HLGF(SH:600346) Changjiang Securities·2025-08-28 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 103.887 billion yuan for the first half of 2025, a year-on-year decrease of 7.69%. The net profit attributable to the parent company was 3.050 billion yuan, down 24.08% year-on-year, while the net profit excluding non-recurring items was 2.296 billion yuan, a decline of 35.16% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 46.863 billion yuan, a year-on-year decrease of 13.45% and a quarter-on-quarter decrease of 17.82%. The net profit attributable to the parent company was 999 million yuan, down 46.81% year-on-year and 51.28% quarter-on-quarter [2][6]. - The report highlights that the refining and chemical industry is expected to rebound as the "anti-involution" policy is implemented, leading to a potential improvement in the industry's prosperity [11]. Financial Performance - The company is projected to achieve net profits of 6.49 billion yuan, 8.95 billion yuan, and 11.83 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios based on the closing price on August 25, 2025, are 18.6X, 13.5X, and 10.2X [11]. - The report provides detailed financial forecasts, including total revenue and profit margins, indicating a gradual recovery in profitability over the next few years [17]. Industry Insights - The company is positioned as a unique player in the industry, integrating oil, coal, and chemicals within a single industrial park, which significantly reduces operational and logistics costs [11]. - The report notes that the aromatic chain is expected to see continuous improvement in prosperity due to limited supply growth of PX while downstream demand remains stable [11].