly by 2.71% YoY to 177.857 billion yuan, while net profit attributable to shareholders decreased by 10.45% YoY to 5.105 billion yuan [7] - In Q3 2024, the company's net profit attributable to shareholders was 1.087 billion yuan, a significant decrease of 59.01% YoY and 42.14% QoQ, below market expectations [7] - Crude oil price fluctuations impacted product spreads and inventory valuation, with Brent crude futures averaging $78.82/barrel in Q3 2024, down 7.30% QoQ and 8.26% YoY [8] - The company is building a second growth engine through its "Optimize, Extend, and Complement the Chain" strategy, with key projects expected to be fully operational in H2 2024 [9] - The company has maintained strong cash flow returns, with monetary funds reaching 27.692 billion yuan in the first three quarters of 2024 [9] - The company is actively promoting overseas cooperation, signing a strategic agreement with Saudi Aramco in September 2024 [10] Financial Performance - For 2024-2026, the report forecasts EPS of 1.01 yuan, 1.50 yuan, and 1.80 yuan respectively, with corresponding P/E ratios of 13.88x, 9.31x, and 7.80x based on the closing price on October 29, 2024 [10] - The company's revenue growth rate is expected to be 2.43% in 2024, 6.35% in 2025, and 4.53% in 2026 [12] - Net profit attributable to shareholders is projected to grow by 2.93% in 2024, 48.98% in 2025, and 19.37% in 2026 [12] - The company's ROE is forecasted to be 10.99% in 2024, 14.77% in 2025, and 15.79% in 2026 [12] Industry and Market Performance - The company's stock price underperformed the CSI 300 index, with a year-to-date decline of 29% as of October 2024 [5] - The company's P/B ratio stands at 1.61x, with a weighted ROE of 8.44% [4] - The stock's 12-month high and low prices were 17.23 yuan and 11.11 yuan respectively [4]

Investment Rating - Maintains an "Overweight" rating with a target price of 17.42 yuan, down from the previous target of 18.15 yuan [3][10] Core Views - Q3 2024 performance fell short of expectations due to declining chemical product prices and narrowing spreads [10] - The company is leveraging its large-scale refining platform to build new momentum, with high dividend payouts emphasizing shareholder returns [10] - Anticipates a recovery in chemical product demand, supported by recent economic stimulus policies [10] Financial Performance - Q3 2024 net profit was 1.087 billion yuan, down 59.01% year-on-year and 42.26% quarter-on-quarter [10] - Q3 2024 average prices for key chemical products (PX, PTA, benzene, ethylene, ethylene glycol) declined by 9.16%, 8.49%, 6.09%, 1.30%, and 3.69% respectively [10] - PX-naphtha, PTA-PX, and ethylene-naphtha spreads narrowed by 22.70%, 153.84%, and 2.26% respectively [10] Market and Valuation - Current stock price is 14.32 yuan, with a 52-week price range of 11.45-16.52 yuan [5] - Market capitalization stands at 100.8 billion yuan [5] - Price-to-book ratio is 1.6, with a net debt ratio of 219.59% [6] Strategic Developments - The company is expanding its new material production capacity, including 1.6 million tons/year of high-performance resins, functional films, lithium battery separators, and optical films [10] - Plans to distribute 3.871 billion yuan in cash dividends for 2023, representing 56% of net profit [10] Industry Outlook - Chemical product prices are at a cyclical bottom, with industry expansion nearing its end, indicating a potential turning point [10] - Recent economic stimulus policies, including reductions in existing home loan rates, are expected to boost demand for chemical products [10]

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346.SH) [1] Core Views - The company's Q3 performance was pressured by falling oil prices, but there is optimism regarding its medium to long-term growth potential [1] - For the first three quarters of 2024, the company achieved operating revenue of 177.9 billion yuan, a year-on-year increase of 2.7%, and a net profit attributable to shareholders of 5.1 billion yuan, a year-on-year decrease of 10.5% [1] - In Q3 alone, the company reported operating revenue of 65.3 billion yuan, a year-on-year increase of 2.4% and a quarter-on-quarter increase of 20.4%, with a net profit of 1.09 billion yuan, down 59% year-on-year and 42% quarter-on-quarter [1] Summary by Sections Financial Performance - Q3 2024 Brent crude oil average price was $79 per barrel, down 8% year-on-year and 7% quarter-on-quarter [1] - The naphtha cracking spread decreased by $66 per ton year-on-year but increased by $4 per ton quarter-on-quarter [1] - The refining spread was 800 yuan per ton, up 126 yuan per ton year-on-year and 109 yuan per ton quarter-on-quarter [1] - The PX spread was 660 yuan per ton, down 801 yuan per ton year-on-year but up 228 yuan per ton quarter-on-quarter [1] Dividend Policy - The company has consistently maintained a high dividend payout ratio, with a cash dividend of 0.55 yuan per share (including tax) for the 2023 fiscal year, totaling 3.871 billion yuan [1] - The dividend payout ratio was 56.07%, and since its restructuring and listing in 2016, the company has distributed a total of 22.371 billion yuan in dividends, accounting for 41.08% of cumulative net profit attributable to shareholders [1] Growth Potential - New production capacities are gradually coming online, with several projects expected to be fully operational by 2025 [1] - The company is focusing on high-value-added new materials, with significant projects in Dalian and Suzhou progressing well [1] - The company is expected to maintain high growth potential despite the current challenges in the aromatic sector [1] Earnings Forecast - The report adjusts the earnings forecast for 2024-2026, estimating net profits of 7.215 billion yuan (down 20%), 9.228 billion yuan (down 9%), and 10.538 billion yuan (down 9%) respectively, with corresponding EPS of 1.03, 1.31, and 1.50 yuan [1][2]

Investment Rating - The report maintains a "Strong Buy" rating for Hengli Petrochemical (600346) with a target price of 17.4 yuan for 2025 [1] Core Views - Q3 2024 revenue reached 65.261 billion yuan, up 2.44% YoY and 20.44% QoQ, while net profit attributable to shareholders was 1.087 billion yuan, down 59.01% YoY and 42.14% QoQ [1] - Inventory losses and PTA product performance dragged down Q3 results, with gross margin declining to 7.78%, down 5.8 ppts YoY and 4.8 ppts QoQ [1] - The company is advancing overseas strategic cooperation with Saudi Aramco, which plans to acquire a 10% stake in Hengli Petrochemical [1] - New material production capacity is expected to be fully operational in H2 2024, with 1.6 million tons/year high-performance resin and new material projects leading the way [1] Financial Performance - Q3 2024 sales volume: 5.85 million tons for refining products (+10% YoY, +63% QoQ), 3.35 million tons for PTA (-14% YoY, -9% QoQ), and 1.26 million tons for new materials (+17% YoY, -12% QoQ) [1] - Q3 2024 product prices: 5,700 yuan/ton for refining products (-1% YoY, +4% QoQ), 4,908 yuan/ton for PTA (-4% YoY, -7% QoQ), and 8,211 yuan/ton for new materials (-3% YoY, +4% QoQ) [1] - 2024-2026 revenue forecasts: 251.544 billion yuan (+7.1% YoY), 264.025 billion yuan (+5.0% YoY), and 280.165 billion yuan (+6.1% YoY) [2] - 2024-2026 net profit forecasts: 7.327 billion yuan (+6.1% YoY), 10.186 billion yuan (+39.0% YoY), and 12.460 billion yuan (+22.3% YoY) [2] Strategic Developments - The company is actively pursuing internationalization through strategic cooperation with Saudi Aramco, focusing on crude oil supply, raw material supply, product procurement, and technology licensing [1] - New material projects, including the 1.6 million tons/year high-performance resin project and the Kanghui New Materials Nantong base, are expected to drive future growth [1] Valuation - Current PE ratios: 14x for 2024, 10x for 2025, and 8x for 2026 [1] - Target price of 17.4 yuan based on 12x 2025 PE, representing a 21.5% upside from the current price of 14.32 yuan [1][3]

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [3] Core Views - Demand is still at a low point, but recovery is expected in the future [3] - The company reported total revenue of 177.857 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.71%, while net profit attributable to shareholders was 5.105 billion yuan, a year-on-year decrease of 10.45% [2][6] - In Q3 2024, total revenue was 65.261 billion yuan, a year-on-year increase of 2.44% and a quarter-on-quarter increase of 20.44%, with net profit of 1.087 billion yuan, down 59.01% year-on-year and down 42.14% quarter-on-quarter [2][6] Summary by Sections Financial Performance - For Q3 2024, the average price spread of polyolefins and crude oil was 3,211 yuan/ton, up 16.10% year-on-year and 9.39% quarter-on-quarter [6] - The PTA-PX price spread averaged 315 yuan/ton, up 66.57% year-on-year, remaining stable quarter-on-quarter [6] - The apparent consumption of refined oil in Q3 2024 was 97 million tons, down 4.87% year-on-year [6] - The average price spread for diesel, gasoline, and aviation kerosene was 1,099 yuan, 1,619 yuan, and 1,416 yuan per ton, respectively, with year-on-year changes of -9.19%, +7.53%, and +29.24% [6] - The average PX-crude oil price spread was 2,760 yuan/ton, down 16.91% year-on-year [6] Cost and Competitive Position - Coal prices averaged 848 yuan/ton in Q3 2024, down 2.09% year-on-year, providing a cost advantage for the company [6] - The company has a coal processing capacity of 5 million tons per year, benefiting from lower raw material prices [6] Growth Potential - New materials are expected to be fully operational in the second half of 2024, with a 1.6 million tons/year high-performance resin project and functional film projects progressing as planned [6] - The company anticipates that the gradual release of new material capacity will open up growth opportunities if downstream demand improves [6] Earnings Forecast and Valuation - The company is expected to see net profits of 6.8 billion yuan, 9.8 billion yuan, and 12.3 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.97 yuan, 1.40 yuan, and 1.75 yuan [6][7] - The projected P/E ratios are 14.9X, 10.3X, and 8.2X for the same years [6][7]