东方盛虹更新报告：业绩承压，深化一体化全产业布局

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 11.76 yuan, down from the previous target of 13.05 yuan [1][2]. Core Views - The company's performance is under pressure, but it is expected to recover as downstream demand improves. The strategic partnership with Saudi Aramco is anticipated to enhance the company's competitive position [1][2]. - The report maintains an "Accumulate" rating while lowering profit forecasts and target prices due to the pressure on chemical product demand and asset impairment [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit attributable to shareholders of 717 million yuan, a year-on-year decrease of 66.53%, with a non-recurring profit of 86 million yuan [1][2]. - The company’s revenue for 2023 is projected at 140.44 billion yuan, with an expected increase to 149.06 billion yuan in 2024 [6][7]. - The earnings per share (EPS) for 2024 is forecasted at 0.49 yuan, down from the previous estimate of 0.87 yuan [1][2]. Market Position and Strategy - The company is focusing on a comprehensive industrial layout to enhance its resilience against market fluctuations, with a significant increase in refining integration capacity [1][2]. - The refining sector is expected to gradually recover, benefiting from lower crude oil costs and improved downstream chemical product prices [1][2]. Valuation Metrics - The company’s price-to-earnings (PE) ratio for 2024 is projected at 20.18, with a decrease in the target price reflecting the current market conditions [8][9]. - The net asset return rate is expected to improve to 8.4% by 2024, indicating a potential recovery in profitability [6][7].