[Table_StockAndRank] 恒力石化(600346.SH) | | | 上次评级 买入 证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [石化龙头业绩稳步增长， Table_Title] 化工新材料增量空间可期 [Table_ReportDate] 2025 年 4 月 17 日 [Table_S 事件： ummary] 2025 年 4 月 16 日晚，恒力石化发布 2024 年年度报告。2024 年公 司实现营业总收入 2362.73亿元，同比增长 0.63%；实现归母净利润 70.44 亿元， ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 7 billion in 2024, representing a year-on-year increase of 2% [1]. - The company plans to focus on optimizing operations, reducing debt, and enhancing shareholder returns, with a dividend payout ratio of 45% and a total dividend amount of 3.2 billion in 2024 [3]. - The supply-side reforms in the industry are expected to support a recovery at the bottom of the cycle, with a significant decrease in the operating rate of Shandong independent refineries [4]. Financial Performance - In 2024, the company is projected to generate operating revenue of 236.4 billion, a slight increase of 0.65% year-on-year, while the net profit attributable to shareholders is expected to be 7 billion, up 2% year-on-year [1][5]. - The average selling prices for refined products, PTA, and new materials are expected to decline, with a decrease of 2.3%, 2.4%, and 11.2% respectively [2]. - The company’s capital expenditure peak is expected to end in the second half of 2024, allowing for a shift in focus towards cost control and shareholder returns [3]. Industry Insights - The oil product market has seen increased regulatory scrutiny, which is expected to enhance the market's standardization and support price recovery [4]. - The anticipated reduction in crude oil and coal prices entering 2025 is expected to benefit the refining sector significantly [2]. - The increase in tariffs on propane may lead to improved price differentials for olefins, benefiting the company's naphtha-based olefin production [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 19.43 [8][9]. Core Views - The company reported a slight increase in net profit for the year, with total revenue of RMB 236.4 billion, up 1% year-on-year, and a net profit attributable to shareholders of RMB 7.04 billion, up 2% year-on-year [1][5]. - The fourth quarter performance met expectations, with revenue of RMB 58.54 billion and net profit of RMB 1.94 billion, showing significant quarter-on-quarter growth [1]. - The company is expected to benefit from new project contributions and a gradual recovery in the petrochemical and polyester industry chains [2][4]. Financial Performance - The refining business revenue decreased by 10% year-on-year to RMB 108.1 billion, with a gross margin decline of 5.4 percentage points to 13.1% due to high oil prices and weak industry demand [2]. - The PTA and polyester segments saw revenue changes of -6% and +22% year-on-year, respectively, with gross margins improving by 4.8 and 3.7 percentage points [2]. - The overall gross margin for the company decreased by 1.4 percentage points to 9.9%, while operating expenses increased by 0.2 percentage points to 4.0% [2]. Capacity Expansion and New Projects - The company has made progress in launching new production capacities, including 1.6 million tons per year of high-performance resins and new materials, and 400,000 tons of high-performance specialty industrial yarns [4]. - Additional projects in the Nantong base are expected to be operational in the first half of 2025, focusing on functional films and lithium battery separators [4]. Profit Forecast and Valuation - The company’s net profit is projected to be RMB 9.43 billion, RMB 11.38 billion, and RMB 12.58 billion for the years 2025 to 2027, respectively [5]. - The expected EPS for 2025, 2026, and 2027 is RMB 1.34, RMB 1.62, and RMB 1.79, respectively [5]. - The target price is based on a 14.5x PE ratio for 2025, reflecting the company's integrated refining advantages [5].

Core Insights - Hengli Petrochemical reported a revenue of 236.27 billion yuan for 2024, a year-on-year increase of 0.63%, and a net profit of 7.04 billion yuan, up 2.01% [1] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares to all shareholders [1] Group 1: Business Strategy and Development - Hengli Petrochemical is a leading enterprise in the polyester new materials industry, focusing on a full industrial chain strategy from crude oil to various downstream products [1] - The company has achieved strategic breakthroughs in key production capacities, becoming the first in the industry to integrate the entire industrial chain from crude oil to polyester new materials [1] - The company is continuously upgrading its industrial model and expanding production capacity across various segments, enhancing its competitive advantage [1] Group 2: New Projects and Production Capacity - In 2024, Hengli will complete the construction of a 1.6 million tons per year high-performance resin and new materials project, which will enhance the company's product output in fine chemicals and new materials [2] - The company has launched a 400,000 tons per year high-performance special industrial yarn project, making it the largest production base for high-performance industrial yarn globally [2] - The Suzhou Fenhu base has fully launched 12 functional film production lines, with an annual capacity of 470,000 tons, enhancing competitiveness in the high-end functional film sector [2] Group 3: Technological Advancements - Hengli Petrochemical has made significant technological breakthroughs, addressing industry bottlenecks and filling market gaps [3] - The company achieved PE100 certification for its high-density polyethylene pipe materials, indicating a leading domestic standard [3] - Hengli's new dyeing technology for polyester fibers has reached international advanced levels, showcasing the company's commitment to innovation [3] Group 4: Future Directions and Market Strategy - The company aims to focus on high-profit product development and production, adjusting sales strategies based on market trends [3] - Hengli is accelerating its digital transformation and optimizing production processes to enhance efficiency and product quality [3] - The company is committed to balancing quality and cost through lean management and technological innovation, aiming for maximum customer value [3]

4月16日晚间，恒力石化（600346）对外公告了《2024年年度报告》，2024年度上市公司实现营业收入 2362.73亿元，同比增长0.63%，实现归母净利润70.44亿元，同比增长2.01%，实现经营性现金流227.33 亿元，保持了逆周期的经营韧劲与稳中向好的业绩水平，给市场交出了一份满意答卷。上市公司还同步 披露了现金分红预案，拟向全体股东每股派发现金红利0.45元，拟派发现金红利31.68亿元，分红率为公 司当年归母净利润的45%，高于原先公告的公司五年分红规划40%的预期水平。 作为国内最早投产的民营大炼化企业，恒力石化拥有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1660万吨/年的PTA装置四大产能集群，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，进而同 时具备"大化工平台"和"新材料延伸"的体系化产业格局。 公司表示，民营大炼化作为国内炼化行业的"新质生产力"，其核心优势主要在于"油 ...

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：2025-020 恒力石化股份有限公司 关于开展2025年度期货套期保值业务的公告 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： 一、交易情况概述 （一）交易目的 公司主要经营原油加工及石油制品生产与销售、PTA、化工品（包括但不限于苯 乙烯、乙二醇、聚丙烯）等生产与销售，主营业务所涉及的主要原材料及产品价格受 国际政治经济形势和大宗商品价格的影响较大，为合理规避原油和产品价格的大幅 交易目的：为合理规避主营业务所涉及的主要原材料及产品价格的大幅波动 风险，充分利用期货市场功能，有效管理价格大幅波动的风险，提升企业经 营水平，保障企业健康持续运行。 交易品种：与生产经营相关的原油、石油制品、PTA、化工品（包括但不限于 苯乙烯、乙二醇、聚丙烯）等商品品种。 交易工具及场所：包括期货合约、掉期以及期权等工具。主要交易场所包括 上海期货交易所、郑州商品交易所、大连商品交易所等境内期货交易所及新 加坡交易所（SGX）等境外期货交易所。 交易 ...

恒力石化股份有限公司 内部控制审计报告 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 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 否由具有执业许可的会计师事 您可使用手机"扫一扫"或进入 = ( http://acc.mot.gov.cn. 编码:浙25045SH52J 内部控制审计报告 中汇会审[2025]4216号 恒力石化股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了恒力石化股份有限公司(以下简称恒力石化公司)2024年12月31日的财务 报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是恒力石化 公司董事会的责任。 二、注册会计师的责任 我们的责 ...

www.zhepa.cn 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台(http://scc.mof.gov.cn)"进 the state of the program and 目 型 | | | 页 次 | | --- | --- | --- | | 一、审计报告 | | 1-6 | | 二、财务报表 | | 7-18 | | (一) 合并资产负债表 | e | 7-8 | | (二) 合并利润表 | | 9 | | (三) 合并现金流量表 | | 10 | | (四) 合并所有者权益变动表 | | 11-12 | | (五) 母公司资产负债表 | | 13-14 | | (六) 母公司利润表 | | 15 | | (七) 母公司现金流量表 | | 16 | | (八) 母公司所有者权益变动表 | | 17-18 | 三、财务报表附注 恒力石化股份有限公司 2024 年度审计报告 中国杭州市线江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12层、23层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qi ...

恒力石化股份有限公司 恒力石化股份有限公司 2024年度独立董事述职报告（邬永东） 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 2024 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 邬永东：1980 年出生，中国国籍，无境外永久居留权，本科学历，中国注册会 计师。曾任天健会计师事务所（特殊普通合伙）高级项目经理、瑞华会计师事务所 （特殊普通合伙）浙江分所授薪合伙人、杭州顺网科技股份有限公司内审总监兼董 事、浙江创课网络有限公司财务总监。现任杭州捷瑞智能装备股份有限公司财务总 监。2022 年 4 月 27 日起担任公司独立董事。 （二）独立 ...