2025 年 8 月 23 日 公司研究 油价下跌业绩承压下滑，"反内卷"政策推进大炼化底部反转可期 ——恒力石化（600346.SH）2025 年半年报点评 买入（维持） 当前价：17.10 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 70.39 | | --- | --- | | 总市值(亿元)： | 1204 | | 一年最低/最高(元)： | 11.76/17.11 | | 近 3 月换手率： | 17.51% | 股价相对走势 -10% 0% 9% 19% 28% 08/24 11/24 02/25 05/25 恒力石化 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 8.01 | -0.16 | 0.40 | | 绝对 | 12.97 | 9.33 | 29.50 | | 资 ...

Core Viewpoint - Wankai New Materials (301216.SZ) is currently experiencing a decline in stock price, closing at 15.94 yuan with a drop of 3.57%, indicating a state of being below its initial public offering price [1] Group 1: Initial Public Offering and Financials - Wankai New Materials was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on March 29, 2022, with an initial public offering of 85.85 million shares at a price of 35.68 yuan per share [1] - The total funds raised from the IPO amounted to 3.063 billion yuan, with a net amount of 2.915 billion yuan after expenses, exceeding the planned fundraising by 1.411 billion yuan [1] - The company intended to use the raised funds for projects including a 1.2 million ton food-grade PET polymer material project (Phase II), a multifunctional green and environmentally friendly polymer material project, and to supplement working capital [1] Group 2: Subsequent Financial Activities - The total issuance costs for the IPO were 148 million yuan, with underwriting and sponsorship fees accounting for 123 million yuan [2] - On May 31, 2023, Wankai New Materials announced a dividend plan, distributing 3 yuan (pre-tax) for every 10 shares and a bonus issue of 5 shares [2] - The company plans to issue convertible bonds with a total fundraising amount not exceeding 2.7 billion yuan, which will be used for a 1.2 million ton MEG project and to supplement working capital, with the listing date set for September 5, 2024 [2][3]

Core Viewpoint - The company, Wankai New Materials, reported a decline in revenue and net profit for the year 2024, while showing significant improvement in cash flow from operating activities [1][2]. Financial Performance Summary 2024 Annual Report - The company achieved operating revenue of 17.23 billion yuan, a decrease of 1.71% compared to the previous year [2]. - The net profit attributable to shareholders was -300 million yuan, a decline of 168.72% from 437 million yuan in the previous year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -214 million yuan, down 177.72% from 275 million yuan in the previous year [2]. - The net cash flow from operating activities was 1.27 billion yuan, an increase of 1,097.92% year-on-year [2]. Q1 2025 Report - For the first quarter of 2025, the company reported operating revenue of 3.92 billion yuan, a decrease of 7.74% year-on-year [4]. - The net profit attributable to shareholders was 48 million yuan, an increase of 5.92% compared to 45 million yuan in the same period last year [4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 10.72 million yuan, a decrease of 48.22% from 20.70 million yuan in the previous year [4]. - The net cash flow from operating activities was 236 million yuan, an increase of 245.19% year-on-year [4]. Dividend Distribution Plan - The profit distribution plan for 2024 proposes a cash dividend of 1.5 yuan per 10 shares (tax included) to all shareholders, with no bonus shares [2]. Company Background - Wankai New Materials was listed on the Shenzhen Stock Exchange's ChiNext board on March 29, 2022, with an initial public offering of 85.85 million shares at a price of 35.68 yuan per share [4]. - The company raised a total of 30.63 billion yuan from its initial public offering, with a net amount of 29.15 billion yuan after expenses [5]. - The company plans to use the raised funds for various projects, including the production of food-grade PET high polymer materials and other working capital needs [5].