HYPC(000703) 光大证券·2024-04-23 01:32Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown significant performance growth in 2023, driven by high aromatics market conditions and improved polyester price spreads [4] - The company is actively expanding its production capacity, particularly with the ongoing Brunei Phase II project and other projects, which are expected to enhance future earnings [4][5] - The implementation of stock buybacks and employee stock ownership plans reflects the company's confidence in its future development [4] Summary by Sections Earnings Performance - In 2023, the company achieved a revenue of 136.1 billion yuan, a year-on-year decrease of 10%, while the net profit attributable to shareholders was 435 million yuan, an increase of 15.15 billion yuan year-on-year [3][4] - The fourth quarter alone saw a revenue of 34.6 billion yuan, a year-on-year increase of 20% [3] Market Conditions - Average prices for Brent crude oil, naphtha, PX, PTA, and POY in 2023 were 82 USD/barrel, 649 USD/ton, 8579 yuan/ton, 5862 yuan/ton, and 7703 yuan/ton, respectively, showing year-on-year declines of 17%, 17%, 2%, 3%, and 4% [4] - The price spreads for naphtha cracking, PX, PTA, and POY showed mixed results, with some improving due to recovering downstream demand [4] Capacity Expansion - The Brunei Phase II project is progressing steadily, with a signed engineering implementation agreement and ongoing construction activities [4] - Other projects include a PTA production project in Hainan and a nylon integrated project in Guangxi, both of which are expected to contribute to future production capacity [4] Shareholder Confidence - The company executed multiple stock buyback plans, repurchasing a total of 2.7 billion yuan worth of shares, indicating strong confidence in its future prospects [4]