HLGF(SH:600346) Shanxi Securities·2024-08-23 11:08Investment Rating - The report maintains a "Buy-B" rating for Hengli Petrochemical (600346.SH) [1] Core Views - The company has shown steady growth in performance, with new material production capacity gradually being released [1][3] - In the first half of 2024, the company achieved operating revenue of 112.54 billion yuan, a year-on-year increase of 2.84%, and a net profit attributable to shareholders of 4.02 billion yuan, a year-on-year increase of 31.77% [2][3] - The company has optimized resource allocation and production-sales coordination, focusing on high-margin products in response to raw material price fluctuations and market demand [3] Financial Performance - In Q2 2024, the company reported operating revenue of 54.18 billion yuan, a year-on-year increase of 1.65%, but a quarter-on-quarter decrease of 7.24%, with a net profit of 1.88 billion yuan, down 7.44% year-on-year and 12.2% quarter-on-quarter [2] - The gross profit margin for the first half of 2024 was 11.85%, an increase of 0.78 percentage points year-on-year [3] - The company completed a cash dividend distribution of 0.55 yuan per share (including tax), totaling 3.87 billion yuan, with a payout ratio of 56.07% [3] Production Capacity and Growth - The new material production capacity is gradually being put into operation, with a focus on high-performance resin and new material projects expected to be fully operational in the second half of 2024 [3] - The company aims to become the largest and most technologically advanced functional film materials enterprise globally, with projects in Suzhou and Nantong progressing steadily [3] Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 9.36 billion yuan, 11.50 billion yuan, and 13.77 billion yuan, respectively, with corresponding P/E ratios of 10.1, 8.2, and 6.8 [4]