东海证券：给予恒力石化买入评级

Group 1 - The core viewpoint of the report is that Hengli Petrochemical's performance is under pressure due to the cyclical downturn in the petrochemical industry, but the company's leading position may provide advantages in the future amid industry restructuring [1][3] - In the first half of 2025, Hengli Petrochemical reported total revenue of 103.89 billion yuan, a year-on-year decrease of 7.69%, and a net profit attributable to shareholders of 3.05 billion yuan, down 24.08% year-on-year [1] - The decline in performance is attributed to two main factors: narrowing product price spreads due to fluctuating international crude oil prices and planned maintenance of ethylene units, which affected production capacity and increased costs [1][2] Group 2 - Despite the profit decline, the company's operating cash flow net amount increased significantly by 55.42% to 19.48 billion yuan, indicating strong cash management and healthy business return capabilities [2] - Hengli Petrochemical plans to distribute a cash dividend of 0.08 yuan per share, totaling 563 million yuan, to enhance market confidence [2] - The company is focusing on innovation and restructuring management, with R&D investment rising to 829 million yuan, and is actively pursuing new business opportunities through the merger of its subsidiaries [2] Group 3 - The report maintains profit forecasts for Hengli Petrochemical, predicting EPS of 1.10 yuan, 1.56 yuan, and 1.81 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 15.62, 10.97, and 9.48 [3] - The company is expected to benefit from the national emphasis on reducing "involution" competition and the restructuring of the petrochemical industry, enhancing its international competitiveness [3] - The report maintains a "buy" rating for Hengli Petrochemical, reflecting confidence in its dividend sustainability and leading market position [3]