Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 234.9 billion yuan in 2023, a year-on-year increase of 6%, and a net profit attributable to shareholders of 6.9 billion yuan, up 198% year-on-year [2] - The downstream product structure is recovering, with overall profitability in refining and chemical fibers improving. The refining segment achieved a net profit of 4.66 billion yuan in 2023, an increase of 2.82 billion yuan year-on-year [2] - Strong operating cash flow was noted, with 23.5 billion yuan in 2023, and a dividend payout ratio exceeding expectations, reaching 56% [2] - The company is transitioning from high capital expenditure to high dividends as ongoing projects are completed [2] - Profit forecasts for 2024-2026 have been adjusted, with net profits projected at 8.7 billion yuan for 2024, 10.6 billion yuan for 2025, and 12.4 billion yuan for 2026 [2] Financial Summary - Total revenue for 2023 is projected at 234.9 billion yuan, with a year-on-year growth of 5.62% for 2024 and 23.43% for 2025 [5] - The net profit attributable to shareholders is expected to grow from 6.9 billion yuan in 2023 to 8.7 billion yuan in 2024, 10.6 billion yuan in 2025, and 12.4 billion yuan in 2026, reflecting growth rates of 197.83%, 25.83%, and 22.36% respectively [5] - The earnings per share (EPS) is projected to increase from 0.98 yuan in 2023 to 1.76 yuan in 2026 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 14.75 in 2023 to 8.24 in 2026, indicating improved valuation [5]

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" [2] Core Views - The company's operating performance has significantly improved due to the recovery in industry demand and alleviation of cost pressures, with a notable increase in net profit by 197.83% year-on-year in 2023 [2][3] - Hengli Petrochemical benefits from a synergistic industrial chain, optimizing its profit structure through a comprehensive platform integrating coal, oil, and chemicals [3] - The company is set to release additional production capacity in high-performance and high-value-added chemical new materials, which is expected to drive future earnings growth [4] - Hengli Petrochemical has reinforced shareholder returns, proposing a cash dividend of RMB 5.50 per 10 shares, amounting to RMB 3.872 billion, which is 56% of its net profit attributable to shareholders [4] - The company is projected to see a compound annual growth rate (CAGR) in net profit of 22.1%, 33.9%, and 11.7% for 2024, 2025, and 2026 respectively, with corresponding earnings per share (EPS) of RMB 1.20, 1.60, and 1.79 [4] Summary by Sections Financial Performance - In 2023, Hengli Petrochemical achieved total revenue of RMB 234.87 billion, a year-on-year increase of 5.62%, and a net profit of RMB 6.91 billion, up 197.83% [2][5] - The company's gross margin improved to 11.3% in 2023, compared to 8.2% in 2022 [5] Industry Outlook - The refining sector's profitability has significantly improved, with a reported profit of RMB 65.6 billion in 2023, a 192.3% increase year-on-year, driven by the recovery of commercial activities post-pandemic [2][3] - The chemical industry shows a mixed performance, with strong profitability in aromatics but weakness in olefins due to the real estate market downturn [3] Production Capacity and Projects - The company has successfully launched several projects, including a lithium battery separator capacity of 440 million square meters and a 300,000 tons/year adipic acid project, with more high-performance resin projects expected to come online in 2024 [4] - The projected increase in PX production capacity is expected to support profitability, as the compound growth rate for PX capacity is forecasted to be only around 4% from 2023 to 2026 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its performance and potential returns for investors [5]. Core Insights - The company achieved a net profit of 6.9 billion yuan in 2023, aligning with expectations, and reported a revenue of 234.9 billion yuan, a year-on-year increase of 5.6% [5][6]. - The gross profit margin for 2023 was 11.25%, an increase of 0.18 percentage points compared to the previous year, with notable improvements in the refining, PTA, and polyester segments [5]. - The report anticipates that the company's profitability will continue to improve in 2024, driven by stable oil prices and recovering demand in the chemical sector [5]. Financial Summary - Total revenue for 2023 was 234,866 million yuan, with a year-on-year growth rate of 5.6% [6]. - The net profit attributable to the parent company for 2023 was 6,905 million yuan, reflecting a significant year-on-year increase of 197.8% [6]. - Earnings per share (EPS) for 2023 was 0.98 yuan, with projections for future years indicating continued growth [6]. - The company’s return on equity (ROE) for 2023 was 11.5%, with expectations of reaching 17.2% by 2026 [6]. Market Context - The average Brent crude oil price in 2023 was 82 USD per barrel, a decrease of 17% year-on-year, which has influenced the refining segment's profitability positively [5]. - The report highlights that the company is entering a phase of reduced capital expenditure as major projects are nearing completion, allowing for increased shareholder returns through dividends [5]. - The company announced a cash dividend of 0.55 yuan per share for 2023, with a payout ratio of 56.07%, indicating a commitment to returning value to shareholders [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next 6-12 months with expected price appreciation of over 15% [32][34]. Core Insights - The company reported a significant recovery in performance for 2023, with total revenue reaching RMB 234.87 billion, a year-on-year increase of 5.62%, and a net profit attributable to shareholders of RMB 6.91 billion, up 197.83% year-on-year [2][6]. - The refining segment showed strong profitability recovery, supported by high product price differentials, particularly in diesel and gasoline, which are expected to remain at elevated levels due to robust domestic demand and reduced overseas refining capacity [11][18]. - The chemical segment is anticipated to recover alongside improving demand, with notable increases in price differentials for key products like polyethylene and PTA [20][18]. - The company emphasizes shareholder returns, proposing a cash dividend payout ratio exceeding 50% of net profit for 2023, reflecting a commitment to enhancing shareholder value [26][2]. Financial Performance Summary - In 2023, the company achieved a revenue of RMB 234.87 billion, with a net profit of RMB 6.91 billion, marking a substantial recovery from previous years [2][6]. - The average price differentials for refined products in 2023 were RMB 912 for diesel, RMB 1,129 for gasoline, and RMB 2,597 for aviation kerosene, indicating a favorable market environment [11][18]. - The company’s earnings per share (EPS) for 2024 is projected to be RMB 1.14, with corresponding price-to-earnings (P/E) ratios of 12.7X for 2024, 10.1X for 2025, and 8.4X for 2026 [2][30]. Future Outlook - The company is expected to benefit from the recovery in economic conditions and the anticipated increase in product price differentials, with projected net profits of RMB 8 billion in 2024, RMB 10 billion in 2025, and RMB 12 billion in 2026 [2][30]. - New material production capacities are set to come online, which will further enhance the company's growth prospects in high-value downstream products [24][20].

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 ...