RSPC(SZ:002493) Hua Xia Shi Bao·2025-04-28 03:28Core 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].