RC(300596) 金融界·2025-04-22 07:27Core Insights - The company reported a total revenue of 5.687 billion yuan in 2024, representing a year-on-year growth of 7.74%, and a net profit attributable to shareholders of 426 million yuan, up 17.61% year-on-year [1] - The company's asset-liability ratio increased to 48.26%, up 0.37 percentage points from the same period last year, raising market concerns [1] Group 1: Core Business Performance - The core business of anti-aging additives achieved a revenue of 4.594 billion yuan, growing by 5.73% year-on-year, with a shipment volume of 123,600 tons, an increase of 6.40% [4] - Despite efforts to expand in the global market and entering the new energy vehicle sector, the gross margin only increased by 2.19% year-on-year, indicating intense market competition [4] - The overall gross margin was 21.24%, with a slight increase of 1.46 percentage points compared to the previous year, suggesting that cost control and profitability need further improvement [4] Group 2: Lubricant Additives Business - The subsidiary Jinzhou Kangtai performed well, with lubricant additives revenue reaching 1.064 billion yuan, a year-on-year increase of 15.40%, and a shipment volume of 58,300 tons, up 23.23% [5] - Jinzhou Kangtai successfully expanded its market by adjusting marketing strategies and targeting major clients like international oil companies and Sinopec [5] - The growth of the lubricant additives business is highly dependent on Jinzhou Kangtai, and the company has yet to demonstrate diversification in this area [5] Group 3: Emerging Business Developments - The company accelerated its layout in emerging businesses by acquiring Korean electronic-grade polyimide (PI) material technology, planning to supply leading domestic flexible screen companies in 2025 [6] - However, this business is still in its early stages and is expected to contribute limited revenue and profit in the short term [6] - The life sciences business has transitioned from R&D to market, but only developed nearly 90 customers throughout the year, with a small order scale and no significant economies of scale yet [7]