HLGF(SH:600346) Xinda Securities·2024-08-26 12:29Investment Rating - The report maintains a "Buy" rating for the company, anticipating accelerated growth due to competitive advantages and industry consolidation [15]. Core Views - The industry is expected to undergo accelerated consolidation, with the company positioned as a leader in the integrated refining and chemical sector. The company has strategically extended its industrial chain, with significant projects set to enhance its performance [14][15]. - The company emphasizes shareholder returns, having increased its dividend payout, which is projected to enhance its long-term investment value as new projects come online [15]. Financial Performance Summary - Total revenue for 2022 was 222.373 billion yuan, with a projected increase to 253.692 billion yuan in 2024, reflecting a year-on-year growth rate of 8.0% [15]. - The net profit attributable to the parent company is forecasted to grow from 6.905 billion yuan in 2023 to 11.800 billion yuan in 2025, indicating a significant increase in profitability [15]. - The company’s earnings per share (EPS) are expected to rise from 0.98 yuan in 2023 to 1.68 yuan in 2025, with corresponding price-to-earnings (P/E) ratios decreasing from 13.43 to 7.89 over the same period [15]. Industry Outlook - The report highlights that the refining capacity in China is set to be streamlined, with the elimination of outdated facilities, which is expected to enhance the overall industry landscape [14]. - The company is actively involved in new projects, including a high-performance resin and new materials project, which is anticipated to be fully operational by the second half of 2024, contributing to its growth [14].