Investment Rating - The report maintains a "Buy" rating for Hengyi Petrochemical [1] Core Views - The company reported a Q1 2024 revenue of 31.7 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 410 million yuan, a year-on-year increase of 1087% [3] - The technical upgrades completed in the Brunei refinery have led to a recovery in profitability, with improved product structure and processing margins [3] - The polyester segment is expected to see stable operations, with a positive outlook for long filament supply and demand in 2024 [3][4] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.1 billion, 1.7 billion, and 1.9 billion yuan respectively, with corresponding P/E ratios of 24.0, 16.0, and 14.2 times [4] - The company has implemented stock repurchase and employee stock ownership plans, reflecting confidence in long-term development [4] Market Data - The closing price is 7.04 yuan, with a market capitalization of approximately 25.81 billion yuan [6] - The company has a price-to-book ratio of 1.06 and a debt-to-asset ratio of 70.54% [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [1][2]. Core Insights - The company's core business is expected to continue its favorable cycle, with a projected increase in profitability driven by overseas refining and polyester segments [1][2]. - The report highlights a significant recovery in net profit for 2024, with estimates of 1.94 billion yuan, representing a growth rate of 345.3% compared to the previous year [2][3]. - The overall revenue for 2024 is projected to be 15.34 billion yuan, reflecting a year-on-year growth of 12.7% [3]. Financial Performance Summary - In 2023, the company reported total revenue of 136.15 billion yuan, a decline of 10.5% year-on-year, while net profit was 435 million yuan, a significant recovery from a loss of 1.08 billion yuan in 2022 [3]. - The gross profit margin is expected to improve from 3.8% in 2023 to 4.0% in 2024, indicating better cost management and pricing strategies [3]. - Earnings per share (EPS) are projected to rise from 0.13 yuan in 2023 to 0.53 yuan in 2024, with further increases to 0.77 yuan and 0.92 yuan in 2025 and 2026, respectively [2][3]. Industry Outlook - The report anticipates a contraction in new production capacity for PX in the domestic market, with only 5 million tons expected from 2024 to 2026, which may support the overall industry’s profitability [2]. - The polyester sector is also expected to see limited new capacity additions, with a net increase of less than 1 million tons in 2024, indicating a slowdown in production growth [2]. - The overall market conditions for the company's overseas refining and polyester segments are expected to remain favorable, contributing to improved financial performance [2].

Financial Performance - Revenue for Q1 2024 reached ¥31,655,506,086.59, an increase of 11.54% compared to the same period last year[5] - Net profit attributable to shareholders was ¥413,692,260.32, a significant increase of 1,087.19% year-on-year[5] - Net profit after deducting non-recurring gains and losses was ¥313,739,920.88, up 3,890.00% from the previous year[5] - Basic earnings per share rose to ¥0.12, reflecting a 1,100.00% increase compared to the same period last year[5] - Total operating revenue for Q1 2024 reached CNY 31,655,506,086.59, an increase of 11.99% compared to CNY 28,381,122,577.28 in Q1 2023[19] - Total operating costs for Q1 2024 were CNY 31,429,186,682.96, up from CNY 28,523,009,165.42 in the same period last year, reflecting a rise of 10.59%[19] - Net profit attributable to shareholders of the parent company for Q1 2024 was CNY 413,692,260.32, compared to CNY 34,846,332.38 in Q1 2023, marking a significant increase[20] - The total comprehensive income attributable to the parent company's owners was CNY 438,434,495.94, a decrease of 207,545,192.15 compared to the previous period[21] - Basic earnings per share increased to CNY 0.12 from CNY 0.01 in the previous period, while diluted earnings per share rose to CNY 0.11 from CNY 0.01[21] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥2,455,482,450.41, a decline of 52.77% year-on-year[10] - Operating cash inflows totaled CNY 34,408,135,655.88, compared to CNY 31,076,687,525.97 in the previous period, reflecting a growth of approximately 10.6%[23] - The net cash flow from operating activities was negative at CNY -2,455,482,450.41, worsening from CNY -1,607,351,938.39 in the previous period[23] - Cash inflows from financing activities amounted to CNY 23,420,210,401.43, an increase from CNY 17,551,020,844.12 in the previous period[24] - The net cash flow from financing activities was CNY 2,357,022,597.47, recovering from a negative CNY -1,955,337,750.80 in the previous period[24] - The cash and cash equivalents at the end of the period were CNY 8,246,775,864.77, down from CNY 8,433,635,203.43 in the previous period[24] - The company received CNY 449,089,095.67 in tax refunds, compared to CNY 573,218,046.28 in the previous period[23] - The company reported a net cash outflow from investing activities of CNY -193,848,629.75, an improvement from CNY -902,330,996.12 in the previous period[24] - The company’s total cash outflows from operating activities were CNY 36,863,618,106.29, compared to CNY 32,684,039,464.36 in the previous period[23] Assets and Liabilities - Total assets at the end of the period were ¥110,168,748,553.18, representing a 1.96% increase from the end of the previous year[5] - The company's total assets as of Q1 2024 amounted to CNY 110,168,748,553.18, up from CNY 108,052,106,925.94 at the end of Q1 2023[18] - Total liabilities increased to CNY 77,717,723,549.88 in Q1 2024 from CNY 76,089,618,255.20 in Q1 2023, indicating a growth of 2.14%[17] - The total liabilities and equity combined reached CNY 110,168,748,553.18 in Q1 2024, up from CNY 108,052,106,925.94 in Q1 2023[18] - The total equity attributable to shareholders of the parent company was CNY 25,588,733,419.11 in Q1 2024, compared to CNY 25,211,150,840.09 in Q1 2023[18] Investments and Growth Strategy - Investment income increased by 42.42% to ¥23,555,410.00, driven by higher returns from joint ventures and derivatives[9] - Research and development expenses for Q1 2024 were CNY 183,538,764.23, compared to CNY 155,573,137.60 in Q1 2023, reflecting an increase of 17.94%[19] - The company plans to continue expanding its market presence and invest in new technologies and products[12] - The first quarter report indicates a focus on enhancing operational efficiency and exploring potential mergers and acquisitions[12] - The company is committed to developing new products and technologies to drive future growth[12] Operational Efficiency - The weighted average return on equity improved to 1.64%, up from 0.14% in the same period last year[5] - The company experienced a 94.35% increase in contract liabilities, totaling ¥147,039,820.00, due to an increase in pre-sold goods[9] - Long-term equity investments increased to ¥13,885,920,674.78 from ¥13,669,254,123.61, showing an increase of approximately 1.58%[15] - Accounts receivable increased to ¥6,672,116,140.99 from ¥5,925,174,959.59, representing an increase of about 12.6%[14] - Inventory rose to ¥16,019,211,548.06 from ¥13,060,195,863.37, indicating an increase of approximately 22.5%[15] - Total current assets increased to ¥39,138,992,629.30 from ¥36,926,283,156.40, reflecting a growth of about 5.97%[15]

去年四季度会有一个不错的改善大概是这么一个情况看客户有什么问题谢谢好了好的谢谢赵总赵总我请教一下就是去年刚才说的是整个量化亏损是1.5个亿是吧量化亏损是负的5000万然后三四季度是负1.5个亿三四季度负四 而去年我们在这个海外就是电厂那边那个亏损是哪一块亏损是充电的那部分还是是那个防侵力的部分我们其实全年如果说看业绩的话全年如果说看这个产品的话其实是盈利的但是因为我们二三年有做了计改嘛就三四月份做了计改平衡大概四十五天左右 然后包括说我们替改的时候还是有大概五六千万的美金的这个替改费用这两部分是我们二三年亏损的最重要的原因如果说把这两部分踢掉其实二三年应该是盈利的明白明白盈利是大概在什么样的水平盈利的话大概就要加个三四亿人民币左右三四亿人民币 因为我看海外的成品流的盈利其实或者供需还比较紧张就我们自己在海外成品的销售情况怎么样销售的话我们基本上就不愁卖了基本上谈刺杀之后大概一周左右就可以卖掉其实经营也是比较好说的一部分对是的 好的好的那个长资这一部分呢就目前我们长资现在是有没有盈利啊目前的话按照目前的这个价差一级度具体板块应该还必须有改善类似具体能不能盈利还是要看后面一级报的情况了好的明白了今年年的产能投放情 ...

2024 年 04 月 22 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 年归母净利润逐季改善，文莱炼厂盈利有 2023 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 望稳健提升 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 ——恒逸石化（ ） 年年报点评报告 zhongyh@ghzq.com.cn 000703 2023 最近一年走势 事件 : 2024年4月20日，恒逸石化发布2023年年度报告：2023年实现营业 收入1361.48亿元，同比降低10.46%；实现归母净利润4.35亿元，实 现扭亏为盈，2022年为-10.80亿元；实现扣非归母净利润0.54亿元， 实现扭亏为盈，2022 年为-10.92 亿元；销售毛利率3.76%，同比增加 1.44个pct，销售净利率0.27%，同比增加0.88个pct；经营活动现金流 净额为45.32亿元。 2023Q4单季度，公司实现营业收入346.19亿元，同比+20.48%，环比 -6.97 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown significant performance growth in 2023, driven by high aromatics market conditions and improved polyester price spreads [4] - The company is actively expanding its production capacity, particularly with the ongoing Brunei Phase II project and other projects, which are expected to enhance future earnings [4][5] - The implementation of stock buybacks and employee stock ownership plans reflects the company's confidence in its future development [4] Summary by Sections Earnings Performance - In 2023, the company achieved a revenue of 136.1 billion yuan, a year-on-year decrease of 10%, while the net profit attributable to shareholders was 435 million yuan, an increase of 15.15 billion yuan year-on-year [3][4] - The fourth quarter alone saw a revenue of 34.6 billion yuan, a year-on-year increase of 20% [3] Market Conditions - Average prices for Brent crude oil, naphtha, PX, PTA, and POY in 2023 were 82 USD/barrel, 649 USD/ton, 8579 yuan/ton, 5862 yuan/ton, and 7703 yuan/ton, respectively, showing year-on-year declines of 17%, 17%, 2%, 3%, and 4% [4] - The price spreads for naphtha cracking, PX, PTA, and POY showed mixed results, with some improving due to recovering downstream demand [4] Capacity Expansion - The Brunei Phase II project is progressing steadily, with a signed engineering implementation agreement and ongoing construction activities [4] - Other projects include a PTA production project in Hainan and a nylon integrated project in Guangxi, both of which are expected to contribute to future production capacity [4] Shareholder Confidence - The company executed multiple stock buyback plans, repurchasing a total of 2.7 billion yuan worth of shares, indicating strong confidence in its future prospects [4]

证券研究报告·公司点评报告·炼化及贸易 恒逸石化（000703） 2023 年年报点评：技改拖累炼化业绩，聚酯 2024 年 04月 22日 盈利同比改善 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 营业总收入（百万元） 152,050 136,148 167,426 175,811 176,150 执业证书：S0600123050015 heyzh@dwzq.com.cn 同比（%） 17.26 (10.46) 22.97 5.01 0.19 归母净利润（百万元） (1,079.55) 435.46 1,131.42 1,696.29 1,918.21 股价走势 同比（%） (131.96) 140.34 159.82 49.93 13.08 恒逸石化 沪深300 EPS-最新摊薄（元/股） (0.29) 0.12 0.31 0.46 0.52 2% P/E（现价&最新摊薄） - 58.43 22.49 15.00 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 恒逸石化（000703）公司年报点评 2023 年同比扭亏 [Table_Summary] 投资要点：  2023年同比扭亏。2023年，公司实现营业收入1361.48亿元，同比-10.46%； 实现归母净利润4.35亿元，同比+140.34%，实现扭亏。公司盈利改善主要由 于：（1）随着终端需求回升，聚酯产品产销两旺，盈利改善；（2）非经常性 损益对净利润影响3.8亿元，主要为政府补助、非流动性资产处置损益等。  聚酯纤维：需求改善，盈利提升。2023年公司聚酯产品产销两旺，产量770.79 万吨，同比+11.36%；销量 772.03 万吨，同比+12.71%。2023 年，公司涤纶 丝毛利20.79亿元，同比增加15.41亿元（+287%）。  炼化：技改等因素影响盈利。2023年，公司文莱炼厂炼油产品产销量分别为 580.24万吨、582.50万吨，同比分别减少9.66%、8.86%；化工产品产销量分 别为181.84万吨、182.77万吨，同比分别减少10.15%、9.43%。2023年文莱 炼化（单体）实现净利 ...

恒逸石化23年报交流240422国海_原文 2024年04月22日 14:14 发言人1 00:05 使用本次会议信息或内容所引发的任何直接或间接损失概不负责。市场有风险投资需谨慎。主讲嘉宾提 示，本次会议中应避免传播尚未公开的内幕信息，诋毁同行的言论，确保会议内容合法合规。 发言人2 00:24 好的，各位投资者，大家下午好，我是渤海证券化工的首席李永伟。欢迎大家参加恒逸石化2023年度业 绩解解读会。今天我们非常荣幸邀请到公司的正在赵总，给我们解读一下公司半年的度的情况，包括这 个投关总监王总也在线。我们下面先请赵总给我们介绍一下二三年度的一些你数据的情况。 发言人3 00:52 好的，感谢李老师。各位领导好，我是恒一，神话的正在召唤双。我先简单介绍一下拆分到我们这个业 绩年报业绩的年报的情况。我们2023年全年的话，是实现的利润是4点三五个亿。我们分板块来看，电 话板块的人民币规模口径的利润是负的五千多200万。PV板块的话是负的3.8亿。华先板块聚集板块是正 的3.17亿，鼎内显然板块是正的5600万。浙商银行是挣的五个亿，其中我们这个具体板块的挣的3.17个 亿，是因为加了4.5个亿的仅转转的这个投 ...

恒逸石化23年报解读240422建投原文 2024年04月22日10:12 发言人100:00 您一本次会议中信箭头已经听到组织的闭门会议。你好你好，征信建投白名单客户。参加会议的投资者 不得制作会议纪要，包括但不限于文字、纪要、录音、录像、截屏等形式，并对外转发给任何其他个人 或机构。擅自制作、编辑及转发会议纪要，引起不当传播的，中信建投有权追究其法律责任。 发言人100:25 云转卖， 4、在法律法规及监管规定允许的范围内，中信建投可能持有并交易本次会议所提及公司的股份或其他 财产权益，也可能在过去、目前或者将来为所提及公司提供或者争取为其提供投资银行、做市交易、财 务顾问或其他金融服务。5、本次会议内容的知识产权仅为中信建投所有，未经中信建投事先书面许 可，任何机构或个人均不得以任何形式转发、发布、翻版、复制或引用会议全部或部分内容，亦不得同 未经中信建投书面授权的任何机构、个人或其运营的媒体平台接收、翻版、复制或引用会议的全部或部 分内容。版权所有，违者必究。 发言人202:22 各位投资者大家早上好。欢迎接入我们中信建投恒力石化年报解读会。今天我们非常荣幸的邀请到了公 司的财务部总经理于总，还有IR ...