HLGF(SH:600346) Sou Hu Cai Jing·2025-09-08 05:35Core Viewpoint - The report highlights the resilience of Hengli Petrochemical's operations and the enhancement of its integrated advantages, maintaining a "buy" rating for the company [1][6]. Financial Performance - In the first half of 2025, Hengli Petrochemical achieved total revenue of 103.944 billion yuan, a year-on-year decrease of 7.68%, with a net profit attributable to shareholders of 3.050 billion yuan, down 24.08% [2]. - The second quarter saw total revenue of 46.898 billion yuan, a decline of 13.45% year-on-year, and a net profit of 999 million yuan, down 46.81% [2]. Operational Efficiency - The company's gross profit margin for the first half of 2025 was 11.96%, an increase of 0.10 percentage points year-on-year, with refining products, PTA, and polyester products' gross margins at 17.95%, 3.49%, and 11.82%, respectively [3]. - The net profits of subsidiaries Hengli Refining and Hengli Petrochemical (Dalian) were 1.649 billion yuan and 471 million yuan, reflecting year-on-year growth of 51.24% and 45.65% [3]. - The expense ratio for the first half of 2025 was 4.43%, a decrease of 0.22 percentage points year-on-year, with financial expenses down 18.41% to 2.507 billion yuan [3]. Production and Sales Growth - The production of refining products, PTA, and new materials in the first half of 2025 was 12.1167 million tons, 8.4327 million tons, and 3.2101 million tons, representing year-on-year increases of 9.53%, 1.64%, and 8.64% respectively [4]. - Sales volumes for the same categories were 9.396 million tons, 7.6037 million tons, and 2.8742 million tons, with year-on-year increases of 9.89%, 3.52%, and 10.59% respectively [4]. Strategic Initiatives - The company is focused on a world-class integrated collaborative model, emphasizing "large-scale, large-size, and integration" while introducing top international equipment and processes [4]. - Hengli Petrochemical plans to distribute cash dividends of 563 million yuan, with a payout ratio of 18.46% [5]. - The actual controller plans to increase shareholding by no less than 500 million yuan and no more than 1 billion yuan within 12 months starting from April 9, 2025, enhancing market confidence [5]. Future Outlook - The company expects net profits of 7.273 billion yuan, 8.609 billion yuan, and 10.202 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 1.03 yuan, 1.22 yuan, and 1.45 yuan [6]. - The integrated advantages and operational resilience are anticipated to support future performance recovery as smaller, less efficient refineries exit the market [4][6].