华锦股份连年“失血”！2024年暴亏近28亿，业绩阴霾难散？

Core Viewpoint - Huajin Co., Ltd. reported a significant decline in its 2024 financial performance, with a 25.02% drop in revenue and a net loss of 2.8 billion yuan, marking a staggering 4075.49% decrease in net profit compared to the previous year [1][2][3] Financial Performance - The company's total revenue for 2024 was 34.6 billion yuan, down from 46.1 billion yuan in 2023, reflecting a decrease of 25.02% [2] - The net profit attributable to shareholders was -2.8 billion yuan, a drastic decline from a profit of 70.3 million yuan in 2023, representing a decrease of 4075.49% [2] - The net profit after deducting non-recurring gains and losses was also negative at -2.9 billion yuan, compared to a profit of 11.5 million yuan in 2023, indicating a decline of 25,406.76% [2] Dividend Policy - Despite the poor financial results, the company proposed a cash dividend of 0.18 yuan per 10 shares (tax included) and did not plan to issue bonus shares or convert reserves into share capital [2] Industry Context - The petrochemical industry faced challenges in 2024, with overall revenue growth of only 2.1% and a profit decline of 8.8% according to national statistics [3] - The international oil market experienced significant volatility, contributing to reduced downstream demand in the petrochemical sector [3] - OPEC's recent downward revision of global oil demand forecasts for 2025 and 2026 further exacerbated the challenges faced by the industry [3] Historical Performance - The company's revenue peaked at 49.1 billion yuan in 2022, but profitability began to decline, with net profit dropping to 5.3 million yuan in 2022 and further to 703 million yuan in 2023 [4] - The drastic loss in 2024 represents a continuation of a troubling trend for the company, which has seen its financial performance fluctuate significantly over the years [4] Company Background - Huajin Co., Ltd. is the only publicly listed petrochemical platform under the China Ordnance Industry Group, involved in oil refining, ethylene production, and chemical fertilizers [5] - The company has faced financial difficulties in the past, including a risk of delisting in 2015, which led to speculation about potential asset injections from Zhihua Petroleum [6][7]