研报掘金丨华鑫证券：予东方盛虹“买入”评级，预告业绩大幅减亏，盈利能力边际改善

Core Viewpoint - Dongfang Shenghong is expected to turn profitable in net profit attributable to shareholders by 2025, with a significant reduction in non-recurring net losses [1] Group 1: Financial Performance - The company possesses the largest single set of atmospheric distillation units in China, along with a 4x15 thousand tons sulfur recovery unit, which converts hydrogen sulfide generated from high-sulfur crude oil and natural gas processing into elemental sulfur [1] - The market prices for sulfur and sulfuric acid have surged significantly, with the average market price in Q4 2025 increasing by 46.71% and 39.99% compared to Q2 2025, contributing substantial incremental profits to the company [1] - Forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are projected to be 1.23 billion, 13.91 billion, and 17.02 billion yuan respectively, with current stock prices corresponding to PE ratios of 696.1, 61.8, and 50.5 times [1] Group 2: Market Position and Strategy - The company is one of the three major private refining enterprises in China, with improving profitability amid declining oil prices [1] - Long-term valuation will depend on the continuous optimization of high value-added product structures and the penetration rate of new materials business [1]