华锦股份：2024年半年报点评：炼化景气下行Q2业绩同比下滑，集团炼化项目进展可期

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a year-on-year decline in performance due to a downturn in the refining industry, with Q2 2024 results showing a slight decrease in revenue and net profit [5][6] - The group refining project in collaboration with Saudi Aramco is expected to progress rapidly, enhancing the company's competitive position in the petrochemical sector [4][6] - Continuous advancement in state-owned enterprise reforms is anticipated to improve the company's valuation over time [4] Financial Performance - For the first half of 2024, the company achieved operating revenue of 21.16 billion yuan, a year-on-year decrease of 2.7%, and a net profit attributable to shareholders of -743 million yuan, a decline of 0.68 billion yuan [3] - In Q2 2024, the company reported operating revenue of 11.71 billion yuan, a year-on-year decrease of 0.6% but a quarter-on-quarter increase of 24%, with a net profit of -242 million yuan, down 0.64 billion yuan year-on-year but up 2.59 million yuan quarter-on-quarter [3] Project Developments - The collaboration with Saudi Aramco involves a significant investment of 83.7 billion yuan for a large-scale integrated refining and chemical project, with an expected crude oil processing capacity of 300,000 barrels per day [4] - As of March 15, 2024, multiple production facilities have commenced construction, with an overall startup rate of 87.5% for the 32 planned production units [4] Future Outlook - The refining industry's demand is expected to recover in the second half of 2024, which may lead to improved profitability for the company [5] - The company's net profit forecasts for 2024-2026 have been adjusted downward, with expected figures of 12 million yuan, 234 million yuan, and 413 million yuan respectively [6]