RSPC(SZ:002493) Xin Lang Cai Jing·2025-04-30 08:45Core Viewpoint - The company reported FY24 performance with revenue of 326.475 billion yuan, a year-on-year increase of 0.4%, and a net profit of 724 million yuan, a year-on-year decrease of 37.4% [1]. Financial Performance - FY24 revenue was 326.475 billion yuan, with a net profit of 724 million yuan, reflecting a 37.4% decline year-on-year [1]. - 4Q24 revenue was 81.279 billion yuan, down 5.6% year-on-year and 3.2% quarter-on-quarter, with a net loss of 152 million yuan [1]. - 1Q25 revenue was 74.975 billion yuan, a decrease of 7.5% year-on-year and 7.8% quarter-on-quarter, while net profit was 588 million yuan, an increase of 6.5% year-on-year [1]. - Zhejiang Petrochemical achieved a net profit of 3.54 billion yuan in FY24, up 159% year-on-year, and 1.27 billion yuan in 1Q25, a 1% increase year-on-year [1]. - CNOOC Petrochemical reported a loss of 1.249 billion yuan in FY24, with PTA and bottle chips losses of approximately 260 million yuan [1]. Industry Trends - In 1Q25, costs significantly decreased, with coal prices dropping from 765 yuan/ton to 652 yuan/ton, benefiting the company's cost structure [2]. - The price differentials for downstream products like olefins remained strong, while PX and pure benzene price differentials continued to decline [2]. - The company is focusing on high-end materials and expanding its product offerings, including the production of α-olefins and rare earth rubber [2]. - The average Brent crude oil price decreased to 66.6 USD/barrel in 2Q25, which is expected to improve chemical product profitability in 3Q25 and beyond [2]. Investor Returns - The company has shown commitment to investor returns, with a total of approximately 1.693 billion yuan in share buybacks in 2024 and an ongoing buyback plan of 1-2 billion yuan in 2025 [3]. - In 2024, the company distributed cash dividends of 957 million yuan, accounting for 34% of distributable profits [3]. Profit Forecast and Valuation - Due to lower-than-expected recovery in refining profits, the company has revised down its net profit forecasts for 2025-26 by 40.6% and 27.0% to 1.896 billion yuan and 4.922 billion yuan, respectively [4]. - The current stock price corresponds to a P/E ratio of 43.7x for 2025 and 16.8x for 2026 [4]. - The target price has been adjusted down by 7.6% to 9.7 yuan, reflecting a potential upside of 18.4% from the current stock price [4].