HLGF(SH:600346) Soochow Securities·2025-04-25 05:05Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - The company demonstrates stable profitability and aims to build a "growth + return" type enterprise [1] - In 2024, the company achieved total revenue of 236.4 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 7.04 billion yuan, up 2.01% year-on-year [7] - The company is progressing steadily with its projects, enhancing its industrial chain and maintaining robust cash flow while focusing on high dividend payouts to shareholders [7] Financial Summary - Total revenue forecast for 2024 is 236.4 billion yuan, with a projected decline to 212.5 billion yuan in 2025, followed by slight increases in subsequent years [1][8] - Net profit attributable to shareholders is expected to rise from 7.04 billion yuan in 2024 to 10.66 billion yuan by 2027, reflecting a compound annual growth rate [1][8] - The latest diluted EPS is projected to increase from 1.00 yuan in 2024 to 1.51 yuan in 2027, indicating growth potential [1][8] - The company maintains a high dividend payout ratio, with a proposed cash dividend of 0.45 yuan per share for 2024, amounting to approximately 3.17 billion yuan [7]