sunresin(300487) 中泰证券·2024-11-04 09:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's product structure optimization has led to a gradual increase in gross profit margins [1] - The company is positioned as a leader in the adsorption separation resin industry, benefiting from high market demand and improving profitability [1] - The report emphasizes the company's strong financial performance, with projected revenue and net profit growth over the next few years [1][2] Financial Summary - Revenue is expected to grow from 2,489 million in 2023 to 4,297 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 23% [1][2] - Net profit is projected to increase from 718 million in 2023 to 1,312 million in 2026, with a CAGR of about 24% [1][2] - Earnings per share (EPS) is forecasted to rise from 1.42 in 2023 to 2.60 in 2026 [1][2] Business Development - The company has seen a steady increase in the revenue share from adsorption separation materials, which accounted for 77.19% of total revenue in the first three quarters of 2024 [1] - The report notes that the company is actively expanding its international presence, with overseas business revenue growing by 48% in the first three quarters of 2024 [1] - The company is also recognized for its leadership in lithium extraction technology from salt lake brine, which is expected to enhance its competitive edge in the market [1] Market Position - The company is identified as a key supplier of solid-phase synthesis carriers for peptides, benefiting from the growing demand for high-margin adsorption materials [1] - The report indicates that the company is on track to become a leading international player in the adsorption separation materials and technology sector [1][2]