FY24 和1Q25 业绩符合市场预期 公司公布FY24 业绩：2024 年收入3,264.75 亿元，同比+0.4%；归母净利润7.24 亿元，同比-37.4%。即 4Q24 收入812.79 亿元，同比-5.6%，环比-3.2%；归母净利润-1.52 亿元。FY24 业绩符合市场预期。 公司公布1Q25 业绩：收入749.75 亿元，同比-7.5%，环比-7.8%；归母净利润5.88 亿元，同比+6.5%，环 比扭亏。1Q25 业绩符合市场预期。 浙江石化FY24 实现净利润35.4 亿元，同比+159%；1Q25 实现净利润12.7 亿元，同比+1%，环比 +40%。中金石化FY24 亏损12.49 亿元，PTA+瓶片FY24 亏损约2.6 亿元。 发展趋势 1Q25 成本端明显下滑，炼化产品盈利有所修复。1Q25 煤价下降，秦皇岛动力煤价格从年初的765 元/吨 跌至目前652 元/吨，公司炼厂对煤炭敞口较大，我们预计成本端受益明显。下游主要产品中，烯烃价 差较为坚挺，PX 和纯苯价差继续回落，丁二烯、丙烯腈、双酚A、EVA 等品种价差明显提升。公司装 置一体化和成本竞争力突出，且不断通过技改提升产品 ...

在复杂多变的国际原油市场背景下，荣盛石化（002493.SZ）作为综合实力全球领先的化工材料生产商 之一，凭借其卓越的生产运营能力以及多元化的产业链布局，在2025年第一季度实现了显著的业绩增 长，展现出强劲的市场竞争力与抗风险能力。 4月29日，荣盛石化发布2025年一季报，公司实现总营业收入749.75亿元人民币尽管同比微降7.54%，但 利润总额达到13.45亿元，同比增长了5.91%；归母净利润为5.88亿元，较去年同期增长6.53%；扣非净 利润同比增长30.28%，达到了6.18亿元。 在全球原油价格下跌至三年低位的大环境下，荣盛石化通过优化成本结构和提升运营效率，实现了盈利 能力的增强。 历史数据显示，原油价格波动是炼化企业盈利的关键变量，当油价处于40-80美元/桶区间时，炼化企业 毛利率将得到显著提升。例如2022年因俄乌冲突油价飙升至100美元/桶区间高位时，炼化企业因产品价 格跟涨乏力导致价差缩窄，经营承压。然而目前油价已下跌至65美元/桶区间，已处于中低位区间，炼 化企业成本端改善，产品价差扩大。假设荣盛石化炼化环节单吨利润每增加100元，以其4000万吨/年炼 化的体量来计算，可为其 ...

Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" (maintained) [1] Core Views - The report indicates a recovery in refining and polyester profitability, with both year-on-year and quarter-on-quarter performance improvements [1] - The company achieved a total revenue of 74.975 billion yuan in Q1 2025, a year-on-year decrease of 7.54% and a quarter-on-quarter decrease of 7.76%. However, the net profit attributable to shareholders was 588 million yuan, reflecting a year-on-year increase of 6.53% and a quarter-on-quarter increase of 486.62% [6] - The report highlights a recovery in refining profitability, driven by rising oil prices and increased travel demand, with an average price difference for crude oil catalytic cracking estimated at 1,108 USD/ton, up 13.4% year-on-year and 11.7% quarter-on-quarter [6] - The polyester industry is seeing profits concentrated in the downstream filament segment, with the filament price difference recovering significantly [6] - The collaboration with Saudi Aramco is expected to enhance long-term growth prospects for the company [6] - The earnings forecast for 2025-2027 is maintained at 4.311 billion, 6.389 billion, and 8.437 billion yuan, corresponding to PE ratios of 19X, 13X, and 10X respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 345.713 billion yuan, with a year-on-year growth rate of 5.9% [5] - The net profit attributable to shareholders is expected to reach 4.311 billion yuan in 2025, reflecting a significant year-on-year growth of 495% [5] - The gross profit margin is forecasted to be 11.2% in 2025, with a return on equity (ROE) of 9% [5]

4月29日，荣盛石化（002493.SZ）发布了其2025年第一季度报告，展现了公司在复杂市场环境下依旧保 持的强劲经营现金流表现。尤其引人注目的是，公司经营活动产生的现金流量净额达到了79.77亿元， 同比大幅增长了93.19%，显示出荣盛石化在面对行业挑战时所展现出的坚韧与活力。 回顾过去一年，即2024年，荣盛石化实现了经营活动产生的现金净流量达到346.09亿元的历史新高，同 比增长23.26%。而更令人瞩目的是，在过去的五年间，公司累计经营活动现金净流入超过了1300亿 元，这不仅体现了荣盛石化的稳健经营风格，也标志着其经营质量的显著提升。强大的现金流为公司的 可持续发展奠定了坚实的基础，同时也赋予了公司进行持续分红、股份回购及增持等回馈股东行为的底 气。 荣盛石化始终将投资者利益保护作为其核心战略之一，坚持通过持续稳健的分红政策和实际有力的资本 回馈来实现"与股东共成长"的承诺。自上市以来，公司已连续15次年现金分红，近三年内现金分红占归 母净利润的比例高达64.93%。特别是2024年度，荣盛石化计划向全体股东每10股派发现金红利1.00元 （含税），总计拟分配现金红利达9.57亿元。此外，全年 ...

截至2024年底，荣盛石化具备原油加工能力4000万吨/年，化工品总产能（含联营企业）达到5927万 吨，相应2024年度化工品营业收入合计2786亿元。目前，公司位居全球化工最具价值品牌榜第6位、全 球化工公司十亿美元俱乐部第6位、全球化工企业100强第8位。 "回购注销+大手笔增持"彰显长期发展信心 据日前的公告显示，荣盛石化拟将存放于回购专用证券账户第一期回购的1.36亿股股份予以注销，并相 应减少注册资本。第一期回购时间区间为2022年3月29日至2022年8月2日，成交总金额为19.98亿元（不 含交易费用）。据统计，荣盛石化自2022年至今累计开展三期股份回购计划，累计回购公司股票5.53亿 股，占公司总股本的5.46%，成交总金额为69.88亿元（不含交易费用），回购规模领跑A股市场。 增持方面，基于看好国内资本市场长期投资的价值以及对公司未来持续稳定发展的信心，4月8日，荣盛 石化发布公告，其控股股东荣盛控股集团将启动新一轮为期六个月的增持计划，拟增持荣盛石化10亿 元-20亿元。而2024年以来，荣盛控股已连续开展多次增持，累计增持公司股票16.93亿元。持续的大手 笔增持及回购操作，彰显了 ...

一、监事会会议召开情况 荣盛石化股份有限公司（以下简称"荣盛石化"）第六届监事会第二十三次 会议通知于 2025 年 4 月 22 日以电子邮件、书面形式送达荣盛石化全体监事。监 事会会议于 2025 年 4 月 29 日以通讯方式召开，会议由荣盛石化监事会主席孙国 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。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。 证券代码：002493 证券简称：荣盛石化 公告编号：2025-029 荣盛石化股份有限公司 第六届监事会第二十三次会议决议公告 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。 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、备查文件 1.《荣盛石化股份有限公司第六届监事会第二十三次会议决议》。 特此公告。 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 ...

荣盛石化股份有限公司（以下简称"荣盛石化"）第六届董事会第二十四次会 议通知于 2025 年 4 月 22 日以电子邮件、书面形式送达荣盛石化全体董事。董事 会会议于 2025 年 4 月 29 日以通讯方式召开，会议由荣盛石化董事长李水荣先生 主持，会议应出席的董事 9 人，实际出席会议的董事 9 人。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。 证券代码：002493 证券简称：荣盛石化 公告编号：2025-028 荣盛石化股份有限公司 第六届董事会第二十四次会议决议公告 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 二、董事会会议审议情况 经与会董事认真审议，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 2025 年第一季度报告的议案》 该议案的具体内容详见 2025 年 4 月 30 日刊登于《证券时报》《证券日报》 《中国证券报》《上海证券报》及巨潮资讯网（http://www.cninfo.com.cn）上的《2025 年第一季度报告》（公告 ...

Revenue and Profit - Revenue for Q1 2025 was ¥74.98 billion, a decrease of 7.54% compared to ¥81.09 billion in the same period last year[2] - Net profit attributable to shareholders was ¥588.40 million, an increase of 6.53% from ¥552.36 million year-on-year[2] - Net profit excluding non-recurring items rose by 30.28% to ¥618.35 million from ¥474.63 million in the previous year[2] - The net profit for the current period is CNY 1,231,291,816.62, an increase from CNY 1,098,729,199.02 in the previous period, representing a growth of approximately 12.06%[17] - The total operating profit for the current period is CNY 1,358,142,102.92, compared to CNY 1,263,179,051.26 in the previous period, indicating an increase of approximately 7.5%[17] - The company reported a decrease in sales revenue from CNY 88,428,593,585.76 to CNY 84,657,306,364.47, a decline of about 4.3%[19] Cash Flow and Assets - Operating cash flow increased significantly by 93.19% to ¥7.98 billion, compared to ¥4.13 billion in the same period last year[2] - Cash flow from operating activities generated a net amount of CNY 7,977,336,348.96, significantly higher than CNY 4,129,270,983.86 from the previous period, marking an increase of about 93.5%[20] - Cash and cash equivalents increased significantly to RMB 28,305,280,394.53 from RMB 14,833,384,920.45, representing an increase of 90.5%[11] - The cash and cash equivalents at the end of the period increased to CNY 26,304,257,518.48 from CNY 20,417,910,197.13, representing a growth of approximately 28.8%[21] - Total assets at the end of the reporting period were ¥391.01 billion, up 3.48% from ¥377.85 billion at the end of the previous year[2] - Total assets increased to RMB 391,005,092,490.96 from RMB 377,845,944,183.98, marking an increase of 3.4%[13] Shareholders' Equity and Liabilities - Shareholders' equity attributable to shareholders increased by 1.14% to ¥44.36 billion from ¥43.86 billion at the end of the previous year[2] - Shareholders' equity increased to RMB 95,962,728,205.93 from RMB 94,824,130,299.67, reflecting a growth of 1.2%[14] - Total liabilities rose to RMB 295,042,364,285.03 from RMB 283,021,813,884.31, an increase of 4.2%[14] Expenses and Costs - Total operating costs amounted to RMB 74,402,019,860.72, down from RMB 80,129,366,950.93, reflecting a reduction of 7.1%[16] - Operating costs included RMB 64,519,073,624.35 in operating expenses, which decreased from RMB 69,689,532,945.07, indicating a decline of 7.5%[16] - Research and development expenses increased to CNY 1,472,788,785.89 from CNY 1,193,091,516.38, reflecting a rise of about 23.4%[17] - The company’s financial expenses decreased from CNY 1,895,306,112.29 to CNY 1,707,708,425.68, a reduction of about 9.9%[17] Investment and Other Income - The company experienced a 599.62% increase in investment income to ¥149.41 million, attributed to changes in accounting guidelines[6] - The investment income for the current period is CNY 149,413,730.60, a recovery from a loss of CNY 29,905,606.95 in the previous period[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 87,976[8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q4 is under pressure due to a significant decline in PX market conditions, with Q4 revenue at 81.3 billion yuan, down 5.6% year-on-year and 3.2% quarter-on-quarter, resulting in a net loss of 1.52 billion yuan [5][6] - The company is actively advancing its new materials projects, which are expected to enhance its growth trajectory in the future, particularly in the fields of renewable materials and high-end synthetic materials [7][8] - The company has implemented share buyback plans and has seen significant share purchases by major shareholders, reflecting confidence in its future development [8] Financial Performance - In 2024, the company achieved a revenue of 326.5 billion yuan, a slight increase of 0.4% year-on-year, but the net profit attributable to shareholders decreased by 37% to 724 million yuan [5][10] - The report forecasts a decline in profitability for 2025-2026, with net profits expected to be 2.82 billion yuan and 4.01 billion yuan respectively, reflecting a downward adjustment of 28% and 34% [8][10] Market Conditions - The Brent crude oil average price in Q4 was 74 USD/barrel, down 11% year-on-year, impacting the company's margins negatively [6] - The report highlights that while refining and polyester yarn price differentials have expanded, the significant drop in PX price differentials has led to a decline in overall performance [6] New Materials Development - The company is focusing on expanding its new materials product line, including EVA, POE, DMC, PC, and ABS, with several projects already in production [7] - The successful trial production of various new materials indicates a strategic shift towards sustainable and high-value products [7] Shareholder Confidence - The company has executed three phases of share repurchase plans, totaling 5.53 billion shares, which is 5.46% of total shares, amounting to 6.99 billion yuan [8] - The consistent cash dividend policy over the past 15 years, with a payout ratio of 64.93% in the last three years, demonstrates a commitment to shareholder returns [8]

事件 荣盛石化于2025 年4 月24 日发布公司2024 年度报告，公司2024 年实现营业收入3264.75 亿元，同比增 加0.42%；实现归母净利润7.24 亿元，同比减少37.44%。 其中，公司2024Q4 实现营业收入812.79 亿元，同比减少5.56%，环比减少3.18%；实现归母净利润-1.52 亿元，同比减少114.49%，环比减少912.03%。 烯烃需求仍在磨底拖累浙石化业绩 2024 年全年成品油表观消费量为3.87 亿吨，同比增加1.41%，2024 年全年柴油/汽油/航煤裂解价差均值 分别为959 元/1335 元/1451 元/吨，分别同比减少26.73%/12.84%/24.69%。与此同时，2024 年全年PX-原 油价差均值为2819 元/吨，同比下降12.00%，公司现有4000 万吨/年原油加工能力和以及1040 万吨/年PX 产能，炼油产品价差收窄，产品盈利能力有所下滑。如果油品消费需求改善，公司盈利或将有所修复。 大体量高附加值产品陆续投产或帮助公司实现业绩修复 2公司浙石化年产140 万吨乙烯及下游化工品项目、高性能树脂项目、高端新材料项目、金塘新材料等 项目 ...