HLGF(SH:600346) Guohai Securities·2025-05-05 14:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates resilience in its operating performance and continues to provide high dividends [2] - The company is expected to achieve revenue growth driven by multiple projects, maintaining a "Buy" rating [9] Financial Performance Summary - In 2024, the company achieved operating revenue of 236.3 billion yuan, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 7.044 billion yuan, up 2.0% year-on-year [4] - The company's cash flow from operating activities was 22.7 billion yuan, a decrease of 3.4% year-on-year [4] - The gross margin was 9.9%, down 1.4 percentage points year-on-year, while the net margin improved by 0.04 percentage points to 3.0% [4] Segment Performance - In 2024, revenue from refining products was 108.1 billion yuan, down 10% year-on-year, with a gross margin of 13.1% [4] - PTA revenue was 68.1 billion yuan, down 6% year-on-year, with a gross margin of 3.4% [4] - New materials revenue increased by 22% year-on-year to 41.8 billion yuan, with a gross margin of 14.1% [4] Future Projections - The company is projected to achieve revenues of 248.5 billion yuan in 2025, 264 billion yuan in 2026, and 276.3 billion yuan in 2027 [9] - Net profit is expected to reach 8.742 billion yuan in 2025, 9.735 billion yuan in 2026, and 11.540 billion yuan in 2027 [9] - The projected P/E ratios are 12 for 2025, 11 for 2026, and 9 for 2027 [9] Dividend Policy - The company plans to distribute a cash dividend of 0.45 yuan per share in 2024, totaling 3.168 billion yuan, with a payout ratio of 45% [7] - The focus will shift towards optimizing operations, reducing debt, and enhancing dividends following the peak of capital expenditures [7]