[Table_StockAndRank] 恒力石化(600346.SH) | | | 上次评级 买入 证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [石化龙头业绩稳步增长， Table_Title] 化工新材料增量空间可期 [Table_ReportDate] 2025 年 4 月 17 日 [Table_S 事件： ummary] 2025 年 4 月 16 日晚，恒力石化发布 2024 年年度报告。2024 年公 司实现营业总收入 2362.73亿元，同比增长 0.63%；实现归母净利润 70.44 亿元， ...

[Table_StockAndRank] 恒力石化(600346.SH) | | | 上次评级 买入 证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [石化龙头业绩稳步增长， Table_Title] 化工新材料增量空间可期 [Table_ReportDate] 2025 年 4 月 17 日 [Table_S 事件： ummary] 2025 年 4 月 16 日晚，恒力石化发布 2024 年年度报告。2024 年公 司实现营业总收入 2362.73亿元，同比增长 0.63%；实现归母净利润 70.44 亿元， ...

Group 1 - The company reported a total operating revenue of 236.273 billion yuan for the year 2024, representing a year-on-year growth of 0.63% [1] - The net profit attributable to shareholders of the listed company was 7.044 billion yuan, showing a year-on-year increase of 2.01% [1] - The company plans to distribute a cash dividend of 0.45 yuan per share (including tax), based on the total share capital as of the dividend record date [1]

智通财经4月16日电，恒力石化(600346.SH)公告称，公司拟根据经营计划和资金使用情况，在保证正常 经营活动及资金安全的前提下，开展委托理财业务。拟用于委托理财的单日余额上限为42亿元，公司将 选择安全性高、流动性好的中低风险理财产品，包括但不限于银行、券商、信托理财产品及其他基金理 财产品等。 恒力石化：拟使用不超42亿元自有资金进行委托理财 ...

Group 1 - The core viewpoint of the announcement is that Hengli Petrochemical (600346) reported a slight increase in revenue and net profit for the year 2024, indicating stable financial performance [1] - The company's operating revenue for 2024 is 236.273 million yuan, representing a year-on-year growth of 0.63% [1] - The net profit attributable to shareholders of the listed company for 2024 is 7.044 million yuan, showing a year-on-year increase of 2.01% [1] Group 2 - The profit distribution plan for 2024 includes a cash dividend of 0.45 yuan per share (tax included) to all shareholders, based on the total share capital on the equity distribution registration date [1]

Core Viewpoint - The depreciation of the RMB is under significant pressure due to the ongoing US-China trade war and Federal Reserve policies, marking the largest strain since the 2008 financial crisis [1][4]. Impact on Import Costs - The depreciation of the RMB against the USD directly increases the import costs of commodities such as oil and iron ore, with a 1% depreciation leading to a cost increase of 0.8-1.2% [4]. - In 2024, China's reliance on foreign oil is projected to reach 73%, resulting in a 15% year-on-year increase in procurement costs for energy companies, which will compress profit margins in sectors like petrochemicals and aviation [4]. - High-tech product imports, including chips and precision instruments, will also see a cost increase, with companies like SMIC facing a 12% rise in procurement costs for technical equipment [4]. Inflationary Pressures - The depreciation of the RMB is expected to cause the food and consumer goods import price index to rise by 6.3%, with essential items like beef and milk powder experiencing price increases of up to 9.8% [5]. - The Consumer Price Index (CPI) in China is projected to rise by 3.5% year-on-year in 2024, exceeding the central bank's 3% warning line, complicating monetary policy balancing between growth and inflation control [6]. Debt Implications - The depreciation of the RMB increases the repayment costs for companies and local governments with foreign debt, with a 5% depreciation translating to an additional $140 billion in debt servicing costs for the $2.8 trillion foreign debt [8][9]. - Real estate companies, such as Country Garden and Vanke, are particularly affected, with the proportion of dollar-denominated debt interest payments rising from 12% to 19%, exacerbating cash flow challenges [9]. Capital Outflow Risks - Continuous RMB depreciation poses risks of capital outflow, as foreign investment may decline and domestic capital may seek higher returns in USD-denominated assets, especially given the current high US Federal Reserve interest rates [10]. Export Dynamics - While RMB depreciation theoretically enhances export competitiveness, it may lead to a reliance on low-end manufacturing, with high-tech product export share declining by 2.3 percentage points to 28.7% in 2024 [11]. - The withdrawal of foreign R&D centers and a shift in investment towards Southeast Asia by companies like BMW and Tesla indicate a potential decline in foreign investment attractiveness due to currency volatility [11]. Structural Changes and Future Outlook - Historical trends suggest that significant currency adjustments often accompany industrial upgrades, and the current low point of the RMB may represent a pivotal moment for China to advance beyond the middle-income trap and into higher value chains [12]. - Short-term challenges are anticipated as the economy adjusts to these changes, necessitating innovation and a robust domestic supply chain to enhance resilience against external shocks [12][13].

Core Viewpoint - Huajin Co., Ltd. reported a significant decline in its 2024 financial performance, with a 25.02% drop in revenue and a net loss of 2.8 billion yuan, marking a staggering 4075.49% decrease in net profit compared to the previous year [1][2][3] Financial Performance - The company's total revenue for 2024 was 34.6 billion yuan, down from 46.1 billion yuan in 2023, reflecting a decrease of 25.02% [2] - The net profit attributable to shareholders was -2.8 billion yuan, a drastic decline from a profit of 70.3 million yuan in 2023, representing a decrease of 4075.49% [2] - The net profit after deducting non-recurring gains and losses was also negative at -2.9 billion yuan, compared to a profit of 11.5 million yuan in 2023, indicating a decline of 25,406.76% [2] Dividend Policy - Despite the poor financial results, the company proposed a cash dividend of 0.18 yuan per 10 shares (tax included) and did not plan to issue bonus shares or convert reserves into share capital [2] Industry Context - The petrochemical industry faced challenges in 2024, with overall revenue growth of only 2.1% and a profit decline of 8.8% according to national statistics [3] - The international oil market experienced significant volatility, contributing to reduced downstream demand in the petrochemical sector [3] - OPEC's recent downward revision of global oil demand forecasts for 2025 and 2026 further exacerbated the challenges faced by the industry [3] Historical Performance - The company's revenue peaked at 49.1 billion yuan in 2022, but profitability began to decline, with net profit dropping to 5.3 million yuan in 2022 and further to 703 million yuan in 2023 [4] - The drastic loss in 2024 represents a continuation of a troubling trend for the company, which has seen its financial performance fluctuate significantly over the years [4] Company Background - Huajin Co., Ltd. is the only publicly listed petrochemical platform under the China Ordnance Industry Group, involved in oil refining, ethylene production, and chemical fertilizers [5] - The company has faced financial difficulties in the past, including a risk of delisting in 2015, which led to speculation about potential asset injections from Zhihua Petroleum [6][7]

本次会议为天风证券研究所闭门会议仅限受邀嘉宾参会未经天风证券研究所和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等 仍有上述违法行为天峰证券研究所保留追究相关方法律责任的权利各位投资者大家上午好我是天峰能源黄凯近期随着这个关税政策落地吧能源和石化产业有比较大的挑战和机遇今天呢我们共邀请了五家上市公司来进行一个关税解读的系列电话会第一场呢我们是有幸邀请到了东海能源的陈总 来为我们进行这个关税影响的解读包括这个近期金融情况的交流接下来呢我们把时间交给陈总谢谢黄老师各位投资者大家早上好我估计大家晚上都很累了一大早上来参加这个会议非常感谢非常感谢那个我先汇报一下公司就关于这次这个美国的这个加税这个事情对我们的影响还有我们的一些应对的措施 再说货物我们应该说量还是还是比较可观第二个呢就是这个呃关于呃我们的一个原料的优化因为我刚刚跟大家汇报一千两百万的那整个的采购量里面有百三分之一在美国其他的在中东和呃这个 非洲澳大利亚地区所以我们完全有能力来进行结构的优化其实每一年我们的贸易量里面只有50%不到是进口的其他都是在海外转口和换货的所以对于东方能源最大的优势就在于我们有巨 ...

Group 1 - The U.S. announced a "reciprocal tariff" policy on April 2, leading to significant turmoil in global financial markets, with a notable drop in stock markets and oil prices [1] - Following the announcement, global stock markets experienced a decline, with U.S. stocks falling over 10% and international oil prices dropping by more than $10 per barrel [1] - Major U.S. petrochemical companies saw substantial stock price declines, with ExxonMobil's share price falling from $118.39 to $99.93 and Chevron's from $167.40 to $134.98 between April 2 and April 10 [1] Group 2 - On April 7, U.S. Treasury bonds, typically viewed as safe-haven assets, faced heavy selling, resulting in a rise in yields, with the 30-year Treasury yield surging nearly 60 basis points to exceed 5% [2] - If the trend of rising yields continues, it could represent the most severe sell-off since 1981, surpassing events during the 2008 financial crisis and the initial Trump administration [2] - The outlook for the U.S. economy appears extremely pessimistic, which could severely impact demand in the U.S. petrochemical industry if the market does not recover [2]

复旦大学市场营销研究中心高建辉教授在讨论会上指出，中国在全球碳排放第一且增幅较快，实现"双 碳"时间紧、任务重。高建辉表示，中国石化产业还面临着对原油需求依然强劲、石化产业能耗居高不 下等挑战，认为石化产业转型在质而非量。 与会专家认为，中国石化企业可以从以下三大方面来实现低碳高质量发展，一是通过提高原油制化工产 品附加值、原油质化学品转化率、石化材料回收利用率实现"减油增化"；二是通过降低产品的碳足迹、 使用低碳强度石油进行石化加工等举措从"源头"控碳；三是通过建立有效的碳排放计量机制实现科学监 管。 转自：新华财经 新华财经福州4月10日电（胡宇昊）9日，由中国石油和化学工业联合会主办的《双碳背景下的中国石化 产业白皮书》讨论会在福建泉州举行。与会专家学者围绕"双碳背景下中国石化产业如何践行低碳高质 量发展"进行深入探讨，共同为石化产业可持续、高质量发展建言献策。 2007年，中国第一个具有世界先进水平的千万吨级大型炼化一体化中外合资企业——福建联合石化 （FREP）在福建泉州拔地而起。如今，发展千万吨级大型炼化一体化项目已经成为中国能源石化行业 推进产业升级和高质量发展的关键战略。 《双碳背景下的中国石 ...