RSPC(002493) Guohai Securities·2024-09-01 04:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a net profit of 858 million yuan in H1 2024, marking a turnaround from losses in the previous year, driven by strong performance in its subsidiary Zhejiang Petrochemical [4][5] - The company is focusing on expanding its high-end petrochemical product lines and new material projects, which are expected to enhance profitability and growth [8][9] Financial Performance - In H1 2024, the company reported total revenue of 161.25 billion yuan, a year-on-year increase of 4.35%, with a gross profit margin of 12.4%, up by 2.8 percentage points [4][10] - The company’s revenue from refining products was 59.839 billion yuan, up 8.7% year-on-year, while chemical products revenue was 57.596 billion yuan, down 2.1% year-on-year [10] - The company’s R&D expenses decreased by 7.9 billion yuan year-on-year, with an R&D expense ratio of 1.5%, down by 0.6 percentage points [4][10] Market Position and Future Outlook - The company is positioned as a leading player in the private refining sector, with ongoing investments in new materials expected to drive future growth [8][9] - Revenue forecasts for 2024, 2025, and 2026 are projected at 352.9 billion yuan, 404.4 billion yuan, and 465 billion yuan respectively, with corresponding net profits of 3.049 billion yuan, 5.023 billion yuan, and 6.624 billion yuan [9][43]