RSPC(002493) 华安证券·2024-11-06 10:26Investment Rating - The investment rating for Rongsheng Petrochemical is maintained at "Buy" [1] Core Views - The report highlights that the company's performance is under pressure due to cost fluctuations, but ongoing projects are progressing in an orderly manner [1] - The third quarter saw a decline in revenue, with a year-on-year decrease of 0.68%, although there was a quarter-on-quarter increase of 4.72% [1] - The report emphasizes the company's strategic focus on extending and supplementing its supply chain, reducing oil dependency, and enhancing product value [1][4] Financial Performance - For the third quarter, Rongsheng Petrochemical reported operating revenue of 245.196 billion yuan, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 877 million yuan, which represents a year-on-year increase of 714.73% [1] - The report projects the company's net profit attributable to shareholders for 2024-2026 to be 1.617 billion, 3.480 billion, and 5.114 billion yuan respectively, with corresponding P/E ratios of 60.80X, 28.26X, and 19.22X [4][6] - The company is expected to maintain stable gross margins around 11.3% to 12.0% over the forecast period [6] Project Developments - The report mentions the successful trial operation of the α-olefin pilot plant and the production of qualified products from the rare earth butadiene rubber facility, which has a capacity of 100,000 tons per year [1][2] - Ongoing projects include significant investments in new materials, with a total planned investment of 67.5 billion yuan for various production facilities [1][2] Strategic Partnerships - Rongsheng Petrochemical is collaborating with Saudi Aramco to explore the acquisition of a 50% stake in the Jubail Refinery and to enhance production capacity and product quality [3] - The partnership aims to leverage both companies' strengths for mutual growth and development in the petrochemical sector [3]