国信证券点评荣盛石化：炼化利润有望修复，硫磺提供业绩增量

Group 1 - The core viewpoint of the report highlights that Rongsheng Petrochemical (002493.SZ) is a leading private refining giant in China, with its core Zhejiang Petrochemical project having a capacity of 40 million tons of crude oil processing, 8.8 million tons of PX, and 4.2 million tons of ethylene processing [1] - The industry is currently experiencing a gradual improvement in prosperity, with refining capacity stabilizing and demand increasing, which is expected to significantly restore the profitability of the PX-PTA-polyester chain [1] - The company has a sulfur production capacity of 1.21 million tons, which will significantly enhance its profits due to the rapid increase in sulfur prices driven by supply-demand mismatches [1] Group 2 - The report indicates that the significant increase in domestic and international sulfur prices provides profit elasticity for the company, with solid and liquid sulfur prices reaching 3,936 yuan/ton and 3,993 yuan/ton respectively as of December 11, showing a year-on-year increase of over 160% [2] - The demand for sulfur is driven by the growth in phosphate fertilizer and new energy acid production, leading to a tight supply-demand balance, with prices expected to continue rising from the second half of 2024 [2] - The company ranks third in the industry for sulfur production capacity, and as a by-product, the cost is primarily fixed, meaning price increases will significantly boost the company's profits [2]