RSPC(SZ:002493) Tianfeng Securities·2025-04-25 13:45Investment Rating - The investment rating for the company is "Hold" [7] Core Views - The company is expected to achieve a revenue of 326.48 billion in 2024, with a slight year-on-year increase of 0.42%. However, the net profit attributable to shareholders is projected to decline by 37.44% to 724.48 million [1][5] - The company has signed a memorandum of cooperation with Saudi Aramco to explore joint operations in overseas markets, enhancing its global market share and risk resilience [2] - A three-year shareholder return plan has been established, proposing differentiated cash dividend policies based on the company's development stage [3] Financial Performance - The company's revenue for 2023 is reported at 325.11 billion, with a projected increase to 326.48 billion in 2024. The net profit attributable to shareholders is expected to drop from 1.16 billion in 2023 to 724.48 million in 2024, reflecting a significant decline of 65.33% and 37.44% respectively [5][11] - The EBITDA for 2024 is estimated at 27.07 billion, down from 28.77 billion in 2023 [5][11] - The company’s earnings per share (EPS) is projected to decrease from 0.11 in 2023 to 0.07 in 2024 [5][11] Industry Outlook - The supply-side reform in the industry is expected to support a relative recovery from the bottom of the cycle, with stricter regulations leading to a decrease in operational rates among local refineries [4] - The company is anticipated to benefit from the improvement in propylene prices due to increased tariffs on U.S. propane, which may enhance the price spread of olefin products [4] Strategic Initiatives - Key projects are progressing, including the production of a 1000-ton α-olefin pilot plant and the successful trial production of a 100,000-ton/year rare earth butadiene rubber facility [2] - The company is actively expanding its international presence and enhancing its product offerings through strategic partnerships and project developments [2]