格隆汇2月24日｜东吴证券研报指出，东方盛虹是全球领先的大炼化企业，核心依托1600万吨/年盛虹炼 化以及斯尔邦石化，在炼化、新能源新材料、聚酯化纤领域蓬勃发展。炼化反内卷持续推进，公司多个 产品链条景气度底部回升，公司潜力有望释放。预计未来公司资本开支会呈现逐步下降趋势，随着公司 整体产品景气度回暖，经营水平值得期待。基于炼化行业反内卷情况，以及公司产品投产进度，看好公 司资本开支进入尾声，EVA、POE等新材料进入收获期，且受益于炼化反内卷的推进，首次覆盖给 予"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for Dongfang Shenghong (000301) for the first time [1]. Core Views - The report highlights that the cyclical turning point has arrived, and Dongfang Shenghong, as a leader in refining and new materials, is poised for growth. The company is expected to benefit from the recovery in the refining product market and the completion of its capital expenditures [8][10]. Summary by Relevant Sections Company Overview - Dongfang Shenghong is a global leader in large-scale refining, with a capacity of 16 million tons per year. The company has developed a comprehensive industrial structure that includes refining, new energy materials, and polyester fibers, leveraging a unique multi-feedstock approach for olefin production [8][15]. Industry Dynamics - The refining industry is undergoing a transformation, with a focus on reducing oil dependency and increasing chemical production. The report notes that the domestic refining sector is expected to consolidate, with larger integrated projects becoming the norm, which will benefit Dongfang Shenghong [33][40]. Financial Performance - The report forecasts that Dongfang Shenghong's revenue will be 126.2 billion yuan in 2025, with a year-on-year decline of 8%, followed by a recovery to 138.5 billion yuan in 2026 and 142.0 billion yuan in 2027. The net profit is expected to turn positive in 2025, reaching 1.4 billion yuan, with significant growth projected in subsequent years [1][72]. Product Segments - The refining segment is expected to maintain a gross margin above 20%, driven by the company's large-scale and efficient refining operations. The polyester segment, with a capacity of 3.6 million tons per year, is also projected to benefit from industry-wide production cuts aimed at stabilizing prices [36][71]. Capital Expenditure and Growth Prospects - The company is nearing the end of its capital expenditure phase, with most of its facilities already operational. This is expected to lead to improved operational efficiency and profitability as market conditions stabilize [8][10]. Competitive Advantages - Dongfang Shenghong's integrated supply chain and diverse feedstock sources provide it with a competitive edge in cost control and risk management. The company is also focusing on expanding its new materials product lines, which are expected to contribute significantly to future revenue [28][65].