RSPC(SZ:002493) Quan Jing Wang·2026-01-27 05:33Group 1: Industry Overview - The chemical industry is experiencing a strong and sustainable price increase for products, marking a clear upward turning point after four years of stagnation, driven by supply-side policies and recovering domestic and international demand [1] - The current market conditions are seen as a signal of a new phase characterized by stable volume and rising prices, benefiting high-quality companies with integrated advantages, technological barriers, and cost control capabilities [1] Group 2: Company Performance - Rongsheng Petrochemical is the world's largest producer of PX and PTA, with a PX capacity of 10.4 million tons per year, accounting for 24% of China's total capacity, and a PTA capacity of 2.15 million tons, making it the largest PTA producer globally [2] - The company is positioned to benefit significantly from the current price increases in various chemical products due to its comprehensive product layout across the entire industrial chain [1][2] Group 3: Product-Specific Insights - PX and PTA prices continue to rise, with processing fees increasing to $350/ton and 400 RMB/ton, respectively, and PTA futures approaching 5,500 RMB/ton, indicating strong profitability potential in the PX industry chain [1] - Sulfur prices have reached new highs, with expectations to exceed 5,000 RMB/ton in 2026, and Rongsheng Petrochemical's capacity of 1.21 million tons positions it among the top three in the country, potentially generating significant profits [3] - The price of butadiene has surged to over 10,000 RMB/ton, a 28% increase from December 2025, benefiting Rongsheng Petrochemical, which has a design capacity of 700,000 tons per year, the largest in China [4] - The pure benzene market is experiencing a bullish trend, with Rongsheng Petrochemical's capacity of 2.8 million tons making it the leading private refining company in China, poised to benefit from price increases [5] - The domestic PC market is robust, with Rongsheng Petrochemical's capacity of 520,000 tons ranking fourth globally, utilizing advanced production methods that align with green chemical production strategies [6] - The polyester filament market is seeing price increases due to production cuts, with Rongsheng Petrochemical's capacity of 1.6 million tons ranking sixth in the country, benefiting from upstream PTA support [7] - The PET bottle chip market has seen a significant price increase, with Rongsheng Petrochemical's capacity of 5.3 million tons making it the largest producer in China, leveraging its integrated supply chain to reduce costs [8] Group 4: Future Outlook - Analysts suggest that Rongsheng Petrochemical is well-positioned to capitalize on the chemical supercycle, with its extensive integrated refining and chemical production capabilities expected to enhance profitability during the current price surge [8]