证券研究报告 | 2025年04月30日 桐昆股份（601233.SH） 优于大市 一季度净利同环比提升，涤纶长丝供需有望改善 公司2024年及2025年一季度归母净利润同比提升。公司2024年营收1013.1 亿元（同比+22.6%），归母净利润 12.0 亿元（同比+50.8%）；2025 年一季 度营收 194.2 亿元（同比-8.0%，环比-23.1%），归母净利润 6.1 亿元（同 比+5.4%，环比+213.0%），2024 年及 2025 年一季度归母净利均有提升。 2024 年公司主营产品涤纶长丝销量提升。公司涤纶长丝产能 1350 万吨，国 内份额超28%。2024 年公司涤纶长丝POY/FDY/DTY 销量 968/214/112 万吨（同 比+23%/+46%/+13%），新产能贡献增量，销量同比提升。2025 年一季度公司 涤纶长丝 POY/FDY/DTY 销量 181/45/24 万吨（同比-7%/+8%/+4%，环比 -30%/-23%/-23%），一季度受春节假期及传统纺织行业淡季影响，下游服装、 家纺企业开工率阶段性回落，终端需求疲软致销量环比下滑。 涤纶长丝单吨售价及成本同比 ...

证券研究报告 | 2025年04月30日 桐昆股份（601233.SH） 优于大市 一季度净利同环比提升，涤纶长丝供需有望改善 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 公司研究·财报点评 石油石化·炼化及贸易 公司2024年及2025年一季度归母净利润同比提升。公司2024年营收1013.1 亿元（同比+22.6%），归母净利润 12.0 亿元（同比+50.8%）；2025 年一季 度营收 194.2 亿元（同比-8.0%，环比-23.1%），归母净利润 6.1 亿元（同 比+5.4%，环比+213.0%），2024 年及 2025 年一季度归母净利均有提升。 2024 年公司主营产品涤纶长丝销量提升。公司涤纶长丝产能 1350 万吨，国 内份额超28%。2024 年公司涤纶长丝POY/FDY/DTY 销量 968/214/112 万吨（同 比+23%/+46%/+13%），新产能贡献增量，销量同比提升。2025 年一季度公司 涤纶长丝 POY/FDY/DTY 销量 181/45/24 万吨（同比-7%/+8%/+4%，环比 -30%/-23%/-23%），一季度受春节假期及传统纺织行业淡季影 ...

广汇能源(600256.SH) 2025 年 04 月 30 日 [Table_Main] 证券研究报告 | 公司点评 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 事件： ...

石油石化/炼化及贸易 桐昆股份（601233.SH） Q1 业绩同比小幅增长，静待长丝行业景气回升 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 10.56 | | 一年最高最低(元) | 16.44/9.63 | | 总市值(亿元) | 253.94 | | 流通市值(亿元) | 253.01 | | 总股本(亿股) | 24.05 | | 流通股本(亿股) | 23.96 | | 近 3 个月换手率(%) | 68.41 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 桐昆股份 沪深300 相关研究报告 《2024 年业绩同比增长，看好公司盈 利弹性与长期价值—公司信息更新报 告》-2025.4.28 《Q3 业绩承压，看好长丝盈利逐步修 复—公司信息更新报告》-2024.10.31 《2024H1 业绩同比大幅增长，看好长 丝盈利继续修复—公司信息更新报 告》-2024.8.29 ——公司信息更新报告 | 金益腾（分析师） | 龚 ...

石油石化/炼化及贸易 桐昆股份（601233.SH） Q1 业绩同比小幅增长，静待长丝行业景气回升 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 10.56 | | 一年最高最低(元) | 16.44/9.63 | | 总市值(亿元) | 253.94 | | 流通市值(亿元) | 253.01 | | 总股本(亿股) | 24.05 | | 流通股本(亿股) | 23.96 | | 近 3 个月换手率(%) | 68.41 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 桐昆股份 沪深300 相关研究报告 《2024 年业绩同比增长，看好公司盈 利弹性与长期价值—公司信息更新报 告》-2025.4.28 《Q3 业绩承压，看好长丝盈利逐步修 复—公司信息更新报告》-2024.10.31 《2024H1 业绩同比大幅增长，看好长 丝盈利继续修复—公司信息更新报 告》-2024.8.29 ——公司信息更新报告 | 金益腾（分析师） | 龚 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's Q1 2025 performance shows significant improvement on a quarter-on-quarter basis, with a reduction in losses in the chemical segment year-on-year [7] - The upstream segment's profit has narrowed, while the downstream refining sector has not yet recovered, but the chemical segment has shown a reduction in losses [7] - The company emphasizes shareholder returns, with a projected dividend yield of 5.8% for A shares and 7.2% for H shares after tax [7] - The report forecasts net profits for 2025-2027 to be 546 billion, 603 billion, and 655 billion RMB respectively, indicating a positive outlook for the company's profitability [7] Financial Performance Summary - For Q1 2025, the company achieved total revenue of 735.4 billion RMB, a year-on-year decrease of 7% but a quarter-on-quarter increase of 4% [7] - The net profit attributable to shareholders for Q1 2025 was 13.3 billion RMB, down 28% year-on-year but up 119% quarter-on-quarter [7] - The report projects total revenue for 2023 to be 3,212.2 billion RMB, with a year-on-year decline of 3.19% [1] - The estimated earnings per share (EPS) for 2025 is 0.45 RMB, with a price-to-earnings (P/E) ratio of 12.68 for A shares [1]

Investment Rating - The investment rating for the company is "Hold" [7] Core Views - The company is expected to achieve a revenue of 326.48 billion in 2024, with a slight year-on-year increase of 0.42%. However, the net profit attributable to shareholders is projected to decline by 37.44% to 724.48 million [1][5] - The company has signed a memorandum of cooperation with Saudi Aramco to explore joint operations in overseas markets, enhancing its global market share and risk resilience [2] - A three-year shareholder return plan has been established, proposing differentiated cash dividend policies based on the company's development stage [3] Financial Performance - The company's revenue for 2023 is reported at 325.11 billion, with a projected increase to 326.48 billion in 2024. The net profit attributable to shareholders is expected to drop from 1.16 billion in 2023 to 724.48 million in 2024, reflecting a significant decline of 65.33% and 37.44% respectively [5][11] - The EBITDA for 2024 is estimated at 27.07 billion, down from 28.77 billion in 2023 [5][11] - The company’s earnings per share (EPS) is projected to decrease from 0.11 in 2023 to 0.07 in 2024 [5][11] Industry Outlook - The supply-side reform in the industry is expected to support a relative recovery from the bottom of the cycle, with stricter regulations leading to a decrease in operational rates among local refineries [4] - The company is anticipated to benefit from the improvement in propylene prices due to increased tariffs on U.S. propane, which may enhance the price spread of olefin products [4] Strategic Initiatives - Key projects are progressing, including the production of a 1000-ton α-olefin pilot plant and the successful trial production of a 100,000-ton/year rare earth butadiene rubber facility [2] - The company is actively expanding its international presence and enhancing its product offerings through strategic partnerships and project developments [2]

Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1][4][11] Core Views - The report highlights that the company's performance is under pressure due to increased coal volume but decreased prices, emphasizing the growth potential in coal, oil, and chemical sectors along with high dividends [1][5] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 36.44 billion yuan, down 40.7% year-on-year, and net profit at 2.96 billion yuan, down 42.6% year-on-year [1][6] - Despite the challenges, the company is expected to see a recovery in profits from 2025 onwards, with projected net profits of 3.58 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.54 billion yuan in 2027, reflecting year-on-year growth of 20.8%, 22%, and 3.9% respectively [1][6] Financial Performance Summary - In 2024, the company achieved a coal production volume of 39.83 million tons, an increase of 78.5% year-on-year, while the sales volume reached 43.47 million tons, up 68% year-on-year [1][5] - The average selling price of coal has decreased significantly since Q3 2024, impacting the company's profitability [1][5] - The company plans to continue advancing its new projects in coal, oil, and chemical sectors, which are expected to enhance future growth [1][5] Dividend and Shareholder Returns - The company distributed a cash dividend of 0.622 yuan per share (before tax) in 2024, with an effective cash dividend of 0.70022 yuan per share, resulting in a current dividend yield of 12.5% based on the stock price as of April 24, 2025 [1][5]

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]