科技日报记者 张蕴 亮眼成果的背后，是一组振奋人心的科创数据。"研发投入强度稳定在3%以上，科技成果本地转化率超 45%，万人高价值发明专利拥有量达17.5件……"在大连市《政府工作报告》中公布的这组数据，全场 目光为之聚焦。大连市人大代表、中国科学院大连化学物理研究所研究员冯亮说："大连已驶入创新驱 动发展的快车道，高能级平台、核心技术突破与人才集聚的叠加效应，正为城市发展注入强劲的科创动 能。" "油大化小"破局 化工新材料重塑产业生态 石油化工是大连的传统产业，其转型升级的迫切需求，为实验室里的新材料、新工艺提供了落地生根的 土壤。过去一年，化工科学家与大连企业家的再次"握手"，让3020万元技术许可合同掷地有声。 乙撑胺是关键精细化工中间体，其乙醇胺法（MEA法）绿色生产技术因环保低耗优势显著，核心工艺 却长期被国外垄断。 既能耐受350摄氏度以上高温，又具备可溶解特性，这一高性能工程塑料，正在大连迈入产业化阶段。1 月19日，记者来到大连醚太高新材料有限公司（以下简称"大连醚太"），该公司常务副总经理杨长龙向 记者揭秘了这一由中国工程院院士、大连理工大学教授蹇锡高团队研发的新材料，如何为航空航天、核 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance has been under pressure due to falling oil prices, with a potential bottom reversal in the refining sector expected as "anti-involution" policies are promoted [1][7] - The company reported a revenue of 103.9 billion yuan for the first half of 2025, a decrease of 7.7% year-on-year, and a net profit of 3.05 billion yuan, down 24% year-on-year [4][5] - The report highlights the gradual production of new capacities and the ongoing development of high-value-added new material industrial chains [6] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 46.9 billion yuan, down 13.5% year-on-year and 17.8% quarter-on-quarter, with a net profit of 999 million yuan, down 47% year-on-year and 51% quarter-on-quarter [4][5] - Brent crude oil averaged 66.76 USD per barrel in Q2 2025, down 22% year-on-year and 11% quarter-on-quarter [5] - The company is expected to have net profits of 8.3 billion, 9.7 billion, and 10.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.18, 1.38, and 1.52 yuan [8][9] Industry Outlook - The "anti-involution" policies initiated in 2024 are expected to improve market competition and reduce vicious price competition in the refining industry, leading to a potential recovery in the sector's profitability [7] - The report emphasizes the shift in the petrochemical industry towards high-value-added transformations, indicating a new phase in policy direction [7] Valuation and Forecast - The report adjusts the profit forecast for 2025-2027 downwards, with expected net profits of 8.3 billion, 9.7 billion, and 10.7 billion yuan, reflecting a 10% reduction for 2025 [8] - The company is projected to maintain a high dividend policy, aiming to create a "growth + return" type of listed company [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates resilience in its operating performance and continues to provide high dividends [2] - The company is expected to achieve revenue growth driven by multiple projects, maintaining a "Buy" rating [9] Financial Performance Summary - In 2024, the company achieved operating revenue of 236.3 billion yuan, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 7.044 billion yuan, up 2.0% year-on-year [4] - The company's cash flow from operating activities was 22.7 billion yuan, a decrease of 3.4% year-on-year [4] - The gross margin was 9.9%, down 1.4 percentage points year-on-year, while the net margin improved by 0.04 percentage points to 3.0% [4] Segment Performance - In 2024, revenue from refining products was 108.1 billion yuan, down 10% year-on-year, with a gross margin of 13.1% [4] - PTA revenue was 68.1 billion yuan, down 6% year-on-year, with a gross margin of 3.4% [4] - New materials revenue increased by 22% year-on-year to 41.8 billion yuan, with a gross margin of 14.1% [4] Future Projections - The company is projected to achieve revenues of 248.5 billion yuan in 2025, 264 billion yuan in 2026, and 276.3 billion yuan in 2027 [9] - Net profit is expected to reach 8.742 billion yuan in 2025, 9.735 billion yuan in 2026, and 11.540 billion yuan in 2027 [9] - The projected P/E ratios are 12 for 2025, 11 for 2026, and 9 for 2027 [9] Dividend Policy - The company plans to distribute a cash dividend of 0.45 yuan per share in 2024, totaling 3.168 billion yuan, with a payout ratio of 45% [7] - The focus will shift towards optimizing operations, reducing debt, and enhancing dividends following the peak of capital expenditures [7]