RSPC(SZ:002493) Xin Lang Zheng Quan·2025-10-31 16:42Core Viewpoint - Rongsheng Petrochemical is a leading domestic petrochemical enterprise with significant investment value, possessing a full industry chain advantage in the refining and chemical sector [1] Group 1: Business Performance - In Q3 2025, Rongsheng Petrochemical achieved a revenue of 227.81 billion yuan, ranking 3rd in the industry, but still trailing behind China National Petroleum and Sinopec [2] - The net profit for the same period was 2.63 billion yuan, placing it 4th in the industry, below the industry average of 18.05 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 75.45%, slightly down from 75.93% year-on-year, but higher than the industry average of 62.74% [3] - The gross profit margin was 12.91%, an increase from 12.16% year-on-year, yet still below the industry average of 13.42% [3] Group 3: Executive Compensation - The chairman, Li Shui Rong, received a salary of 4.72 million yuan in 2024, a decrease of 44,000 yuan from 2023 [4] - The general manager, Xiang Jiong Jiong, earned 2.18 million yuan in 2024, down by 157,100 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 14.14% to 73,700, while the average number of circulating A-shares held per shareholder increased by 14.80% [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 17.06 million shares [5] Group 5: Future Outlook - The company is expected to benefit from the "anti-involution" policy and has several new projects underway, including a high-performance resin project that is 75% complete [5] - Revenue projections for 2025-2027 are 308.1 billion, 315.6 billion, and 324.0 billion yuan, with net profits of 1.40 billion, 2.88 billion, and 3.89 billion yuan respectively [5] - Analysts have noted that the company's performance in Q3 2025 exceeded expectations, with potential for significant recovery in refining profitability [6]