HLGF(SH:600346) Bank of China Securities·2025-04-24 05:59Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [2][5]. Core Views - The company has shown steady operational performance, with a significant increase in new material sales. The actual controller's commitment to increasing shareholding enhances market confidence [5][10]. - The company reported a total revenue of RMB 236.40 billion for 2024, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of RMB 7.04 billion, up 2.01% year-on-year [11]. - For Q1 2025, the company achieved a total revenue of RMB 57.05 billion, a decrease of 2.34% year-on-year, and a net profit of RMB 2.05 billion, down 4.13% year-on-year [13]. Financial Performance Summary - The company’s revenue and profit forecasts for 2025-2027 are as follows: - Net profit estimates: RMB 8.56 billion (2025), RMB 9.16 billion (2026), RMB 10.72 billion (2027) [7]. - Earnings per share (EPS) estimates: RMB 1.22 (2025), RMB 1.30 (2026), RMB 1.52 (2027) [7]. - The company’s EBITDA for 2025 is projected to be RMB 26.76 billion, with a corresponding PE ratio of 12.8 times [7]. - The company’s total assets as of the end of 2024 were RMB 273.08 billion, with a debt-to-asset ratio of 76.78% [10][16]. Operational Highlights - The company’s production for 2024 included 25.50 million tons of refining products, 16.84 million tons of PTA, and 6.51 million tons of new materials, with significant year-on-year growth in new materials [10]. - The company plans to distribute a cash dividend of RMB 0.45 per share for 2024, totaling RMB 3.17 billion, maintaining a high dividend payout ratio of 44.97% [10]. Market Position - The company is positioned in the petrochemical sector, with a market capitalization of approximately RMB 109.67 billion and a strong performance relative to the Shanghai Composite Index [4][2].