Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2080.97 points, with a decline of 8.46% in the past month, 4.44% in the past three months, and 6.01% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.25%), Salt Lake Industry (13.52%), Baofeng Energy (7.58%), Juhua Co. (7.48%), Hengli Petrochemical (7.2%), Satellite Chemical (7.1%), Hualu Hengsheng (6.86%), Zangge Mining (6.26%), Longbai Group (6.04%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.27%, polyurethane for 23.25%, potassium fertilizer for 19.79%, fluorochemical for 7.48%, titanium dioxide for 6.04%, and organic silicon for 4.17% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index sample is modified [2]

Core Viewpoint - The company Rongsheng Petrochemical continues to face challenges, reporting increased revenue but significantly decreased profits, marking a trend of declining performance since 2022 [3][4]. Financial Performance - In 2024, Rongsheng Petrochemical achieved an operating revenue of 326.475 billion yuan, a year-on-year increase of 0.42%, while net profit fell to 724 million yuan, a decrease of 37.44%, the lowest since 2016 [3][4]. - The company's revenue from 2022 to 2024 showed continuous growth: 289.095 billion yuan in 2022, 325.112 billion yuan in 2023, and 326.475 billion yuan in 2024, while net profits dropped significantly from 3.341 billion yuan in 2022 to 724 million yuan in 2024, with declines of 74.76%, 65.33%, and 37.44% respectively [4][5]. Dividend and Share Buyback - For 2024, the company proposed a cash dividend of 1 yuan per 10 shares, totaling 957.2 million yuan, with a payout ratio of 132.15%, the highest since its listing [3][6]. - The total amount for cash dividends and share buybacks in 2024 reached 1.325 billion yuan, which is 182.85% of the company's net profit [6]. Debt and Financial Pressure - As of 2024, the company reported cash and cash equivalents of 14.833 billion yuan, while short-term borrowings amounted to 44.091 billion yuan, and long-term borrowings reached 119.518 billion yuan [7]. - Financial expenses increased from 6.031 billion yuan in 2022 to 7.131 billion yuan in 2024 [7]. Management Compensation - The chairman of the company received a pre-tax salary of 4.7152 million yuan in 2024, with other executives also receiving substantial compensation [8]. Market Outlook - Analysts have downgraded profit forecasts for the company, with Tianfeng Securities reducing its 2025 and 2026 net profit estimates from 6.7 billion yuan and 9 billion yuan to 3.5 billion yuan and 6 billion yuan respectively [9].

Core Viewpoint - Rongsheng Petrochemical has made significant strides in sustainable development, achieving a BBB rating in ESG from MSCI and demonstrating leadership in carbon reduction, water resource management, and corporate governance [1][3]. Group 1: Sustainable Development Achievements - The company has been recognized as one of the best ESG-managed listed companies in 2024 and has been included in the Hang Seng A-Share Sustainable Development Benchmark Index for four consecutive years [1]. - In 2024, Rongsheng Petrochemical invested 273 million yuan in environmental protection initiatives, reflecting its commitment to green development [1]. - The company reported a 10% reduction in greenhouse gas emission intensity and a 12.5% decrease in comprehensive energy consumption intensity during the reporting period [1]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 326.475 billion yuan, a year-on-year increase of 0.42%, marking five consecutive years of positive growth [3]. - The net profit attributable to shareholders was 724 million yuan, with a non-recurring net profit of 762 million yuan [3]. - The total asset scale increased to 377.846 billion yuan, reflecting a year-on-year growth of 0.78%, while the net cash flow from operating activities rose by 23.26% to 34.609 billion yuan [3]. Group 3: Water and Carbon Management - The company achieved a 73.66% proportion of alternative water sources in total water consumption, with a recycling rate of over 98% [2]. - It has developed a carbon recycling system that processes 360,000 tons of CO2 annually from its ethylene glycol units [2]. - The establishment of a 200,000-ton/year ethylene carbonate facility and a 240,000-ton/year food-grade liquid CO2 recovery unit is expected to reduce emissions by 103,000 tons annually [2]. Group 4: Future Plans and Collaborations - The company plans to achieve full coverage of new energy projects in its Zhejiang factories by 2025, targeting an installed capacity of 100 MW [4]. - It aims to expand renewable energy trading, including wind, solar, and hydropower, to enhance its green electricity resource allocation [4]. - Collaborations with various new energy companies are underway to explore clean technology opportunities [4].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

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]