恒逸石化分析师会议-20251030

Group 1: Research Basic Information - The research object is Hengyi Petrochemical, belonging to the chemical fiber industry, and the reception time was on October 30, 2025. The listed company's reception staff included Senior Financial Manager Li Siyu and Investor Relations Officer Wang Shiyun [16] Group 2: Detailed Research Institutions - The research institutions included securities companies such as Shenwan Hongyuan Securities and Everbright Securities Self - operation, fund management companies like Huatai - PineBridge Fund, Invesco Great Wall Fund, and Tianhong Fund, insurance asset management companies such as Sunshine Asset Management, investment companies including Tibet Hezhong Yisheng and Zhejiang Baoji, and other types of institutions like Yangtze River Securities Asset Management, Shanghai Haoxiang, and Shanghai Pengshan [17] Group 3: Company's Basic Business Overview - Hengyi Petrochemical is a global leading integrated enterprise in the "refining - chemical - chemical fiber" industry chain. It adheres to the strategic positioning of "one drop of oil, two types of fibers", and has successfully established a closed - loop industrial chain from crude oil processing to chemical fiber products through the forward - looking layout of the Brunei refining project. It has a "polyester + nylon" dual - main - business model. The company is accelerating the implementation of the "Technological Hengyi" strategy, focusing on R & D, product promotion, and process innovation of high - value - added products, and promoting the green and low - carbon upgrade of the industrial chain [25] Group 4: Company's Q3 2025 Report - The company achieved an operating income of 83.885 billion yuan and a net profit attributable to shareholders of listed companies of 231 million yuan in the first three quarters of 2025, with a year - on - year increase of 0.08% in the net profit attributable to shareholders of listed companies from the beginning of the year to the end of the reporting period. As of September 30, 2025, the company's total assets were 111.51 billion yuan, and the net assets attributable to shareholders of listed companies were 24.458 billion yuan [26] Group 5: Views on the Southeast Asian Refined Oil Market - From the demand side, Southeast Asia is the world's largest net importer of refined oil due to insufficient infrastructure investment. With good economic prospects, the demand for refined oil products is expected to increase. From the supply side, there is a large gap in the Southeast Asian refined oil market compared to the domestic market. In 2025, 800,000 barrels per day of refining capacity will stop operating, and the supply - demand gap is expected to widen to 68 million tons in 2026. This provides strategic opportunities for integrated refineries with technological advantages [26][27] Group 6: Views on the Future Development Trend of the Polyester Industry - The company is optimistic about the long - term development of the polyester industry. Downstream demand is stable, with domestic consumer demand growing moderately and overseas exports showing a "quantity - for - price" growth pattern. The capacity growth rate is differentiated, with the growth of polyester filament capacity slowing down and that of polyester bottle - chip capacity still expanding rapidly. As the industry eliminates backward capacity, the market concentration will be optimized, and the company, as a leading enterprise, will benefit from industry integration [27][28] Group 7: Progress of the Brunei Refining Project Phase II - All work on the Brunei Phase II project is progressing in an orderly manner, and the relevant progress should be subject to the company's announcements [29] Group 8: Achievements of the "Technological Hengyi" Strategy - As of June 30, 2025, the company had 566 valid authorized patents, including 500 R & D patents and 66 intelligent manufacturing patents, and had participated in formulating and revising 58 standards. The proportion of differentiated fiber production has increased to 27% in the first half of 2025, and the company is accelerating the large - scale application of high - value - added products [29][30] Group 9: Introduction to the Qinzhou Project - The first phase of the Qinzhou project has smoothly achieved full - process operation and entered the trial - production stage. The project has technical, integration, and product - structure advantages, which are conducive to the company's development in the nylon market, the implementation of the integration strategy, and the improvement of overall competitiveness and profitability [30][31]