东方盛虹：上半年业绩实现扭亏，静待行业景气复苏

Company Overview - Dongfang Shenghong reported a revenue of 60.916 billion yuan for the first half of 2025, a year-on-year decrease of 16.36% [1] - The company achieved a net profit attributable to shareholders of 386 million yuan, an increase of 21.24% year-on-year [1] - The second quarter revenue was 30.607 billion yuan, down 15.20% year-on-year but up 0.98% quarter-on-quarter [1] Financial Performance - The company turned a profit in the first half of 2025, with significant improvements in refining, while the chemical fiber and chemical segments faced pressure [1] - The second quarter net profit attributable to shareholders was 4.5 million yuan, a decline of 37.12% year-on-year and a sharp drop of 86.79% quarter-on-quarter [1] - The non-recurring net profit for the second quarter was -21 million yuan [1] Industry Context - International oil prices showed a downward trend in the first half of 2025, influenced by OPEC+ production increases and U.S. tariff policies affecting demand expectations [1] - The refining industry is entering a phase of stock competition, but the company still has significant upward elasticity in its performance [1] - According to the National Development and Reform Commission, domestic crude oil processing capacity is controlled within 1 billion tons, with refining capacity expansion nearing its policy limit [1] Profit Forecast - The company forecasts net profits attributable to shareholders of 864 million yuan, 1.112 billion yuan, and 1.586 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 137.6%, 28.7%, and 42.6% [1] - The diluted EPS (Earnings Per Share) is projected to be 0.13 yuan, 0.17 yuan, and 0.24 yuan per share for the same years [1]