HLGF(SH:600346) Huaan Securities·2025-10-29 03:09Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [1] Core Views - Hengli Petrochemical reported a revenue of 157.47 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.46%, with a net profit attributable to shareholders of 5.02 billion yuan, down 1.61% year-on-year [5] - In Q3 2025, the company achieved a revenue of 53.52 billion yuan, a year-on-year decrease of 17.99% but an increase of 14.13% quarter-on-quarter, with a net profit of 1.97 billion yuan, up 81.47% year-on-year and 97.41% quarter-on-quarter [5][6] - The company is focusing on new material projects, leveraging its integrated refining and chemical platform to enhance growth potential and maintain a high dividend strategy [10][11] Summary by Sections Financial Performance - For Q3 2025, Hengli Petrochemical's gross margin was 16.36%, an increase of 8.58 percentage points year-on-year and 2.72 percentage points quarter-on-quarter; net margin was 3.69%, up 2.02 percentage points year-on-year and 1.55 percentage points quarter-on-quarter [6] - The company reported a significant increase in refining product sales volume quarter-on-quarter due to the elimination of planned maintenance in Q2 [6] Product Pricing and Raw Materials - In Q3 2025, the average price of refining products decreased by 1.63% quarter-on-quarter, while PTA and new materials saw price increases of 3.31% and 1.31%, respectively [7] - The average WTI crude oil price for Q3 2025 was $64.97 per barrel, a 2.03% increase quarter-on-quarter, benefiting refining companies with some inventory gains [7] New Material Projects - Hengli Petrochemical is expanding its capital expenditure to support the growth of high-end polyester, functional films, biodegradable materials, and new energy chemicals, addressing domestic supply shortages [8][9] - The company has achieved significant breakthroughs in functional fibers and is recognized for its technological advantages in the production of specialized materials [9] Dividend Strategy - The company plans to enhance shareholder value through a high dividend strategy, with a cash dividend of 0.08 yuan per share in the first half of 2025, totaling 563 million yuan [10] - Future dividend potential remains strong as the company shifts focus towards optimizing operations and reducing debt [10] Profit Forecast - The projected net profits for Hengli Petrochemical for 2025-2027 are 8.72 billion yuan, 9.60 billion yuan, and 11.14 billion yuan, respectively, with corresponding P/E ratios of 13.79X, 12.51X, and 10.78X [11]