Workflow
质量回报双提升,坚定看好公司高质量发展

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within the next six months [6][13]. Core Views - The company is a leading global player in the petrochemical industry, with a robust strategy and significant production capabilities across various regions, including the Bohai Economic Circle and the Yangtze River Delta [2]. - The company has experienced substantial revenue growth since its listing, with a compound annual growth rate (CAGR) of 27.41%, increasing from 15.8 billion yuan in 2010 to 289.1 billion yuan in 2022 [2]. - The company emphasizes shareholder returns, having distributed nearly 7.5 billion yuan in cash dividends since its IPO and actively engaging in share buybacks and repurchase plans [3]. Financial Summary - Revenue is projected to grow from 289.1 billion yuan in 2022 to 320.9 billion yuan in 2023, with a growth rate of 11% [4]. - The net profit attributable to the parent company is forecasted to decrease from 3.34 billion yuan in 2022 to 1.1 billion yuan in 2023, before rebounding to 7.2 billion yuan in 2024 and 10.3 billion yuan in 2025 [4]. - The company's earnings per share (EPS) is expected to rise from 0.33 yuan in 2022 to 1.02 yuan in 2025 [4]. Shareholder Returns - The company has implemented a three-year shareholder return plan, with a total of 13 cash dividend distributions amounting to nearly 7.5 billion yuan [3]. - The company has repurchased 55.2 million shares, representing 5.46% of its total share capital, with a total transaction amount of 6.98 billion yuan [3]. Strategic Partnerships - The company has entered into a strategic partnership with Saudi Aramco, which now holds approximately 10% of the company's shares, and discussions for further collaboration are ongoing [2].