Investment Rating - The investment rating for the company is "Hold" [7] Core Views - The company is expected to achieve a revenue of 326.48 billion in 2024, with a slight year-on-year increase of 0.42%. However, the net profit attributable to shareholders is projected to decline by 37.44% to 724.48 million [1][5] - The company has signed a memorandum of cooperation with Saudi Aramco to explore joint operations in overseas markets, enhancing its global market share and risk resilience [2] - A three-year shareholder return plan has been established, proposing differentiated cash dividend policies based on the company's development stage [3] Financial Performance - The company's revenue for 2023 is reported at 325.11 billion, with a projected increase to 326.48 billion in 2024. The net profit attributable to shareholders is expected to drop from 1.16 billion in 2023 to 724.48 million in 2024, reflecting a significant decline of 65.33% and 37.44% respectively [5][11] - The EBITDA for 2024 is estimated at 27.07 billion, down from 28.77 billion in 2023 [5][11] - The company’s earnings per share (EPS) is projected to decrease from 0.11 in 2023 to 0.07 in 2024 [5][11] Industry Outlook - The supply-side reform in the industry is expected to support a relative recovery from the bottom of the cycle, with stricter regulations leading to a decrease in operational rates among local refineries [4] - The company is anticipated to benefit from the improvement in propylene prices due to increased tariffs on U.S. propane, which may enhance the price spread of olefin products [4] Strategic Initiatives - Key projects are progressing, including the production of a 1000-ton α-olefin pilot plant and the successful trial production of a 100,000-ton/year rare earth butadiene rubber facility [2] - The company is actively expanding its international presence and enhancing its product offerings through strategic partnerships and project developments [2]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 8.99 RMB [8][9]. Core Views - The company reported a total revenue of 326.5 billion RMB for 2024, a year-on-year increase of 0.4%, but the net profit attributable to shareholders was only 720 million RMB, a decrease of 37.4% year-on-year [1][5]. - The fourth quarter of 2024 saw a revenue of 81.3 billion RMB, with a net loss of 150 million RMB, attributed to high oil prices affecting gross margins [1][2]. - The report anticipates a slow recovery in the refining and polyester industry, with expected net profits of 3.11 billion RMB, 4.20 billion RMB, and 4.74 billion RMB for 2025 to 2027, respectively [5][27]. Summary by Sections Financial Performance - The company’s refining and chemical business revenue decreased by 3.3% year-on-year to 117.9 billion RMB, while the chemical segment remained flat at 121.8 billion RMB [2]. - The gross margin for the refining segment fell by 2.7 percentage points to 17.6%, while the chemical segment saw an increase of 3.4 percentage points to 13.6% [2]. - The company’s total inventory decreased by 17.2 billion RMB to 44.6 billion RMB [2]. Market Conditions - The average price differentials for refined products narrowed in 2024 compared to 2023, indicating a challenging market environment [3]. - The report notes that the polyester industry is still awaiting improvement in market conditions, with price and profit levels contracting since Q2 2025 [3]. Strategic Developments - The company has accelerated its differentiated layout in the industrial chain, with new production facilities for high-end materials coming online, including a 1,000-ton α-olefin pilot plant and a 150,000-ton multifunctional polyester chip project [4]. - The total construction in progress increased by 2.2 billion RMB year-on-year to 44 billion RMB, reflecting ongoing investments in new materials and high-performance resin projects [4]. Profit Forecast and Valuation - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.31 RMB, 0.41 RMB, and 0.47 RMB, respectively [5][27]. - The report adjusts the target price to 8.99 RMB based on a 29x price-to-earnings (P/E) ratio for 2025, down from a previous estimate of 10.80 RMB [5].

随着石化行业结构优化升级，下游需求逐步回暖向好，荣盛石化业绩反转的内外部条件已充分具备，有 望持续释放产业链协同效应与技术创新红利，推动营收与利润实现稳健增长，在行业新一轮发展周期中 抢占先机。 荣盛石化积极响应国务院新"国九条"、证监会市值管理等政策号召，开展三期股份回购方案，以承诺回 购金额上限累计回购公司股票逾5.53亿股，占公司总股本的5.46%，成交总金额69.88亿元。公司控股股 东荣盛控股连续实施两期增持，累计增持达16.93亿元。 4月25日，荣盛石化（002493.SZ）发布公告，公司计划将存放于回购专用证券账户的第一期回购股份合 1.36亿股予以注销，同时相应减少公司注册资本。据悉，荣盛石化第一期股份回购实施时间跨度为2022 年3月至8月，期间回购成交总金额达19.98亿元。本次股份注销将直接推动每股所对应净资产等权益指 标提升，增强投资者实际收益预期，近20亿元的股份注销规模在中国资本市场发展史上也较为罕见。 作为全球化工材料领域的领军企业，荣盛石化凭借全产业链优势，成为中国乃至亚洲聚酯、新能源材 料、工程塑料及高附加值聚烯烃领域的核心供应商，拥有全球最大的PX、PTA等化工品产能。2 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002493 证券简称：荣盛石化 公告编号：2025-009 荣盛石化股份有限公司 第六届监事会第二十二次会议决议公告 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"荣盛石化"）第六届监事会第二十二次会议通知于2025年4月13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24日在杭州以现场方式召开，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。 二、监事会会议审议情况 经与会监事认真审议，充分讨论，以记名投票方式逐项表决，会议通过了以下议案： 1.《2024年年度监事会工作报告》 该议案的具体内容详见2025年4月25日刊登于巨潮资讯网（http://www.cninfo.com.cn）上的《2024年年度 监事会工作报告》。 重点提示：本议案需提交2024年年度股东大 ...

Group 1 - The company plans to enter into various purchase and sales contracts with different suppliers, including purchasing diesel, aviation kerosene, PTA, and other products from Saudi Aramco and Hengyi Trading [1][2] - The pricing for these transactions will be based on market indicators or product quotation prices, ensuring fair and reasonable pricing [1][2][3] - The company will also engage in borrowing from its controlling shareholder, Rongsheng Holdings, with a loan amount not exceeding RMB 20 billion for project construction or working capital [3][4] Group 2 - The company intends to sign contracts for the procurement of high-pressure steam and other materials from Rongxiang Thermal Power and will also sell electricity and diesel to them [5][6] - The company will engage in logistics services with Rongtong Logistics, including the sale of diesel and PTA, and will also contract for transportation services [14][15] - The company is set to purchase pressure vessels and services from Shenghui Equipment and accept maintenance and engineering services from Dingsheng Petrochemical [17][18] Group 3 - The company has outlined its future three-year shareholder return plan, emphasizing a stable and sustainable profit distribution policy [48][49] - The company aims to distribute cash dividends annually, with a minimum of 30% of the average distributable profit over the last three years to be distributed in cash [52][53] - The company will ensure that the profit distribution plan is discussed with independent directors and that the rights of minority shareholders are protected [54][55]

Group 1 - The global economy is slowly recovering, with a projected GDP growth of 3.2% in 2024, up from 2.6% in 2023, while inflationary pressures are being contained [4][6] - China's GDP reached 134.91 trillion yuan in 2024, growing by 5% year-on-year, maintaining a leading growth rate among major economies [6] - The petrochemical industry in China is expected to achieve revenues of 16.28 trillion yuan in 2024, a 2.1% increase, but profits are projected to decline by 8.8% to 789.71 billion yuan, indicating an adjustment phase [8] Group 2 - The petrochemical industry faces both opportunities and challenges, with China's chemical products sales accounting for 43% of the global market in 2023 [7] - The industry is undergoing a transformation towards high-end, intelligent, and green development, with significant investments in technology and innovation [9] - The company, Rongsheng Petrochemical, is a leading producer in the chemical materials sector, with a refining capacity of 40 million tons of crude oil annually and ranked 14th in the global chemical company list [10][11] Group 3 - Rongsheng Petrochemical's strategic cooperation with Saudi Aramco enhances its resource supply and global market reach, including a commitment to supply 480,000 barrels of high-quality crude oil per day [19] - The company is actively expanding its product matrix to include high-end and green products, supported by various government policies aimed at promoting the petrochemical industry [12][14] - The company has achieved a significant increase in its ESG rating, now at BBB, reflecting its commitment to environmental sustainability and corporate governance [11][17]

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………… 第 3 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕7760 号 荣盛石化股份有限公司全体股东： 我们接受委托，审计了荣盛石化股份有限公司（以下简称荣盛石化公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后附的 荣盛石化公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来 情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供荣盛石化公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为荣盛石化公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 我们的责任是在实施审计工作的基础上对荣盛石化公司管理层编制的汇总 表发表专项审计意见。 四、工 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕7759 号 荣盛石化股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了荣盛石化股份有限公司（以下简称荣盛石化公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是荣盛 石化公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，荣盛石化公司于 2024 年 12 月 31 日按照《企业内部控制基本规 ...

目 录 一、审计意见 我们审计了荣盛石化股份有限公司（以下简称荣盛石化公司）财务报表，包 括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了荣盛石化公司2024年12月 31日的合并及母公司财务状况，以及2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则，我们独立于荣盛石化公司，并履行了职业道 德方面的其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审 计意见提供了基础。 三、关键审计事项 | 一、审计报告……………………………………………………… 第 | | 1—6 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | ...

荣盛石化股份有限公司 独立董事 2024 年述职报告 各位股东及股东代表： 作为公司的独立董事，2024 年度本人严格按照《公司法》《上市公司治理准 则》以及《上市公司独立董事管理办法》等法律、法规和《公司章程》的规定， 勤勉尽责地履行独立董事的职责，认真谨慎地行使独立董事的各项权利，全面关 注公司的发展状况，积极出席公司相关会议，认真审议各项议案，独立客观审慎 发表意见，充分发挥作为独立董事的独立性作用，主动为公司发展建言献计，切 实维护公司及股东的整体利益。现将 2024 年度履行独立董事职责的情况报告如 下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 本人邵毅平，研究生学历，会计学教授，硕士生导师，主要研究方向为：会 计理论与会计准则、会计职业判断与盈余管理、资产减值会计等，重点关注公司 诉讼风险及会计稳健性等诸多领域；曾任浙江财经学院会计学院党总支书记兼副 院长，浙江财经大学人事处长，浙江财经大学党委委员、东方学院党委书记，浙 江财经大学党委委员、工会主席，浙江省会计制度咨询专家委员会委员等职。现 任浙江财经大学会计学教授，兼任杭州市注册会计师协会常务理事等职。现担任 荣盛石化股份 ...