HLGF(600346) 国海证券·2024-09-01 02:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable operating performance, with high-performance resin and new material projects gradually coming into production [1] - The second quarter of 2024 saw a slight increase in revenue year-on-year, but a decrease compared to the previous quarter, attributed to maintenance of some refining units [2][3] - The company is expected to achieve significant growth with the completion of new projects, particularly in high-performance resins and new materials [5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 54.15 billion yuan, a year-on-year increase of 1.6% but a quarter-on-quarter decrease of 7.3% [2] - The net profit attributable to shareholders was 1.88 billion yuan, down 7.4% year-on-year and down 12.2% quarter-on-quarter [2] - The gross profit margin was 12.61%, a decrease of 0.37 percentage points year-on-year but an increase of 1.45 percentage points quarter-on-quarter [2] - The company’s cash flow from operating activities was 4.66 billion yuan [2] Segment Performance - Refining products generated revenue of 19.7 billion yuan, down 42% year-on-year and down 25% quarter-on-quarter, with sales volume decreasing by 39% year-on-year [3] - PTA revenue was 19.5 billion yuan, up 41% year-on-year, with sales volume increasing by 32% year-on-year [3] - New materials revenue reached 11.3 billion yuan, a 61% increase year-on-year, with sales volume up 72% year-on-year [3] Future Growth Potential - The company’s high-performance resin and new materials project is expected to achieve full production in the second half of 2024, contributing to future growth [5] - The company has completed its 2023 cash dividend distribution, emphasizing shareholder returns, with a payout of 0.55 yuan per share [5] - The projected revenue for 2024-2026 is expected to be 256.9 billion, 265.7 billion, and 274.7 billion yuan respectively, with net profits of 9.16 billion, 11.09 billion, and 13.06 billion yuan [5][11]