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]

| --- | --- | --- | |-------------------------------------------|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------| | | | 炼化盈利改善，股东增持彰显信心 | | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： | 2024-08-28 | ⚫[Table_Summary] 事件描述 | | [Table_BaseData] 收盘价（元） | | 事件 1：8 月 26 日，荣盛石化发布 2024 年半年报，实现营业收入 | | 近 12 个月最高/ | 最低（元） 12.50/8.35 | 1612.50 亿元，同比+4.35%；实现归母净利润 8.58 亿元，同比 | | 总股本（百万股） | | +176.15%；实现扣非 ...

证券研究报告 非金融公司|公司点评|荣盛石化（002493） 短期承压，期待复苏 glzqdatemark1 证券研究报告 |报告要点 荣盛石化于 2024 年 8 月 27 日发布 2024 年半年度报告，2024H1 公司实现营业收入 1612.50 亿元，同比增加 4.35%，实现归母净利润 8.58 亿元，同比增加 176.15%。其中，2024Q2 实现 营业收入 801.61 亿元，同比减少 5.48%，环比减少 1.14%，2024Q2 实现归母净利润 3.06 亿元， 同比减少 10.44%，环比减少 44.68%。 |分析师及联系人 许隽逸 陈律楼 SAC：S0590524060003 SAC：S0590524080002 荣盛石化(002493) 短期承压，期待复苏 | --- | --- | |------------|---------------------| | 行 业： | 石油石化/炼化及贸易 | | 投资评级： | 买入（首次） | | 当前价格： | 8.60 元 | 基本数据 | --- | --- | |-------------------------|------- ...

| --- | --- | |----------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 炼化盈利同比明显修复，控股股东增持加注发展信心 | | 公司研究 | [Table_ReportDate] 2024 年 8 月 28 日 | | [Table_ReportType] 点评报告 | [Table_S 事件：202ummar 4 年y]8 月 27 日，荣盛石化发布 2024 年半年度报告。2024 年上 | | [Table_StockAndRank] 荣盛石化(002493.SZ) | 半年公司实现营业收入 1612.50 亿元，同比增长 4.35%；实现归母净利润 | | 投资评级 买入 | 8.58 亿元，同比增长 176.15% ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥161.25 billion, an increase of 4.35% compared to ¥154.53 billion in the same period last year[13]. - The net profit attributable to shareholders was approximately ¥857.93 million, a significant recovery from a loss of ¥1.13 billion in the previous year, representing a 176.15% increase[13]. - The net cash flow from operating activities reached approximately ¥8.39 billion, a substantial improvement of 468.29% compared to a negative cash flow of ¥2.28 billion in the same period last year[13]. - Basic and diluted earnings per share were both ¥0.09, recovering from a loss of ¥0.11 per share in the previous year, marking an increase of 181.82%[13]. - The total assets of the company at the end of the reporting period were approximately ¥386.10 billion, reflecting a growth of 2.98% from ¥374.92 billion at the end of the previous year[13]. - The net assets attributable to shareholders decreased slightly by 0.91% to approximately ¥43.93 billion from ¥44.34 billion at the end of the previous year[13]. - The weighted average return on equity improved to 1.93%, recovering from a negative 2.42% in the previous year[13]. - The company's R&D investment decreased by 24.18% to approximately ¥2.50 billion, down from ¥3.29 billion in the previous year[42]. - The company achieved a significant increase in net cash and cash equivalents, rising by 363.71% to approximately ¥5.52 billion, compared to a decrease of ¥2.09 billion in the previous year[42]. - The company reported a significant increase in cash and cash equivalents, totaling ¥19,222,581,250.75, which is 4.98% of total assets[48]. Revenue Breakdown - Total revenue for the reporting period reached ¥161,249,744,277.85, representing a year-on-year increase of 4.35%[43]. - The petrochemical industry accounted for ¥143,512,501,519.38, or 89.00% of total revenue, with a growth of 2.44% compared to the previous year[43]. - Polyester fiber industry revenue increased by 15.14% to ¥8,458,552,743.59, contributing 5.25% to total revenue[43]. - Trade and other revenue surged by 31.07% to ¥9,278,690,014.88, making up 5.75% of total revenue[43]. - Domestic revenue was ¥138,850,841,311.88, accounting for 86.11% of total revenue, with a slight increase of 0.60% year-on-year[44]. - International revenue grew by 35.75% to ¥22,398,902,965.97, representing 13.89% of total revenue[44]. Strategic Partnerships and Projects - The company signed a memorandum of understanding with Saudi Aramco to jointly develop expansion projects, indicating a strategic partnership aimed at enhancing operational synergies[23]. - The partnership with Saudi Aramco includes a commitment to supply 480,000 barrels/day of high-quality crude oil and a 20-year interest-free procurement credit line of $800 million, enhancing capital efficiency and profitability for Zhejiang Petrochemical[28]. - The integrated refining and chemical project in Zhejiang is operating at high capacity, leading to reduced production costs and improved profitability[24]. - The company has established seven production bases in key economic zones, enhancing its position as a leading producer of polyester and high-value-added polyolefins in Asia[20]. - The company is actively promoting the construction of the Rongsheng New Materials project in Zhoushan, which aims to extend the industrial chain into fine chemicals and new chemical materials[32]. Environmental Management - The company strictly adheres to multiple environmental protection laws, including the Environmental Protection Law of the People's Republic of China and the Solid Waste Pollution Prevention Law[82]. - The company has obtained various environmental permits, including the Waste Discharge Permit valid until November 5, 2026, issued by Hangzhou Ecological Environment Bureau[85]. - The total emissions of nitrogen oxides were recorded at 8.6021 tons, with a concentration of 18.895 mg/m³, well within the permissible limit of 150 mg/m³[87]. - The company has implemented a wastewater monitoring system, with ammonia nitrogen emissions at 0.0015 tons, significantly below the limit of 35 mg/L[87]. - The company has established emergency response plans for environmental incidents, ensuring compliance with regulatory requirements[82]. Financial Obligations and Liabilities - The total amount of related party transactions during the reporting period reached CNY 5,595,876.54, with the largest transaction being the purchase of crude oil and fuel oil from Saudi Aramco amounting to CNY 4,550,823.55, accounting for 47.29% of similar transactions[104]. - The company has structured its financial obligations to ensure liquidity, with various due dates spread across multiple years[110]. - The financial strategy appears to involve a mix of short-term and long-term obligations, with amounts ranging from 3,284.92 to 5,785.71[110]. - The company has ongoing financial commitments extending into 2030, with amounts like 1,120 and 1,331.45 due, indicating long-term financial planning[110]. - The total amount of liability guarantees reflects the company's strategic partnerships and financial commitments in the petrochemical sector[114]. Shareholder and Governance - The company has established a comprehensive governance structure, ensuring compliance with laws and regulations, and aims to enhance transparency and investor communication[78]. - The total number of ordinary shareholders at the end of the reporting period is 98,145, with Zhejiang Rongsheng Holding Group Co., Ltd. holding 52.46% of shares, totaling 5,311,350,017 shares[130]. - The top ten shareholders include Aramco Overseas Company B.V. with 10.00% (1,012,552,501 shares) and Li Shui Rong with 6.35% (643,275,000 shares)[130]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[133]. - The company has not disclosed any significant changes in shareholding structure or shareholder situation during the reporting period[129]. Research and Development - The company emphasizes R&D investment, establishing high-tech research centers and promoting collaboration with universities and enterprises to enhance innovation capabilities[74]. - The company is focusing on green technology innovation to address industry challenges and promote sustainable development[25]. - The company has implemented a talent development program to enhance employee skills and foster innovation, contributing to its competitive advantage[26]. - The company reported a decrease in research and development expenses for the first half of 2024, amounting to ¥2.50 billion, a decrease of 24.1% compared to ¥3.29 billion in the same period of 2023[151]. Compliance and Risk Management - The company received a warning letter from the Zhejiang Securities Regulatory Commission regarding performance forecasts and information disclosure inaccuracies[102]. - The company is committed to strengthening compliance with securities laws and improving financial and accounting management systems following the warning[102]. - The management has outlined potential risks and corresponding measures in the report, which investors are encouraged to review[2]. - The company is addressing foreign exchange rate risks by optimizing its financing structure and controlling financial risks[68].