HLGF(600346) 光大证券·2025-04-23 06:13Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates resilience in performance, aiming to build a "growth + return" type of listed enterprise [1] - The company achieved a revenue of 236.3 billion yuan in 2024, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 7.044 billion yuan, up 2% year-on-year [5] - The company continues to implement a high dividend policy, proposing a cash dividend of 0.45 yuan per share for 2024, which is approximately 31.7 billion yuan, accounting for about 44.97% of the net profit attributable to shareholders [8] Financial Performance - In Q4 2024, the company reported a revenue of 58.5 billion yuan, a year-on-year decrease of 5%, but a net profit of 1.939 billion yuan, which is a significant increase of 61% year-on-year [5] - For Q1 2025, the company recorded a revenue of 57 billion yuan, down 2.3% year-on-year, and a net profit of 2.051 billion yuan, down 4.1% year-on-year [6] Production Capacity and Growth - The company has successfully launched several new production capacities, including a 1.6 million tons/year high-performance resin and new materials project, and a 400,000 tons/year high-performance industrial yarn project [7] - The company is expected to gradually launch additional projects, enhancing its position in the high-value-added new materials industry [7] Profit Forecast and Valuation - The company is projected to achieve net profits of 9.228 billion yuan, 10.538 billion yuan, and 11.606 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.31 yuan, 1.50 yuan, and 1.65 yuan [9][10] - The report maintains the profit forecast for 2025-2026 and adds a new forecast for 2027, indicating sustained growth potential [9]