RSPC(SZ:002493) Donghai Securities·2025-05-07 06:27Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is experiencing marginal improvements in refining and deepening its chemical platform, which is expected to enhance its performance [1] - The company reported a significant recovery in Q1 2025, with a notable increase in net profit compared to the previous quarter [6] - The company is focusing on international expansion and the construction of a diversified chemical platform, which is expected to drive future growth [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 326.48 billion yuan, a year-on-year increase of 0.42%, while the net profit attributable to shareholders was 724.48 million yuan, down 37.44% year-on-year [6] - For Q1 2025, the company reported a revenue of 749.75 billion yuan, a decrease of 7.54% year-on-year, but a net profit of 588 million yuan, which is an increase of 6.53% year-on-year and a significant increase of 486.62% quarter-on-quarter [6] - The gross profit margin for 2024 was 11.48%, with expectations for it to rise to 12.97% in 2025 [3][6] Business Segments - The refining and chemical segments showed improvements, with the refining segment achieving a gross profit of 20.71 billion yuan and a margin of 17.57% in 2024 [6] - The chemical segment benefited from price recovery, contributing to steady cash flow growth, with a net profit of 3.54 billion yuan from Zhejiang Petrochemical, a key performance driver for the company [6] Strategic Initiatives - The company is advancing its international strategy and enhancing its chemical platform, with several projects underway, including the production of α-olefins and rare earth butadiene rubber [6] - The company has engaged in share buybacks and has a stable dividend policy, reflecting long-term investment value [6] Earnings Forecast - The forecast for net profit attributable to shareholders is 2.89 billion yuan for 2025, 3.83 billion yuan for 2026, and 4.88 billion yuan for 2027, with corresponding EPS of 0.29, 0.38, and 0.48 yuan respectively [6]