恒力石化股份有限公司 上述变更最终以市场监督管理部门核准的内容为准。本次《公司章程》修订尚 需提交股东大会审议，并提请股东大会授权董事会或董事会授权人士办理相应的工 商变更登记手续事项。 修订后的《公司章程》将在股东大会审议通过后披露在上海证券交易所网站 （www.sse.com.cn）。 证券代码：600346 证券简称：恒力石化 公告编号：2024-056 恒力石化股份有限公司 关于增加经营范围并修订公司章程的公告 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"）于2024年10月24日召开了第九届 董事会第二十二次会议，会议审议通过了《关于增加经营范围并修订<公司章程>相 关条款的议案》，根据公司实际业务发展需要，拟增加公司经营范围并修订《恒力 石化股份有限公司章程》（以下简称"《公司章程》"）中的相关内容，具体修订内容 如下： | 原条款 | 修订后 | | --- | --- | | | 第十四条 经依法登记，公司的经营范围： | | | 许可项目：危险化学品经营（依法须经批准 ...

出席会议的监事认真审议并一致通过了以下议案： 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：2024-058 恒力石化股份有限公司 第九届监事会第十六次会议决议公告 本公司监事会及全体监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"）第九届监事会第十六次会议（以下 简称"本次会议"）于 2024 年 10 月 19 日以电话和电子邮件的方式发出通知。会议 于 2024 年 10 月 24 日以现场结合通讯方式召开，会议由监事会主席康云秋女士主 持。本次会议应出席监事 3 人，实际出席监事 3 人。本次会议的召开和表决程序符 合《公司法》和《公司章程》等有关规定。 3、在提出本意见前，没有发现参与报告编制和审议的人员有违反保密规定的行 为。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 特此公告。 恒力石化股份有限公司监事会 2024 年 10 月 25 日 一、《2024年第三季度报告》 监事会认真审阅了公司《2024年第三季度报告》认为： 1、2024年第三季度报告的 ...

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：2024-055 恒力石化股份有限公司 第九届董事会第二十二次会议决议公告 本报告具体内容详见公司于同日在指定信息披露媒体及上海证券交易所网站 （www.sse.com.cn）上披露的《恒力石化股份有限公司2024年第三季度报告》。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 二、《关于增加经营范围并修订<公司章程>相关条款的议案》 根据实际业务发展需要，公司拟增加经营范围，并同步修订《公司章程》中的 相关内容。 具体内容详见公司于同日在指定信息披露媒体及上海证券交易所网站 （www.sse.com.cn）上披露的《关于增加经营范围并修订公司章程的公告》（公告 编号：2024-056）。 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"）第九届董事会第二十二次会议（以 下简称"本次会议"）于2024年10月19日以电子邮件、电话方式发出通知。会议于 2024年10月24日以现场结合通讯方式召开。本次会议应 ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [6][7][8] Core Views - Hengli Petrochemical is a high-dividend refining and chemical enterprise with potential for profit improvement as fundamentals strengthen [2] - The company has a vertically integrated refining and chemical chain, with strong cost control and management capabilities, leading to a high average ROE of 22% over the past five years [6] - Oil price trends are expected to improve refining costs, with aromatics likely to maintain high profitability [6] - The company's cost advantages and new material projects are expected to contribute to performance growth [6] Financial Performance - In 2023, Hengli Petrochemical achieved operating revenue of 234.866 billion yuan, a year-on-year increase of 5.6%, and net profit attributable to the parent company of 6.905 billion yuan, a year-on-year increase of 197.8% [5] - The company's gross profit margin in 2023 was 11.2%, with an ROE of 11.5% [5] - For 2024-2026, the company's operating revenue is expected to grow at a compound annual growth rate of 2.1%, with net profit attributable to the parent company expected to reach 8.050 billion yuan, 10.486 billion yuan, and 12.439 billion yuan, respectively [5] Industry Analysis - Global oil demand growth is expected to slow due to economic slowdown and the impact of clean energy, with oil prices expected to decline from Q2 2025 [30][35] - Global refining capacity growth is slowing, with significant capacity reductions in Europe and the US, creating a favorable market environment for large-scale refining enterprises [39][42] - Aromatics, particularly PX, are expected to maintain tight supply-demand balance and high profitability due to limited new capacity and strong downstream demand [45][47][53] - Olefins are currently oversupplied, but the industry is expected to enter an upward cycle after 2027 [59][60] Company Advantages - Hengli Petrochemical has a vertically integrated refining and chemical chain, with 20 million tons of crude oil and 5 million tons of coal processing capacity, producing 5.2 million tons of PX, 1.2 million tons of benzene, and 1.66 million tons of PTA annually [18][19] - The company has significant cost advantages due to its advanced heavy oil processing capabilities and integrated supporting facilities, with coal-to-hydrogen projects providing low-cost hydrogen and methanol [74][76][77] - New material projects, including a 1.6 million tons/year high-performance resin and new materials project, are expected to contribute to performance growth [6][18]

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：2024-054 恒力石化股份有限公司 关于召开2024年半年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。 重要内容提示： 恒力石化股份有限公司（以下简称"公司"）已于 2024 年 8 月 23 日发布 《2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024 年半年 度经营成果、财务状况，公司计划于 2024 年 9 月 30 日上午 9:00-10:00 举行 2024 年半年度业绩说明会，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 年半年度的经营成 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 9 月 30 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 9 月 30 日（星期一）上 ...

京天股字（2024）第 489 号 致：恒力石化股份有限公司 恒力石化股份有限公司（以下简称"公司"）2024 年第一次临时股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其中现场 会议于 2024 年 9 月 10 日在苏州市吴江区盛泽镇南麻工业区恒力路一号召开。北京 市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股 东大会现场会议，并根据《中华人民共和国公司法》、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"） 以及《恒力石化股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议 表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《恒力石化股份有限公司第九届董事会第 二十一次会议决议公告》、《恒力石化股份有限公司关于召开 2024 年第一次临时股 东大会的通知》（以下简称"《召开股东大会通知》"）以及本所律师认为必要的 其他文件和资料，同时审查了出席现场会议股东的身份和资格、见证了本次股东大 ...

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：2024-053 恒力石化股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 本次股东大会由公司董事会提议召开，经半数以上董事共同推举，由董事王 治卿先生主持会议，采取现场投票和网络投票相结合的表决方式。会议的召集、 召开及表决均符合《公司法》和《公司章程》等相关法律法规的规定。 (一) 股东大会召开的时间：2024 年 9 月 10 日 (二) 股东大会召开的地点：苏州市吴江区盛泽镇南麻工业区恒力路一号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 672 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,415,990,833 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | ...

恒力石化（600346.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|---------|---------|---------|------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 222,324 | 234,791 | 263,582 | 278,054 | 288,629 | 股票信息 | | | 增长率 yoy （ % ） | 12.3 | 5.6 | 12.3 | 5.5 | 3.8 | | | | 归母净利润（百万元） | 2,318 | 6,905 | 8,568 | 10,641 | 12,231 | 行业 | 石油石化 | | 增长率 yoy （ % ） | -85.1 | 197.8 | 24.1 | 24.2 | 14.9 | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable operating performance, with high-performance resin and new material projects gradually coming into production [1] - The second quarter of 2024 saw a slight increase in revenue year-on-year, but a decrease compared to the previous quarter, attributed to maintenance of some refining units [2][3] - The company is expected to achieve significant growth with the completion of new projects, particularly in high-performance resins and new materials [5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 54.15 billion yuan, a year-on-year increase of 1.6% but a quarter-on-quarter decrease of 7.3% [2] - The net profit attributable to shareholders was 1.88 billion yuan, down 7.4% year-on-year and down 12.2% quarter-on-quarter [2] - The gross profit margin was 12.61%, a decrease of 0.37 percentage points year-on-year but an increase of 1.45 percentage points quarter-on-quarter [2] - The company’s cash flow from operating activities was 4.66 billion yuan [2] Segment Performance - Refining products generated revenue of 19.7 billion yuan, down 42% year-on-year and down 25% quarter-on-quarter, with sales volume decreasing by 39% year-on-year [3] - PTA revenue was 19.5 billion yuan, up 41% year-on-year, with sales volume increasing by 32% year-on-year [3] - New materials revenue reached 11.3 billion yuan, a 61% increase year-on-year, with sales volume up 72% year-on-year [3] Future Growth Potential - The company’s high-performance resin and new materials project is expected to achieve full production in the second half of 2024, contributing to future growth [5] - The company has completed its 2023 cash dividend distribution, emphasizing shareholder returns, with a payout of 0.55 yuan per share [5] - The projected revenue for 2024-2026 is expected to be 256.9 billion, 265.7 billion, and 274.7 billion yuan respectively, with net profits of 9.16 billion, 11.09 billion, and 13.06 billion yuan [5][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.15 yuan, down from the previous target of 18.66 yuan [7][8] Core Views - The company's H1 2024 performance met expectations, with a net profit attributable to shareholders of 4.018 billion yuan, up 31.77% YoY [8] - The company is leveraging its large-scale refining platform to build new momentum, with new material capacities such as high-performance resins and lithium battery separators expected to be released [8] - The company emphasizes shareholder returns, with a proposed cash dividend of 3.871 billion yuan in 2023, accounting for 56% of net profit attributable to shareholders [8] - The company's controlling shareholder, Hengli Group, has signed a memorandum of understanding with Saudi Aramco for strategic cooperation, including a potential equity acquisition and collaboration in crude oil supply and product procurement [8] Financial Summary - Revenue is expected to grow from 222.373 billion yuan in 2022 to 326.432 billion yuan in 2026, with a CAGR of 10.1% [6] - Net profit attributable to shareholders is projected to increase from 2.318 billion yuan in 2022 to 13.463 billion yuan in 2026, with a CAGR of 55.6% [6] - EPS is forecasted to rise from 0.33 yuan in 2022 to 1.91 yuan in 2026 [6] - ROE is expected to improve from 4.4% in 2022 to 18.2% in 2026 [6] Valuation and Comparables - The company's 2024E PE is 10.93x, lower than peers such as Rongsheng Petrochemical (18.36x) and Wanhua Chemical (11.13x) [11] - The company's 2024E PB is 1.46x, compared to 1.76x in 2022 [10] Industry and Market Position - The company operates in the oil/energy sector and is positioned as a leader in the refining and chemical industry, with a 2000万吨 world-class refining platform [7][8] - The company is seen as a representative of "new quality productivity" in the chemical industry, driving structural optimization and industrial upgrading [8]