东海证券晨会纪要-20250424

Group 1: Hengli Petrochemical (600346) - The company achieved a slight increase in net profit in 2024, with total revenue of 236.40 billion yuan, up 0.65% year-on-year, and a net profit of 7.04 billion yuan, up 2.01% year-on-year [5] - In Q1 2025, the company reported revenue of 57.02 billion yuan, down 2.34% year-on-year, but net profit improved by 5.78% quarter-on-quarter to 2.05 billion yuan [5][6] - The decline in energy costs, with Brent crude oil averaging $80 per barrel in 2024, down 2.8% year-on-year, and coal prices also decreasing, has enhanced the company's cost advantages [6] - The polyester new materials segment saw significant growth, with sales reaching 5.64 million tons in 2024, up 38% year-on-year, contributing to a revenue of 41.77 billion yuan [6] - The company maintained a strong cash flow with net cash flow from operating activities of 22.73 billion yuan in 2024, and a dividend payout ratio of 44.97% [7] - EPS forecasts for 2025 and 2026 are adjusted to 1.10 yuan and 1.57 yuan respectively, with a "buy" rating maintained due to the company's strong dividend potential [8] Group 2: Tongli Co., Ltd. (834599) - The company reported a total revenue of 6.145 billion yuan in 2024, a year-on-year increase of 4.85%, and a net profit of 793 million yuan, up 29.03% year-on-year [10] - Growth in revenue was driven by increased sales of new energy vehicles and autonomous driving models, with new energy products accounting for about 20% of total sales [11] - The company is focusing on large-scale products, with the launch of a 180-ton rigid mining truck and plans for a 220-ton model, targeting high-end markets [11] - The overseas market is expanding rapidly, with exports of non-road dump trucks increasing by 13.7% year-on-year in 2024, and the company is establishing a global sales service system [12] - EPS forecasts for 2025-2027 are projected at 9.41 million yuan, 10.39 million yuan, and 11.29 million yuan respectively, maintaining a "buy" rating [12]