全球布局+绿色转型双轮驱动 恒逸石化以一体化优势捕捉海内外机遇

Core Viewpoint - Hengyi Petrochemical is positioned to benefit from the expansion of overseas cracking margins and the domestic industry's "anti-involution" trend, with significant growth opportunities anticipated in the Southeast Asian refined oil market by 2026 [1][2]. Group 1: Market Opportunities - By 2026, the refined oil supply-demand gap in Southeast Asia is expected to widen to 68 million tons, with Hengyi Petrochemical's Brunei Phase II project completed site preparations, laying a foundation for long-term development [1]. - The Brunei refining project, which Hengyi holds a 70% stake in, has an annual crude processing capacity of 8 million tons and is strategically positioned to meet the growing demand driven by a 5.4% average GDP growth in Southeast Asia [1]. - The European gasoline cracking margin surged by 149% year-to-date due to a 15.5% reduction in Russian refining capacity, while the Singapore diesel margin increased by 95% [1]. Group 2: Domestic Market Developments - The domestic market has seen significant results from multi-product "anti-involution" actions, with caprolactam prices rising from 8,050 CNY/ton to 9,125 CNY/ton in November, and polyester bottle chip processing margins recovering from 300 CNY/ton to 550 CNY/ton [2]. - Guotou Securities has issued a "buy" rating for Hengyi Petrochemical, predicting continued high growth in exports of polyester filament and bottle chips from 2026 to 2027, with a positive shift in the PTA supply-demand landscape [2]. Group 3: Sustainability and Innovation - Hengyi Petrochemical has established a full-chain advantage in green transformation, focusing on "recycling-degradation-regeneration" with a 300,000-ton BHET recycling project in Hubei Jiangling, supported by 169 intelligent recycling points [2]. - The company is expanding production of its self-developed biodegradable polyester "Betel" and antimony-free polyester "Yitai Kang," forming an innovation conversion system from laboratory to industrialization, positioning itself advantageously in the low-carbon economy era [2]. Group 4: Financial Performance and Value Creation - Since its listing, Hengyi Petrochemical has implemented a cash dividend of 5.6 billion CNY and an employee stock ownership plan of 5.2 billion CNY, alongside a planned share buyback of 1.5 to 2.5 billion CNY by the controlling shareholder [3]. - The company holds a 3.54% stake in Zheshang Bank, providing stable investment returns, and has built a diversified value creation system through "main business profitability + capital appreciation," supporting resilience through industry cycles [3].