Dongfang Shenghong (000301): First-quarter results improved month-on-month, and prosperity is expected to bottom out and rebound
Incident description The company released its report for the first quarter of 2024. The first quarter of 2024 achieved operating income of 36.739 billion yuan, an increase of 24.34% over the previous year; net profit to mother was 247 million yuan, a year-on-year decrease of 66.53 million yuan
Haitong International: In May, the filament installation plans to reduce parking burdens and increase, and industry supply and demand are expected to improve
The Zhitong Finance App learned that Haitong International released a research report saying that according to Zhuochuang information, it is planned to park the total polyester production capacity of 1.6 million tons/year for the two installations in Xiaoshan in May due to boiler modifications. Furthermore, according to Baichuan Yingfu, Tongxiang and some factories in Jiangsu plan to reduce the load by about 10% on May 13. Since May, the operating rate of polyester filament has declined somewhat. According to Zhuochuang information, as of May 9, the operating load of polyester filament was about 85%, down 2.77 percentage points from the end of April. If subsequent load reduction plans are implemented, the operating rate of filament is expected to drop further. The parking load of filament devices has increased, and industry supply and demand are expected to improve. suggestions
Research Report Nuggets丨Cathay Pacific Junan: Maintaining Dongfang Shenghong's “Gain” Rating and Lowering the Target Price to 11.76 Yuan
Gelonghui, May 15 | Guotai Junan Research Report indicates that Dongfang Shenghong (000301.SZ)'s 2023 and 2024Q1 results are under pressure, and it is expected that future performance will recover as downstream recovers. The company plans to strategically introduce Saudi Aramco and is expected to achieve a strong alliance. The target price was lowered to 11.76 yuan (previously 13.05 yuan), maintaining the “gain” rating. The bank is optimistic about the gradual recovery of refining and chemical profits, and there is plenty of room for improvement. The average price of crude oil in 2023 was about 83 US dollars/barrel, down 17% year on year. Benefiting from lower crude oil costs on the cost side and the recovery of downstream refined oil products and chemicals, the company's petrochemical and chemical products in 2023
Dongfang Shenghong (000301) Update Report: Performance Under Pressure to Deepen Integrated Whole-Industry Layout
Report guide: The company's 2023 and 2024Q1 performance is under pressure, and it is expected that future performance will recover as downstream recovers. The company plans to strategically introduce Saudi Aramco and is expected to achieve a strong alliance. Key investment points: maintain an increase in holdings rating and reduce profit
Deep*Company* Dongfang Shenghong (000301): Integrated refining and chemical production capacity released, 24Q1 gross sales margin repair
In 2023, the company achieved operating income of 140.404 billion yuan, an increase of 119.87% year on year; net profit to mother was 717 million yuan, an increase of 17.35% year on year. Achieved revenue of 367 in the first quarter of 2024.
Guohai Securities: The polyester filament industry is expected to reduce its profit level by one ton in the off-season
Outside of the traditional “three gold, silver, four” and “gold nine, silver ten” peak seasons, the profit level of polyester filament per ton is expected to be stable in the off-season. We are optimistic that the price difference of polyester filament will be repaired as domestic and foreign demand improves throughout the year.
Dongfang Shenghong (000301): Q1 performance was repaired month-on-month in '24, and profits are expected to improve further marginally as demand rebounds
Core view In 2024, the company achieved revenue of 36.739 billion yuan, +24.3% year over year; achieved net profit of 247 million yuan, or -66.5% year-on-year; achieved net profit of 86 million yuan after deduction.
Dongfang Shenghong (000301): Short-term pressure on Q1 performance continues to deepen the “1+N” industrial chain layout
Event: The company publishes its report for the first quarter of 2024. 2024Q1, the company achieved revenue of 36.7 billion yuan in a single quarter, +24% year over year and -0.2% month on month; realized net profit of 247 million yuan, year-on-year
Oriental Shenghong (000301.SZ): Asset impairment calculated in the first quarter was mainly for products in inventory and inventory products
Gelonghui, May 6 | Dongfang Shenghong (000301.SZ) said on the investor interactive platform that the asset impairment calculated by the company in the first quarter was mainly for products in inventory and inventory products. The company's inventory is calculated as a monthly weighted average, and the company strictly complies with the requirements of corporate accounting standards and conducts impairment tests on inventory at the end of each month to objectively and fairly calculate impairment preparations for assets that may show signs of impairment. This amount is the cumulative amount of monthly impairment accruals; it is not an asset impairment balance at the end of the period.
Express News | Oriental Shenghong: The price of EVA particles has rebounded slightly recently
Oriental Shenghong (000301): Refining and chemical releases benefits, asset impairment affects profits
Earnings grew steadily year on year in 2023, while 1Q24 profit declined year on year and reversed losses month-on-month. In 2023, the company achieved operating income of 140,440 billion yuan, a year-on-year increase of 119.87%; achieved net profit of 7.1 billion yuan to mother
Dongfang Shenghong (000301): 24Q1 performance is under pressure, and the refining and chemical price spread has picked up
Key investment points: Company announcement: In the first quarter of 2024, the company achieved operating income of 36.739 billion yuan, an increase of 24.34% over the previous year; net profit to mother was about 247 million yuan, a year-on-year decrease of 66.53%; net profit not attributable to mother was about
Oriental Shenghong (000301): There is room for optimization of refining and chemical costs, Saudi Arabia may increase capital or reduce debt ratio
The 2023 and 1Q24 results are in line with market expectations. The company announced 2023 results: operating income of 140.4 billion yuan, +120% year over year; thanks to the basic production of refining and chemical projects, net profit to mother was 720 million yuan, year-on-year +
Dongfang Shenghong (000301): Inventory impairment puts pressure on short-term profits and refines chemical performance potential
Incident: On April 25, 2024, Dongfang Shenghong released its 2023 annual report. In 2023, the company achieved operating income of 140,440 billion yuan, an increase of 119.87% over the previous year; achieved a net profit of 7.1 billion yuan
Express News | Dongfang Shenghong: Net profit of 247 million yuan in the first quarter fell 66.53% year on year
Guohai Securities released a research report on April 28 stating that it gave Dongfang Shenghong (000301.SZ) a purchase rating. The main reasons for the rating include: 1) the full release of the 16 million tons/year refining and chemical integration proj
Guohai Securities released a research report on April 28 stating that it gave Dongfang Shenghong (000301.SZ) a purchase rating. The main reasons for the rating include: 1) the full release of the 16 million tons/year refining and chemical integration project, with a net profit of +17% in 2023; 2) the proposed investment in Saudi Arabia and Aramco to strengthen cooperation in the petrochemical industry; 3) focusing on the field of new energy materials to accelerate material layout to promote energy transformation; 4) polyester filaments achieve differentiated competition, and there is a broad space for recycled polyester; 5) full coverage of “oil head”, “coal head” and “gas head” olefins to deepen the “1+N” industrial layout. (Mainichi Keizai Shimbun)
Dongfang Shenghong (000301) Comment: Performance has bottomed out and there are expectations for improvement in refining and chemical performance
Company announcement: In 2023, the company achieved operating income of 140.44 billion yuan, up 119.9% year on year; net profit to mother was 720 million, up 17.4% year on year; net profit after deducting non-return to mother was 220 million, up 155 million year on year
Dongfang Shenghong (000301) 2023 Annual Report Review Report: Refining and Chemical Integration Projects Fully Release “1+N” Strategy Steady and Far-reaching
Event: On April 25, 2024, Dongfang Shenghong released its 2023 annual report: achieved operating income of 140,440 billion yuan in 2023, +119.87% year-on-year; achieved a net profit of 7.17 billion yuan
Dongfang Shenghong (000301.SZ): Chemical products can be used as raw materials for aerospace and automobile parts production
Gelonghui, April 8 | Dongfang Shenghong (000301.SZ) said on the investor interactive platform that the company's chemical products can be used as raw materials for the production of aerospace and automobile parts.
Dongfang Shenghong (000301.SZ): The 800 tons/year POE pilot plant independently developed by the company has been successfully put into operation
Gelonghui March 15 | Dongfang Shenghong (000301.SZ) said on the investor interactive platform that the company is a world-leading energy and chemical enterprise that has vertically integrated the entire industry chain and has thoroughly laid out new energy and new materials businesses. In the field of photovoltaic new energy, all technical indicators of the company's photovoltaic grade EVA products have reached the advanced level of the industry, and production capacity and market share rank among the highest in the industry. In addition, the 800 tons/year POE pilot plant independently developed by the company has been successfully put into operation. In the future, the company plans that the total EVA production capacity will exceed 1 million tons and the total POE production capacity will be 500,000 tons, making every effort to build world-class photovoltaics
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