RSPC(002493) 海通证券·2024-05-06 01:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a turnaround in profitability since Q2 2023, with a revenue of 325.11 billion yuan in 2023, a year-on-year increase of 12.46%, and a net profit attributable to shareholders of 1.16 billion yuan, a decrease of 65.33% year-on-year. In Q1 2024, the company reported a revenue of 81.09 billion yuan, a year-on-year increase of 16.30%, and a significant profit turnaround with a net profit of 0.55 billion yuan, an increase of 2.02 billion yuan [3][6][10] - Zhejiang Petrochemical contributed significantly to the company's profits in 2023, processing approximately 44 million tons of crude oil and generating a net profit of 1.37 billion yuan, contributing about 0.70 billion yuan to the company's net profit attributable to shareholders [7][9] - The company is focusing on expanding its new materials layout, targeting the fields of new energy and high-end materials, with ongoing projects to enhance production capacity in these areas [9][10] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 325.11 billion yuan, with a net profit of 1.16 billion yuan. The quarterly net profits for 2023 were -1.47 billion yuan, 0.34 billion yuan, 1.23 billion yuan, and 1.05 billion yuan respectively [3][6] - For Q1 2024, the company achieved a revenue of 81.09 billion yuan and a net profit of 0.55 billion yuan, marking a significant recovery [6][10] Contribution from Subsidiaries - Zhejiang Petrochemical's operations in 2023 processed about 44 million tons of crude oil, yielding a net profit of 1.37 billion yuan, which contributed approximately 0.70 billion yuan to the company's net profit [7][9] - The PTA sector faced challenges, with losses amounting to 0.30 billion yuan, while other segments showed signs of recovery [7] Strategic Initiatives - The company is enhancing its strategic collaboration with Saudi Aramco, which now holds about 10% of the company's shares. This partnership aims to improve oil supply security and expand overseas sales channels [4][9] - The company is developing five major industrial chains, including polyester and high-end polyethylene, to strengthen its position in the new materials market [9][10] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.43 yuan, 0.63 yuan, and 0.82 yuan respectively, with a book value per share (BPS) of 4.59 yuan in 2024. The company is expected to maintain a price-to-earnings (PE) ratio of 30-35 times for 2024, corresponding to a reasonable value range of 12.90-15.05 yuan [10][11]