HLGF(600346) 长江证券·2025-04-22 09:46Investment 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]