North Huajin Chemical Industries (000059) 光大证券·2025-04-18 09:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company's performance in 2024 is under pressure due to a significant decline in sales, attributed to a scheduled maintenance shutdown and falling oil prices, leading to increased inventory losses [2][4]. - The company has partnered with Saudi Aramco to develop a large integrated refining and chemical project, which is expected to enhance its competitive position in the market [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 34.6 billion yuan, a decrease of 25% year-on-year, and a net profit attributable to shareholders of -2.8 billion yuan, down 28.65 billion yuan year-on-year [1][4]. - The fourth quarter saw an operating revenue of 10.1 billion yuan, a year-on-year decline of 23%, but a quarter-on-quarter increase of 203% [1]. Sales Volume - The company's petrochemical product sales fell to 4.19 million tons, down 25% year-on-year, while asphalt and fertilizer product sales decreased by 12% and 13%, respectively [2][4]. Project Development - The integrated refining and chemical project with Saudi Aramco has a total investment of 83.7 billion yuan and is expected to process 30,000 barrels of oil per day, with full operation anticipated by 2026 [3][4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward, with expected net profits of 110 million yuan, 281 million yuan, and 538 million yuan, respectively [4][10]. - The report highlights the company's potential to participate in the Saudi Aramco project, which could significantly enhance its competitive edge in the petrochemical sector [3][4].