RSPC(SZ:002493) Huachuang Securities·2024-08-31 03:23Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][14]. Core Views - The company's refining and chemical product gross margins have improved year-on-year, with significant operational recovery at Zhejiang Petrochemical leading to a substantial profit turnaround in Q2 [1]. - The company is accelerating its global layout and deepening cooperation with Saudi Aramco, which is expected to enhance asset operation capabilities and expedite the implementation of new material projects [1]. - The report adjusts the net profit forecasts for 2024 and 2025 to 2.68 billion and 4.42 billion yuan respectively, with corresponding EPS of 0.26 and 0.44 yuan [1]. Financial Summary - For 2023, total revenue is projected at 325.11 billion yuan, with a year-on-year growth rate of 12.5%. The net profit attributable to the parent company is expected to be 1.16 billion yuan, reflecting a significant decline of 65.3% [1][7]. - The company’s total revenue for 2024 is estimated at 382.12 billion yuan, with a growth rate of 17.5%, and the net profit is forecasted to increase to 2.68 billion yuan, a growth of 131.1% [1][7]. - The projected PE ratios for 2024, 2025, and 2026 are 33x, 20x, and 17x respectively, with a target price set at 9.88 yuan based on a 38x PE for 2024 [1][2].