Richful(300910) 兴业证券·2024-08-29 02:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4]. Core Views - The company has shown stable export performance in lubricant additives, with a significant year-on-year increase in export volume and revenue. The export volume for H1 2024 reached 119,800 tons, up 18.27% year-on-year, with an export value of 2.418 billion yuan, up 3.38% year-on-year [1][3]. - The company is successfully transitioning from single-agent products to composite agents, with steady growth in sales and improved market share due to breakthroughs in core customer approvals [1][3]. - The financial outlook is positive, with projected revenue growth from 2.816 billion yuan in 2023 to 4.995 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.3% [2][3]. Financial Summary - For H1 2024, the company reported revenue of 1.5 billion yuan, a year-on-year increase of 12.12%, and a net profit of 319 million yuan, up 27.59% year-on-year. The gross margin for lubricant additives improved to 35.83%, an increase of 2.91 percentage points compared to H1 2023 [3]. - The company's net profit forecast for 2024-2026 is 700 million yuan, 853 million yuan, and 1.025 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.6, 12.8, and 10.6 [3][4]. - The company’s return on equity (ROE) is projected to increase from 19.4% in 2023 to 22.9% by 2026, indicating improving profitability [2][3].