Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 57.024 billion yuan, a year-on-year decrease of 2.34% [1] - The net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year [1] - The net profit excluding non-recurring items was 1.239 billion yuan, a significant decrease of 31.88% year-on-year [1] Group 2: Refining and Chemical Products - The apparent consumption of refined oil in Q1 2025 was 92.82 million tons, a decrease of 4.38% year-on-year, indicating stable overall demand [2] - The average crack spreads for diesel, gasoline, and aviation kerosene were 1,001 yuan, 1,523 yuan, and 1,434 yuan per ton, showing a mixed trend with diesel and aviation kerosene spreads narrowing [2] - The average PX-crude oil crack spread was 2,354 yuan per ton, down 25.99% year-on-year, leading to a decline in product profitability [2] - The average crack spread for polyolefins was 3,267 yuan per ton, an increase of 14.32% year-on-year, but still in a bottoming phase [2] - The average PTA-PX crack spread was 256 yuan per ton, down 20.27% year-on-year, indicating pressure on chemical product profitability [2] Group 3: Cost Advantages - The average coal price in Q1 2025 was 724 yuan per ton, a decrease of 19.71% year-on-year and 12.28% quarter-on-quarter, enhancing the company's cost advantage [3] - The company has a coal chemical capacity of 5 million tons per year, benefiting from low coal prices for its heating and power generation needs [3] Group 4: Investment Outlook - The company is expected to see improved performance as the economy gradually recovers, with projected net profits of 7.4 billion yuan, 8.3 billion yuan, and 9.3 billion yuan for 2025-2027 [4] - Corresponding EPS estimates are 1.05 yuan, 1.17 yuan, and 1.31 yuan, with PE ratios of 14.9X, 13.3X, and 11.9X respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a first-quarter revenue of 57.024 billion yuan in 2025, a year-on-year decrease of 2.34% and a quarter-on-quarter decrease of 2.54%. The net profit attributable to the parent company was 2.051 billion yuan, down 4.13% year-on-year but up 5.78% quarter-on-quarter. The non-recurring net profit was 1.239 billion yuan, down 31.88% year-on-year but up 112.75% quarter-on-quarter [2][6] Summary by Sections Financial Performance - In Q1 2025, the company experienced a revenue of 57.024 billion yuan, a year-on-year decline of 2.34% and a quarter-on-quarter decline of 2.54%. The net profit attributable to the parent company was 2.051 billion yuan, reflecting a year-on-year decrease of 4.13% but a quarter-on-quarter increase of 5.78%. The non-recurring net profit was 1.239 billion yuan, down 31.88% year-on-year but up 112.75% quarter-on-quarter [2][6] Market Position and Strategy - The company has established itself as a unique large-scale chemical enterprise integrating "oil, coal, and chemicals." It has positioned four major capacity clusters within the same industrial park, significantly reducing operational and logistics costs. The company also has the largest coal-to-hydrogen facility in China, providing 250,000 tons of low-cost pure hydrogen annually, and a high-efficiency self-supplied power plant with a total capacity of 520MW [12][12] Future Outlook - The company is expected to maintain a stable PX market due to limited supply growth and steady downstream demand. The projected net profits for 2025, 2026, and 2027 are 7.12 billion yuan, 8.37 billion yuan, and 9.51 billion yuan, respectively, with corresponding PE ratios of 15.5X, 13.2X, and 11.6X based on the closing price on April 21, 2025 [12][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 236.27 billion yuan for 2024, a year-on-year increase of 0.63%, and a net profit attributable to shareholders of 7.04 billion yuan, up 2.01% year-on-year. However, the non-recurring net profit decreased by 13.14% year-on-year to 5.21 billion yuan [2][6]. - In Q4 2024, the company achieved a revenue of 58.51 billion yuan, down 5.14% year-on-year and 10.30% quarter-on-quarter, while the net profit attributable to shareholders was 1.94 billion yuan, up 61.03% year-on-year and 78.39% quarter-on-quarter. The non-recurring net profit for the same period was 582 million yuan, down 42.91% year-on-year and 46.30% quarter-on-quarter [2][6]. Summary by Sections Financial Performance - The company expects to achieve net profits of 7.12 billion yuan, 8.37 billion yuan, and 9.51 billion yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 15.5X, 13.2X, and 11.6X based on the closing price on April 21, 2025 [12]. - The company has maintained a high cash dividend ratio, with cash dividends amounting to 56.07% of the net profit attributable to shareholders in 2023 [12]. Industry Position - The company is positioned as a unique large-scale chemical enterprise that integrates oil, coal, and chemicals, with significant production capacities located within the same industrial park, which reduces operational and logistics costs [12]. - The company has a production capacity of 5.2 million tons of PX and 1.8 million tons of pure benzene, which are high-value chemical products in demand [12]. Future Outlook - The company is focusing on optimizing operations, reducing debt, and enhancing shareholder returns as it approaches the end of its current investment and capital expenditure peak [12]. - New projects in fine chemicals and new materials are set to be launched, with the Suzhou Fenhu base expected to produce 470,000 tons of high-end functional polyester films annually [12].

Investment Rating - The investment rating for the company has been adjusted to "Accumulate" [8] Core Views - The company's Q1 performance exceeded expectations primarily due to significant non-recurring gains, despite facing challenges from inventory devaluation and industry destocking pressures [1][2] - The recovery of refining product margins is slow, with expectations for improvement in the polyester supply chain in the medium to long term as oil prices stabilize and supply dynamics improve [3][5] - The company is accelerating its layout in high-end chemical new materials, with plans for significant production increases in the coming years, reflecting confidence from the controlling shareholder [4] Financial Performance Summary - In Q1 2025, the company reported total revenue of 57.05 billion RMB, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 2.05 billion RMB, down 4.1% year-on-year [1] - The revenue from refining products, PTA, and new materials was 28.1 billion RMB, 18.0 billion RMB, and 9.3 billion RMB respectively, with year-on-year changes of +7%, -6%, and -5% [2] - The average selling prices for these products decreased by 3% to 17% year-on-year, indicating pressure on margins [2] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been revised down to 8.5 billion RMB, 10.8 billion RMB, and 11.9 billion RMB for 2025, 2026, and 2027 respectively, reflecting a downward adjustment of 10% and 5% for the following years [5] - The target price has been set at 17.55 RMB, based on a PE ratio of 14.5x for 2025, down from a previous target of 19.43 RMB [5][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience in operations, with expectations for significant performance growth throughout the year [1][3] - The first quarter of 2025 saw a total revenue of 57.024 billion yuan, a year-on-year decrease of 2.34% and a quarter-on-quarter decrease of 2.54%. The net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year but up 5.78% quarter-on-quarter [1][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 2.051 billion yuan, a year-on-year decline of 4.13%, but a quarter-on-quarter increase of 5.78%. The basic earnings per share were 0.29 yuan, down 3.33% year-on-year but up 3.57% quarter-on-quarter [1][3] - The operating cash flow for Q1 2025 was 7.746 billion yuan, indicating strong cash flow generation capabilities [3] Industry Context - The refining industry is entering a phase of stock competition, with advanced leading capacities likely to benefit from industry consolidation. The company possesses 20 million tons of advanced refining capacity, which provides significant advantages in cost control and resource integration [3][4] - The average Brent oil price in Q1 2025 was $75 per barrel, reflecting an 8% year-on-year decrease but a 1% quarter-on-quarter increase [3] Future Outlook - The company is expected to see a significant increase in net profit over the next few years, with projections of 8.112 billion yuan in 2025, 9.090 billion yuan in 2026, and 10.287 billion yuan in 2027, representing year-on-year growth rates of 15.2%, 12.0%, and 13.2% respectively [6] - The company is advancing its high-end chemical product offerings, with several projects expected to contribute significantly to revenue in the coming years [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience in operations, with expectations for significant performance growth throughout the year [3] - The refining industry is entering a phase of stock competition, where advanced leading capacities are likely to benefit continuously [3] - Technological breakthroughs are enhancing product competitiveness, with promising growth potential in high-end chemical products [3] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 57.024 billion yuan, a year-on-year decrease of 2.34% and a quarter-on-quarter decrease of 2.54% - The net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year but up 5.78% quarter-on-quarter - The net profit after deducting non-recurring gains and losses was 1.239 billion yuan, a year-on-year decrease of 31.88% but a quarter-on-quarter increase of 112.75% - Basic earnings per share were 0.29 yuan, down 3.33% year-on-year but up 3.57% quarter-on-quarter [1][3] Industry Insights - The international oil price showed a two-phase trend in Q1 2025, initially declining and then rebounding due to geopolitical factors - The average Brent oil price in Q1 2025 was $75 per barrel, down 8% year-on-year but up 1% quarter-on-quarter - The company’s refining products, PTA, and new materials experienced price declines of 2.5%, 16.6%, and 16.5% respectively, reflecting a seasonal demand slowdown [3] Production and Sales - The production and sales rates for refining products, PTA, and new materials were 91%, 98%, and 87% respectively, showing improvements compared to the previous year [3] Cash Flow - The company reported a net operating cash flow of 7.746 billion yuan in Q1 2025, indicating strong cash flow generation capabilities [3] Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 8.112 billion yuan, 9.090 billion yuan, and 10.287 billion yuan respectively, with year-on-year growth rates of 15.2%, 12.0%, and 13.2% [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600346 证券简称：恒力石化 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 二、 股东信息 (一) 主要会计数据和财务指标 单位：万元 币种：人民币 (二) 非 ...

其他石化 恒力石化（600346.SH） 买入-B(维持) 业绩稳步增长，全产业链发展领先优势 2025 年 4 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年报，实现营业收入 2362.73 亿元，同比增长 0.63%； 实现归属于上市公司股东的净利润 70.44 亿元，同比增长 2.01%。其中，Q4 实现营业收入 585.44 亿元，同比-5.12%，环比-10.29%，实现归母净利润为 19.39 亿元，同比+61.03%，环比+78.39%。 事件点评 原油走低带动公司成本降低，纺服链复苏带动民用丝需求快速增长。从 成本端来看，原油价格有所回落，2024 年原油价格呈现前高后低、宽幅震 荡走势。全年布伦特原油均价 80 美元/桶，同比下降 2.8%；WTI 原油均价 76 美元/桶，同比下降 2.3%。全年煤炭供需处于宽松状态，库存维持高位， 价格震荡下行，2024 公司煤炭平均进价 692.68 元/吨，同比-14.69%。在居民 收入及消费信心趋稳、国家促消费政策逐步显效等因素的支撑下，我国纺服 内销市场稳中有增，2024 年 1-12 月限额以上服装鞋帽 ...

二、主要产品价格波动情况 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：2025-030 恒力石化股份有限公司 2025年一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。 | 主要产品 | 2025 年 | 1-3 | 月 | 2024 年 | 1-3 月 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | | 平均售价（元/吨） | | | | 炼化产品 | | | 5,181.99 | | 5,314.66 | -2.50 | | PTA | | | 4,388.69 | | 5,263.29 | -16.62 | | 新材料产品 | | | 6,963.22 | | 8,339.31 | -16.50 | 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 2025 年 一季度主要经营数据 ...

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：2025-029 恒力石化股份有限公司（以下简称"公司"）第九届监事会第十八次会议（以下 简称"本次会议"）于 2025 年 4 月 16 日以电话和电子邮件的方式发出通知。会议于 2025 年 4 月 21 日以现场方式召开，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。 出席会议的监事认真审议并一致通过了以下议案： 一、《2025年第一季度报告》 监事会认真审阅了公司《2025年第一季度报告》认为： 1、2025年第一季度报告的编制和审议程序符合法律、法规、《公司章程》和公 司内部管理制度的各项规定； 恒力石化股份有限公司 第九届监事会第十八次会议决议公告 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。 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。 ...