HLGF(600346) 国泰君安·2024-08-27 14:06Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.15 yuan, down from the previous target of 18.66 yuan [7][8] Core Views - The company's H1 2024 performance met expectations, with a net profit attributable to shareholders of 4.018 billion yuan, up 31.77% YoY [8] - The company is leveraging its large-scale refining platform to build new momentum, with new material capacities such as high-performance resins and lithium battery separators expected to be released [8] - The company emphasizes shareholder returns, with a proposed cash dividend of 3.871 billion yuan in 2023, accounting for 56% of net profit attributable to shareholders [8] - The company's controlling shareholder, Hengli Group, has signed a memorandum of understanding with Saudi Aramco for strategic cooperation, including a potential equity acquisition and collaboration in crude oil supply and product procurement [8] Financial Summary - Revenue is expected to grow from 222.373 billion yuan in 2022 to 326.432 billion yuan in 2026, with a CAGR of 10.1% [6] - Net profit attributable to shareholders is projected to increase from 2.318 billion yuan in 2022 to 13.463 billion yuan in 2026, with a CAGR of 55.6% [6] - EPS is forecasted to rise from 0.33 yuan in 2022 to 1.91 yuan in 2026 [6] - ROE is expected to improve from 4.4% in 2022 to 18.2% in 2026 [6] Valuation and Comparables - The company's 2024E PE is 10.93x, lower than peers such as Rongsheng Petrochemical (18.36x) and Wanhua Chemical (11.13x) [11] - The company's 2024E PB is 1.46x, compared to 1.76x in 2022 [10] Industry and Market Position - The company operates in the oil/energy sector and is positioned as a leader in the refining and chemical industry, with a 2000万吨 world-class refining platform [7][8] - The company is seen as a representative of "new quality productivity" in the chemical industry, driving structural optimization and industrial upgrading [8]