Investment Rating - The report maintains a "Buy" rating and adjusts the earnings forecast downward while raising the target price to 12.23 CNY from the previous 11.20 CNY [1][6]. Core Views - The company's performance in Q3 was under pressure due to oil price fluctuations and weaker-than-expected demand recovery. The partnership with Saudi Aramco aims to expand the downstream market, and the controlling shareholder's continued stock buyback reflects confidence in the company's long-term development [2][4]. Financial Summary - Revenue for 2022 was 289,095 million CNY, with a projected increase to 341,429 million CNY in 2024, reflecting a growth rate of 5.0% [3]. - Net profit attributable to shareholders was 3,341 million CNY in 2022, expected to rise to 1,352 million CNY in 2024, indicating a 16.8% increase [3]. - Earnings per share (EPS) is forecasted to be 0.13 CNY in 2024, up from 0.11 CNY in 2023 [3]. - The return on equity (ROE) is projected to improve significantly from 2.6% in 2023 to 20.8% in 2026 [3]. Q3 Performance Insights - In the first three quarters of 2024, the company achieved a net profit of 877 million CNY, a year-on-year increase of 714.73%. However, Q3 net profit dropped to 19 million CNY, a decline of 98.48% year-on-year [1][2]. - The average oil price in Q3 was 78.60 USD/barrel, down 6.44 USD/barrel from Q2, leading to a decline in the average prices of related chemical products [1][4]. Strategic Developments - The company signed multiple strategic agreements with Saudi Aramco to explore the downstream market and develop overseas markets through mutual equity participation and project collaboration [1][2]. - The controlling shareholder plans to increase their stake in the company by investing between 500 million CNY and 1 billion CNY, without setting a price range for the buyback [1][2].

Investment Rating - The investment rating for Rongsheng Petrochemical is maintained at "Buy" [1] Core Views - The report highlights that the company's performance is under pressure due to cost fluctuations, but ongoing projects are progressing in an orderly manner [1] - The third quarter saw a decline in revenue, with a year-on-year decrease of 0.68%, although there was a quarter-on-quarter increase of 4.72% [1] - The report emphasizes the company's strategic focus on extending and supplementing its supply chain, reducing oil dependency, and enhancing product value [1][4] Financial Performance - For the third quarter, Rongsheng Petrochemical reported operating revenue of 245.196 billion yuan, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 877 million yuan, which represents a year-on-year increase of 714.73% [1] - The report projects the company's net profit attributable to shareholders for 2024-2026 to be 1.617 billion, 3.480 billion, and 5.114 billion yuan respectively, with corresponding P/E ratios of 60.80X, 28.26X, and 19.22X [4][6] - The company is expected to maintain stable gross margins around 11.3% to 12.0% over the forecast period [6] Project Developments - The report mentions the successful trial operation of the α-olefin pilot plant and the production of qualified products from the rare earth butadiene rubber facility, which has a capacity of 100,000 tons per year [1][2] - Ongoing projects include significant investments in new materials, with a total planned investment of 67.5 billion yuan for various production facilities [1][2] Strategic Partnerships - Rongsheng Petrochemical is collaborating with Saudi Aramco to explore the acquisition of a 50% stake in the Jubail Refinery and to enhance production capacity and product quality [3] - The partnership aims to leverage both companies' strengths for mutual growth and development in the petrochemical sector [3]

Summary of Conference Call Company and Industry - The conference call involved **Rongsheng Petrochemical**, discussing its Q3 2024 operational performance and production updates in the petrochemical industry. Key Points and Arguments Operational Updates 1. **Production Capacity Enhancements**: - The company has completed the commissioning of a new 300 million tons light oil processing unit, achieving a conversion rate exceeding 90%, which is industry-leading [2]. - Upgrades to the catalytic gasoline unit have increased processing flexibility, allowing for over 1 million tons of feedstock to be supplied to the reforming unit annually [2]. 2. **Financial Performance**: - For the first three quarters of 2023, the company reported revenues of **245.2 billion yuan**, a year-on-year increase of **2.6%**. Q3 alone generated **83.9 billion yuan** [4]. - The total assets reached **395.8 billion yuan**, with operating cash flow of **19.7 billion yuan**, reflecting a **976%** increase year-on-year [4]. 3. **Segment Performance**: - The refining segment achieved a profit of **2.656 billion yuan**, while the PTA segment incurred a loss of **365 million yuan**. The polyester film segment remained flat [5]. - Q3 saw a processing volume of over **11 million tons** of crude oil, with a utilization rate above **110%** for certain units [5]. Market Dynamics 4. **Oil Price Fluctuations**: - The average oil price experienced significant volatility, impacting profit margins. The average oil price decreased by **7.6%** in Q3 [5][12]. - The company anticipates that a decrease in oil prices could lead to a reduction in production costs, potentially saving **10 billion yuan** if oil prices drop to **$70 per barrel** [13]. 5. **Demand Trends**: - The overall demand for refined products has been weak, with the market showing signs of reaching a peak [36]. The company has adjusted its production strategies accordingly [37]. Strategic Initiatives 6. **Collaboration with Saudi Aramco**: - The company is progressing with a partnership with Saudi Aramco, involving the acquisition of a 50% stake in its subsidiary and expansion projects [10]. 7. **Investment in New Projects**: - The company is focusing on high-performance materials and new energy materials, with significant capital expenditures planned for the coming years [28][29]. 8. **Tax and Regulatory Environment**: - The company reported a **20 billion yuan** increase in taxes and additional charges, primarily due to increased sales volumes in Q1 [25]. Future Outlook 9. **Market Positioning**: - The company aims to enhance its competitive edge in the PX market, anticipating stable demand growth driven by PTA and polyester sectors [22][24]. - The long-term outlook for PX profitability remains positive, despite short-term fluctuations in pricing and demand [22]. 10. **Capital Expenditure Plans**: - The company plans to maintain flexibility in its capital expenditure, with a focus on optimizing investments based on market conditions [30]. Other Important Content - The company maintains a high operational flexibility in its refining processes, allowing for adjustments based on market demand [37]. - The strategic focus on high-value chemical products is expected to improve overall profitability and reduce reliance on traditional refined products [38]. This summary encapsulates the key insights from the conference call, highlighting the company's operational performance, market dynamics, strategic initiatives, and future outlook in the petrochemical industry.

Third quarterly report 2024 Stock code: 002493 Stock Abbreviation: Rongsheng Petrochemical Announcement No.: 2024-059 Rongsheng Petrochemical Co., Ltd. 2024 Third Quarterly Report The Company and all members of the Board of Directors confirm that the information disclosed is true, accurate and complete, and has no false representations, misleading statements or material omissions. Important Content Notice: 1. The Board of Directors, the Board of Supervisors and the directors, supervisors and senior manageme ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported a revenue of 215.196 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 877 million yuan, a significant year-on-year increase of 714.73% [2][7]. - In Q3 2024, the company achieved a revenue of 83.947 billion yuan, a year-on-year decrease of 0.68% but a quarter-on-quarter increase of 4.72%. The net profit attributable to shareholders was 19 million yuan, a drastic year-on-year decrease of 98.48% and a quarter-on-quarter decrease of 93.87% [2][7]. - The demand for chemical products is still at a low point, and Q3 performance is under short-term pressure. However, if terminal consumer demand improves, profitability is expected to recover [7]. - The demand for refined oil has declined, but the refining segment is expected to recover, supported by export quotas and potential demand increases from downstream PTA capacity [7]. - The company is set to benefit from the production of high-value-added products, with several projects progressing well, which may help restore performance [7]. - The company is projected to have net profits of 1.3 billion yuan, 4.5 billion yuan, and 6.5 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.13 yuan, 0.44 yuan, and 0.64 yuan [7][8]. Financial Data Summary - For 2024, the company is expected to generate a revenue of 337.856 billion yuan, with a growth rate of 3.92% [8]. - The projected EBITDA for 2024 is 31.3 billion yuan, with a significant increase in net profit expected in subsequent years [8]. - The company’s asset-liability ratio stands at 75.93%, indicating a high level of debt relative to its assets [5].

Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" [1]. Core Views - Weak supply and demand have led to compressed profitability for refining products, putting short-term pressure on the company's performance. The international oil price fluctuated in the first three quarters of 2024, with Brent's average price at $81.6 per barrel, remaining stable compared to the same period last year [1][2]. - The refining sector is undergoing continuous consolidation, and the company's advantages are expected to drive growth in performance. By 2025, domestic crude oil processing capacity is expected to be controlled at 1 billion tons, with large-scale refining enterprises accounting for about 55% of the capacity [1][2]. - Incremental capacity is gradually being realized, and high-end products are steadily advancing. The company has announced the commissioning of several new production facilities, which are expected to enhance the depth and breadth of its industrial chain [2]. Financial Summary - In Q3 2024, the company achieved operating revenue of 245.196 billion yuan, a year-on-year increase of 2.57%. The net profit attributable to the parent company was 877 million yuan, a year-on-year increase of 714.73% [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.264 billion, 2.599 billion, and 4.275 billion yuan, with year-on-year growth rates of 9.1%, 105.6%, and 64.5% respectively [2][4]. - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.12, 0.26, and 0.42 yuan, with corresponding price-to-earnings (P/E) ratios of 75.54, 37.74, and 22.34 [2][4].

顺丁橡胶具有优异的耐磨性、优良的耐屈挠性、较低的生热性和极佳的低 温性能，可广泛使用于轮胎、鞋、输送带、胶管及橡胶制品等。浙石化年产 10 万吨顺丁稀土橡胶/共线年产 7 万吨镍系顺丁橡胶装置中稀土顺丁橡胶装置的投 产，有助于提高国内稀土顺丁橡胶的供应能力，确保国内相关产业供应链供应 安全。此次投产的稀土顺丁橡胶装置规模为 10 万吨/年，单套产能目前位居国 内第一位，稀土顺丁橡胶产能居全国第二，新投产的稀土顺丁橡胶和先前投产 的镍系顺丁橡胶及溶聚丁苯橡胶的合计产能位居全国前列。 目前投产装置的各项工艺技术指标达到国际先进水平，竞争优势明显。公 司将继续以安全生产为首要任务，优化工艺参数，提升运行水平，以实际行动 践行双碳减排，持续推动公司高质量发展。 特此公告。 荣盛石化股份有限公司董事会 2024 年 10 月 29 日 证券代码：002493 证券简称：荣盛石化 公告编号：2024-060 荣盛石化股份有限公司 关于浙江石油化工有限公司顺丁稀土橡胶装置产出 合格产品的公告 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。 荣盛石化股份有限公司（以下简称"公 ...

证券代码：002493 证券简称：荣盛石化 公告编号：2024-058 荣盛石化股份有限公司 第六届监事会第十九次会议决议公告 本公司及监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、监事会会议召开情况 荣盛石化股份有限公司（以下简称"公司"或"荣盛石化"）第六届监事会 第十九次会议通知于 2024 年 10 月 23 日以电子邮件、书面形式送达公司全体监 事。监事会会议于 2024 年 10 月 29 日以通讯方式召开，会议由公司监事会主席 孙国明先生主持，监事会会议应出席的监事 3 人，实际出席会议的监事 3 人，其 中，以通讯表决方式出席的监事 3 人。本次监事会会议的召开符合《公司法》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 二、监事会会议审议情况 经与会监事认真审议，充分讨论，以记名投票方式表决，会议审议通过了以 下议案： 1.《关于 2024 年第三季度报告的议案》 公司 2024 年第三季度报告详见公司指定信息披露媒体巨潮资讯网 （http://www.cninfo.com.cn），报告于 2024 年 10 月 30 日同 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥83,946,567,914.37, a decrease of 0.68% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥18,742,137.68, down 98.48% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥15,815,885.95, a decrease of 98.74% compared to the same period last year[2] - Total operating revenue for Q3 2024 reached ¥245.20 billion, an increase of 2.4% compared to ¥239.05 billion in Q3 2023[14] - Net profit for Q3 2024 was ¥1.80 billion, a significant recovery from a net loss of ¥654.19 million in Q3 2023[15] - Operating profit for Q3 2024 was ¥2.14 billion, compared to an operating loss of ¥645.40 million in the same period last year[14] - The company achieved a basic earnings per share of ¥0.09, up from ¥0.01 in the previous year[15] - The company reported a total comprehensive income of ¥1.78 billion for Q3 2024, compared to ¥239.04 million in Q3 2023[15] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥395,833,160,875.00, representing an increase of 5.58% from the end of the previous year[2] - The company reported a total asset of RMB 395.83 billion at the end of Q3 2024, an increase from RMB 374.92 billion at the beginning of the period, reflecting a growth of approximately 5.4%[10] - Current assets totaled RMB 102.50 billion, up from RMB 91.33 billion, indicating a growth of about 12.4%[10] - Total liabilities amounted to RMB 300.54 billion, compared to RMB 280.25 billion at the start of the period, marking an increase of around 7.2%[13] - The company's equity attributable to shareholders decreased slightly to RMB 43.85 billion from RMB 44.34 billion, a decline of about 1.1%[13] Cash Flow - The cash flow from operating activities for the year-to-date period reached ¥19,716,461,144.30, an increase of 976.18% year-on-year[6] - The company reported a net cash flow from operating activities of ¥19.72 billion, a turnaround from a negative cash flow of ¥2.25 billion in Q3 2023[17] - Net cash flow from investing activities was -$23.91 billion, compared to -$21.30 billion in the previous year, indicating an increase in cash outflow[18] - Cash inflow from financing activities totaled $133.42 billion, up from $126.64 billion year-over-year[18] - Cash outflow for debt repayment was $98.28 billion, significantly higher than $72.20 billion in the same quarter last year[18] - The net increase in cash and cash equivalents was $16.41 billion, compared to $14.96 billion in the previous year[18] - The ending balance of cash and cash equivalents was $27.90 billion, down from $30.42 billion year-over-year[18] Expenses - The company's R&D expenses for the year-to-date period were ¥377,281.40 million, a decrease of 38.81% compared to the previous year[6] - Research and development expenses decreased to ¥3.77 billion from ¥6.17 billion year-over-year, indicating a 38.8% reduction[14] - The company's management expenses increased by 32.70% year-on-year, totaling ¥79,212.88 million[6] - Total operating costs for Q3 2024 were ¥244.89 billion, slightly up from ¥240.28 billion in Q3 2023[14] - Tax expenses for Q3 2024 were ¥298.16 million, compared to a tax benefit of ¥721.98 million in Q3 2023[15] - Other comprehensive income after tax was negative at ¥25.00 million, contrasting with a positive amount of ¥171.26 million in the same quarter last year[15] Shareholder Information - The total equity attributable to shareholders at the end of Q3 2024 was ¥43,847,242,345.65, a decrease of 1.10% from the end of the previous year[2] - The number of ordinary shareholders at the end of the reporting period was 96,693[7] Other Information - The company reported a significant increase in prepayments, which rose by 97.52% to ¥294,962.85 million compared to the previous year[5] - The company’s accounts receivable rose to RMB 5.20 billion from RMB 4.74 billion, reflecting an increase of approximately 9.8%[10] - Inventory decreased to RMB 54.57 billion from RMB 61.73 billion, a decline of about 11.5%[10] - The company’s short-term borrowings decreased to RMB 41.13 billion from RMB 44.81 billion, a reduction of approximately 8.0%[12] - The company’s long-term borrowings increased to RMB 128.74 billion from RMB 125.18 billion, an increase of about 2.0%[13] - The company’s total equity increased to RMB 95.29 billion from RMB 94.67 billion, reflecting a growth of approximately 0.7%[13] - The impact of exchange rate changes on cash and cash equivalents was -$245 million, slightly better than -$289 million in the previous year[18] - The third quarter report was not audited, indicating that the figures may be subject to change[19]

证券代码：002493 证券简称：荣盛石化 公告编号：2024-057 荣盛石化股份有限公司 第六届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 荣盛石化股份有限公司（以下简称"公司"或"荣盛石化"）第六届董事会第 二十次会议通知于 2024 年 10 月 23 日以电子邮件、书面形式送达公司全体董事。 董事会会议于 2024 年 10 月 29 日以通讯方式召开，会议由公司董事长李水荣先 生主持，会议应出席的董事 9 人，实际出席会议的董事 9 人，其中，以通讯表决 方式出席的董事 9 人。本次董事会会议的召开符合《公司法》等法律、行政法规、 部门规章、规范性文件及《公司章程》的有关规定。 1.《关于 2024 年第三年季度报告的议案》 公司 2024 年第三季度报告详见公司指定信息披露媒体巨潮资讯网 （http://www.cninfo.com.cn），报告于 2024 年 10 月 30 日同时刊登于公司指定媒 体《证券时报》及《中国证券报》（公告编号：2024-059）。 表决结果：同意 9 票，反 ...