HLGF(SH:600346)2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its performance and potential returns for investors [5]. Core Insights - The company achieved a net profit of 6.9 billion yuan in 2023, aligning with expectations, and reported a revenue of 234.9 billion yuan, a year-on-year increase of 5.6% [5][6]. - The gross profit margin for 2023 was 11.25%, an increase of 0.18 percentage points compared to the previous year, with notable improvements in the refining, PTA, and polyester segments [5]. - The report anticipates that the company's profitability will continue to improve in 2024, driven by stable oil prices and recovering demand in the chemical sector [5]. Financial Summary - Total revenue for 2023 was 234,866 million yuan, with a year-on-year growth rate of 5.6% [6]. - The net profit attributable to the parent company for 2023 was 6,905 million yuan, reflecting a significant year-on-year increase of 197.8% [6]. - Earnings per share (EPS) for 2023 was 0.98 yuan, with projections for future years indicating continued growth [6]. - The company’s return on equity (ROE) for 2023 was 11.5%, with expectations of reaching 17.2% by 2026 [6]. Market Context - The average Brent crude oil price in 2023 was 82 USD per barrel, a decrease of 17% year-on-year, which has influenced the refining segment's profitability positively [5]. - The report highlights that the company is entering a phase of reduced capital expenditure as major projects are nearing completion, allowing for increased shareholder returns through dividends [5]. - The company announced a cash dividend of 0.55 yuan per share for 2023, with a payout ratio of 56.07%, indicating a commitment to returning value to shareholders [5].