Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [2][5]. Core Views - The company has shown steady operational performance, with a significant increase in new material sales. The actual controller's commitment to increasing shareholding enhances market confidence [5][10]. - The company reported a total revenue of RMB 236.40 billion for 2024, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of RMB 7.04 billion, up 2.01% year-on-year [11]. - For Q1 2025, the company achieved a total revenue of RMB 57.05 billion, a decrease of 2.34% year-on-year, and a net profit of RMB 2.05 billion, down 4.13% year-on-year [13]. Financial Performance Summary - The company’s revenue and profit forecasts for 2025-2027 are as follows: - Net profit estimates: RMB 8.56 billion (2025), RMB 9.16 billion (2026), RMB 10.72 billion (2027) [7]. - Earnings per share (EPS) estimates: RMB 1.22 (2025), RMB 1.30 (2026), RMB 1.52 (2027) [7]. - The company’s EBITDA for 2025 is projected to be RMB 26.76 billion, with a corresponding PE ratio of 12.8 times [7]. - The company’s total assets as of the end of 2024 were RMB 273.08 billion, with a debt-to-asset ratio of 76.78% [10][16]. Operational Highlights - The company’s production for 2024 included 25.50 million tons of refining products, 16.84 million tons of PTA, and 6.51 million tons of new materials, with significant year-on-year growth in new materials [10]. - The company plans to distribute a cash dividend of RMB 0.45 per share for 2024, totaling RMB 3.17 billion, maintaining a high dividend payout ratio of 44.97% [10]. Market Position - The company is positioned in the petrochemical sector, with a market capitalization of approximately RMB 109.67 billion and a strong performance relative to the Shanghai Composite Index [4][2].

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [1] Core Views - The company demonstrates strong profitability resilience, with a focus on performance elasticity and high dividends in the future [1][6] - The company has ended its peak capital expenditure phase, shifting its operational focus towards meticulous cost control, reducing debt, and enhancing dividends [7] Financial Performance Summary - In 2024, the company achieved a revenue of 236.27 billion yuan, a year-on-year increase of 0.63%, and a net profit attributable to shareholders of 7.04 billion yuan, up 2.01% year-on-year [5] - The fourth quarter of 2024 saw a significant increase in net profit, reaching 1.939 billion yuan, which is a year-on-year increase of 61.0% and a quarter-on-quarter increase of 78.4% [5] - The projected net profits for 2025, 2026, and 2027 are 9.142 billion yuan, 11.395 billion yuan, and 12.324 billion yuan respectively, with corresponding EPS of 1.30, 1.62, and 1.75 yuan [5][8] Sales and Margins - In 2024, the sales volumes for refining products, PTA, and new materials were 19.97 million tons, 13.67 million tons, and 5.64 million tons respectively, with year-on-year changes of -7.7%, -3.8%, and +37.9% [6] - The revenue from refining products, PTA, and new materials in 2024 was 108.14 billion yuan, 68.12 billion yuan, and 41.76 billion yuan respectively, with gross margins of 13.13%, 3.39%, and 14.11% [6] Cost and Pricing - The average prices for key raw materials in 2024 were 692.98 yuan/ton for coal, 8,058.55 yuan/ton for butanediol, 4,208.28 yuan/ton for crude oil, and 6,981.94 yuan/ton for PX, showing various percentage changes compared to 2023 [6] Dividend Policy - The company distributed a cash dividend of 3.168 billion yuan in 2024, with a dividend payout ratio of 44.97% [7] Market Position and Future Outlook - The company is expected to benefit from the gradual exit of marginal refining capacities due to increased fuel oil import tariffs, which will favor high-quality development in the refining industry [7]

4月16日晚间，恒力石化（600346）（600346.SH）发布的2024年年度报告显示，实现营业收入2362.73亿元，实现归母净 利润70.44亿元。同时，恒力石化的货币资金达到了308.37亿元，创下了近5年来的新高，总资产规模也攀升至2730.83亿 元。 基于2024年的经营表现，恒力石化计划向全体股东每10股派发现金红利4.5元，合计拟派发现金红利31.68亿元（含税）， 这一金额占2024年归母净利润的44.97%。值得一提的是，在2022年至2024年期间，恒力石化的累计现金分红金额已达到 90.39亿元；且从派息日的股价来看，其股息率高达3%，这些举措展现了恒力石化对股东的慷慨回馈精神。 总资产5年复合增速达到9.35%，经营现金流充沛 恒力石化是一家以炼油、石化、聚酯新材料和纺织为核心业务的全产业链国际型企业。公司凭借其全球产能领先的PTA 工厂、全球规模最大的功能性纤维生产基地及织造企业集群，构建了覆盖苏州、大连、宿迁、南通、营口等地的产业版 图。截至2024年末，恒力石化员工总数达38300人，总资产规模突破2730.83亿元，2020至2024的五年间复合增长率达 9.35%，展现 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 7 billion in 2024, representing a year-on-year increase of 2% [1]. - The company plans to focus on optimizing operations, reducing debt, and enhancing shareholder returns, with a dividend payout ratio of 45% and a total dividend amount of 3.2 billion in 2024 [3]. - The supply-side reforms in the industry are expected to support a recovery at the bottom of the cycle, with a significant decrease in the operating rate of Shandong independent refineries [4]. Financial Performance - In 2024, the company is projected to generate operating revenue of 236.4 billion, a slight increase of 0.65% year-on-year, while the net profit attributable to shareholders is expected to be 7 billion, up 2% year-on-year [1][5]. - The average selling prices for refined products, PTA, and new materials are expected to decline, with a decrease of 2.3%, 2.4%, and 11.2% respectively [2]. - The company’s capital expenditure peak is expected to end in the second half of 2024, allowing for a shift in focus towards cost control and shareholder returns [3]. Industry Insights - The oil product market has seen increased regulatory scrutiny, which is expected to enhance the market's standardization and support price recovery [4]. - The anticipated reduction in crude oil and coal prices entering 2025 is expected to benefit the refining sector significantly [2]. - The increase in tariffs on propane may lead to improved price differentials for olefins, benefiting the company's naphtha-based olefin production [4].

石油石化 | 证券研究报告 — 调整盈利预测 2025 年 4 月 10 日 601857.SH 买入 原评级：买入 市场价格:人民币 7.54 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (14.0) (2.0) (14.5) (25.5) 相对上证综指 (11.7) 3.6 (13.7) (30.0) 发行股数 (百万) 183,020.98 流通股 (百万) 183,020.98 总市值 (人民币 百万) 1,379,978.17 3 个月日均交易额 (人民币 百万) 1,334.82 主要股东 中国石油天然气集团有限公司 82.46% (25%) (17%) (9%) (1%) 7% 15% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Feb-25 Mar-25 Apr-25 中国石油 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 9 日收市价为标准 相关研究报告 《中国石油》20241031 《中国石油》20240902 《中国石油》2024 ...

金三江：2024年净利润同比增长52.54% 拟10派1.7元 3月31日，金三江（301059）公布2024年年度报告，公司2024年实现营业收入3.86亿元，同比增长 30.96%；归属于上市公司股东的净利润为5337.9万元，同比增长52.54%；基本每股收益为0.23元/股。公 司拟向全体股东每10股派发现金红利1.70元（含税）。 资料显示，金三江成立于2003年12月，主营业务是沉淀法二氧化硅的研发、生产和销售。 所属行业：基础化工–化学制品–其他化学制品 中旗股份：2024年净利润同比下降93.88% 拟10派0.5元 3月31日，中旗股份（300575）公布2024年年度报告，公司2024年实现营业收入24.22亿元，同比增长 1.35%；归属于上市公司股东的净利润为1172.1万元，同比下降93.88%；基本每股收益为0.03元/股。公 司拟向全体股东每10股派发现金红利0.5元（含税）。 资料显示，中旗股份成立于2003年8月，主营业务是农药产品的研发、生产和销售。 所属行业：基础化工–农化制品–农药 西子洁能：2024年净利润同比增长705.74% 拟10派2元 3月31日，西子洁能（0 ...