Core Viewpoint - The rapid growth of China's acrylonitrile industry is driven by both state-owned enterprises and private companies, with production capacity expected to continue expanding in 2024 due to upstream raw material growth and downstream demand [2]. Industry Capacity Growth - China's acrylonitrile production capacity increased from 2.355 million tons in 2019 to 4.399 million tons in 2023, with a projected capacity of approximately 4.839 million tons in 2024, representing a year-on-year increase of 10% [2]. Industry Definition and Classification - Acrylonitrile, with the chemical formula C3H3N, is a colorless liquid with a pungent odor, used primarily in the production of polyacrylonitrile fibers, ABS resin, and nitrile rubber [4]. Regulatory Framework - The main regulatory bodies for the acrylonitrile industry include the National Development and Reform Commission and the Ministry of Industry and Information Technology, which oversee policy formulation and implementation [6]. Industry Policies - Recent government policies aim to promote the development of the acrylonitrile industry, including the "Guiding Opinions on Promoting Green Innovation and High-Quality Development in the Refining Industry" released in October 2023, which encourages product structure adjustments and production technology upgrades [7][8]. Industry Barriers - The acrylonitrile industry faces several barriers, including: - **Technical Barriers**: The production process requires advanced technology and expertise, making it challenging for new entrants [10]. - **Market Barriers**: Established companies dominate the market, creating a competitive landscape that is difficult for newcomers to penetrate [11]. - **Financial Barriers**: High initial investment costs for production facilities and technology pose significant challenges for new entrants [12]. Industry Chain Analysis - The acrylonitrile industry chain consists of upstream raw materials (liquid ammonia, acetonitrile, propylene), midstream production, and downstream applications, with ABS becoming the largest demand sector due to growth in the automotive and home appliance industries [13].

证券简称：荣盛石化 证券代码：002493 荣盛石化股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 公司董事长李水荣先生 | | | 独立董事郑晓东先生 | | 活动参与人员 | 财务总监王亚芳女士 | | | 董事会秘书全卫英女士 | | 时间 | 2025 年 5 月 7 日 15:00~16:00 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | 形式 | 网络远程 | | | 荣盛石化于 年 月 日 在全景网全 2025 5 7 15:00~16:00 | | | 景•路演天下（http://rs.p5w.net）举行 2024 年年度业绩 | | | 网上说明会。本次交流活动采用网络远程的方式举行， | | | 问答环节主要问题如下： | | 交流内容及具体问答 | 问题 1：请问贵公司未来盈利增长的主要驱 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company is expected to achieve operating revenue of 137.68 billion yuan in 2024, a year-on-year decrease of 1.97%. The net profit attributable to the parent company is projected to be -2.30 billion yuan, a year-on-year decline of 420.33%. The non-recurring net profit attributable to the parent company is expected to be -2.65 billion yuan, a year-on-year decrease of 1322.44% [4][10]. - In Q4 2024, the operating revenue is anticipated to be 29.37 billion yuan, a year-on-year decrease of 20.10% and a quarter-on-quarter decrease of 17.18%. The net profit attributable to the parent company is expected to be -878 million yuan, showing a reduction in losses year-on-year [4][10]. - For Q1 2025, the operating revenue is projected to be 30.31 billion yuan, a year-on-year decrease of 17.50% and a quarter-on-quarter decrease of 3.19%. The net profit attributable to the parent company is expected to be 341 million yuan, a year-on-year increase of 38.19% [4][10]. Financial Performance - The company has a significant share of its refining products, with 70% of its output coming from refined oil and aromatics, benefiting from the improvement in the market conditions for these products [10]. - The company has temporarily suspended the implementation of its biodegradable materials project, which is expected to reduce capital expenditures [10]. - The polyester chain is under pressure, but the company maintains a leading position in differentiated fiber production and has a strong capacity for recycled polyester fibers [10]. Future Outlook - The company is expected to see improvements in profitability, with projected net profits attributable to the parent company of 1.42 billion yuan, 2.55 billion yuan, and 3.38 billion yuan for 2025, 2026, and 2027 respectively [10]. - The price-to-earnings ratio (PE) for 2025, 2026, and 2027 is expected to be 41.0X, 22.8X, and 17.2X respectively, indicating a potential for growth [10].

本报记者 李哲 北京报道 受国际油价低位震荡、海外项目亏损等因素影响，恒逸石化（000703.SZ）2024年营收下滑，净利近 乎"腰斩"。 近日，恒逸石化披露2024年财报显示，其实现营收1254.63亿元，同比下滑7.85%；归母净利润2.34亿 元，同比下滑46.28%。 《中国经营报》记者注意到，恒逸石化文莱一期炼化项目全年亏损10.3亿元，成为业绩的最大"累赘"。 进入2025年，受国际油价震荡下行等因素影响，恒逸石化业绩进一步下挫。 2025年一季度财报显示，公司营收同比下滑14.18%，净利润同比下滑87.55%。 营收净利双降 截至2024年年底，恒逸石化已形成800万吨/年炼化设计产能（文莱炼化项目一期）、2150万吨/年参控 股PTA（精对苯二甲酸）产能、1285万吨/年参控股聚合产能、30万吨/年PIA（聚酰亚胺气凝胶）设计产 能及40万吨/年己内酰胺参股产能，依托"炼油—芳烃—聚酯"垂直整合优势，实现从原油加工到化纤产 品的全链条布局。 从产量数据来看，2024年，恒逸石化炼油产品产量为618.61万吨，化工产品产量为200.56万吨；控股子 公司浙江逸盛的PTA产品产量为260.96 ...

Core Viewpoint - Rongsheng Petrochemical (002493.SZ) has demonstrated strong market competitiveness and risk resistance by achieving significant performance growth in Q1 2025, despite a challenging international crude oil market [1][2]. Financial Performance - In Q1 2025, Rongsheng Petrochemical reported total operating revenue of 74.975 billion RMB, a slight year-on-year decrease of 7.54% - The total profit reached 1.345 billion RMB, reflecting a year-on-year increase of 5.91% - The net profit attributable to shareholders was 588 million RMB, up 6.53% compared to the same period last year - The non-recurring net profit grew by 30.28%, reaching 618 million RMB [1]. Market Conditions - Historical data indicates that crude oil price fluctuations are critical for refining companies' profitability, with margins improving significantly when oil prices are in the 40-80 USD/barrel range - Currently, oil prices have dropped to the 65 USD/barrel range, benefiting refining companies by improving cost structures and expanding product margins - An increase of 100 RMB per ton in refining profit could potentially add approximately 4 billion RMB to Rongsheng Petrochemical's profits, given its refining capacity of 40 million tons per year [2]. Industry Position - Rongsheng Petrochemical is viewed as a core player for "bottoming out and rebounding" in the market, supported by its full industry chain advantages and the release of high-end new material capacities - The company holds a significant position in the chemical materials market in China and Asia, excelling in polyester, new energy materials, engineering plastics, and high-value-added polyolefins - The integrated refining project led by the company has an annual processing capacity of 40 million tons of crude oil, producing 8.8 million tons of paraxylene (PX) and 4.2 million tons of ethylene [2][3]. Future Outlook - With the stabilization of crude oil prices and a gradual recovery in market demand, Rongsheng Petrochemical is expected to further enhance its influence in the global new materials supply chain - The company aims to align with industry trends such as product high-endization, cost reduction, efficiency enhancement, and sustainable development - It plans to deepen its integrated refining advantages and drive industrial upgrades through technological innovation, accelerating its transition towards high-end, green, and intelligent operations [3].

是否以公积金转增股本 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 登录新浪财经APP 搜索【信披】查看更多考评等级 √适用 □不适用 证券代码：002493 证券简称：荣盛石化 公告编号：2025-014 一、重要提示 ■ 2、报告期主要业务或产品简介 一、报告期内公司所处行业情况 回首2024年，世界经济缓慢增长，通胀率逐步下降，主要经济体货币政策宽松，但上升动力略显不足。 面对复杂严峻的外部环境，中国经济顶风破浪，稳中有进，持续向好态势不断巩固，沿着高质量发展道 路前行的步伐更加坚实，为世界经济复苏和发展提供有力支撑、创造更多机遇。 （一）全球宏观经济 □是 √否 公司经本次董事会审议通过的利润分配预案为：以9,572,292,142为基数，向全体股东每10股派发现金红 利1元（含税），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 19.43 [8][9]. Core Views - The company reported a slight increase in net profit for the year, with total revenue of RMB 236.4 billion, up 1% year-on-year, and a net profit attributable to shareholders of RMB 7.04 billion, up 2% year-on-year [1][5]. - The fourth quarter performance met expectations, with revenue of RMB 58.54 billion and net profit of RMB 1.94 billion, showing significant quarter-on-quarter growth [1]. - The company is expected to benefit from new project contributions and a gradual recovery in the petrochemical and polyester industry chains [2][4]. Financial Performance - The refining business revenue decreased by 10% year-on-year to RMB 108.1 billion, with a gross margin decline of 5.4 percentage points to 13.1% due to high oil prices and weak industry demand [2]. - The PTA and polyester segments saw revenue changes of -6% and +22% year-on-year, respectively, with gross margins improving by 4.8 and 3.7 percentage points [2]. - The overall gross margin for the company decreased by 1.4 percentage points to 9.9%, while operating expenses increased by 0.2 percentage points to 4.0% [2]. Capacity Expansion and New Projects - The company has made progress in launching new production capacities, including 1.6 million tons per year of high-performance resins and new materials, and 400,000 tons of high-performance specialty industrial yarns [4]. - Additional projects in the Nantong base are expected to be operational in the first half of 2025, focusing on functional films and lithium battery separators [4]. Profit Forecast and Valuation - The company’s net profit is projected to be RMB 9.43 billion, RMB 11.38 billion, and RMB 12.58 billion for the years 2025 to 2027, respectively [5]. - The expected EPS for 2025, 2026, and 2027 is RMB 1.34, RMB 1.62, and RMB 1.79, respectively [5]. - The target price is based on a 14.5x PE ratio for 2025, reflecting the company's integrated refining advantages [5].