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 ...

恒逸石化股份有限公司 2 0 24年第六次独立董事专门会议决议 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）2024 年第四次独立董事 专门会议于2024年10月29日以现场加通讯方式召开，会议应出席的独立董事3人，实 际出席会议的独立董事3人。全体独立董事共同推举陈林荣先生召集并主持本次会议。 经与会独立董事充分讨论，对公司《关于向参股公司逸盛新材料提供关联委托贷款的 议案》进行了审议，以记名投票方式通过了以上议案，并发表意见如下： 陈林荣： 侯江涛： 洪 鑫： 年 月 日 为此，我们同意将本议案提交公司第十二届董事会第十七次会议审议。 （以下无正文，下接签署页） 1 （本页无正文，为《恒逸石化股份有限公司2024年第六次独立董事专门会议决议》之 签署页） 独立董事签字： 一、《关于向参股公司逸盛新材料提供关联委托贷款的议案》 公司向逸盛新材料提供不超过107,800万元关联委托贷款的关联交易事项审议程 序合法、有效，符合《公司法》《股票上市规则》等有关法律、法规以及《公司章 程》的有关规定；该关联委托贷款事项遵循公平、公正、自愿、诚信的原则，符合 公司和全体股东利益，未对公司独立性构成不利影响， ...

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 证券代码：000703 证券简称：恒逸石化 公告编号：2024-121 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。 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 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： （1）现场会议时间：2024 年 11 月 18 日（星期一）下 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2024-120 根据公司业务和未来发展审计的需要，经慎重筛选、调查和考虑，经董事会 审计委员会提议，公司拟继续聘请中兴华所为公司 2024 年度审计机构，负责公 司 2024 年度报告审计工作，并提请股东大会授权公司管理层依照市场公允合理 的定价原则，根据审计范围和审计工作量，参照有关规定和标准，与会计师事务 所根据市场行情协商确定其 2024 年度审计费用，办理并签署相关服务协议等事 项。 恒逸石化股份有限公司 关于续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 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 日召开第十二届董事会第十七次会议、第十二届监事会第十三次会议，会议 审议通过了《关于续聘会计师事务所的议案》，同意续聘中兴华会计师事务所（特 殊普通合伙）（以下简称"中兴华所"）为公司 2024 年度审计机构和内控审计 机构，本议案尚需提交公司 2024 年第五次临时股东大会审议。现将本次续聘会 计师事务所的情况公告如下： 一、拟续聘会 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2024-122 恒逸石化股份有限公司 关于回购公司股份（第五期）事项的进展公告 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。 一、回购股份基本情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于 2024 年 10 月 22 日召开的第十二届董事会第十五次会议审议通过了《关于以集中竞价交易 方式回购公司股份方案（第五期）的议案》。同意公司使用自有资金及股票回购 专项贷款资金，以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 12,500 万元，不超过人民币 25,000 万元；回购价格为不超过人民币 9.00 元/股； 回购期限为公司自董事会审议通过本回购方案之日起 12 个月内。具体内容详见 公司在巨潮资讯网上披露的《关于以集中竞价交易方式回购股份方案（第五期） 暨取得金融机构股票回购专项贷款的公告》（公告编号：2024-110）、《关于以集中 竞价交易方式回购股份（第五期）的回购报告书》（公告编号：2024-111）。 公司于 2024 年 10 月 30 日首次通过回购专用证券账 ...

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 ...