SPC(SH:600688) 光大证券研究·2025-10-28 23:08Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3 due to improved margins on petrochemical products [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 58.9 billion yuan, a year-on-year decrease of 10.8%. The net profit attributable to shareholders was -432 million yuan, down from -467 million yuan year-on-year [4]. - In Q3 alone, the company recorded operating revenue of 19.4 billion yuan, a year-on-year decline of 13.8% and a quarter-on-quarter decrease of 3.2%. However, the net profit attributable to shareholders was 31 million yuan, an increase of 240 million yuan year-on-year and a quarter-on-quarter increase of 400 million yuan [4]. Product Sales and Pricing - The sales volumes for gasoline, diesel, and aviation kerosene in the first three quarters of 2025 were 2.47 million tons, 1.79 million tons, and 1.03 million tons, respectively, with average selling prices of 7,990 yuan/ton, 6,445 yuan/ton, and 4,851 yuan/ton, reflecting year-on-year decreases of 8%, 7%, and 12% [5]. - The sales volumes for paraxylene, polyethylene, and polypropylene were 530,000 tons, 410,000 tons, and 300,000 tons, with average selling prices of 6,037 yuan/ton, 7,638 yuan/ton, and 7,342 yuan/ton, showing year-on-year declines of 17%, 5%, and 2% [5]. - The average crude oil processing cost was 3,921 yuan/ton, down 10% year-on-year [5]. Strategic Initiatives - The company is accelerating its carbon fiber project layout, with a new facility in Ordos, Inner Mongolia, set to produce 30,000 tons of large tow carbon fiber annually. This project is expected to be completed by 2027 and will support various sectors, including wind energy and energy storage [6]. - The company aims to strengthen its core industries in high-end new materials, focusing on polyolefins, elastomers, and fine chemicals, while promoting digitalization and green innovation for high-quality development [6].