RSPC(SZ:002493) Xinda Securities·2025-04-30 14:23Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" [1] Core Views - The company's performance has shown significant marginal improvement, and shareholder returns have enhanced its long-term investment value [1] - The report highlights that the refining and chemical industry is currently experiencing a weak cycle, which may put short-term pressure on the company's performance in 2024 [4] - The first quarter of 2025 has seen a substantial improvement in the company's performance, indicating potential for profit elasticity [4] - The collaboration with Saudi Aramco is expected to strengthen the company's global presence and enhance its risk resilience [5] - A three-year shareholder return plan has been established, emphasizing the company's commitment to long-term value [7] Financial Performance Summary - In 2024, the company achieved operating revenue of 326.475 billion yuan, a year-on-year increase of 0.42%, and a net profit attributable to shareholders of 724 million yuan, a decrease of 37.44% [1] - The first quarter of 2025 reported operating revenue of 74.975 billion yuan, a year-on-year decrease of 7.54%, but a net profit attributable to shareholders of 588 million yuan, an increase of 6.53% [2] - The forecast for 2025-2027 indicates a significant recovery in net profit, with expected figures of 2.356 billion yuan, 2.783 billion yuan, and 3.935 billion yuan, respectively [7] - The company's earnings per share (EPS) is projected to rise from 0.23 yuan in 2025 to 0.39 yuan in 2027 [7] Industry Outlook - The refining industry is entering a phase of stock competition, with a focus on consolidation and efficiency [4] - The average Brent crude oil price for 2024 is projected to be 79.86 USD per barrel, indicating a slight decrease from the previous year [4] - The report anticipates that the industry will face challenges due to geopolitical tensions and economic conditions affecting oil prices [4]