RSPC(SZ:002493) Soochow Securities·2024-03-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has launched a "Quality Return Dual Improvement" action plan aimed at enhancing operational quality, investment value, and sustainable development [3] - The company emphasizes shareholder returns through cash dividends and share buybacks, having distributed nearly 7.5 billion yuan in cash dividends since its listing and repurchased shares worth 6.98 billion yuan [3] - The company is focusing on integrated, global, and innovative layouts to enhance the efficiency of its industrial chain, including significant investments in new materials and partnerships with Saudi Aramco [3] - The profit margins for refined oil exports are recovering, and the aromatics industry is experiencing an upward shift in profitability [3] - The company forecasts net profits of 1.01 billion yuan, 6.47 billion yuan, and 10.72 billion yuan for 2023, 2024, and 2025 respectively, with corresponding P/E ratios of 103.4, 16.2, and 9.8 [3] Financial Forecasts and Valuation - Total revenue is projected to grow from 348.23 billion yuan in 2023 to 436.8 billion yuan in 2025, with a year-on-year growth rate of 18.32% in 2025 [2][8] - The net profit attributable to the parent company is expected to recover significantly from 1.01 billion yuan in 2023 to 10.72 billion yuan in 2025, reflecting a growth rate of 65.7% in 2025 [2][8] - The latest diluted EPS is forecasted to increase from 0.10 yuan in 2023 to 1.06 yuan in 2025 [2][8] - The company's market capitalization is approximately 104.5 billion yuan, with a closing price of 10.32 yuan [5]