RC(300596) 新浪财经·2025-04-24 00:44Core Insights - The company reported a revenue of 5.687 billion yuan for 2024, representing a year-on-year increase of 7.74%, and a net profit of 426 million yuan, up 17.61% year-on-year [1] - The core business of polymer materials anti-aging additives saw a sales volume increase of 6.40%, contributing to a revenue growth of 7.99% to 1.730 billion yuan for antioxidants and an 11.31% increase to 2.086 billion yuan for light stabilizers [1] - The lubricating oil additives business experienced a sales volume increase of 23.23%, leading to a revenue growth of 15.40% to 1.064 billion yuan [1] Revenue and Profit Analysis - The comprehensive gross profit margin improved by 1.46 percentage points to 21.24%, which supported the growth in net profit [1] - The company has established six production bases nationwide, enhancing its supply capacity for single product dual-base production [2] - By the end of 2024, the total production capacity for anti-aging additives (including U-pack) reached 240,700 tons [2] Business Development and Expansion - The company is focusing on expanding its presence in the new energy vehicle sector and has developed differentiated product lines through technological upgrades [2] - The lubricating oil additives business, through the acquisition of Jinzhou Kangtai, is positioned in the domestic first tier and has successfully met three-year performance commitments [3] - The company has a current lubricating oil additives capacity of 133,000 tons, with an additional 30,000 tons expansion project set to commence production in January 2025 [3] Emerging Business Areas - In the life sciences sector, the company is involved in two industrial directions: biological building blocks and synthetic biology, with a pilot workshop for nucleic acid monomers established [3] - The company has completed an acquisition of a Korean enterprise at the forefront of PI materials technology, entering the electronic-grade PI materials business [3] - The diversified business layout is expected to enhance the company's growth potential across various sectors [3] Future Outlook - The company is viewed positively as a leading domestic enterprise in polymer materials anti-aging additives, with plans to strengthen its main business while actively expanding into lubricating oil additives and life sciences [4] - Profit forecasts for 2025 to 2027 are adjusted to net profits of 528 million, 619 million, and 713 million yuan, with corresponding EPS of 2.30, 2.69, and 3.11 yuan [4] - The current stock price corresponds to P/E ratios of 12, 11, and 9 for the years 2025 to 2027 [4]