HLGF(SH:600346) Tianfeng Securities·2025-08-27 11:26Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has increased its mid-term dividend for the first time in recent years, planning to distribute a cash dividend of 0.08 CNY per share, totaling 563 million CNY, which represents 18.46% of the net profit attributable to shareholders for the first half of 2025 [2] - The company reported a decline in net profit for the first half of 2025, achieving 3.05 billion CNY, down 24.08% year-on-year, with total revenue of 103.89 billion CNY, a decrease of 7.69% year-on-year [1][4] - The "anti-involution" policies introduced by the government are expected to help reverse the petrochemical cycle, with measures aimed at optimizing industry layout and eliminating outdated production capacity [3] Financial Data and Forecasts - The company's revenue is projected to grow from 234.87 billion CNY in 2023 to 273.66 billion CNY in 2027, with a compound annual growth rate of approximately 5% [4][10] - The net profit attributable to the parent company is forecasted to decrease slightly from 6.90 billion CNY in 2023 to 7.01 billion CNY in 2025, before increasing to 13.00 billion CNY by 2027 [4][10] - The company's price-to-earnings ratio (P/E) is expected to be 17.21 in 2025, decreasing to 9.29 by 2027, indicating a potential increase in valuation attractiveness over time [4][11]