恒力石化2026年第一季度报告：利润大幅增长，原材料降价、产品价格上涨驱动业绩爆发

一、报告亮点汇总

• 归母净利润同比增长90.65%，利润总额同比翻番
• 重大非经常性损益影响利润
• 经营性现金流下滑41.30%，库存增加
• 公司采取“保价惜售”策略，阶段性囤货
• 原材料价格下跌+下游产品价格提升，毛利空间大幅提升
• 公司总资产、净资产均稳步提升
• 主要股东持股结构稳定，大比例股份质押

二、详细财务数据与关键变动解读

1. 业绩爆发：净利润与利润总额大幅增长

2026年第一季度，恒力石化实现营业收入491.9亿元，同比下降13.74%；但归属于上市公司股东的净利润为39.1亿元，同比大幅增长90.65%。利润总额为51.1亿元，同比大涨95.88%。公司归因于原油价格回落，PTA及下游新材料价格同比上涨，带动毛利率显著提升。

2. 非经常性损益对利润影响巨大

非经常性损益本期高达15.03亿元，主要来自于政府补助（7.76亿元）、金融资产及负债公允价值变动和处置收益（15.50亿元），但也有部分资产处置损失（-1398万元）、其他营业外支出（-1.82亿元）等。扣除非经常性损益后，归母净利润为24.07亿元，同比增幅94.27%。
投资者需关注，非经常性收益对本期利润贡献显著，持续性存疑，未来利润波动风险需警惕。

3. 经营现金流下滑，库存高企，销售策略调整

经营活动产生的现金流净额为45.46亿元，同比下降41.30%。公司表示，因对化工品市场行情看涨，采取“保价惜售”策略，导致一季度产品库存阶段性增加，推高存货（期末达322亿元）。
该策略若后续市场行情与预期不符，可能带来存货跌价损失和现金流压力。对投资者构成潜在风险。

4. 资产负债结构优化，总资产及归母净资产双升

• 总资产：2765.67亿元，环比增长5.46%
• 归属于上市公司股东的净资产：707.05亿元，环比增长5.89%
• 流动资产大幅增加，主要系货币资金、存货和应收票据增长
• 负债总额：2058亿元，资产负债率维持在74%左右

5. 股东结构与股份质押

恒力集团、恒能投资、范红卫等一致行动人合计持股超过70%。主力股东恒力集团、恒能投资分别质押了7.8亿股和4.98亿股，需关注潜在的股权质押风险，但目前未见强平迹象。

三、分项财务表解读

合并资产负债表

• 货币资金大幅提升至338.44亿元
• 存货环比大幅增加（23.7亿→32.2亿元）
• 短期借款、应付票据、应付账款等流动负债均有明显提升，显示公司资金压力上升

合并利润表

• 营业收入同比下降13.74%
• 营业总成本同比下降，主要系原材料价格下降
• 公允价值变动收益大幅增加至17.03亿元，为利润主要增量

合并现金流量表

• 投资活动现金流净流出40.75亿元，投资支出大幅增加
• 筹资活动现金流净流入22.77亿元，主要靠新借款融资
• 期末现金余额258.95亿元，整体资金充裕

四、投资者需重点关注事项（潜在影响股价）

1. 利润大幅增长主要受益于原材料降价与产品涨价，后续可持续性存疑
2. 非经常性损益对净利润贡献度高，未来若无类似项目，业绩或有下滑风险
3. 公司“保价惜售”导致库存增加，若后续市场下行，可能带来存货跌价与现金流紧张
4. 大比例股份质押，需关注股权质押潜在风险

五、结论

恒力石化2026年一季度业绩表现抢眼，实现利润翻番，主要受益于原材料价格回落和下游产品价格上涨，但公司业绩受非经常性损益影响较大，且库存高企带来一定风险。投资者应关注公司后续存货去化及业绩持续性，警惕行情变化带来的潜在业绩波动和现金流压力。

免责声明：本文仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。请投资者结合自身情况独立判断。

English Version

Hengli Petrochemical Q1 2026: Net Profit Doubles, Driven by Raw Material Cost Drop and Product Price Rise

Key Highlights

• Net profit attributable to shareholders up 90.65% YoY, total profit nearly doubled
• Significant non-recurring (one-off) gains impact profit
• Operating cash flow down 41.3%, inventory levels rise sharply
• Company adopts “price protection, hoarding” strategy, leading to higher inventory
• Raw material costs drop + downstream product prices rise, gross margin expands substantially
• Total assets and net assets both see healthy growth
• Shareholding structure stable, but large proportion of shares pledged

Detailed Financials and Key Changes

1. Explosive Earnings: Net Profit and Total Profit Surge

In Q1 2026, Hengli Petrochemical posted revenue of RMB 49.19 billion, down 13.74% YoY; but net profit attributable to shareholders soared to RMB 3.91 billion, up 90.65% YoY. Total profit reached RMB 5.11 billion, up 95.88%. The company attributes this to a sharp drop in crude oil prices and rising prices for PTA and new downstream materials, resulting in a significant gross margin expansion.

2. Non-recurring Gains Significantly Impact Profits

Non-recurring gains reached RMB 1.5 billion, mainly from government subsidies (RMB 775 million), fair value changes and disposal gains of financial assets and liabilities (RMB 1.55 billion), offset by some asset disposal losses and other non-operating expenses. Net profit after deducting non-recurring gains was RMB 2.41 billion, up 94.27% YoY.
Investors should note: Non-recurring items contributed significantly to profits this quarter; the sustainability of such gains is uncertain and may pose volatility risks for future earnings.

3. Operating Cash Flow Down, Inventory Surges, Sales Strategy Shift

Net operating cash flow was RMB 4.55 billion, down 41.3% YoY. The company explained that it adopted a “price protection, hoarding” strategy in anticipation of higher chemical prices, resulting in higher inventories (RMB 32.2 billion at quarter-end).
If market trends deviate from expectations, Hengli faces potential inventory impairment and cash flow pressure—an investor risk factor.

4. Balance Sheet: Assets and Net Assets Both Up

• Total assets: RMB 276.6 billion, up 5.46% QoQ
• Net assets attributable to shareholders: RMB 70.7 billion, up 5.89% QoQ
• Current assets rose sharply, mainly due to increased cash, inventories, and notes receivable
• Total liabilities: RMB 205.8 billion, asset-liability ratio around 74%

5. Shareholding Structure and Pledge Risk

Hengli Group, Hengneng Investment, and Fan Hongwei (and related parties) collectively control over 70% of shares. Main shareholders have pledged significant portions of their shares (780 million and 498 million shares, respectively). While no forced liquidation observed, investors should be mindful of potential pledge risk.

Segment Financial Table Analysis

Consolidated Balance Sheet

• Cash and cash equivalents rose sharply to RMB 33.84 billion
• Inventories increased significantly (RMB 23.7bn → RMB 32.2bn)
• Short-term borrowings, notes and accounts payable, and other current liabilities also rose, indicating higher funding pressure

Consolidated Income Statement

• Revenue down 13.74% YoY
• Total operating costs declined, mainly due to lower raw material costs
• Fair value gains surged to RMB 1.7 billion, a key profit driver

Consolidated Cash Flow Statement

• Net cash outflow from investing activities: RMB 4.08 billion, with significant investment spending
• Net cash inflow from financing activities: RMB 2.28 billion, mainly from new borrowings
• Ending cash balance RMB 25.89 billion, overall liquidity remains sound

Potentially Price-Sensitive Issues for Investors

1. Profit surge mainly due to raw material price drop and product price rise; sustainability is uncertain
2. Non-recurring gains contributed heavily to profits; future performance may be at risk without similar items
3. “Price protection, hoarding” strategy led to increased inventory; potential inventory write-down and cash flow risk if market turns
4. High proportion of shares pledged by main shareholders, potential pledge risk

Conclusion

Hengli Petrochemical posted stellar Q1 2026 results, with profits doubling on the back of lower raw material costs and higher product prices. However, profits were heavily impacted by non-recurring gains, and the company’s “hoarding” strategy has led to higher inventory and potential risks. Investors should closely monitor inventory changes and future earnings sustainability, and be alert to possible cash flow and pledge risks.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing involves risks; please make decisions based on your own judgment.

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