HLGF(SH:600346)2024-08-23 11:09Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance [5][6]. Core Views - The company reported a revenue of 112.6 billion yuan in H1 2024, a year-on-year increase of 2.87%, and a net profit of 4.02 billion yuan, up 31.77% year-on-year [5]. - Despite a decline in Q2 performance due to maintenance activities, the company is expected to benefit from a recovery in refining demand and improved product margins [6]. - The company’s capital expenditures are nearing completion, and it is anticipated that dividends will remain at a high level [6]. - The termination of the subsidiary's spin-off listing is not expected to have a significant impact on the company's operations or financial status [6]. Financial Data Summary - The company’s total revenue is projected to reach 253.5 billion yuan in 2024, with a net profit forecast of 9.54 billion yuan, corresponding to a PE ratio of 10 [2][9]. - The gross profit margin is expected to improve from 11.9% in H1 2024 to 12.0% in 2024E, and the return on equity (ROE) is projected to increase to 14.5% in 2024E [2][9]. - The company’s earnings per share (EPS) is forecasted to be 1.36 yuan in 2024, increasing to 1.99 yuan by 2026 [2][9].