证券市场是一个风险无时不在的市场。投资者在进行证券交易时存在赢利的可能，也存在亏损的风险。建议投资者应当充分深入地了解证券市场蕴含的各项风险并谨慎行事。 本报告中所述证券不一定能在所有的国家和地区向所有类型的投资者销售，投资者应当对本报告中的信息和意见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时追究其法律责任的权利。 【深度交流请在后台私信并提供正式名片】 公司点评 信达能源 本文源自报告:《东方盛虹：上半年业绩实现扭亏，静待行业景气复苏》| 发布时间：2025年9月1日 | 发布报告机构：信达证券研究开发中心 | 报告作者：刘红光，S1500525060002；刘 事 件 2025年8月29日，东方盛虹发布2025年半年度报告，2025年上半年公司实现营业收入609.16亿元，同比下降16.36%；实现归母净利润3.86亿元，同比增长21.24%；扣非后净利润2.72亿元 其中，公司第二季度实现营业收入306.07亿元，同比下降15.20%，环比增长0.98 %；单季 ...

Core Viewpoint - Hengli Group, founded by Chen Jianhua and Fan Hongwei, has developed a full industry chain from oil to fabric and ranks 3rd among China's top 500 private enterprises, with significant performance variations among its listed companies [1][2]. Group Performance - Hengli Group reported a total revenue of 871.5 billion yuan, ranking 3rd in the 2025 China Private Enterprises 500 Strong list [2]. - ST Songfa achieved a remarkable revenue of approximately 6.68 billion yuan, a year-on-year increase of 315.49%, and a net profit of about 647 million yuan, indicating a turnaround [2]. - Hengli Petrochemical's revenue was approximately 103.89 billion yuan, a decline of 7.69%, with a net profit of about 3.05 billion yuan, down 24.08% year-on-year [3]. Financial Health - ST Songfa's asset-liability ratio was notably high at 89.72%, with total borrowings of 57.45 billion yuan [4][5]. - Hengli Petrochemical's asset-liability ratio stood at 76.89%, with total borrowings of 1,468.46 billion yuan [5]. - Tongli Tourism also reported a high asset-liability ratio of 81.98% [7]. Management Changes - Following significant asset restructuring, ST Songfa's management is undergoing changes, with Chen Jianhua's son, Chen Hanlun, appointed as general manager [9]. - Chen Yiting, daughter of Chen Jianhua, has also taken on a prominent role within Hengli Group [9]. Market Performance - As of September 2, ST Songfa's stock price was 51.42 yuan per share, with a total market capitalization of 49.92 billion yuan, while Hengli Petrochemical's stock price was 17.58 yuan per share, with a market cap of 123.7 billion yuan, totaling 173.62 billion yuan for both companies [8].

Core Insights - Chen Jianhua and Fan Hongwei founded Hengli Group in 1994, which has developed into a comprehensive industrial chain from oil refining to textile manufacturing, ranking 3rd among China's top 500 private enterprises [4] - Recently, *ST Songfa transformed from a ceramics manufacturer to the "first private shipbuilding stock" after a significant asset restructuring, with expectations to achieve profitability and potentially remove its ST designation [5][6] - Hengli Petrochemical, another company under the same leadership, reported a decline in both revenue and net profit during the same period, indicating a divergence in performance between the two companies [3][6] Company Overview - Hengli Group has become an international enterprise with a focus on refining, petrochemicals, polyester new materials, and textiles, employing around 210,000 people [4] - The group operates major production bases across various cities in China and has multiple subsidiaries, including *ST Songfa and Hengli Petrochemical [4] Financial Performance - *ST Songfa reported a revenue of approximately 6.68 billion yuan, a year-on-year increase of 315.49%, and a net profit of about 647 million yuan, marking a turnaround from losses [5] - In contrast, Hengli Petrochemical's revenue was approximately 103.89 billion yuan, a decrease of 7.69%, with a net profit of about 3.05 billion yuan, down 24.08% year-on-year [5][6] Debt Levels - Both *ST Songfa and Hengli Petrochemical have high debt levels, with *ST Songfa's debt ratio at 89.72% and Hengli Petrochemical's at 76.89% [7][9] - The high debt levels are attributed to the capital-intensive nature of the shipbuilding industry and the need for financing during the business transformation [8][10] Leadership Transition - Chen Jianhua and Fan Hongwei are transitioning leadership to their children, with their son Chen Hanlun appointed as a director of *ST Songfa and their daughter Chen Yiting serving as vice chairman of Hengli Group [12][13] - This generational shift reflects a broader trend of second-generation entrepreneurs stepping into leadership roles as the original founders age [15]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance continues to improve, with the polyester and refining sectors entering an upward cycle [1] - The company reported a total revenue of 44.16 billion yuan in H1 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 1.10 billion yuan, a year-on-year increase of 2.93% [7] - The report anticipates a recovery in the polyester filament market, with significant profit elasticity expected in the upcoming peak season [7] - The PTA market is experiencing a downturn, but the report suggests that the industry is nearing a bottom [7] - Investment income from Zhejiang Petrochemical is expected to improve as refining profitability gradually increases [7] - The profit forecasts for 2025-2027 have been raised to 2.53 billion, 3.71 billion, and 5.01 billion yuan respectively, with corresponding PE ratios of 14X, 9X, and 7X [7] Financial Data and Profit Forecast - Total revenue is projected to reach 103.08 billion yuan in 2025, with a year-on-year growth rate of 1.7% [6] - The net profit attributable to shareholders is expected to be 2.53 billion yuan in 2025, reflecting a significant year-on-year growth of 110.5% [6] - The gross profit margin is forecasted to be 6.4% in 2025, with an increase to 8.0% by 2027 [6] - The return on equity (ROE) is expected to improve from 6.5% in 2025 to 10.5% in 2027 [6]

Group 1 - The company achieved a turnaround in the first half of the year, with significant improvements in the refining sector, while the chemical fiber and chemical segments faced some pressure [1] - The refining industry is entering a phase of stock competition, and the company still possesses high upward elasticity in its performance [1] Group 2 - The report highlights potential risks including significant short-term fluctuations in crude oil prices, underperformance in new material profitability, lower-than-expected profits in polyester fiber, and risks associated with overcapacity in refining [1]

Investment Rating - The report assigns a "Buy" rating for Dongfang Shenghong (000301) based on its performance and potential in the refining and chemical sectors [1]. Core Views - The company achieved a turnaround in profitability in the first half of 2025, with a net profit of 386 million yuan, a year-on-year increase of 21.24%, despite a revenue decline of 16.36% to 60.916 billion yuan [1][2]. - The refining segment showed significant improvement, while the chemical fiber and chemical sectors faced challenges due to weak supply and demand dynamics [2]. - The average Brent crude oil price in the first half of 2025 was $71 per barrel, down 15% year-on-year, impacting the overall profitability of the company [2]. - The company added 400,000 tons of EVA capacity, bringing total EVA capacity to 900,000 tons, enhancing its position in the new energy and materials sector [2]. Financial Summary - For the first half of 2025, the company reported a revenue of 60.916 billion yuan, with a net profit of 386 million yuan, and a basic earnings per share (EPS) of 0.05 yuan, reflecting a 20% increase year-on-year [1][2]. - The projected revenues for 2025-2027 are 135.219 billion yuan, 140.893 billion yuan, and 144.029 billion yuan, respectively, with a slight decline in growth rates [3]. - The forecasted net profits for 2025-2027 are 864 million yuan, 1.112 billion yuan, and 1.586 billion yuan, indicating a significant recovery and growth trajectory [4]. Segment Performance - The refining segment achieved a net profit of 257 million yuan, while the chemical fiber and chemical segments reported net profits of 120 million yuan and 140 million yuan, respectively, showing mixed performance across segments [2]. - The gross margins for refining products, other petrochemicals, and polyester filament were 28.32%, 5.21%, and 7.43%, respectively, indicating varying profitability across different product lines [2]. Industry Outlook - The refining industry is entering a phase of stock competition, with a projected slowdown in domestic refining capacity growth due to regulatory constraints [2]. - The company’s refining project has the largest single-unit capacity in the country, positioning it well to leverage synergies with its new materials business during industry recovery phases [2].

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [144]. Core Insights - The report highlights that the demand for long filaments is improving as the "golden September" season approaches, indicating a potential uptick in downstream demand [2]. - The Brent crude oil price averaged $68.34 per barrel as of August 29, 2025, reflecting a week-on-week increase of 2.26% [2][3]. - Domestic and international refining project price differentials are being tracked, with domestic price differentials at 2408.08 CNY/ton, down 0.51% week-on-week, while international differentials are at 1080.85 CNY/ton, down 0.47% [2][3]. Refining Sector Summary - The report notes that U.S. tariffs on Indian goods have raised market concerns, but a decrease in U.S. crude, gasoline, and distillate inventories has supported prices [2]. - As of August 29, 2025, Brent and WTI crude prices were $68.12 and $64.01 per barrel, respectively, showing slight increases from the previous week [13]. - Domestic refined oil prices have slightly decreased, while overseas prices have generally increased [2]. Chemical Sector Summary - Chemical prices are generally weak, with price differentials narrowing, although some products have seen structural demand-driven price improvements [2]. - Polyethylene prices have increased slightly, while polypropylene prices have weakened, leading to an overall narrowing of price differentials [53]. - EVA prices have risen significantly due to increased procurement in the photovoltaic sector, with price differentials widening [53]. Polyester Sector Summary - Polyester product prices have seen slight increases due to raw material price support, with PX costs strengthening [88]. - The report indicates that the supply of polyester long filaments has slightly decreased due to maintenance and operational issues, while demand is showing signs of improvement as the autumn season approaches [107]. - The average prices for POY, FDY, and DTY are reported at 6878.57 CNY/ton, 7135.00 CNY/ton, and 8028.57 CNY/ton, respectively [107]. Performance of Major Refining Companies - As of August 29, 2025, the stock price changes for six major refining companies were as follows: Rongsheng Petrochemical (+0.0%), Hengli Petrochemical (+2.98%), Dongfang Shenghong (+5.02%), Hengyi Petrochemical (+3.34%), Tongkun Co. (+2.80%), and Xin Fengming (+5.07%) [130]. - Over the past month, stock price changes were: Rongsheng Petrochemical (+6.71%), Hengli Petrochemical (+12.09%), Dongfang Shenghong (+7.90%), Hengyi Petrochemical (+6.39%), Tongkun Co. (+18.88%), and Xin Fengming (+24.84%) [130]. Industry Index Performance - The report states that the Cinda Refining Index has increased by 43.20% since its inception, outperforming the oil and petrochemical industry index, which rose by 22.26% [133].

Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2025 declined due to falling oil prices and a downturn in aromatics profitability, but future recovery is anticipated [6] - The company reported a revenue of 148.63 billion yuan in H1 2025, a year-on-year decrease of 7.83%, and a net profit of 602 million yuan, down 29.82% year-on-year [6] - Strategic cooperation with Saudi Aramco is expected to enhance growth potential through technology sharing and resource collaboration [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 344.785 billion yuan, with a year-on-year growth rate of 5.6% [5] - Net profit for 2025 is projected at 3.637 billion yuan, reflecting a significant increase of 402.0% compared to the previous year [5] - The company plans to maintain a PE ratio of 27 for 2025, with a target valuation based on comparable companies [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 103.887 billion yuan for the first half of 2025, a year-on-year decrease of 7.69%. The net profit attributable to the parent company was 3.050 billion yuan, down 24.08% year-on-year, while the net profit excluding non-recurring items was 2.296 billion yuan, a decline of 35.16% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 46.863 billion yuan, a year-on-year decrease of 13.45% and a quarter-on-quarter decrease of 17.82%. The net profit attributable to the parent company was 999 million yuan, down 46.81% year-on-year and 51.28% quarter-on-quarter [2][6]. - The report highlights that the refining and chemical industry is expected to rebound as the "anti-involution" policy is implemented, leading to a potential improvement in the industry's prosperity [11]. Financial Performance - The company is projected to achieve net profits of 6.49 billion yuan, 8.95 billion yuan, and 11.83 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios based on the closing price on August 25, 2025, are 18.6X, 13.5X, and 10.2X [11]. - The report provides detailed financial forecasts, including total revenue and profit margins, indicating a gradual recovery in profitability over the next few years [17]. Industry Insights - The company is positioned as a unique player in the industry, integrating oil, coal, and chemicals within a single industrial park, which significantly reduces operational and logistics costs [11]. - The report notes that the aromatic chain is expected to see continuous improvement in prosperity due to limited supply growth of PX while downstream demand remains stable [11].

公司研究 [Tabl 点评报告 e_ReportType] [Table_StockAndRank] 恒力石化(600346.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 证券研究报告 [Table_A 刘红光 uthor 石化行业联席首席分析师 ] 执业编号：S1500525060002 邮箱：liuhongguang@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 [行业Table_T 竞争格局 itle] 或持续优化，现金流改善推动股东回报增强 [Table_ReportDate] 2025 年 8 月 28 日 [Table_S 事件： ummary] 2025 年 8 月 22 日晚，恒力石化发布 2025 年半年度报告。2025 年 上半年公司实现营业总收入 1039.44 亿元，同比下降 7 ...