RSPC(SZ:002493) Shenwan Hongyuan Securities·2025-10-30 09:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance exceeded expectations, with a notable recovery in profitability driven by the "anti-involution" policy, which is expected to boost industry recovery [6] - The report highlights a potential improvement in refining margins and polyester market conditions, suggesting a favorable outlook for the company's future performance [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 343.298 billion, with a year-on-year growth rate of 5.2% [5] - The net profit attributable to the parent company is projected to be 2.936 billion in 2025, reflecting a significant year-on-year increase of 305.3% [5] - Earnings per share (EPS) is expected to reach 0.29 in 2025, with a projected PE ratio of 35 [5] - The company achieved a gross margin of 12.19% in Q3 2025, with a year-on-year increase of 0.48 percentage points [6] Market and Industry Analysis - The report indicates that the refining sector is showing signs of recovery, with Brent oil prices increasing and a projected refining margin of 1,471 yuan/ton in Q3 2025, up 202 yuan/ton from the previous quarter [6] - The polyester market is currently facing challenges due to oversupply, but the "anti-involution" policy is expected to lead to coordinated production cuts, which may improve market conditions [6] - The company's new materials projects and collaboration with Saudi Aramco are anticipated to enhance future growth prospects [6]