炼化景气好转，海内外新基地助力成长

Investment Rating - The report maintains a "Buy" rating for the company with a target price set for the next six months [7] Core Views - The company achieved a net profit attributable to shareholders of 1.158 billion, a year-on-year decrease of 65.33%, while operating revenue reached 325.112 billion, an increase of 12.46% [1] - The petrochemical industry has shown signs of recovery in 2023, driven by a decrease in raw material costs and an increase in product price spreads [2] - The company is advancing new material projects, including high-performance resin projects and fine chemical developments [3] - The company has entered a strategic partnership with Saudi Aramco, enhancing its international presence and oil supply security [4] - Profit forecasts for 2024 and 2025 have been adjusted downwards due to a sluggish olefin industry, with net profit estimates revised to 5 billion and 9.5 billion respectively [4] Financial Summary - In 2023, the company reported operating revenue of 325.112 billion, a growth rate of 12.46% compared to 2022 [5] - The net profit attributable to shareholders for 2023 was 1.158 billion, reflecting a significant decline of 65.33% [5] - The EBITDA for 2023 was 28.769 billion, with projections for 2024 and 2025 showing growth [5] - The company’s total assets for 2023 were 374.918 billion, with a debt ratio of 74.75% [9] - The forecasted earnings per share (EPS) for 2024 is 0.50, with a projected P/E ratio of 22.42 [5][9]