RSPC(002493) 国联证券·2024-10-31 02:43Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported a revenue of 215.196 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 877 million yuan, a significant year-on-year increase of 714.73% [2][7]. - In Q3 2024, the company achieved a revenue of 83.947 billion yuan, a year-on-year decrease of 0.68% but a quarter-on-quarter increase of 4.72%. The net profit attributable to shareholders was 19 million yuan, a drastic year-on-year decrease of 98.48% and a quarter-on-quarter decrease of 93.87% [2][7]. - The demand for chemical products is still at a low point, and Q3 performance is under short-term pressure. However, if terminal consumer demand improves, profitability is expected to recover [7]. - The demand for refined oil has declined, but the refining segment is expected to recover, supported by export quotas and potential demand increases from downstream PTA capacity [7]. - The company is set to benefit from the production of high-value-added products, with several projects progressing well, which may help restore performance [7]. - The company is projected to have net profits of 1.3 billion yuan, 4.5 billion yuan, and 6.5 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.13 yuan, 0.44 yuan, and 0.64 yuan [7][8]. Financial Data Summary - For 2024, the company is expected to generate a revenue of 337.856 billion yuan, with a growth rate of 3.92% [8]. - The projected EBITDA for 2024 is 31.3 billion yuan, with a significant increase in net profit expected in subsequent years [8]. - The company’s asset-liability ratio stands at 75.93%, indicating a high level of debt relative to its assets [5].