Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346.SH) [1] Core Views - The company's Q3 performance was pressured by falling oil prices, but there is optimism regarding its medium to long-term growth potential [1] - For the first three quarters of 2024, the company achieved operating revenue of 177.9 billion yuan, a year-on-year increase of 2.7%, and a net profit attributable to shareholders of 5.1 billion yuan, a year-on-year decrease of 10.5% [1] - In Q3 alone, the company reported operating revenue of 65.3 billion yuan, a year-on-year increase of 2.4% and a quarter-on-quarter increase of 20.4%, with a net profit of 1.09 billion yuan, down 59% year-on-year and 42% quarter-on-quarter [1] Summary by Sections Financial Performance - Q3 2024 Brent crude oil average price was $79 per barrel, down 8% year-on-year and 7% quarter-on-quarter [1] - The naphtha cracking spread decreased by $66 per ton year-on-year but increased by $4 per ton quarter-on-quarter [1] - The refining spread was 800 yuan per ton, up 126 yuan per ton year-on-year and 109 yuan per ton quarter-on-quarter [1] - The PX spread was 660 yuan per ton, down 801 yuan per ton year-on-year but up 228 yuan per ton quarter-on-quarter [1] Dividend Policy - The company has consistently maintained a high dividend payout ratio, with a cash dividend of 0.55 yuan per share (including tax) for the 2023 fiscal year, totaling 3.871 billion yuan [1] - The dividend payout ratio was 56.07%, and since its restructuring and listing in 2016, the company has distributed a total of 22.371 billion yuan in dividends, accounting for 41.08% of cumulative net profit attributable to shareholders [1] Growth Potential - New production capacities are gradually coming online, with several projects expected to be fully operational by 2025 [1] - The company is focusing on high-value-added new materials, with significant projects in Dalian and Suzhou progressing well [1] - The company is expected to maintain high growth potential despite the current challenges in the aromatic sector [1] Earnings Forecast - The report adjusts the earnings forecast for 2024-2026, estimating net profits of 7.215 billion yuan (down 20%), 9.228 billion yuan (down 9%), and 10.538 billion yuan (down 9%) respectively, with corresponding EPS of 1.03, 1.31, and 1.50 yuan [1][2]

Investment Rating - The report maintains a "Strong Buy" rating for Hengli Petrochemical (600346) with a target price of 17.4 yuan for 2025 [1] Core Views - Q3 2024 revenue reached 65.261 billion yuan, up 2.44% YoY and 20.44% QoQ, while net profit attributable to shareholders was 1.087 billion yuan, down 59.01% YoY and 42.14% QoQ [1] - Inventory losses and PTA product performance dragged down Q3 results, with gross margin declining to 7.78%, down 5.8 ppts YoY and 4.8 ppts QoQ [1] - The company is advancing overseas strategic cooperation with Saudi Aramco, which plans to acquire a 10% stake in Hengli Petrochemical [1] - New material production capacity is expected to be fully operational in H2 2024, with 1.6 million tons/year high-performance resin and new material projects leading the way [1] Financial Performance - Q3 2024 sales volume: 5.85 million tons for refining products (+10% YoY, +63% QoQ), 3.35 million tons for PTA (-14% YoY, -9% QoQ), and 1.26 million tons for new materials (+17% YoY, -12% QoQ) [1] - Q3 2024 product prices: 5,700 yuan/ton for refining products (-1% YoY, +4% QoQ), 4,908 yuan/ton for PTA (-4% YoY, -7% QoQ), and 8,211 yuan/ton for new materials (-3% YoY, +4% QoQ) [1] - 2024-2026 revenue forecasts: 251.544 billion yuan (+7.1% YoY), 264.025 billion yuan (+5.0% YoY), and 280.165 billion yuan (+6.1% YoY) [2] - 2024-2026 net profit forecasts: 7.327 billion yuan (+6.1% YoY), 10.186 billion yuan (+39.0% YoY), and 12.460 billion yuan (+22.3% YoY) [2] Strategic Developments - The company is actively pursuing internationalization through strategic cooperation with Saudi Aramco, focusing on crude oil supply, raw material supply, product procurement, and technology licensing [1] - New material projects, including the 1.6 million tons/year high-performance resin project and the Kanghui New Materials Nantong base, are expected to drive future growth [1] Valuation - Current PE ratios: 14x for 2024, 10x for 2025, and 8x for 2026 [1] - Target price of 17.4 yuan based on 12x 2025 PE, representing a 21.5% upside from the current price of 14.32 yuan [1][3]

证券研究报告 非金融公司|公司点评|恒力石化（600346） 需求仍在磨底，未来有望复苏 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月25日 证券研究报告 |报告要点 恒力石化于 2024 年 10 月 24 日发布 2024 年三季度报告，2024 年前三季度公司实现营业总收 入 1778.57 亿元，同比增加 2.71%，实现归母净利润 51.05 亿元，同比下降 10.45%。其中， 2024Q3 公司实现营业总收入 652.61 亿元，同比增加 2.44%，环比增长 20.44%；实现归母净利 润 10.87 亿元，同比下降 59.01%，环比下降 42.14%。 |分析师及联系人 许隽逸 张玮航 陈律楼 陈康迪 SAC：S0590524060003 SAC：S0590524090003 SAC：S0590524080002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 2024年10月25日 glzqdatemark2 恒力石化(600346) 需求仍在磨底，未来有望复苏 | --- | --- | --- | |-------|----------- ...

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上 市 公 司 石油石化 证 券 研 究 报 告 2024 年 10 月 25 日 恒力石化 (600346) ——需求走弱叠加库存贬值导致业绩环比下滑，看好未来 炼化价差修复 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 14.41 | | 一年内最高/最低（元） | 17.23/11.11 | | 市净率 | 1.7 | | 息率（分红/股价） | 3.82 | | 流通 A 股市值（百万元） | 101,433 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | --- | --- | |---------------------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 8.71 | | 资产负债率 % 总股本/流通 A 股（百万） ...

Revenue and Profit Performance - Revenue for the first three quarters of 2024 reached 17,776,369.30 million yuan, a year-on-year increase of 2.69%[2] - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 was 510,462.06 million yuan, a year-on-year decrease of 10.45%[2] - Total operating revenue for the first three quarters of 2024 reached 177.86 billion RMB, a 2.7% increase compared to 173.16 billion RMB in the same period of 2023[19] - Net profit for the first three quarters of 2024 was 5.11 billion RMB, a 10.3% decrease from 5.70 billion RMB in the same period of 2023[20] - The net profit attributable to shareholders of the listed company for the third quarter of 2024 decreased by 59.01% year-on-year, mainly due to a decrease in product price differences[8] - Operating profit for the first three quarters of 2024 was 6.62 billion RMB, a 9.4% decrease from 7.31 billion RMB in the same period of 2023[20] - Total comprehensive income for the first three quarters of 2024 was RMB 5.07 billion, compared to RMB 5.62 billion in the same period of 2023[21] Cash Flow and Financial Activities - Net cash flow from operating activities for the first three quarters of 2024 was 2,011,699.48 million yuan, a year-on-year decrease of 16.03%[3] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 20.12 billion, a decrease from RMB 23.96 billion in the same period of 2023[23] - Net cash flow from investing activities for the first three quarters of 2024 was negative RMB 16.11 billion, an improvement from negative RMB 31.99 billion in the same period of 2023[23] - Net cash flow from financing activities for the first three quarters of 2024 was RMB 3.59 billion, down from RMB 6.56 billion in the same period of 2023[24] - Cash and cash equivalents at the end of the third quarter of 2024 were RMB 22.39 billion, up from RMB 18.94 billion at the end of the same period in 2023[24] - Cash paid for employee compensation and benefits in the first three quarters of 2024 was RMB 3.92 billion, an increase from RMB 2.98 billion in the same period of 2023[23] - Cash received from interest and commission fees in the first three quarters of 2024 was RMB 91.21 million, up from RMB 46.13 million in the same period of 2023[23] - Cash received from tax refunds in the first three quarters of 2024 was RMB 857.43 million, down from RMB 1.40 billion in the same period of 2023[23] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were 27,245,993.80 million yuan, a year-on-year increase of 4.55%[3] - Total assets increased to RMB 272.46 billion as of September 30, 2024, compared to RMB 260.60 billion at the end of 2023[16] - Total assets as of Q3 2024 reached 272.46 billion RMB, a 4.5% increase from 260.60 billion RMB in the same period of 2023[18] - Current assets rose to RMB 71.28 billion from RMB 66.08 billion year-over-year[16] - Fixed assets grew to RMB 141.52 billion, up from RMB 129.99 billion at the end of 2023[16] - Inventory decreased to RMB 26.86 billion from RMB 31.27 billion year-over-year[16] - Long-term equity investments increased to RMB 708.41 million from RMB 646.00 million at the end of 2023[16] - Construction in progress decreased to RMB 45.13 billion from RMB 48.82 billion year-over-year[16] - Accounts receivable financing increased to RMB 5.36 billion from RMB 4.17 billion at the end of 2023[14] - Other receivables rose to RMB 1.02 billion from RMB 809.21 million year-over-year[16] - Total liabilities as of Q3 2024 stood at 211.11 billion RMB, a 5.2% increase from 200.60 billion RMB in the same period of 2023[17] - Short-term borrowings increased to RMB 73.07 billion from RMB 66.99 billion year-over-year[16] - Long-term borrowings increased by 7.8% to 76.13 billion RMB in Q3 2024 compared to 70.62 billion RMB in the same period of 2023[17] - Contract liabilities increased by 29.4% to 11.00 billion RMB in Q3 2024 compared to 8.50 billion RMB in the same period of 2023[17] Equity and Shareholder Information - Equity attributable to shareholders of the listed company as of the end of the third quarter of 2024 was 6,133,148.53 million yuan, a year-on-year increase of 2.23%[3] - Total equity attributable to owners of the parent company increased by 2.2% to 61.33 billion RMB in Q3 2024 from 59.99 billion RMB in the same period of 2023[18] - The number of ordinary shareholders at the end of the third quarter of 2024 was 92,624[9] Earnings and Returns - Basic earnings per share for the first three quarters of 2024 were 0.73 yuan, a year-on-year decrease of 9.88%[3] - Basic earnings per share for the first three quarters of 2024 were RMB 0.73, down from RMB 0.81 in the same period of 2023[21] - Weighted average return on equity for the first three quarters of 2024 was 8.44%, a decrease of 1.78 percentage points year-on-year[3] R&D and Other Expenses - R&D expenses increased by 29.6% to 1.27 billion RMB in the first three quarters of 2024 compared to 979.64 million RMB in the same period of 2023[19] - Non-recurring gains and losses for the first three quarters of 2024 amounted to 478,000,124.77 million yuan[6] Sales and Interest Income - Sales revenue from goods and services for the first three quarters of 2024 reached RMB 195.76 billion, compared to RMB 184.08 billion in the same period of 2023[22] - Interest income for the first three quarters of 2024 was 33.52 million RMB, a 59.1% increase compared to 21.08 million RMB in the same period of 2023[19] Monetary Funds and Other Financial Metrics - Monetary funds rose to RMB 27.69 billion from RMB 20.47 billion at the end of 2023[14]

恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2024-059 恒力石化股份有限公司 2024年前三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 恒力石化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号行业信息披露：第十三号——化工》要求，现将公司 2024 年 前三季度主要经营数据披露如下： 二、主要产品价格变动情况 | 主要产品 | 2024 1-9 | 年 | 月 | 2023 年 1-9 月 | | 变动比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | | 平均售价（元/吨） | | | | | 炼化产品 | | | 5,509.68 | | 5,604.59 | | -1.69 | | PTA | | | 5,159.03 | | 5,083.14 | | 1.49 | | 新材料产品 | | | 8,138.92 | | ...

重要内容提示： 恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2024-060 恒力石化股份有限公司 关于召开2024年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 恒力石化股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布 《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 07 日上午 9:00-10:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 07 日上午 9:00-10:00 （二）会议召开地点：上证路演中心 会议召开时间：2024 年 11 月 ...

一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2024-057 恒力石化股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 12 日 14 点 00 分 召开地点：苏州市吴江区盛泽镇南麻工业区恒力路一号 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 12 日 至 2024 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:0 ...