HLGF(SH:600346) EBSCN·2024-04-23 08:32Investment Rating - The report maintains a "Buy" rating for the company [1][7][10] Core Views - The company experienced significant growth in Q1 2024, with a 110% year-on-year increase in net profit and a 212% increase in net profit after deducting non-recurring items [4][5] - A memorandum of understanding was signed between the controlling shareholder and Saudi Aramco, indicating a deepening strategic cooperation [5][7] Financial Performance - In Q1 2024, the company achieved operating revenue of 584 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 21 billion yuan, a year-on-year increase of 110% [4][5] - The company’s revenue and profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 90.56 billion yuan for 2024, 101.46 billion yuan for 2025, and 115.21 billion yuan for 2026 [7][9] Strategic Developments - The company is set to enter a year of significant production in 2024, with multiple high-value new material projects expected to be fully operational [5][6] - The strategic partnership with Saudi Aramco is expected to enhance the company's supply chain stability and expand its market influence [7][8] Dividend Policy - The company has maintained a high cash dividend payout ratio, with a proposed cash dividend of 0.55 yuan per share for 2023, representing 56.07% of net profit attributable to shareholders [6][9]