JINNENG(SH:603113) KAIYUAN SECURITIES·2025-03-25 01:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been impacted by a decline in profitability from its olefin and carbon black segments, prompting a focus on recovery at the bottom of the cycle [4] - In 2024, the company achieved a revenue of 16.27 billion yuan, a year-on-year increase of 11.5%, but reported a net profit attributable to shareholders of -0.06 billion yuan, a year-on-year decline of 142.13% [4] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 0.125 billion yuan, 0.22 billion yuan, and 0.33 billion yuan respectively, reflecting significant growth rates of 316.3%, 76.1%, and 51.4% [4] Financial Summary - In 2024, the company’s olefin production reached 1.1447 million tons, a year-on-year increase of 37%, while sales increased by 36.5% [5] - The average selling price for olefins in 2024 was 6451.5 yuan per ton, up 3.6% year-on-year, but the cost per ton rose to 6617.7 yuan, a 5.2% increase [5] - The carbon black segment produced 672,000 tons in 2024, with a sales volume of 681,000 tons, but the average selling price fell by 7.8% to 6880.9 yuan per ton [5] - The company’s total revenue is projected to grow to 20.14 billion yuan in 2025, with a year-on-year growth rate of 23.8% [8] Production Capacity and Projects - The Qingdao Phase II olefin project has been fully operational since the second half of 2024, increasing the olefin production capacity from 450,000 tons per year to 1.35 million tons per year [6] - The Qi River base is focusing on specialized and refined development, with new projects expected to enhance production capabilities across various chemical products [6]