sunresin(300487) 民生证券·2024-12-08 01:43Investment Rating - The report gives Lanxiao Technology a "Recommend" rating for the first time [4] Core Views - Lanxiao Technology is a leading platform company in the adsorption and separation materials industry, with a comprehensive product portfolio and a diversified downstream application market [3] - The company has significant cost advantages in salt lake lithium extraction and is expanding into other metal extraction fields [3] - The biopharmaceutical market is booming, and the company is a leader in the domestic substitution of chromatography media and solid-phase synthesis carriers [4] - The company's revenue and net profit are expected to grow significantly from 2024 to 2026, with projected revenues of 2.6 billion, 3.219 billion, and 4.013 billion yuan, respectively [4] Adsorption and Separation Materials Industry - Lanxiao Technology is a leader in the adsorption and separation resin industry, with a wide range of applications in wet metallurgy, pharmaceuticals, food processing, environmental protection, and industrial water treatment [15] - The company has a total adsorption material capacity of 50,000 tons and a life science material capacity of 70,000 liters, with flexible expansion potential [16] - The company is the first in the industry to implement a "material + equipment" integrated solution, covering six major application fields [17] Metal Extraction Business - The company is a leader in salt lake lithium extraction technology, with 12 projects completed and a total capacity of 86,000 tons of lithium carbonate/lithium hydroxide [3] - The company has established a South American R&D center in Argentina to provide localized technical services for the "Lithium Triangle" region [3] - The company is also expanding into other metal extraction fields, such as gallium, uranium, cobalt, scandium, and rhenium [3] Life Science Business - The company is a leading domestic supplier of chromatography media and solid-phase synthesis carriers, benefiting from the rapid growth of the biopharmaceutical market [4] - The global biopharmaceutical market is expected to grow from 892 billion in 2028, with a CAGR of 9.5%-12.5% [4] - The company has achieved breakthroughs in domestic substitution for CPC extraction resins and 7-ACA enzymatic processes [4] Financial Performance - The company's revenue and net profit have grown rapidly, with revenue increasing from 444 million yuan in 2017 to 2.489 billion yuan in 2023, a CAGR of 33.27% [28] - The company's net profit increased from 93 million yuan in 2017 to 717 million yuan in 2023, a CAGR of 40.51% [28] - The company's gross profit margin has remained stable at 40-50%, while the net profit margin reached a record high of 28.99% in 2023 [33] Future Growth Drivers - The company's future growth is driven by the continuous release of salt lake lithium extraction orders and the rapid growth of the biopharmaceutical sector [4] - The company is expected to maintain high growth in its life science, water treatment, and environmental protection sectors [29] - The company's high-margin business segments are expected to increase their share of total revenue, further enhancing profitability [29]