证券代码：002493 证券简称：荣盛石化 公告编号：2024-066 荣盛石化股份有限公司 关于公司 2025 年年度互保额度的公告 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： 荣盛石化股份有限公司（以下简称"荣盛石化"）对控股子公司担保及控股 子公司间互保额度总额预计超过最近一期经审计净资产的 100%，敬请投资者注 意相关风险。 释义： 2024 年 12 月 16 日，荣盛石化董事会召开第六届董事会第二十一次会议， 会议审议通过了《关于公司 2025 年年度互保额度的议案》。根据相关法律法规和 公司章程规定，该议案担保事项尚需提交股东大会审议批准。 1 一、担保情况概述 为确保荣盛石化 2025 年生产经营工作的持续、稳健发展，保障各公司筹措 资金，提高荣盛石化资产运营效率，根据实际需要，荣盛石化第六届董事会第二 十一次会议审议通过了《关于公司 2025 年年度互保额度的议案》，拟确定荣盛石 化 2025 年年度互保额度为人民币 11,901,000 万元，占荣盛石化 2023 年度经审计 净资产的 268.43%，具体情况如下： | ...

Core Viewpoint - Rongsheng Petrochemical's major shareholder, Rongsheng Holdings, has been actively increasing its stake in the company, reflecting confidence in the long-term value of the domestic capital market and the company's future development [1][2]. Group 1: Shareholder Actions - From August 22 to November 20, Rongsheng Holdings increased its stake by 56.89 million shares, accounting for 0.56% of the total share capital, with an investment of approximately 505 million yuan [1]. - Rongsheng Holdings plans to invest an additional 500 million to 1 billion yuan in Rongsheng Petrochemical shares over the next six months starting from August 21, 2024 [1]. - As of November 20, Rongsheng Holdings holds 5.383 billion shares, representing 53.16% of the total share capital, further solidifying its controlling position [1]. Group 2: Market Impact and Confidence - Since the beginning of 2024, Rongsheng Holdings has continued to increase its stake to boost investor confidence and protect the interests of minority shareholders, especially as Rongsheng Petrochemical is a key component of major indices like the CSI 300 [2]. - From January 22 to July 18, Rongsheng Holdings accumulated an additional 115.53 million shares, totaling an investment of 1.188 billion yuan, bringing the total investment in 2023 to 1.693 billion yuan [2]. - Rongsheng Petrochemical has initiated three share buyback programs this year, repurchasing approximately 553 million shares, which is about 5.46% of the total share capital, with a total buyback amount of approximately 6.988 billion yuan [2].

证券代码：002493 证券简称：荣盛石化 公告编号：2024-063 荣盛石化股份有限公司 关于控股股东增持公司股份计划时间过半 的进展公告 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.荣盛石化股份有限公司（以下简称"荣盛石化"或"公司"）控股股东浙 江荣盛控股集团有限公司（以下简称"荣盛控股"）计划自 2024 年 8 月 21 日起 的 6 个月内，通过深圳证券交易所（以下简称"深交所"）交易系统（包括但不 限于集中竞价、大宗交易、协议转让等），择机增持公司股份，拟增持股份金额 不低于人民币 5 亿元且不超过人民币 10 亿元，本次增持不设置价格区间。具体 内容详见 2024 年 8 月 22 日刊登于《证券时报》《中国证券报》及巨潮资讯网的 《关于公司控股股东首次增持公司股份暨后续增持计划的公告》（公告编号： 2024-050）。 2.截至本公告披露日，本次增持计划实施期限已过半，荣盛控股通过深交所 交易系统以集中竞价方式累计增持公司股份 56,892,217 股，占目前公司总股本的 0.56%，增持金额约为 50,487.35 万 ...

证券代码：002493 证券简称：荣盛石化 公告编号：2024-062 1、公司与沙特阿美积极推进，并于 2024 年 4 月 21 日签署了《合作框架协 议》，主要内容为双方拟分别出售和购买荣盛石化全资子公司中金石化和沙特阿 美全资子公司 SASREF 各 50%的股权，以及按股权比例分别联合开发中金石化和 SASREF 的扩建工程。2024 年 7 月 1 日公司根据上述备忘录向沙特阿美发出参与 1 SASREF 交易的参与通知。2024 年 9 月 11 日双方签署了《联合开发协议的框架 协议》，用于规范朱拜勒炼化公司联合开发扩建项目所需的联合活动的执行。 荣盛石化股份有限公司 2、2024 年 11 月 19 日，荣盛石化及（或）全资子公司荣盛石化(新加坡)有限 公司、沙特阿美及（或）SASREF 共同签署《开发框架协议》等，就扩建项目联 合指导委员会的设立、若干指导方针制定及未来联合活动的开展等进行了约定， 旨在为 SASREF 扩建项目后续联合活动提供高效协作机制及有力组织保障。 关于与沙特阿美石油公司签署之"谅解备忘录"的进 展公告 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 ...

Investment Rating - The report maintains a "Buy" rating and adjusts the earnings forecast downward while raising the target price to 12.23 CNY from the previous 11.20 CNY [1][6]. Core Views - The company's performance in Q3 was under pressure due to oil price fluctuations and weaker-than-expected demand recovery. The partnership with Saudi Aramco aims to expand the downstream market, and the controlling shareholder's continued stock buyback reflects confidence in the company's long-term development [2][4]. Financial Summary - Revenue for 2022 was 289,095 million CNY, with a projected increase to 341,429 million CNY in 2024, reflecting a growth rate of 5.0% [3]. - Net profit attributable to shareholders was 3,341 million CNY in 2022, expected to rise to 1,352 million CNY in 2024, indicating a 16.8% increase [3]. - Earnings per share (EPS) is forecasted to be 0.13 CNY in 2024, up from 0.11 CNY in 2023 [3]. - The return on equity (ROE) is projected to improve significantly from 2.6% in 2023 to 20.8% in 2026 [3]. Q3 Performance Insights - In the first three quarters of 2024, the company achieved a net profit of 877 million CNY, a year-on-year increase of 714.73%. However, Q3 net profit dropped to 19 million CNY, a decline of 98.48% year-on-year [1][2]. - The average oil price in Q3 was 78.60 USD/barrel, down 6.44 USD/barrel from Q2, leading to a decline in the average prices of related chemical products [1][4]. Strategic Developments - The company signed multiple strategic agreements with Saudi Aramco to explore the downstream market and develop overseas markets through mutual equity participation and project collaboration [1][2]. - The controlling shareholder plans to increase their stake in the company by investing between 500 million CNY and 1 billion CNY, without setting a price range for the buyback [1][2].

Investment Rating - The investment rating for Rongsheng Petrochemical is maintained at "Buy" [1] Core Views - The report highlights that the company's performance is under pressure due to cost fluctuations, but ongoing projects are progressing in an orderly manner [1] - The third quarter saw a decline in revenue, with a year-on-year decrease of 0.68%, although there was a quarter-on-quarter increase of 4.72% [1] - The report emphasizes the company's strategic focus on extending and supplementing its supply chain, reducing oil dependency, and enhancing product value [1][4] Financial Performance - For the third quarter, Rongsheng Petrochemical reported operating revenue of 245.196 billion yuan, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 877 million yuan, which represents a year-on-year increase of 714.73% [1] - The report projects the company's net profit attributable to shareholders for 2024-2026 to be 1.617 billion, 3.480 billion, and 5.114 billion yuan respectively, with corresponding P/E ratios of 60.80X, 28.26X, and 19.22X [4][6] - The company is expected to maintain stable gross margins around 11.3% to 12.0% over the forecast period [6] Project Developments - The report mentions the successful trial operation of the α-olefin pilot plant and the production of qualified products from the rare earth butadiene rubber facility, which has a capacity of 100,000 tons per year [1][2] - Ongoing projects include significant investments in new materials, with a total planned investment of 67.5 billion yuan for various production facilities [1][2] Strategic Partnerships - Rongsheng Petrochemical is collaborating with Saudi Aramco to explore the acquisition of a 50% stake in the Jubail Refinery and to enhance production capacity and product quality [3] - The partnership aims to leverage both companies' strengths for mutual growth and development in the petrochemical sector [3]

Summary of Conference Call Company and Industry - The conference call involved **Rongsheng Petrochemical**, discussing its Q3 2024 operational performance and production updates in the petrochemical industry. Key Points and Arguments Operational Updates 1. **Production Capacity Enhancements**: - The company has completed the commissioning of a new 300 million tons light oil processing unit, achieving a conversion rate exceeding 90%, which is industry-leading [2]. - Upgrades to the catalytic gasoline unit have increased processing flexibility, allowing for over 1 million tons of feedstock to be supplied to the reforming unit annually [2]. 2. **Financial Performance**: - For the first three quarters of 2023, the company reported revenues of **245.2 billion yuan**, a year-on-year increase of **2.6%**. Q3 alone generated **83.9 billion yuan** [4]. - The total assets reached **395.8 billion yuan**, with operating cash flow of **19.7 billion yuan**, reflecting a **976%** increase year-on-year [4]. 3. **Segment Performance**: - The refining segment achieved a profit of **2.656 billion yuan**, while the PTA segment incurred a loss of **365 million yuan**. The polyester film segment remained flat [5]. - Q3 saw a processing volume of over **11 million tons** of crude oil, with a utilization rate above **110%** for certain units [5]. Market Dynamics 4. **Oil Price Fluctuations**: - The average oil price experienced significant volatility, impacting profit margins. The average oil price decreased by **7.6%** in Q3 [5][12]. - The company anticipates that a decrease in oil prices could lead to a reduction in production costs, potentially saving **10 billion yuan** if oil prices drop to **$70 per barrel** [13]. 5. **Demand Trends**: - The overall demand for refined products has been weak, with the market showing signs of reaching a peak [36]. The company has adjusted its production strategies accordingly [37]. Strategic Initiatives 6. **Collaboration with Saudi Aramco**: - The company is progressing with a partnership with Saudi Aramco, involving the acquisition of a 50% stake in its subsidiary and expansion projects [10]. 7. **Investment in New Projects**: - The company is focusing on high-performance materials and new energy materials, with significant capital expenditures planned for the coming years [28][29]. 8. **Tax and Regulatory Environment**: - The company reported a **20 billion yuan** increase in taxes and additional charges, primarily due to increased sales volumes in Q1 [25]. Future Outlook 9. **Market Positioning**: - The company aims to enhance its competitive edge in the PX market, anticipating stable demand growth driven by PTA and polyester sectors [22][24]. - The long-term outlook for PX profitability remains positive, despite short-term fluctuations in pricing and demand [22]. 10. **Capital Expenditure Plans**: - The company plans to maintain flexibility in its capital expenditure, with a focus on optimizing investments based on market conditions [30]. Other Important Content - The company maintains a high operational flexibility in its refining processes, allowing for adjustments based on market demand [37]. - The strategic focus on high-value chemical products is expected to improve overall profitability and reduce reliance on traditional refined products [38]. This summary encapsulates the key insights from the conference call, highlighting the company's operational performance, market dynamics, strategic initiatives, and future outlook in the petrochemical industry.

Third quarterly report 2024 Stock code: 002493 Stock Abbreviation: Rongsheng Petrochemical Announcement No.: 2024-059 Rongsheng Petrochemical Co., Ltd. 2024 Third Quarterly Report The Company and all members of the Board of Directors confirm that the information disclosed is true, accurate and complete, and has no false representations, misleading statements or material omissions. Important Content Notice: 1. The Board of Directors, the Board of Supervisors and the directors, supervisors and senior manageme ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported a revenue of 215.196 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 877 million yuan, a significant year-on-year increase of 714.73% [2][7]. - In Q3 2024, the company achieved a revenue of 83.947 billion yuan, a year-on-year decrease of 0.68% but a quarter-on-quarter increase of 4.72%. The net profit attributable to shareholders was 19 million yuan, a drastic year-on-year decrease of 98.48% and a quarter-on-quarter decrease of 93.87% [2][7]. - The demand for chemical products is still at a low point, and Q3 performance is under short-term pressure. However, if terminal consumer demand improves, profitability is expected to recover [7]. - The demand for refined oil has declined, but the refining segment is expected to recover, supported by export quotas and potential demand increases from downstream PTA capacity [7]. - The company is set to benefit from the production of high-value-added products, with several projects progressing well, which may help restore performance [7]. - The company is projected to have net profits of 1.3 billion yuan, 4.5 billion yuan, and 6.5 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.13 yuan, 0.44 yuan, and 0.64 yuan [7][8]. Financial Data Summary - For 2024, the company is expected to generate a revenue of 337.856 billion yuan, with a growth rate of 3.92% [8]. - The projected EBITDA for 2024 is 31.3 billion yuan, with a significant increase in net profit expected in subsequent years [8]. - The company’s asset-liability ratio stands at 75.93%, indicating a high level of debt relative to its assets [5].

Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" [1]. Core Views - Weak supply and demand have led to compressed profitability for refining products, putting short-term pressure on the company's performance. The international oil price fluctuated in the first three quarters of 2024, with Brent's average price at $81.6 per barrel, remaining stable compared to the same period last year [1][2]. - The refining sector is undergoing continuous consolidation, and the company's advantages are expected to drive growth in performance. By 2025, domestic crude oil processing capacity is expected to be controlled at 1 billion tons, with large-scale refining enterprises accounting for about 55% of the capacity [1][2]. - Incremental capacity is gradually being realized, and high-end products are steadily advancing. The company has announced the commissioning of several new production facilities, which are expected to enhance the depth and breadth of its industrial chain [2]. Financial Summary - In Q3 2024, the company achieved operating revenue of 245.196 billion yuan, a year-on-year increase of 2.57%. The net profit attributable to the parent company was 877 million yuan, a year-on-year increase of 714.73% [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.264 billion, 2.599 billion, and 4.275 billion yuan, with year-on-year growth rates of 9.1%, 105.6%, and 64.5% respectively [2][4]. - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.12, 0.26, and 0.42 yuan, with corresponding price-to-earnings (P/E) ratios of 75.54, 37.74, and 22.34 [2][4].