HLGF(600346) 长城证券·2024-04-18 07:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has significantly improved its profitability in 2023, with a 197.83% year-on-year increase in net profit, driven by growth in the refining segment and stable sales in polyester products [3][4] - The company is expected to achieve revenue of 266.9 billion, 278.7 billion, and 289.3 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 83.01 billion, 103.72 billion, and 119.90 billion [9] Financial Performance Summary - Revenue: 2023 revenue reached 234.79 billion, a 5.61% increase from 2022 [3] - Net Profit: 2023 net profit was 6.905 billion, up 197.83% year-on-year [3] - Cash Flow: Operating cash flow decreased by 9.32% to 23.536 billion in 2023 [3] - Gross Margin: The overall gross margin for 2023 was 11.25%, an increase of 3.04 percentage points from the previous year [3] - Debt Ratios: The company's debt-to-equity ratio was 78.1% in 2022, expected to be 79.3% in 2024 [11] Industry Overview - The company operates in the oil and petrochemical industry, which is currently experiencing a recovery in downstream demand, positively impacting the polyester product price spreads [2][8] - The refining segment has shown strong performance, with significant increases in gasoline and diesel crack spreads in 2023 [4] Future Growth Potential - The company is advancing several new material projects, including lithium battery separators and biodegradable plastics, which are expected to enhance its growth prospects [9] - The company maintains a high cash dividend payout ratio, with a proposed cash dividend of 0.55 per share for 2023, reflecting a 56.07% payout ratio [9]