研報掘金丨華泰證券:維持恆力石化“買入”評級,新項目增量可期
華泰證券研報指出,恆力石化(600346.SH)24年歸母淨利潤70.4億元(扣非淨利潤52.1億元),同比+2%(扣非後同比-13%);其中24Q4歸母淨利潤19.4億元,同/環比+61%/+78%。Q4業績基本符合我們的前瞻預期(18.5億元),考慮公司成本及產品線重於芳烴的差異化優勢,維持“買入”評級。中長期伴隨油價中樞下行疊加供需格局優化,煉化及聚酯產業鏈盈利有望修復;而短期油價下行過程中,煉化企業或仍面臨存貨跌價損失及產業鏈去庫壓力。公司項目產能逐步投放,加快高端化工新材料產能佈局據年報,年內160萬噸/年高性能樹脂及新材料、恆力化纖年產40萬噸高性能特種工業絲、汾湖基地12條線功能性薄膜項目投產,南通基地12條線功能性薄膜和鋰電隔膜項目預計於25H1 投產,高端化工新材料加速佈局。
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