RSPC(SZ:002493) EBSCN·2025-04-29 08:48Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q4 is under pressure due to a significant decline in PX market conditions, with Q4 revenue at 81.3 billion yuan, down 5.6% year-on-year and 3.2% quarter-on-quarter, resulting in a net loss of 1.52 billion yuan [5][6] - The company is actively advancing its new materials projects, which are expected to enhance its growth trajectory in the future, particularly in the fields of renewable materials and high-end synthetic materials [7][8] - The company has implemented share buyback plans and has seen significant share purchases by major shareholders, reflecting confidence in its future development [8] Financial Performance - In 2024, the company achieved a revenue of 326.5 billion yuan, a slight increase of 0.4% year-on-year, but the net profit attributable to shareholders decreased by 37% to 724 million yuan [5][10] - The report forecasts a decline in profitability for 2025-2026, with net profits expected to be 2.82 billion yuan and 4.01 billion yuan respectively, reflecting a downward adjustment of 28% and 34% [8][10] Market Conditions - The Brent crude oil average price in Q4 was 74 USD/barrel, down 11% year-on-year, impacting the company's margins negatively [6] - The report highlights that while refining and polyester yarn price differentials have expanded, the significant drop in PX price differentials has led to a decline in overall performance [6] New Materials Development - The company is focusing on expanding its new materials product line, including EVA, POE, DMC, PC, and ABS, with several projects already in production [7] - The successful trial production of various new materials indicates a strategic shift towards sustainable and high-value products [7] Shareholder Confidence - The company has executed three phases of share repurchase plans, totaling 5.53 billion shares, which is 5.46% of total shares, amounting to 6.99 billion yuan [8] - The consistent cash dividend policy over the past 15 years, with a payout ratio of 64.93% in the last three years, demonstrates a commitment to shareholder returns [8]