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瑞丰新材：公司深度报告：国内润滑油添加剂龙头，加快实现进口替代
300910Richful(300910) 海通证券·2024-09-26 09:09

Investment Rating - The investment rating for the company is "Outperform the Market" [1]. Core Viewpoints - The company is a leading domestic player in the lubricant additive sector, successfully transitioning from single agents to composite agents, which has driven rapid growth in revenue and net profit [5][15]. - The global lubricant additive market is expected to reach 19.5billionby2025,indicatingsignificantpotentialforimportsubstitution[5][27].−ThecompanyhasmadesubstantialprogressinAPIcertificationandisactivelyexpandingproductioncapacitytoachieveimportsubstitution[6][38].SummarybySectionsCompanyOverview−Thecompanyhasbeendeeplyengagedinthelubricantadditivefieldsinceitsestablishmentin1996,withafocusondevelopinglubricantadditivesandcolordevelopers[12].−Thecompanyhastransitionedfromsingleagentproductstocompositeagents,whichhassignificantlyenhanceditsrevenueandnetprofitgrowth[15].MarketAnalysis−Thelubricantadditivemarketisprojectedtogrowfrom19.5 billion by 2025, indicating significant potential for import substitution [5][27]. - The company has made substantial progress in API certification and is actively expanding production capacity to achieve import substitution [6][38]. Summary by Sections Company Overview - The company has been deeply engaged in the lubricant additive field since its establishment in 1996, with a focus on developing lubricant additives and color developers [12]. - The company has transitioned from single agent products to composite agents, which has significantly enhanced its revenue and net profit growth [15]. Market Analysis - The lubricant additive market is projected to grow from 14.4 billion in 2020 to approximately $19.5 billion by 2025, with a compound annual growth rate driven by emerging economies [27]. - China is one of the largest consumers of lubricants globally, with an average annual growth rate of approximately 3.35% in lubricant additive consumption from 2013 to 2020 [31]. Financial Performance - The company’s revenue from 2018 to 2023 has shown a compound annual growth rate of 39.6%, while net profit has grown at a rate of 60.7% during the same period [15]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 715 million, 839 million, and 1.039 billion yuan respectively, with corresponding EPS of 2.45, 2.87, and 3.56 yuan [6][7]. Production and Certification - The company has successfully passed third-party testing for several grades of composite agents and is expanding its production capacity to meet growing market demands [6][38]. - The company has developed a range of composite agent formulations that have been certified by the American Petroleum Institute (API), enhancing its competitive edge in the market [38].