荣盛石化（002493）：油价与芳烃景气下行带动25Q2业绩下滑，未来景气有望加速修复

Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2025 declined due to falling oil prices and a downturn in aromatics profitability, but future recovery is anticipated [6] - The company reported a revenue of 148.63 billion yuan in H1 2025, a year-on-year decrease of 7.83%, and a net profit of 602 million yuan, down 29.82% year-on-year [6] - Strategic cooperation with Saudi Aramco is expected to enhance growth potential through technology sharing and resource collaboration [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 344.785 billion yuan, with a year-on-year growth rate of 5.6% [5] - Net profit for 2025 is projected at 3.637 billion yuan, reflecting a significant increase of 402.0% compared to the previous year [5] - The company plans to maintain a PE ratio of 27 for 2025, with a target valuation based on comparable companies [6]