研报掘金丨国海证券：维持恒逸石化“买入”评级，看好下半年锦纶项目投产放量

Core Viewpoint - The report from Guohai Securities indicates that Hengyi Petrochemical achieved a net profit attributable to shareholders of 227 million yuan in the first half of the year, representing a year-on-year decrease of 47.32% [1] Group 1: Financial Performance - The company's net profit for Q2 2025 showed both year-on-year and quarter-on-quarter growth, indicating a positive trend for the second half of the year [1] - The projected production launch of the 1.2 million ton caprolactam-nylon project in Guangxi is expected to contribute positively to the company's financial performance in the latter half of the year [1] Group 2: Strategic Positioning - The project integrates technological advantages, vertical integration, and product structure advantages, which are anticipated to further solidify the company's position in the industry [1] - The establishment of a unique "polyester + nylon" dual-main business model is expected to enhance the company's competitive edge in the domestic market [1] Group 3: Industry Outlook - The company is recognized as a leading private multinational enterprise in the "refining-chemical-fiber" integration sector within the petrochemical and chemical fiber industry [1] - Continuous efforts to extend and strengthen the supply chain, along with the diversification and optimization of product offerings, are viewed positively for the company's growth potential [1]