恒源股份：地炼“转身”跃向高端碳材料

Core Viewpoint - The transformation of Shandong Hengyuan Petrochemical Co., Ltd. focuses on reducing oil production while increasing the production of specialized carbon materials, achieving a shift from traditional refining to high-end carbon materials [1][2]. Group 1: Strategic Transition - Hengyuan Petrochemical has implemented a strategy of "reducing oil and increasing specialty products," which includes the establishment of a 300,000 tons/year needle coke production facility [1]. - The company has successfully integrated its refining capacity into Shandong Yulong Petrochemical Co., Ltd., becoming one of the first local refineries to complete capacity transfer in response to government policies [1][2]. Group 2: Product Development and Market Position - The company has focused on high-end carbon materials, such as ultra-high power graphite electrodes and battery anode materials, which are identified as having strong market potential and advantages in the supply chain [2]. - Hengyuan's self-developed needle coke product has achieved performance levels comparable to international standards, breaking China's long-standing reliance on imports [1][3]. Group 3: Technological Innovations - The innovative supercritical extraction technology has reduced asphalt yield from 25% to below 10%, resulting in annual cost savings of approximately 200 million yuan [3]. - The company has successfully commercialized its proprietary technologies, contributing to the domestic market and enhancing cost efficiency for downstream enterprises [3]. Group 4: Financial Performance - In 2024, the company's domestic and international sales revenue is projected to reach 43.8 billion yuan, reflecting the successful transition to a high-end carbon material base [3].