第十二届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：000703 证券简称：恒逸石化 公告编号：2024-126 恒逸石化股份有限公司 一、监事会会议召开情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"） 第十二届监事会 第十四次会议通知于 2024 年 11 月 15 日以通讯、网络或其他方式送达公司全体 监事，并于 2024 年 11 月 18 日以现场加通讯方式召开。会议应出席监事 3 人， 实际出席监事 3 人。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 会议由监事会主席李玉刚先生主持，本次会议的召开符合《中华人民共和国 公司法》等法律、行政法规、部门规章、规范性文件及《恒逸石化股份有限公司 章程》的有关规定。 二、监事会会议审议情况 经与会监事认真审议，充分讨论，以记名投票方式逐项表决，会议审议通过 了以下议案： 1、审议通过《关于对控股子公司恒逸实业(文莱)有限公司提供担保的议案》 为有效降低利息支出，调整及优化抵质押物，助力企业健康可持续发展，公 司拟与中国建设银行股份有限公司宁波北 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2024-125 恒逸石化股份有限公司 第十二届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、审议通过《关于向下修正"恒逸转债"转股价格的议案》 为优化公司资本结构，维护投资者权益及促进公司的长期稳健发展，根据《募 集说明书》等相关条款的规定及公司 2024 年第五次临时股东大会的授权，公司 董事会决定将"恒逸转债"的转股价格由 10.91 元/股向下修正至 9.20 元/股，修 正后转股价格自 2024 年 11 月 19 日起生效。 具体内容详见公司于 2024 年 11 月 19 日 刊 登 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《关于向下修正"恒逸转债"转股价格的公告》 （公告编号：2024-127）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 1 2、审议通过《关于对控股子公司恒逸实业(文莱)有限公司提供担保的议案》 一、董事会会议召开情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）第十二届董事 会 ...

恒逸石化股份有限公司 证券代码：000703 证券简称：恒逸石化 公告编号：2024-127 2、债券代码：127022，债券简称：恒逸转债 3、修正前"恒逸转债"转股价格：10.91 元/股 4、修正后"恒逸转债"转股价格：9.20 元/股 关于向下修正"恒逸转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、证券代码：000703，证券简称：恒逸石化 5、修正后转股价格生效日期：2024 年 11 月 19 日 6、公司于 2024 年 11 月 18 日召开第十二届董事会第十八次会议，审议通过 了《关于向下修正"恒逸转债"转股价格的议案》，现将相关事项公告如下： 一、可转债发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会出具的《关于核准恒逸石化股份有限公司公开发 行可转换公司债券的批复》（证监许可[2020]522 号）核准，公司于 2020 年 10 月 22 日公开发行了面值总额 200,000 万元的可转换公司债券。 （二）可转债上市情况 经深圳证券交易所"深证上[2020]1027 号"文同意，公 ...

3．会议召开的合法、合规性：本次股东大会的召开经第十二届董事会第十 七次会议审议通过，会议的召集、召开程序符合有关法律、行政法规、部门规章、 规范性文件、深交所业务规则和公司章程等的规定。 4．会议召开的日期和时间： 证券代码：000703 证券简称：恒逸石化 公告编号：2024-123 恒逸石化股份有限公司 关于召开 2024 年第五次临时股东大会的通知 本公司及董事会全体保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《中华人民共和国公司法》（以下简称"《公司法》"）和《公司章程》相 关规定，恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于 2024 年 11 月 1 日召开公司第十二届董事会第十七次会议，审议通过了《关于召开 2024 年第五次临时股东大会的议案》，决定于 2024 年 11 月 18 日（星期一）下午 14:30 召开 2024 年第五次临时股东大会。现将会议相关事项通知如下： 一、召开会议基本情况 1．股东大会届次：2024 年第五次临时股东大会 2．股东大会的召集人：公司董事会 （1）现场会议时间：2024 年 11 月 18 日（星期一）下 ...

Investment Rating - Buy (Maintained) [1] Core Views - Hengyi Petrochemical's Q3 2024 revenue was RMB 30.051 billion, a year-on-year decrease of RMB 7.162 billion and a quarter-on-quarter decrease of RMB 3.058 billion [2] - Net profit attributable to shareholders in Q3 2024 was RMB -199 million, a year-on-year decrease of RMB 330 million and a quarter-on-quarter decrease of RMB 216 million [2] - Gross profit in Q3 2024 was RMB 1.160 billion, a year-on-year decrease of RMB 672 million but a quarter-on-quarter increase of RMB 52 million [2] - The company's sales/management/R&D/financial expenses in Q3 2024 were RMB 50 million, RMB 267 million, RMB 160 million, and RMB 961 million respectively, with varying year-on-year and quarter-on-quarter changes [2] - Hengyi Petrochemical's Brunei Phase I project has achieved full-load production and smooth sales, with profitability expected to improve steadily [2] - The company is advancing its Qinzhou nylon project, which is expected to enhance its market share in the nylon sector and strengthen its integrated industrial chain [5] Financial Performance - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 127.166 billion, RMB 142.079 billion, and RMB 147.063 billion respectively [6] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is forecasted to be RMB 552 million, RMB 1.149 billion, and RMB 1.511 billion respectively [6] - The company's P/E ratios for 2024E, 2025E, and 2026E are estimated at 43.65x, 20.97x, and 15.94x respectively [6] Industry and Market Position - Hengyi Petrochemical is a leading private multinational enterprise in the petrochemical and chemical fiber industry, with a total polymerization capacity of 11.615 million tons [2] - The company is focusing on differentiated fiber products and promoting environmentally friendly products like "Yitaikang" [2] - The ASEAN region's high GDP growth in 2024 is expected to drive demand for petrochemical products, benefiting the company [2] Share Repurchase and Future Plans - The company announced a share repurchase plan with a total amount between RMB 125 million and RMB 250 million, to be used for employee stock ownership or equity incentive plans [3] - The Qinzhou nylon project is in the peak equipment installation phase, which is expected to further enhance the company's performance and market position [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.53 CNY based on a projected PB of 1.2 for 2025 [5][8]. Core Views - The company reported a revenue of 94.815 billion CNY for the first three quarters of 2024, a year-on-year decrease of 6.61%. The net profit attributable to shareholders was 231 million CNY, an increase of 11.93% year-on-year, while the net profit excluding non-recurring items dropped by 88.99% to 21 million CNY [2][5]. - The report highlights that the domestic chemical product performance is under pressure, but the polyester filament market is expected to improve [5]. - The company is progressing with its second phase of the Brunei project, which is anticipated to enhance growth potential [5]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 30.051 billion CNY, down 19.25% year-on-year and 9.24% quarter-on-quarter. The net profit attributable to shareholders was -199 million CNY, a significant decline of 253.14% year-on-year [2][4]. - The average operating rate for polyester filament has improved, with cash flows for POY and FDY turning positive since late October 2024 [5]. - The report notes a decrease in profit margins due to narrowing price spreads in the refining sector, with Q3 gross and net profit margins at 3.86% and -0.75%, respectively [4][5]. Product and Market Insights - The report indicates that the price spread for PX has decreased by approximately 23% quarter-on-quarter, impacting refinery profits significantly [4]. - The cash flow for domestic POY, FDY, and DTY in Q3 2024 showed improvements, with DTY cash flow increasing to over 550 CNY per ton [5]. - The company has initiated a fifth share repurchase plan, with an expected total amount of 125 to 250 million CNY, aimed at enhancing corporate governance and overall value [5].

Investment Rating - The report maintains a "Buy" rating for Hengyi Petrochemical, expecting the stock price to outperform the industry index by over 15% in the next six months [18]. Core Views - The company's profitability is under short-term pressure, particularly in the refining sector, but a recovery in profitability is anticipated [1][6]. - The polyester industry is expected to benefit from a slowdown in production capacity growth and an increase in demand from the textile and apparel sector [4][9]. - The Southeast Asian refined oil market is projected to maintain a favorable outlook due to supply shortages, which will benefit the company's refining segment [7][9]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 94.815 billion, a year-on-year decrease of 6.61%, while the net profit attributable to shareholders was 231 million, an increase of 11.93% [1]. - The gross profit margin for the first three quarters of 2024 was 4.05%, up by 0.17 percentage points year-on-year [2]. - The net cash flow from operating activities increased by 13.44% year-on-year, amounting to 485 million [3]. Industry Insights - The textile and apparel industry is showing signs of recovery, which is expected to boost demand for polyester products [4][6]. - The actual new polyester filament capacity added in the first half of 2024 was only 300,000 tons, significantly lower than the 3.85 million tons added in 2023, indicating a slowdown in capacity growth [4]. - The textile and apparel export sector remains stable, with cumulative exports reaching 222.41 billion USD in the first three quarters of 2024, reflecting a year-on-year increase [4]. Future Projections - The company is projected to achieve revenues of 142.625 billion, 155.325 billion, and 168.288 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 452 million, 683 million, and 1.092 billion [9]. - The expected EPS for the same years is 0.12, 0.19, and 0.30 [9].

Investment Rating - Buy (Maintained) [2] Core Views - Q3 performance declined due to increased inventory losses, but the company's growth prospects remain promising with steady progress in capacity construction [2] - Aromatic product margins declined, and oil price fluctuations led to inventory losses, putting pressure on Q3 performance [4] - The Brunei Phase II project is progressing smoothly, and the company's under-construction capacities are expected to enhance future performance [4] - The company's stock buyback and employee持股 plans demonstrate confidence in future development [4] - Profit forecasts for 2024-2026 have been revised downward due to declining oil prices and aromatic product margins, but the company's expansion in PTA and polyester capacities supports a positive outlook [4] Financial Performance - Q3 2024 revenue was 30.1 billion yuan, down 19.3% YoY and 9.2% QoQ, with a net loss of 199 million yuan, down 330 million yuan YoY and 220 million yuan QoQ [2] - Q3 2024 Brent crude oil average price was $79/barrel, down 8% YoY and 7% QoQ [4] - Q3 2024 PX margin was 660 yuan/ton, down 801 yuan/ton YoY but up 228 yuan/ton QoQ [4] - Q3 2024 PTA margin was 384 yuan/ton, up 125 yuan/ton YoY but down 1 yuan/ton QoQ [4] - Q3 2024 polyester POY margin was 1,186 yuan/ton, up 6 yuan/ton YoY and 154 yuan/ton QoQ [4] Capacity Expansion - The Brunei Phase II project includes 14 million tons of refining capacity, 6 million tons of refined oil, 2 million tons of PX, 2.5 million tons of PTA, 1 million tons of PET, and 1.65 million tons of ethylene and downstream products [4] - The Hainan Yesheng project's first 600,000-ton functional material unit has started trial production, with the remaining two units (1.2 million tons) expected to begin trial production in H2 2024 [4] - The Qinzhou "1.2 million tons/year caprolactam-polyamide integration and supporting project" is expected to enhance the company's market share in bottle chips and nylon sectors [4] Stock Buyback and Employee持股 - As of September 4, 2024, the company has repurchased 117 million shares, accounting for 3.2% of total shares, with a total repurchase amount of 2.7 billion yuan [4] - The sixth employee持股 plan, completed on August 7, 2024, holds 114 million shares, accounting for 3.11% of total shares [4] Profit Forecast - 2024 net profit forecast revised down by 38% to 587 million yuan, with EPS of 0.16 yuan [4] - 2025 net profit forecast revised down by 20% to 1.09 billion yuan, with EPS of 0.30 yuan [4] - 2026 net profit forecast revised down by 8% to 1.488 billion yuan, with EPS of 0.41 yuan [4] Market Data - Total shares: 3.666 billion [2] - Market capitalization: 23.134 billion yuan [2] - 1-year low/high: 5.36 yuan/7.85 yuan [2] - 3-month turnover rate: 29.69% [2]

证券代码：000703 证券简称：恒逸石化 公告编号：2024-117 恒逸石化股份有限公司 第十二届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"） 第十二届监事 会第十三次会议通知于 2024 年 10 月 29 日以通讯、网络或其他方式送达公司全 体监事，并于 2024 年 11 月 1 日以现场加通讯方式召开。会议应出席监事 3 人， 实际出席监事 3 人。 会议由监事会主席李玉刚先生主持，本次会议的召开符合《中华人民共和国 公司法》等法律、行政法规、部门规章、规范性文件及《恒逸石化股份有限公司 章程》的有关规定。 二、监事会会议审议情况 经与会监事认真审议，充分讨论，以记名投票方式逐项表决，会议审议通过 了以下议案： 1、审议通过《关于向参股公司逸盛新材料提供关联委托贷款的议案》 鉴于公司为公司参股公司浙江逸盛新材料有限公司（以下简称"逸盛新材料"） 提供的委托贷款即将到期，为进一步保障逸盛新材料的生产经营，公司拟延续该 笔委托贷款，通过公司及子 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2024-119 释义： | 公司、恒逸石化 | 指 | 恒逸石化股份有限公司 | | --- | --- | --- | | 逸盛新材料 | 指 | 浙江逸盛新材料有限公司 | | 中金石化 | 指 | 宁波中金石化有限公司 | | 恒逸有限 | 指 | 浙江恒逸石化有限公司 | | PTA | 指 | 精对苯二甲酸 | 一、关联交易概述 （一）关联交易的基本情况 恒逸石化股份有限公司 关于向参股公司逸盛新材料提供关联委托贷款的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 公司于2023年10月28日披露了《关于向参股公司逸盛新材料提供关联委托贷款的 公告》（公告编号：2023-112），公司通过公司及子公司向逸盛新材料提供最高不超 过107,800万元的委托贷款，贷款期限为1年，自公司2023年第三次临时股东大会审议 通过后，按资金到位时间起算，贷款利率按照中国人民银行同期银行贷款利率上浮10% 执行。 公司于2024年4月19日召开第十二届董事会第八次会议及第十二届监事会第六次 会议，审议通过 ...