HLGF(SH:600346) Shenwan Hongyuan Securities·2025-08-25 09:28Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 103.88 billion yuan, down 7.69% year-on-year, and a net profit attributable to shareholders of 3.05 billion yuan, down 24.08% year-on-year [6] - The company has initiated a mid-term dividend, distributing 0.08 yuan per share, totaling 563 million yuan, reflecting a dividend payout ratio of 18.46% [6] - Future profitability forecasts for 2025-2027 are set at 8 billion, 10 billion, and 12 billion yuan respectively, with corresponding price-to-earnings ratios of 15X, 12X, and 10X [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 243.79 billion yuan, with a year-on-year growth rate of 3.1% [5] - The expected net profit for 2025 is 8.02 billion yuan, representing a year-on-year increase of 13.8% [5] - The gross profit margin for 2025 is projected at 10.9%, with a return on equity (ROE) of 11.5% [5] Market Data - As of August 22, 2025, the closing price is 17.10 yuan, with a market capitalization of 120.369 billion yuan [1] - The stock has a price-to-book ratio of 1.8 and a dividend yield of 2.63% based on the most recent dividend [1]