证券代码：002493 证券简称：荣盛石化 公告编号：2024-056 荣盛石化股份有限公司 关于与沙特阿美石油公司签署之"谅解备忘录"的进 展公告 2024 年 1 月 2 日，荣盛石化股份有限公司（以下简称"荣盛石化"或"公 司"）与 Saudi Arabian Oil Company（以下简称"沙特阿美"）签署了《谅解备忘 录》（以下简称"备忘录"）。备忘录显示，双方正在讨论荣盛石化（或其关联方） 拟收购沙特阿美全资子公司朱拜勒炼化公司（以下简称"SASREF"）的 50%股权， 并拟通过扩建增加产能提高产品灵活性、复杂度和质量。同时，双方也正在讨论 沙特阿美（或其关联方）对荣盛石化全资子公司宁波中金石化有限公司（以下简 称"中金石化"）不超过百分之五十（50%）股权的潜在收购，并联合开发中金石 化现有装置升级扩建。备忘录系双方基于合作意愿而达成的战略性、框架性约定， 已经公司第六届董事会第十六次会议审议通过，无需提交股东大会审议。董事会 授权公司总经理或其授权人士全权负责签署相关协议及办理相关事宜。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 ...

1 Rongsheng Petrochemical Co., Ltd. [Disclosure Time] 2024 Semi-annual Report 2024 Semi-annual Report 2024 Semi-annual Report Section I Important Notice, Table of Contents and Definitions The Board of Directors, the Board of Supervisors and the directors, supervi sors and senior management of the Company confirm that the contents in this se mi-annual report are true, accurate, and complete and have no false representati ons, misleading statements or material omissions, and they shall severally and joi ntly ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [12]. Core Views - The company's performance in the refining sector has significantly improved, driven by high oil prices and steady demand in the chemical fiber industry [2][6]. - The company is advancing multiple quality enhancement projects to increase product value, which is expected to further boost performance [6][7]. - The controlling shareholder has initiated a share buyback plan to enhance investor confidence and stabilize the company's development [6][7]. Financial Summary - The company's revenue for 2024 is projected to be 354.25 billion, with a year-on-year growth rate of 9.0% [1]. - The net profit attributable to shareholders is expected to reach 3.17 billion in 2024, reflecting a significant recovery with a year-on-year growth of 173.3% [1][7]. - The company's operating cash flow has improved dramatically, with a net cash flow from operating activities of 8.39 billion in the first half of 2024, up 468.29% year-on-year [2][6]. Segment Performance - The refining segment remains the largest contributor to revenue, with a revenue of 59.84 billion in the first half of 2024, up 8.68% year-on-year [2][6]. - The chemical products segment showed a slight decline in revenue, but profitability has improved, indicating a recovery in margins [2][6]. - The company has successfully launched a new α-olefin pilot plant, which is expected to enhance the supply of high-value products in the domestic market [6]. Market Position - The company has a total market capitalization of approximately 87.59 billion, with a circulating market value of about 82.16 billion [3]. - The stock price as of September 4, 2024, was 8.65, reflecting the market's response to the company's recent performance and strategic initiatives [3]. Future Outlook - The company is expected to achieve revenues of 401.04 billion and 451.37 billion in 2025 and 2026, respectively, indicating a positive growth trajectory [1][7]. - The projected EPS for 2024, 2025, and 2026 are 0.31, 0.46, and 0.55, respectively, suggesting a recovery in profitability [1][7].

Financial Performance - The company achieved a net profit of 858 million RMB in the first half of 2024, representing a year-on-year increase of 176.15% [1] - The significant recovery in performance is attributed to the optimization of large-scale refining and chemical integration facilities, enhancing production efficiency [2][3] Market Conditions - The company's stock price has been affected by macroeconomic conditions, industry status, and market sentiment, despite strong operational performance [1] - Fluctuations in crude oil prices impact raw material costs; generally, rising oil prices increase costs, while falling prices reduce them [2] Strategic Initiatives - The company is actively communicating with investors to convey its value and enhance market recognition [2] - A partnership with Aramco includes a framework agreement for mutual equity stakes and expansion projects, indicating a strong collaborative foundation [3] Research and Development - The company maintains a high level of R&D investment compared to peers, focusing on independent innovation and open collaboration [3] - The establishment of advanced R&D platforms supports the development of new technologies and products [3] Future Outlook - The company anticipates continued economic recovery in China, aiming for sustainable growth through quality improvements and investor returns [4] - Plans for share repurchase amounting to 7 billion RMB are primarily for convertible bonds and employee stock ownership plans, with potential for cancellation if not utilized within 36 months [4] Financial Management - The current debt-to-asset ratio stands at 75%, with ongoing strategies to manage and control this ratio for financial health [4] - The company is enhancing its raw material cost management and risk control measures in response to market volatility [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a net profit of 858 million yuan in H1 2024, marking a turnaround from losses in the previous year, driven by strong performance in its subsidiary Zhejiang Petrochemical [4][5] - The company is focusing on expanding its high-end petrochemical product lines and new material projects, which are expected to enhance profitability and growth [8][9] Financial Performance - In H1 2024, the company reported total revenue of 161.25 billion yuan, a year-on-year increase of 4.35%, with a gross profit margin of 12.4%, up by 2.8 percentage points [4][10] - The company’s revenue from refining products was 59.839 billion yuan, up 8.7% year-on-year, while chemical products revenue was 57.596 billion yuan, down 2.1% year-on-year [10] - The company’s R&D expenses decreased by 7.9 billion yuan year-on-year, with an R&D expense ratio of 1.5%, down by 0.6 percentage points [4][10] Market Position and Future Outlook - The company is positioned as a leading player in the private refining sector, with ongoing investments in new materials expected to drive future growth [8][9] - Revenue forecasts for 2024, 2025, and 2026 are projected at 352.9 billion yuan, 404.4 billion yuan, and 465 billion yuan respectively, with corresponding net profits of 3.049 billion yuan, 5.023 billion yuan, and 6.624 billion yuan [9][43]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][14]. Core Views - The company's refining and chemical product gross margins have improved year-on-year, with significant operational recovery at Zhejiang Petrochemical leading to a substantial profit turnaround in Q2 [1]. - The company is accelerating its global layout and deepening cooperation with Saudi Aramco, which is expected to enhance asset operation capabilities and expedite the implementation of new material projects [1]. - The report adjusts the net profit forecasts for 2024 and 2025 to 2.68 billion and 4.42 billion yuan respectively, with corresponding EPS of 0.26 and 0.44 yuan [1]. Financial Summary - For 2023, total revenue is projected at 325.11 billion yuan, with a year-on-year growth rate of 12.5%. The net profit attributable to the parent company is expected to be 1.16 billion yuan, reflecting a significant decline of 65.3% [1][7]. - The company’s total revenue for 2024 is estimated at 382.12 billion yuan, with a growth rate of 17.5%, and the net profit is forecasted to increase to 2.68 billion yuan, a growth of 131.1% [1][7]. - The projected PE ratios for 2024, 2025, and 2026 are 33x, 20x, and 17x respectively, with a target price set at 9.88 yuan based on a 38x PE for 2024 [1][2].

证券简称：荣盛石化 证券代码：002493 公告编号：2024-055 债券代码：149220 债券简称：20 荣盛 G2 荣盛石化股份有限公司 2020 年面向合格投资者公开发行绿色公司债券 2、债券简称：20 荣盛 G2 3、债券代码：149220 (第二期) 2024 年本息兑付暨摘牌公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 荣盛石化股份有限公司 2020 年面向合格投资者公开发行绿色公司债券（第 二期）（以下简称"本期债券"）将于 2024 年 9 月 2 日开始支付自 2023 年 9 月 2 日至 2024 年 9 月 1 日期间的最后一个年度利息和本期债券本金。为保证本次 兑付、摘牌工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：荣盛石化股份有限公司 2020 年面向合格投资者公开发行绿色 公司债券（第二期） 4、发行人：荣盛石化股份有限公司 第 1 页 共 5 页 债权登记日：2024 年 8 月 30 日 本息兑付日：2024 年 9 月 2 日 债券摘牌日：2024 年 9 月 2 日 ...

公司研究 24H1 业绩同比大增，控股股东持续增持彰显发展信心 ——荣盛石化（002493.SZ）2024 年半年报点评 收益表现 % 1M 3M 1Y 相对 0.35 -7.47 -16.21 绝对 -2.72 -16.52 -29.50 资料来源：Wind 买入（维持） 当前价：8.58 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 总股本(亿股) 101.26 总市值(亿元)： 868.77 一年最低/最高(元)： 8.27/12.59 近 3 月换手率： 13.59% 股价相对走势 -31% -21% -11% 0% 10% 08/23 11/23 03/24 06/24 荣盛石化 沪深300 相关研报 制定"质量回报双提升"方案，深化可持续 健康发展——荣盛石化（002493.SZ）公告 点评（2024-03-03） 大炼化景气修复，持续深化中沙战略合作— —荣盛石化（002493. ...

2024 年 08 月 28 日 荣盛石化 (002493) ——24H1 业绩同比改善，继续看好炼化景气修复 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司公告：2024 年上半年公司实现营业收入 1612.5 亿元，同比增长 4.35%；归母净利润 | --- | --- | |--------------------------|---------------------| | | | | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 8.60 | | 一年内最高/最低（元） | 12.70/8.27 | | 市净率 息率（分红/股价） | 2.01.16 | | 流通 A 股市值（百万元） | 81,685 | | 上证指数/深证成指 | 2,848.73/8,103.76 | 预计业绩提升主要源于油价上涨带来的库存收益以及化工品的景气修复，子公司浙石化实 注："息率"以最近一年已公布分红计算 现净利润 20.3 亿元，同比提升 37.8 亿。价差方面，我们计算 24Q2 浙江石化炼化平均价 差为 1493 元/吨，环比下降 4%，但二季度芳烃产品维持高景 ...

Investment Rating - The report assigns a "Buy" rating to Rongsheng Petrochemical (002493 SZ) for the first time [1] Core Views - Rongsheng Petrochemical's H1 2024 performance shows significant improvement with a turnaround in net profit attributable to parent company and enhanced profitability [1] - The company's refining products drove performance while chemical products saw improved profitability despite cost constraints [4] - Cash flow increased substantially, providing a "safety cushion" for stable development [5] - The integrated refining and chemical sector's advantages are expected to gradually emerge [6] Financial Performance - H1 2024 revenue reached 161 25 billion yuan, up 4 35% YoY [3] - Net profit attributable to parent company was 858 million yuan, a 176 15% YoY increase [3] - Q2 2024 revenue was 80 16 billion yuan, down 5 48% YoY and 1 14% QoQ [3] - Operating cash flow improved from -2 279 billion yuan in H1 2023 to 8 393 billion yuan in H1 2024 [5] - Cash and cash equivalents balance increased by 3 645 billion yuan to 17 01 billion yuan [5] Business Segments - Refining products revenue reached 59 8 billion yuan, up 4 8 billion yuan YoY with gross margin increasing by 1 1 percentage points [4] - Chemical products revenue decreased by 1 2 billion yuan but gross margin rose significantly by 7 03 percentage points to 14 72% [4] - PTA and polyester film board segments generated 26 1 billion yuan and 8 5 billion yuan respectively [4] - Subsidiary Zhejiang Petrochemical turned profitable with 2 03 billion yuan net profit [4] Integrated Refining and Chemical Project - Zhejiang Petrochemical has become a world-class integrated refining and chemical base with annual capacities of 40 million tons of oil refining, 8 8 million tons of paraxylene, and 4 2 million tons of ethylene processing [6] - The project features the world's largest single-series scale for multiple units including hydrogenation, reforming, and PX [6] - The integration rate ranks first globally, maximizing downstream chemical product production efficiency and extending the chemical industry chain [6] Financial Forecasts - 2024-2026 EPS predicted at 0 42, 0 68, and 0 86 yuan respectively [7] - Current PE ratios for 2024-2026 estimated at 20 5x, 12 5x, and 9 9x [7] - 2024-2026 revenue growth forecasted at 9 8%, 10 3%, and 5 4% respectively [11] - Net profit attributable to parent company expected to grow 265 4% in 2024 and 63 6% in 2025 [11] - ROE projected to increase from 1 2% in 2023 to 7 6% in 2026 [11]