Richful(300910) 中原证券·2024-09-05 13:03Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [1]. Core Insights - The company has shown significant growth in its performance for the first half of 2024, with a revenue of 1.5 billion yuan, representing a year-on-year increase of 12.12%. The net profit attributable to shareholders reached 319 million yuan, up 27.59% year-on-year, while the net profit after deducting non-recurring items was 310 million yuan, reflecting a 33.73% increase [1]. - The growth in revenue and profit is attributed to the steady increase in the sales of high-margin composite agents and effective cost control measures [1]. - The company is expanding its production capacity and actively capturing global market share, with existing production capacity for lubricant additives exceeding 200,000 tons per year and additional capacity of 550,000 tons under construction [1][3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.5 billion yuan, a 12.12% increase year-on-year, and a net profit of 319 million yuan, a 27.59% increase year-on-year. The gross margin and net margin were 35.75% and 21.34%, respectively [1]. - The second quarter revenue was 786 million yuan, a 10.11% year-on-year increase, with a net profit of 164 million yuan, reflecting a 13.96% increase year-on-year [1]. Market Position and Growth Potential - The company is a leading player in the domestic lubricant additive market, with a broad product line that includes various single agents and composite agents, enhancing its ability to meet customer needs and increase profitability [3]. - The report forecasts revenue growth for the company, estimating revenues of 3.25 billion yuan, 4.05 billion yuan, and 4.45 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 684 million yuan, 846 million yuan, and 952 million yuan [3][4]. Industry Outlook - The lubricant additive market is expected to grow significantly, driven by increasing demand and the company's strategic expansion efforts. The report highlights the company's ability to secure raw material supply and maintain quality through its subsidiaries [3][4].