Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" (maintained) [1] Core Views - The refining industry is experiencing a recovery in profitability, with significant improvements in the company's performance in Q1 2025. The company reported a net profit attributable to shareholders of 588 million yuan, a quarter-on-quarter increase of 486.62%, and a non-recurring net profit of 618 million yuan, a quarter-on-quarter increase of 736.04% [6][38] - The report anticipates that the company's revenue for 2025-2027 will be 352.59 billion yuan, 370.22 billion yuan, and 388.73 billion yuan respectively, with net profits of 1.96 billion yuan, 4.12 billion yuan, and 6.26 billion yuan respectively. The expected EPS for the same period is 0.19 yuan, 0.41 yuan, and 0.62 yuan, corresponding to a PE ratio of 45.0, 21.4, and 14.1 times [6][39] Summary by Sections 1. Refining Industry Recovery - The crude oil cracking margin reached a low point in Q4 2024 but stabilized and began to recover in 2025. The average cracking margin was 1,231 yuan/ton in Q4 2024 and increased to 1,452 yuan/ton in Q1 2025, with further improvement expected in Q2 2025 [16][39] 2. Policy Impact on Fuel Oil - New policies regarding fuel oil have been introduced, including an increase in the import tax rate from 1% to 3% starting January 1, 2025. This is expected to increase processing costs for companies reliant on imported fuel oil, potentially leading to a gradual exit of marginal refining capacity from the industry [7][28] 3. Company’s Integrated Operations - Rongsheng Petrochemical is a leading producer of polyester, new energy materials, engineering plastics, and high-value-added polyolefins. The company has a globally leading integrated refining capacity, processing 40 million tons of crude oil annually. Strategic cooperation with Saudi Aramco has further solidified its market position [31][34] 4. Financial Forecasts and Investment Recommendations - The report has adjusted the revenue forecasts for 2025 downwards while introducing new forecasts for 2026 and 2027. The expected revenue and net profit figures indicate a strong recovery trajectory for the company, reinforcing the "Buy" rating [39]

Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" (maintained) [1] Core Views - The refining industry is experiencing a recovery in profitability, with significant improvements in the company's performance in Q1 2025. The company reported a net profit attributable to shareholders of 588 million yuan, a quarter-on-quarter increase of 486.62%, and a non-recurring net profit of 618 million yuan, a quarter-on-quarter increase of 736.04% [6][38] - The report anticipates that the company's revenue for 2025-2027 will be 352.59 billion yuan, 370.22 billion yuan, and 388.73 billion yuan respectively, with net profits of 1.96 billion yuan, 4.12 billion yuan, and 6.26 billion yuan respectively. The expected EPS for the same period is 0.19 yuan, 0.41 yuan, and 0.62 yuan, corresponding to a PE ratio of 45.0, 21.4, and 14.1 times [6][39] Summary by Sections 1. Refining Industry Recovery - The refining industry's profitability is on the rise, with the crude oil cracking margin stabilizing and improving from a low point in Q4 2024. The average cracking margin was 1,231 yuan/ton in Q4 2024 and increased to 1,452 yuan/ton in Q1 2025, with further improvement expected in Q2 2025 [16][28] 2. Policy Impact on Fuel Oil - Recent policies regarding fuel oil, including an increase in import tariffs and changes in consumption tax deductions, are expected to pressure marginal refining capacities, leading to a gradual exit of less efficient players from the market. This could enhance the profitability of remaining players [7][28][29] 3. Company’s Integrated Operations - Rongsheng Petrochemical is a leading producer in polyester, new energy materials, engineering plastics, and high-value-added polyolefins. The company has a globally leading integrated refining capacity, processing 40 million tons of crude oil annually, and has strengthened its market position through strategic partnerships, particularly with Saudi Aramco [31][34] 4. Financial Forecasts and Investment Recommendations - The report has adjusted the revenue and profit forecasts for 2025-2027, reflecting the current oil prices and refining industry conditions. The company is expected to see a significant recovery in profitability, supported by its comprehensive product matrix and cost control capabilities [39][41]

Group 1 - Multiple dividend-themed funds have imposed purchase limits, including the China Europe Dividend Preferred Mixed Fund, which has a limit of 500,000 yuan starting May 12 [1] - Over 300 listed companies have disclosed share repurchase plans since April, with a total upper limit exceeding 100 billion yuan, including both private and state-owned enterprises [1] - The technology bond market is attracting significant investment, with banks planning to issue themed financial products to support tech innovation [1] Group 2 - The convertible bond market is seeing an increase in strong redemption exits, with the proportion reaching nearly 70% this year, driven by a stable A-share market [2] - The Hong Kong IPO market is becoming a primary venue for Chinese companies to raise funds, with a significant year-on-year increase in equity financing [2] - The brain-computer interface industry is experiencing rapid policy support and investment, with a projected market growth from $40 billion to $145 billion by 2040 [3] Group 3 - Several cross-border photovoltaic companies are facing delisting risks, prompting a focus on clearing excess capacity in the industry [4] - International crude oil prices have rebounded, with Brent crude surpassing $66 per barrel, although future price increases may be limited due to OPEC+ production increases [4] - Jiangxi Province is implementing measures to address unfair contract terms in e-commerce and other sectors to protect consumer rights [4] Group 4 - Microsoft announced a layoff affecting about 6,000 employees, representing less than 3% of its workforce [5] - Neta Auto's associated company has filed for bankruptcy, indicating financial distress within the electric vehicle sector [5] - Weifeng Technology has completed multiple rounds of financing to accelerate innovation in the field of flight embodiment intelligence [6] Group 5 - Sanquan Foods plans to absorb and merge its subsidiary Zhengzhou Fast Kitchen to optimize resource allocation and improve operational efficiency [7] - Zongyi Co. intends to acquire control of Jilai Microelectronics, which is expected to constitute a significant asset restructuring [9] - Hainan Huatie plans to repurchase shares worth between 200 million and 300 million yuan to implement an employee stock ownership plan [10]

近期，公司舟山绿色石化基地二期项目的顺利投产，标志着其在高端聚酯材料领域实现了关键技术突 破。此外，荣盛石化在海外市场拓展方面亦取得新的进展，与沙特阿美合资建设的炼化一体化项目稳步 推进，进一步巩固并提升了品牌的国际影响力。 5月12日，荣盛石化（002493.SZ）发布阿拉伯文版本2024年报，成为深市首家发布阿拉伯文年报的上市 公司。此次年报摘要介绍了公司发展情况、投资者分红回报、可持续发展等关切问题，为多元化的境外 投资者提供了解A股上市公司的新窗口，也进一步提升了境内上市公司国际信息披露透明度。 作为全球领先的化工材料生产商之一，荣盛石化是中国以及亚洲重要的聚酯、新能源材料、工程塑料和 高附加值聚烯烃的生产商。在品牌建设方面，公司近期以32.3亿美元的品牌价值跻身《2025年全球化工 品牌价值榜》前五，成为榜单中排名最高的中国化工企业，彰显其国际影响力的显著提升。 近年来，我国石化企业在技术和创新方面取得了显著进步，立足国内广大的化工产品需求，并响应"一 带一路"倡议继续开拓新兴国家化工产品市场。荣盛石化深度融入"一带一路"建设，坚持"走出去"与"引 进来"并重，已在中东建立战略支点，构建环印度洋供应 ...

Group 1 - The People's Bank of China has lowered the interest rate of structural monetary policy tools by 0.25 percentage points, bringing the rate down to 1.5% [1] - Financial institutions are currently offering stock repurchase and increase loans at around 2%, which is below the average dividend yield of listed companies [1] - As of April 2025, listed companies have disclosed plans to apply for stock repurchase and increase loans amounting to over 110 billion yuan, with contracts signed for approximately 200 billion yuan [1] Group 2 - The central bank announced the merger of 500 billion yuan for securities, funds, and insurance company swap facilities with 300 billion yuan for stock repurchase and increase re-loans, totaling 800 billion yuan [2] - The reduction in the interest rate for structural monetary policy tools is expected to stimulate market participants to utilize loans for repurchase and increase, enhancing market capitalization management among listed companies [2] - The combined use of these two capital market tools is aimed at improving convenience and flexibility, better meeting the needs of different market participants, and increasing the efficiency of policy fund utilization [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The petrochemical industry is under pressure in 2024, with the company waiting for a recovery in industry conditions [3] - The company achieved operating revenue of 326.48 billion yuan in 2024, a year-on-year increase of 0.4%, but the net profit attributable to shareholders decreased by 37.4% to 0.72 billion yuan [6][20] - The company is expanding its new materials product matrix with multiple new projects coming online, which is expected to enhance product value [10] Financial Performance - In Q1 2025, the company reported operating revenue of 74.98 billion yuan, a decrease of 6.1 billion yuan year-on-year, primarily due to falling prices of main products [7] - The net profit attributable to shareholders in Q1 2025 was 0.59 billion yuan, a slight increase of 0.04 billion yuan year-on-year [7] - The company’s revenue and profit forecasts for 2025, 2026, and 2027 are 343.0 billion yuan, 359.9 billion yuan, and 373.8 billion yuan respectively, with net profits of 2.738 billion yuan, 4.592 billion yuan, and 6.226 billion yuan [10][12] Product Segment Performance - In 2024, the revenue from refining products was 117.9 billion yuan, down 3.31% year-on-year, while the gross margin was 17.6%, a decrease of 2.7 percentage points [6] - Chemical products revenue was 121.8 billion yuan, remaining stable year-on-year, with a gross margin of 13.6%, an increase of 3.4 percentage points [6] - The polyester film segment saw significant growth, with revenue of 18.5 billion yuan, a year-on-year increase of 25.75%, driven by the production of a new multifunctional polyester chip project [6] Market Position and Strategy - The company is positioned as a leading player in the private refining sector, continuously investing in new materials projects to enhance product value and sustain growth [10] - The company’s financial metrics indicate a projected PE ratio of 32, 19, and 14 for the years 2025, 2026, and 2027 respectively, reflecting its growth potential [10][12]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, suggesting investment opportunities in high-quality refining companies and upstream service providers [2][4]. Core Insights - The European refining sector is undergoing significant restructuring due to declining demand, aging facilities, and reduced profitability, with refining capacity decreasing by 4.2 million barrels per day since 2005, a drop of over 23% [4][5]. - The average age of European refineries is 66 years, significantly higher than the global average of 51 years, leading to increased maintenance costs and declining competitiveness [7][10]. - High natural gas prices continue to exert pressure on refinery profitability, with expectations that European gas prices will remain elevated, negatively impacting operational costs [10][12]. - Several refineries are expected to shut down in 2025, including Shell's Rheinland refinery and BP's Gelsenkirchen refinery, collectively removing 390,000 barrels per day of capacity [12][13]. Summary by Sections Upstream Sector - As of May 9, 2025, Brent crude futures closed at $63.91 per barrel, a week-on-week increase of 4.27%, while WTI futures rose by 4.68% to $41.02 per barrel [19]. - U.S. commercial crude oil inventories decreased by 2.032 million barrels to 438 million barrels, which is 7% lower than the five-year average for this time of year [21][22]. - The number of active drilling rigs in the U.S. decreased by 6 to 578, a year-on-year decline of 25 rigs [19][30]. Refining Sector - The Singapore refining margin for major products was $10.90 per barrel as of May 9, 2025, down by $6.31 from the previous week [53]. - The price spread for ethylene was $245.67 per ton, up by $30.80 from the previous week, while propylene saw a decrease in its price spread [4][50]. Polyester Sector - PTA prices increased to an average of 4551.67 RMB per ton, reflecting a week-on-week rise of 0.75% [4][50]. - The overall performance of the polyester industry remains average, with a need to monitor demand changes closely [4][50]. Investment Recommendations - The report suggests focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to expected improvements in cost structures and competitive positioning [4][14]. - It also highlights the potential for recovery in the valuation of companies like Satellite Chemical and Tongkun Co., given the anticipated easing of tariffs affecting polyester demand [4][14].

Core Viewpoint - The company is focusing on enhancing its profitability and stock price amidst a declining stock performance, leveraging its integrated industrial chain and strategic initiatives in high-value new materials [1] Group 1: Company Performance and Strategy - The chairman of the company highlighted its significant cost advantages and competitive position in the market due to a well-established industrial chain [1] - The completion of the 40 million tons per year integrated refining and chemical project by its subsidiary, Zhejiang Petrochemical, marks a critical milestone, contributing to substantial revenue growth [1] - The company reported a net profit of 13.236 billion yuan in 2021, with its market value exceeding 300 billion yuan at one point, but has since seen a decline to below 90 billion yuan [1] Group 2: Stock Buyback and Shareholder Actions - In response to the continuous decline in stock price, the company and its major shareholder have initiated actions, including three phases of stock buyback totaling 555 million shares, representing 5.46% of the total share capital, with a total expenditure of 6.988 billion yuan [2] - Since 2022, the controlling shareholder has completed two phases of share purchases, amounting to 1.693 billion yuan, bringing the total buyback and purchase funds to 8.681 billion yuan [2]

中国化工品牌价值增幅最大，荣盛石化首现前五。 【中国北京】当地时间2025年5月7日，《Brand Finance（品牌金融）2025年全球化工品牌价值榜》正式发布。报告包含全球化工品牌价值50强与全球油漆涂 料品牌价值10强的权威排名。凤凰网作为中国独家首发媒体，同步公布该报告的最新动态。 报告显示，全球前50大化工品牌的总价值下降了1.6%，目前为824.5亿美元，这一变化主要归因于美国和德国等关键西方市场表现欠佳。相比之下，中国化 工品牌在2025年实现了显著的品牌价值增长，增幅达到17.6%。 荣盛石化的品牌价值同比增长5.6%，达到32.3亿美元，排名上升一位，成为首个进入全球化工品牌价值排行榜前五的中国品牌，展现出卓越的市场竞争力。 近期，公司舟山绿色石化基地二期项目的顺利投产，标志着其在高端聚酯材料领域实现了关键技术突破。此外，荣盛石化在海外市场拓展方面亦取得新的进 展，与沙特阿美合资建设的炼化一体化项目稳步推进，进一步巩固并提升了品牌的国际影响力。 万华（品牌价值增长39.8%，达到20.1亿美元）、卫星化学（品牌价值增长33.9%，达到6.4亿美元）以及恒力石化（品牌价值增长31.9%，达到 ...

证券简称：荣盛石化 证券代码：002493 荣盛石化股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 公司董事长李水荣先生 | | | 独立董事郑晓东先生 | | 活动参与人员 | 财务总监王亚芳女士 | | | 董事会秘书全卫英女士 | | 时间 | 2025 年 5 月 7 日 15:00~16:00 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | 形式 | 网络远程 | | | 荣盛石化于 年 月 日 在全景网全 2025 5 7 15:00~16:00 | | | 景•路演天下（http://rs.p5w.net）举行 2024 年年度业绩 | | | 网上说明会。本次交流活动采用网络远程的方式举行， | | | 问答环节主要问题如下： | | 交流内容及具体问答 | 问题 1：请问贵公司未来盈利增长的主要驱 ...