加快落实“质量回报双提升”行动

Investment Rating - The report maintains a "Buy" rating for Oriental Rainbow (000301 SZ) [4] Core Views - The company has implemented a "Quality and Return Dual Improvement" action plan, focusing on enhancing investor confidence and corporate value [4] - Oriental Rainbow has established itself as a global leader in the energy and chemical industry, with a vertically integrated industrial chain and a strong presence in new energy and new materials sectors [4] - The company is committed to innovation-driven development, leading the industry in green and intelligent transformation, with significant achievements in carbon reduction and digitalization [4] - Oriental Rainbow places high importance on shareholder returns, maintaining a stable cash dividend policy with an average dividend payout ratio of 73% over the past five years [5] - The company has significant growth potential, with ongoing projects in refining, new energy materials, and biodegradable plastics, expected to drive future profitability [5] Financial Projections - The company's net profit attributable to the parent company is projected to be 816 million yuan in 2023, 4 522 million yuan in 2024, and 7 265 million yuan in 2025 [9] - Earnings per share (EPS) are forecasted to be 0 12 yuan in 2023, 0 68 yuan in 2024, and 1 10 yuan in 2025 [9] - The price-to-earnings (PE) ratio is expected to be 84 2X in 2023, 15 2X in 2024, and 9 5X in 2025 [5] Industry and Strategic Positioning - Oriental Rainbow is a leading domestic integrated refining and chemical company, with a strategic focus on extending its industrial chain from upstream oil refining to high-value-added fine chemicals [4] - The company has made significant strides in new energy materials, particularly through the acquisition of EVA industry leader Sirbon Petrochemical in 2021 [4] - Oriental Rainbow is actively pursuing green and low-carbon technologies, including the successful operation of a 100 000-ton carbon dioxide-to-green methanol facility in collaboration with an Icelandic company [4] Market Performance and Valuation - The current stock price is 10 39 yuan as of March 1, 2024, with a total market capitalization of 661 121 million shares [6] - The company's stock has shown a 12-month performance range between 8 52 yuan and 15 36 yuan [6]