研报掘金丨华鑫证券：荣盛石化盈利能力有望持续修复。予“买入”评级

Core Viewpoint - Rongsheng Petrochemical reported a net profit attributable to shareholders of 602 million yuan in the first half of the year, a year-on-year decline of 29.82% [1] Financial Performance - In Q2 2025, the company achieved a net profit of 14 million yuan, reflecting a significant year-on-year decline of 95.52% and a quarter-on-quarter decrease of 97.67% [1] - The core subsidiary, Zhejiang Petrochemical, generated a net profit of 2.132 billion yuan, serving as the main profit source for the company, while Zhongjin Petrochemical incurred a loss of 634 million yuan, negatively impacting overall performance [1] Expense Management - The company's expense ratios for sales, management, finance, and R&D increased by 0.01 percentage points, 0.04 percentage points, decreased by 0.13 percentage points, and increased by 0.04 percentage points year-on-year, respectively, indicating overall stability in expense management [1] Cash Flow - The net cash flow from operating activities for the first half of the year was 7.587 billion yuan, a decrease of approximately 806 million yuan year-on-year, but still maintaining a substantial amount [1] Industry Position and Outlook - The company continues to strengthen its integrated refining and chemical advantages and is expanding its international presence, positioning itself as one of China's leading private refining enterprises [1] - Current performance is under pressure due to the unfavorable conditions in the petrochemical product market, but there is potential for recovery in profitability as the petrochemical industry shows signs of bottoming out [1] - The investment rating is set at "Buy" [1]