深度报告：从沙特愿景计划看荣盛长期发展潜力

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The Saudi Vision 2030 plan presents significant opportunities for the company, particularly in the petrochemical sector, as it shifts focus towards local partnerships and investments with Chinese firms [1][8]. - The company is expected to enter a new development cycle, leveraging its partnership with Saudi Aramco and the SASREF project to enhance its industry capabilities and expand internationally [1][16]. Summary by Sections 1. Saudi Vision Plan - The Saudi Vision 2030 plan outlines clear economic goals, including increasing the localization of the oil and gas industry to 75%, raising foreign direct investment to 5.7%, and increasing the private sector's contribution to GDP to 60% [11][12]. - The plan aims to diversify the economy beyond oil dependency, creating opportunities for foreign companies to participate in the Saudi market [11][12]. 2. Company Development Potential - The company has become a key partner for Saudi Aramco in the SASREF project, indicating strong recognition of its industrial capabilities [1][16]. - The partnership is expected to open new avenues for collaboration not only in Saudi Arabia but also in other countries, enhancing the company's international presence [1][16]. 3. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2023-2025 have been adjusted to 0.11, 0.45, and 1.02 yuan, respectively, reflecting changes in market conditions [2]. - The target price is set at 13.03 yuan, based on a historical price-to-book (PB) ratio of 3.6, with a 20% discount applied due to current industry conditions [2][31]. 4. Financial Performance Overview - The company’s revenue is projected to grow from 289,095 million yuan in 2022 to 500,600 million yuan in 2025, with a compound annual growth rate (CAGR) of 35.2% [5]. - The net profit attributable to the parent company is expected to recover significantly, from 1,139 million yuan in 2023 to 10,296 million yuan in 2025, indicating a strong rebound in profitability [5].