东方盛虹：炼化景气度低迷，部分产品有所改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 72.834 billion yuan for the first half of 2024, a year-on-year increase of 10.46%. However, the net profit attributable to shareholders decreased by 81.59% to 319 million yuan [6]. - The polyester chain showed good demand in Q2 2024, with the company having a polyester filament capacity of 3.55 million tons and a differentiated product rate exceeding 90% [6]. - The refining and chemical product sectors are experiencing low demand, with the company's refining capacity at 16 million tons per year and a significant portion of its products benefiting from improved demand for refined oil and aromatics [6]. - The company is leading in green and intelligent development, having launched a 100,000-ton CO2-to-green-methanol project in Jiangsu [7]. - The projected net profits for 2024 to 2026 are 940 million yuan, 2.236 billion yuan, and 4.260 billion yuan, respectively, with corresponding PE ratios of 54.5X, 22.9X, and 12.0X [7]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 72.834 billion yuan, with a net profit of 319 million yuan, reflecting a significant decline compared to the previous year [6]. - The Q2 2024 revenue was 36.095 billion yuan, showing a slight year-on-year decrease of 0.80% and a quarter-on-quarter decrease of 1.75% [6]. Business Segments - The polyester segment is performing well, with a net profit of 447 million yuan from the subsidiary Shenghong Chemical Fiber in H1 2024 [6]. - The PTA segment, however, is struggling, with a net loss of 62 million yuan from the subsidiary Honggang Petrochemical in H1 2024 [6]. - The refining segment is facing challenges, with a net loss of 460 million yuan from Shenghong Refining in H1 2024, despite improved demand for refined oil [6]. Future Outlook - The company is expected to see a gradual recovery in profitability, with projected net profits increasing significantly over the next three years [7]. - The company is positioned as a leading integrated refining company in China, with a focus on sustainable and innovative practices [7].