恒力石化：持续巩固成本护城河优势，加快内生式增长

Core Viewpoint - Hengli Petrochemical is focusing on optimizing operations, reducing debt, and enhancing dividends, aiming to establish itself as a high-profit, high-dividend, low-debt growth and return-oriented listed company [3] Group 1: Company Overview - Hengli Petrochemical is one of the earliest private refining enterprises in China, with a comprehensive capacity including a 20 million tons/year integrated refining project, a 5 million tons/year modern coal chemical facility, a 1.5 million tons/year ethylene project, and a 16.6 million tons/year PTA facility [1] - The company has built a modern industrial system integrating "world-class chemical refining + modern coal chemical facilities," supporting a "big chemical" strategy that deeply integrates oil and coal [1] - Hengli Petrochemical has a well-established capacity layout in downstream chemical new materials, including differentiated fibers, functional films, engineering plastics, and biodegradable new materials [1] Group 2: Financial Performance - In the first three quarters of this year, Hengli Petrochemical achieved an operating income of 157.384 billion yuan and a net profit attributable to shareholders of 5.023 billion yuan, with an operating cash flow of 20.134 billion yuan [2] - The company reported a single-quarter profit of 1.972 billion yuan in the third quarter, representing a year-on-year increase of 81.47% and a significant improvement compared to the second quarter [2] - The overall price trend this year has stabilized, leading to a steady improvement in gross profit margins compared to the same period last year [2] Group 3: Strategic Focus - Hengli Petrochemical plans to conclude its current round of project construction and capital expenditure this year, shifting its operational focus towards refined cost control [3] - The company aims to enhance its cost moat and implement continuous cost improvements based on internal efficiency gains, while accelerating high value-added technological upgrades and boutique project construction [2][3] - Hengli Petrochemical has implemented a stable and sustainable cash dividend policy, having distributed a total of 26.1 billion yuan in cash dividends since its listing, which accounts for 40.43% of the cumulative net profit attributable to shareholders during the dividend period [3]