RSPC(SZ:002493) Xin Lang Cai Jing·2025-05-01 00:49Core Viewpoint - Rongsheng Petrochemical's performance continues to decline, with a slight increase in total revenue but a significant drop in net profit during the reporting period [1][2] Financial Performance - The company achieved total revenue of approximately 326.5 billion yuan, a year-on-year increase of 0.42% [1] - The net profit attributable to shareholders was 724 million yuan, a year-on-year decrease of 37.44% and a quarter-on-quarter decrease of 0.38% [1] - In Q4, the total revenue was approximately 81.3 billion yuan, a year-on-year decline of 5.56% and a quarter-on-quarter decline of 3.18% [1] - The net profit for Q4 was approximately -15.2 million yuan, a year-on-year decline of about 114% [1] - In Q1 2025, total revenue was approximately 75 billion yuan, a year-on-year decline of 7.54% and a quarter-on-quarter decline of 7.76% [1] - The net profit for Q1 2025 was approximately 600 million yuan, a year-on-year increase of 6.53%, marking a return to profitability [1] Dividend and Shareholder Return Plan - The company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders, with a total distribution and buyback amount exceeding 1.3 billion yuan [1] - For the years 2026-2028, the company allows for cash or stock dividends, with a principle of distributing no less than 30% of the average distributable profit over the last three years [1] Industry Insights - The price differentials for refined oil, ethylene, and polyester filament remained stable year-on-year, while the propylene and PX price differentials saw significant declines of about 18% and 21%, respectively [2] - The supply-side adjustments are expected to improve industry conditions, with a decrease in the operating rate of independent refineries [2] - As of April 24, the operating rate of independent refineries in Shandong was approximately 48%, indicating a gradual improvement in supply-side conditions [2] Future Outlook - The company is in a strong capital expenditure phase, with ongoing construction projects totaling approximately 50.2 billion yuan, an increase of about 6.2 billion yuan from the previous year [2] - The company has several projects in hand, including 1.4 million tons/year ethylene and downstream chemical facilities, which are expected to enhance its market position once operational [2] - The company is positioned to become a leading large-scale chemical platform in China, with strong cyclical resilience anticipated as industry conditions improve [3]