湖南石化本部的SBC装置区 湖南石化是我国最早实现SBC弹性体工业化生产的企业，上世纪80年代建成投产国内领先的万吨级 SBS(苯乙烯—丁二烯—苯乙烯嵌段共聚物)工业化装置；2006年建成投产国内领先的万吨级SEBS(氢化 苯乙烯—丁二烯—苯乙烯嵌段共聚物)工业化装置，打破国外技术垄断；2017年建成投产国内领先的年 产2万吨SEPS(氢化苯乙烯—异戊二烯共聚物)工业化装置，成为全球第三家采用具有自主知识产权核心 技术工业化生产SEPS的企业。该公司自主研发的SBS及SEBS成套技术分别获国家科学技术进步奖一等 奖、二等奖，增强了我国在高端合成橡胶领域的核心竞争力。 近年来，依托中国石化一体化、市场区位、技术及原料供应优势，结合市场形势变化，湖南石化先后与 海南炼化和上海石化合作，共同出资建设年产17万吨和25万吨SBC弹性体项目，优化合成材料发展布 局，通过"走出去"，到有原料、有市场的地区发展优势产品，进一步增强了企业核心竞争力。这两个项 目均采用中国石化自主知识产权的成套工艺技术，在环境保护、能耗控制和生产效率方面均显著优于传 统技术路线。 2023年4月，海南巴陵化工新材料公司建成投产SBC弹性体装置 ...

Core Insights - The Shanghai Jinshan Baling New Materials Company, a joint investment by Hunan Petrochemical and Shanghai Petrochemical, has successfully completed its annual production capacity of 250,000 tons of SBC (Styrene Block Copolymer) and achieved a successful initial operation, marking a new breakthrough in Sinopec's supply capacity in the high-end new materials sector [1] Group 1: Company Achievements - Hunan Petrochemical has become the largest SBC elastomer manufacturer globally, with a total annual production capacity of 800,000 tons across its main plant and two joint ventures [1] - The main plant of Hunan Petrochemical has an annual SBC elastomer production capacity of 380,000 tons, while the Hainan Baling New Materials Company has a capacity of 170,000 tons, and the newly established Shanghai Jinshan Baling New Materials Company has a capacity of 250,000 tons [1][2] Group 2: Historical Context - Hunan Petrochemical was one of the first companies in China to industrialize SBC elastomer production, establishing the first 10,000-ton SBS industrial production unit in the 1980s [2] - The company has broken foreign technology monopolies by building the first 10,000-ton SEBS industrial production unit in 2006 and the first 20,000-ton SEPS industrial production unit in 2017 [2] Group 3: Recent Developments - In 2023, the Hainan Baling Chemical New Materials Company launched its SBC elastomer unit, with SBS production capacity of 120,000 tons and SEBS capacity of 50,000 tons [3] - The newly established Shanghai Jinshan Baling New Materials Company produces three types of SBC elastomers, with SBS capacity of 140,000 tons, SEBS capacity of 50,000 tons, and SIS (Styrene-Isoprene-Styrene) capacity of 60,000 tons [3] Group 4: Production and Market Performance - From January to October 2023, Hunan Petrochemical's rubber division produced nearly 270,000 tons of SBC elastomer series products, achieving a 19% year-on-year increase in sales of new specialty products [3] - The Hainan Baling New Materials Company has produced over 300,000 tons since its establishment, with an average operating rate of 110%, significantly higher than the industry average [3] Group 5: Product Characteristics and Applications - SBC elastomers are new polymer materials that combine the processing convenience of plastics with the high elasticity of rubber, featuring green safety, easy processing, and recyclability [3] - Applications of SBC elastomers include high-value sectors such as infant products, medical devices, 5G optical cable reinforcement, and environmentally friendly synthetic leather, with some medical-grade products suitable for human implantation [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][19]. Core Views - The company is expected to maintain stable growth in overall revenue and profit in 2024, with projected revenue of 9.139 billion yuan (+6.02%) and net profit of 1.117 billion yuan (+1.38%) [9][19]. - The company is actively expanding its market share in domestic control systems and industrial software, with significant growth in the DCS and SIS segments [2][3]. - The company is increasing its investment in AI and robotics, and is transitioning to a subscription model for its software products, which is expected to enhance customer value and reduce costs [4][19]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 91.39 billion yuan, with a net profit of 11.17 billion yuan and a non-GAAP net profit of 10.38 billion yuan [9][19]. - The fourth quarter saw a revenue of 28.02 billion yuan, a decrease of 4.73%, while the net profit was 4.00 billion yuan, down 1.98% [9][19]. - The gross margin for 2024 was 33.78%, an increase of 0.61 percentage points year-on-year, with a decrease in overall expense ratios [14][19]. Market Position - The company holds a 40.4% market share in the domestic DCS market, with leading positions in the chemical and petrochemical sectors [2][3]. - The SIS product line has a domestic market share of 31.2%, maintaining its position as the market leader for three consecutive years [2][3]. Growth Opportunities - The company is experiencing rapid growth in emerging industries, with significant revenue increases in the oil and gas sector (+47.84%) and pharmaceuticals (+17.38%) [3]. - The overseas business revenue reached 749 million yuan, a remarkable increase of 118.27%, with new contracts signed exceeding 1.355 billion yuan [3][19]. Future Projections - Revenue forecasts for 2025-2027 are set at 100.19 billion yuan, 110.48 billion yuan, and 122.62 billion yuan, with growth rates of 9.6%, 10.3%, and 11.0% respectively [19][20]. - Net profit projections for the same period are 12.08 billion yuan, 13.89 billion yuan, and 16.14 billion yuan [19][20].