HLGF(SH:600346) Ge Long Hui A P P·2025-11-20 08:33Core Viewpoint - Hengli Petrochemical reported a net profit attributable to shareholders of 5.023 billion yuan for the first three quarters, a year-on-year decrease of 1.61%, while Q3 net profit reached 1.972 billion yuan, showing year-on-year and quarter-on-quarter increases of 81.47% and 97.41% respectively [1] Financial Performance - The recovery of PX price differentials contributed to improved profitability in Q3 [1] - The company is expected to balance performance growth and shareholder returns effectively as capital expenditures are anticipated to slow down with the commissioning of ongoing projects [1] Industry Outlook - The petrochemical industry is expected to benefit from policy support, leading to scientific regulation of refining capacity and accelerated transformation and upgrading of the petrochemical sector [1] - As a leading private refining enterprise, the company is well-positioned to capitalize on these industry trends [1] Profit Forecast - Projected net profits for the company from 2025 to 2027 are estimated to be 7.133 billion, 9.485 billion, and 11.421 billion yuan respectively, with corresponding price-to-earnings ratios of 19x, 15x, and 12x [1] - Based on historical valuation averages and the current cycle position, a target price of 27.00 yuan for 2026 is set, maintaining a "strong buy" rating [1]