Core Viewpoint - Dongwu Securities has resumed coverage of Rongsheng Petrochemical, assigning a "Buy" rating [1] Company Summary - Dongwu Securities believes that Rongsheng Petrochemical presents a strong investment opportunity, indicating confidence in the company's future performance [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The petrochemical industry is expected to benefit from the recently introduced stable growth plan, positioning the company as a leading private refining enterprise [8]. - The company is projected to recover its profitability as the industry moves away from excessive competition and implements stable growth policies [8]. - The company has a strong partnership with Saudi Aramco, which will enhance raw material supply stability and expand sales channels [8]. Financial Projections - Total revenue is forecasted to be 325,112 million RMB in 2023, with a slight increase to 326,475 million RMB in 2024, followed by a decline to 311,311 million RMB in 2025 [1]. - The net profit attributable to the parent company is expected to drop significantly to 724.48 million RMB in 2024, before rebounding to 1,899.02 million RMB in 2025 and reaching 4,091.34 million RMB by 2027 [1]. - The earnings per share (EPS) is projected to be 0.12 RMB in 2023, decreasing to 0.07 RMB in 2024, and then increasing to 0.41 RMB by 2027 [1]. Market Position and Competitive Advantage - The company operates a world-class integrated refining and chemical project with significant processing capabilities, allowing it to adapt to market conditions effectively [8]. - The company’s product structure is flexible, and its technology is mature and reliable, representing the most advanced levels globally [8]. - The company is enhancing its competitive edge through strategic collaborations and technological advancements in key product areas [8].

Group 1 - The controlling shareholder, Rongsheng Holdings, has increased its stake in Rongsheng Petrochemical by approximately 117 million shares, representing 1.17% of the total share capital, with an investment amount of about 1.013 billion yuan [1] - As of the first half of 2025, the revenue composition of Rongsheng Petrochemical is as follows: 86.73% from the petrochemical industry, 7.49% from the chemical fiber industry, and 5.79% from other sectors [1] - The current market capitalization of Rongsheng Petrochemical is 98.4 billion yuan [1]

Core Viewpoint - Rongsheng Petrochemical (002493.SZ) announced that its controlling shareholder, Rongsheng Holdings, has completed its share buyback plan within six months starting from April 8, 2025, acquiring a total of 117 million shares, which represents 1.17% of the company's total share capital, with a total investment of approximately 1.013 billion yuan [1] Summary by Relevant Sections - Share Buyback Details - Rongsheng Holdings increased its stake in the company by acquiring 117 million shares through the Shenzhen Stock Exchange's trading system [1] - The total amount invested in this buyback was around 1.013 billion yuan [1] - Ownership Structure Changes - Following the completion of the buyback, the shareholding ratio of Rongsheng Holdings and its concerted parties rose from 59.51% to 61.49% [1]

证券代码：002493 证券简称：荣盛石化 公告编号：2025-049 荣盛石化股份有限公司 关于控股股东增持公司股份计划实施结果的公告 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。 特别提示： 1 2.截至本公告披露日，荣盛控股持有荣盛石化股份 5,499,301,781 股，占荣盛 石化总股本的比例为 55.05%。 3.本次增持计划披露前 12 个月内，荣盛控股于 2024 年 1 月 22 日至 2024 年 7 月 18 日通过深交所交易系统以集中竞价方式累计增持荣盛石化股份 115,530,037 股，占目前荣盛石化总股本的 1.14%。荣盛控股于 2024 年 8 月 21 日至 2025 年 2 月 20 日通过深交所交易系统以集中竞价方式累计增持荣盛石化股 份 56,892,217 股，占目前荣盛石化总股本的 0.56%，具体请参看相关公告。 4.增持主体在本次公告披露之日前 6 个月内不存在减持荣盛石化股份的情况。 二、增持计划的主要内容 1.本次拟增持股份的目的：基于看好国内资本市场长期投资的价值以及对荣 盛石化未来持续稳定发展的信心， ...

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Core Insights - Rongsheng Petrochemical announced the completion of its major shareholder Rongsheng Holdings' share buyback plan, which was initiated on April 8 and lasted for six months [1] - The buyback involved the acquisition of 116,642,047 shares, representing 1.17% of the total share capital, with a total expenditure of approximately 1,012.56 million yuan [1] - Following this buyback, the shareholding ratio of Rongsheng Holdings and its concerted parties increased from 59.51% to 61.49% [1] - Legal experts confirmed that the buyback complies with regulations and will not alter the company's equity distribution, controlling shareholder, or actual controller [1]

Core Insights - The article discusses the growth and current status of China's synthetic fiber industry, highlighting production statistics and future trends [1] Industry Overview - In August 2025, China's synthetic fiber production reached 6.8 million tons, marking a year-on-year increase of 7.5% [1] - From January to August 2025, the cumulative production of synthetic fibers in China was 52.773 million tons, reflecting a cumulative growth of 5.7% [1] Companies Mentioned - The article lists several companies involved in the synthetic fiber industry, including Hengyi Petrochemical, Rongsheng Petrochemical, Xin Fengming, Tongkun Co., Hengli Petrochemical, Jilin Chemical Fiber, Huafeng Chemical, Aoyang Health, Taihe New Materials, and Jiangnan High Fiber [1] Research Report - The insights are based on a report by Zhiyan Consulting titled "2025-2031 China Synthetic Fiber Industry Market Status Investigation and Development Trend Judgment Report" [1]

Core Viewpoint - Rongsheng Petrochemical's stock performance shows a slight increase, but financing activities indicate a net outflow, suggesting cautious investor sentiment [1][2]. Financing Summary - On September 30, Rongsheng Petrochemical had a financing buy-in of 22.91 million yuan and a financing repayment of 34.64 million yuan, resulting in a net financing outflow of 11.73 million yuan [1]. - The total financing balance as of September 30 is 1.38 billion yuan, which accounts for 1.43% of the circulating market value, indicating a low financing balance compared to the past year [1]. - The company repaid 40,300 shares in securities lending and sold 600 shares, with a securities lending balance of 608.53 million yuan, which is above the 90th percentile of the past year, indicating a high level of short interest [1]. Business Performance - As of June 30, the number of shareholders for Rongsheng Petrochemical decreased by 2.39% to 85,900, while the average circulating shares per person increased by 2.45% to 110,611 shares [2]. - For the first half of 2025, the company reported a revenue of 148.63 billion yuan, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 600.2 million yuan, down 29.82% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Rongsheng Petrochemical has distributed a total of 9.4 billion yuan in dividends, with 3.39 billion yuan distributed in the last three years [3]. - As of June 30, 2025, the third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 174 million shares, a decrease of 10.53 million shares from the previous period [3].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Look Favorably" investment rating [4]. Core Insights - The global natural decline rates of oil and gas fields show significant differentiation, leading to a more concentrated future supply of oil and gas [4]. - The International Energy Agency (IEA) reports that the average annual decline rate for conventional oil is 5.6%, while for natural gas it is 6.8%. Without new investments, oil production is expected to decline by 8% annually over the next decade, and natural gas by 9% [5][12]. - The report highlights that nearly 90% of upstream investments are currently aimed at offsetting declines rather than meeting growth, indicating a need for substantial new investments to maintain current production levels [14]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $64.53 per barrel, down 7.99% week-on-week, while WTI futures closed at $60.88 per barrel, down 7.36% [24]. - The number of active oil rigs in the U.S. increased by 7 to 549, although this is a decrease of 38 compared to the previous year [37]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of downward pressure on prices, but a medium to high price range due to OPEC cuts and shale oil cost support [4]. Refining Sector - The comprehensive price spread for major refined products in Singapore rose to $21.72 per barrel, an increase of $8.14 from the previous week [59]. - The report suggests that refining profitability is expected to improve as oil prices adjust, with a gradual recovery anticipated as economic conditions stabilize [4]. Polyester Sector - The report indicates a recovery expectation for the polyester sector, with potential upward movement in profit margins as supply-demand dynamics improve [17]. - Key companies to watch include Tongkun Co., Ltd. and Wankai New Materials, which are expected to benefit from this recovery [17]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector, such as Tongkun Co., Ltd. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [17]. - It also highlights the resilience of upstream exploration and development companies, particularly offshore service companies, which are expected to see performance improvements [17].