HLGF(600346) 信达证券·2025-04-22 01:23Investment 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]