RSPC(SZ:002493) EBSCN·2025-08-27 11:48Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under pressure due to falling oil prices and a decline in aromatics market conditions, with expectations for a bottom reversal in the refining sector [5][7] - The company reported a revenue of 148.63 billion yuan for H1 2025, a year-on-year decrease of 7.8%, and a net profit attributable to shareholders of 600 million yuan, down 29.8% year-on-year [4][5] - The new materials project is progressing steadily, with a focus on expanding the new materials industry chain, targeting renewable energy and high-end materials [6] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 73.654 billion yuan, a decrease of 8.1% year-on-year and 1.8% quarter-on-quarter, with a net profit of 14 million yuan, down 95.5% year-on-year and 97.7% quarter-on-quarter [4][5] - Brent crude oil averaged 66.76 USD per barrel in Q2 2025, down 22% year-on-year and 11% quarter-on-quarter [5] New Materials Project - The company is accelerating its layout in the downstream chemical new materials sector, with significant investments in various new materials products [6] - The Zhejiang Petrochemical project has become the world's largest single refining and chemical integration project, with a processing capacity of 40 million tons per year [6] Industry Outlook - The "anti-involution" policies introduced in 2024 are expected to improve market competition and potentially reverse the downturn in the refining sector [7] - The report anticipates that the low-price vicious competition in the petrochemical industry will be curbed, leading to a recovery in industry conditions [7] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward, with expected net profits of 1.66 billion yuan, 2.66 billion yuan, and 3.93 billion yuan respectively [8] - The report maintains a "Buy" rating based on the company's ongoing new materials projects and future growth potential [8]