华锦股份（000059）：一季度业绩减亏，炼化景气度有望改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a decrease in revenue for Q1 2025, with total revenue at 9.161 billion yuan, a year-on-year decline of 3.05% and a quarter-on-quarter decline of 9.26% [2][6] - The net profit attributable to the parent company was -342 million yuan, indicating a reduction in losses both year-on-year and quarter-on-quarter [2][6] - The company is expected to see improvements in refining profitability due to a slight recovery in oil product margins, with the national refining 321 crack spread and Shandong local refining 321 crack spread increasing by 15.7% and 24.3% respectively [12] - The company has a strong cost advantage in its fertilizer segment, actively coordinating natural gas supply and optimizing production processes to meet spring farming fertilizer demand [12] - The company has made significant progress in cost optimization within its refining segment, achieving notable results through operational management improvements and equipment upgrades [12] - New product development has accelerated, with successful trials of 10 new grades of polyolefins and high-value industrial oils contributing to 37.12% of annual new product revenue [12] - The company operates a large-scale chemical platform focusing on three main industries: petrochemicals, fertilizers, and asphalt/lubricants, with substantial annual production capacities [12] - The company is projected to achieve net profits attributable to the parent company of 90 million yuan, 430 million yuan, and 640 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 91.7X, 19.6X, and 13.2X [12]