RSPC(SZ:002493) Donghai Securities·2025-05-07 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the refining margins have improved, and the company is deepening its chemical platform [1] - The company experienced significant performance recovery in Q1 2025, with a notable increase in net profit compared to the previous quarter [6] - The chemical segment benefits from price spread recovery, leading to steady cash flow growth [6] - The company is actively pursuing international expansion and enhancing its chemical platform [6] - The controlling shareholder has been consistently buying back shares, reflecting confidence in the company's long-term value [6] - The earnings forecast for 2025-2027 shows a gradual increase in net profit and earnings per share [6] Financial Performance Summary - In 2024, the company achieved a revenue of 326,475.16 million yuan, with a slight year-on-year increase of 0.42% [6] - The net profit attributable to the parent company for 2024 was 724.48 million yuan, down 37.44% year-on-year [6] - For Q1 2025, the company reported a revenue of 749.75 million yuan, with a year-on-year decrease of 7.54% but a quarter-on-quarter increase in net profit of 486.62% [6] - The gross profit margin for 2024 was 11.48%, with expectations for improvement in subsequent years [6] Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2,887.98 million yuan, 3,831.54 million yuan, and 4,876.71 million yuan respectively [6] - The earnings per share (EPS) for the same years are projected to be 0.29 yuan, 0.38 yuan, and 0.48 yuan [6] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 30.29, 22.83, and 17.94 respectively [6]