HLGF(SH:600346) Caixin Securities·2024-04-14 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company achieved total revenue of 234.87 billion yuan in 2023, representing a year-on-year growth of 5.62%. The net profit attributable to shareholders was 6.91 billion yuan, a significant increase of 197.83% year-on-year [5][8]. - The company is experiencing a recovery in profitability, with the aromatics industry chain showing good profit recovery and polyester fibers demonstrating a positive trend. The sales volume of PTA increased by 33.99% year-on-year, with a gross margin improvement of 5.13% [5][6]. - The company is actively expanding its production capacity in high-end chemical new materials, with several key projects expected to come online in the first half of 2024 [6][7]. Financial Forecasts - The company is projected to achieve revenues of 262.37 billion yuan, 276.48 billion yuan, and 285.32 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 9.90 billion yuan, 11.47 billion yuan, and 13.34 billion yuan for the same years [5][8]. - Earnings per share (EPS) are forecasted to be 1.41 yuan, 1.63 yuan, and 1.90 yuan for 2024, 2025, and 2026, respectively [7][8]. - The report suggests a price-to-book (P/B) ratio of 2.0-2.2 for 2024, corresponding to a stock price range of 19.42-21.36 yuan [7].