RSPC(SZ:002493) Huaan Securities·2025-11-03 07:45Investment Rating - The investment rating for Rongsheng Petrochemical is "Buy" (maintained) [2] Core Views - In Q3 2025, Rongsheng Petrochemical reported a revenue of 227.81 billion yuan, a year-on-year decrease of 7.09%, while the net profit attributable to shareholders was 0.888 billion yuan, a year-on-year increase of 1.34%. The net profit excluding non-recurring items reached 1.069 billion yuan, up 55.37% year-on-year. In Q3 alone, the revenue was 79.185 billion yuan, down 5.67% year-on-year but up 7.51% quarter-on-quarter, with a net profit of 0.286 billion yuan, showing a significant year-on-year increase of 1427.94% and a quarter-on-quarter increase of 1992.91% [5][6][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 227.81 billion yuan, with a net profit of 0.888 billion yuan and a net profit excluding non-recurring items of 1.069 billion yuan. The Q3 performance showed a significant recovery in profitability, with net profit growth driven by improved refining margins despite a slight decline in revenue [5][6]. Market Conditions - The average WTI crude oil price in Q3 2025 was 64.97 USD/barrel, reflecting a 2.03% increase quarter-on-quarter. The stabilization of crude oil prices is expected to enhance the company's profitability quality [6]. Project Development - The company is actively promoting project construction, focusing on extending and supplementing the industrial chain, increasing chemical production, and enhancing product value. Key projects include the 500,000-ton differentiated fiber project and the Zhoushan new materials project, which are progressing steadily [7]. Strategic Partnerships - In 2023, Saudi Aramco acquired a strategic stake of 10% plus one share in Rongsheng Petrochemical, establishing a foundation for deep cooperation. Discussions are ongoing regarding the acquisition of a 50% stake in Saudi Aramco's Jubail refinery and potential collaborations on upgrading existing facilities [8][9]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 2.163 billion yuan, 3.895 billion yuan, and 7.707 billion yuan, respectively, with corresponding P/E ratios of 47.70X, 26.49X, and 13.39X. The "Buy" rating is maintained based on these projections [10].