ZANYU TECHNOLOGY(002637) 国信证券·2024-08-21 10:03Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company is a leading player in the domestic surfactant and oil chemical industry, with steady progress in OEM/ODM projects. The surfactant production capacity exceeds 1.2 million tons per year, and the oil chemical capacity exceeds 1 million tons per year. The OEM/ODM processing capacity for personal care products has reached 1.1 million tons [1][5]. - In the first half of 2024, the company's net profit attributable to shareholders increased by 106% year-on-year, driven by rising prices of key raw materials such as palm oil and fatty alcohols. The company reported a revenue of 4.624 billion yuan, a decrease of 4.20% year-on-year, and a net profit of 91 million yuan, an increase of 105.81% year-on-year [1][5]. - The company has been actively repurchasing shares, reflecting management's confidence in the company's intrinsic value and sustainable development. As of July 31, 2024, the company had repurchased 7.35 million shares, accounting for 1.56% of the total shares, with a total transaction amount of 65.9924 million yuan [2][9]. Financial Performance and Forecast - The company achieved a revenue of 10.451 billion yuan in 2024E, with a year-on-year growth rate of 8.7%. The net profit attributable to shareholders is expected to be 190 million yuan, with a year-on-year growth rate of 116.4% [3][11]. - The company's financial metrics indicate a projected diluted EPS of 0.40 yuan for 2024E, with corresponding P/E ratios of 21.3 for 2024E, 17.2 for 2025E, and 14.3 for 2026E [3][11]. - The company is expected to maintain a steady growth trajectory, with revenue projections of 10.5 billion yuan in 2024, 12.1 billion yuan in 2025, and 12.5 billion yuan in 2026, reflecting growth rates of 8.7%, 15.5%, and 3.9% respectively [2][9].