当前，河南小麦夏收已陆续开始。中国石化销售股份有限公司河南石油分公司(简称河南石油)充分发挥 中国石化品牌、资源、服务优势，联合河南省农机农垦发展中心建立农业用油保供服务机制，开展"石 化助农惠'三夏'，农机助农保丰收"保供服务专项活动，助力夏粮丰产丰收。 河南石油提前做好资源衔接，计划投放60万吨以上柴油优先保障农机用油。按照农作物分布特点和麦收 进度预判用油需求，优先向开镰地区倾斜、向麦收重点区域倾斜、向"三夏"惠农站点倾斜。在油库实行 24小时发油作业，做好420台配送车的调度。在每个县开通送油小分队热线电话，打通油品配送"最后一 公里"。在全省1600余座加能站开辟农机绿色加油通道，设置专用加油机位，倾情助力"三夏"农业生 产。 中国石油销售企业还以省市公司、片区为单位，分别组建党员突击队。突击队深入田间地头，在冀鲁豫 苏皖五省创新开展小罐车集中跨区配送试点工作，送油效率提升55%；全国超6900座加油站设立"农机 绿色通道"，实现农机随到随加。同时，以加油站为依托，以"昆仑惠农综合服务中心"为纽带，打造"三 夏综合服务驿站"，驿站集加油、供水、餐饮、休息等便民服务于一体，让加油站成为农机手的"暖心港 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights steady growth in sales of bio-fermented feed and significant improvement in cash flow [1] - The company is focusing on expanding its bio-fermented feed business, which now accounts for 78% of its revenue, while actively reducing its environmental engineering business [7] - The report anticipates a gradual increase in production capacity, with a projected annual capacity of 700,000 tons for bio-fermented feed by the end of 2024 [7] Financial Summary - Total revenue for 2024 is projected at 2.78 billion yuan, a decrease of 20.92% year-on-year, with a net profit attributable to shareholders of -0.57 billion yuan, down 309.69% [7] - The gross margin for the bio-fermented feed segment is expected to be 21.93%, reflecting a decrease of 14.32 percentage points [7] - The company’s operating cash flow is expected to increase significantly, with a net operating cash flow of 0.53 billion yuan in 2024, up 379.41% [7] - The report forecasts a net profit of 0.17 billion yuan for 2025 and 0.35 billion yuan for 2026, with a long-term net profit projection of 0.74 billion yuan for 2027 [1][8] Business Performance - The revenue from the distiller's grains feed segment is projected to be 2.17 billion yuan in 2024, representing a year-on-year increase of 10.19% [7] - The company’s sales volume for distiller's grains bio-fermented feed is expected to reach 11.26 million tons in 2024, an increase of 20.75% [7] - The average selling price for this segment is projected to be 1,926 yuan per ton, down 8.74% year-on-year [7] Market Data - The closing price of the company's stock is 14.39 yuan, with a market capitalization of 1,449.28 million yuan [5] - The price-to-earnings ratio (P/E) is projected to be 89.85 for 2025 and 44.11 for 2026 [1][8] Asset and Liability Overview - The company’s total assets are projected to be 1,725 million yuan in 2024, with total liabilities of 853 million yuan [8] - The debt-to-asset ratio is expected to be 49.41% in 2024, indicating a moderate level of leverage [8] Future Outlook - The report emphasizes the strategic importance of the company's bio-fermented feed products in ensuring food security, as they can partially replace soybean meal and corn [7] - The company is positioned as an industry leader with expanding production capacity, which is expected to enhance long-term profitability [1][7]