RSPC(002493) 信达证券·2024-10-30 14:30Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" [1]. Core Views - Weak supply and demand have led to compressed profitability for refining products, putting short-term pressure on the company's performance. The international oil price fluctuated in the first three quarters of 2024, with Brent's average price at $81.6 per barrel, remaining stable compared to the same period last year [1][2]. - The refining sector is undergoing continuous consolidation, and the company's advantages are expected to drive growth in performance. By 2025, domestic crude oil processing capacity is expected to be controlled at 1 billion tons, with large-scale refining enterprises accounting for about 55% of the capacity [1][2]. - Incremental capacity is gradually being realized, and high-end products are steadily advancing. The company has announced the commissioning of several new production facilities, which are expected to enhance the depth and breadth of its industrial chain [2]. Financial Summary - In Q3 2024, the company achieved operating revenue of 245.196 billion yuan, a year-on-year increase of 2.57%. The net profit attributable to the parent company was 877 million yuan, a year-on-year increase of 714.73% [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 1.264 billion, 2.599 billion, and 4.275 billion yuan, with year-on-year growth rates of 9.1%, 105.6%, and 64.5% respectively [2][4]. - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.12, 0.26, and 0.42 yuan, with corresponding price-to-earnings (P/E) ratios of 75.54, 37.74, and 22.34 [2][4].