Investment Rating - The investment rating for Shandong Link Science and Technology has been upgraded to OUTPERFORM [1][11]. Core Views - The company is focused on the research, development, production, and sales of carbon black and silica products, with a designed production capacity of 200,000 tons per year for silica and 225,000 tons per year for carbon black [7][11]. - The company has established certifications with renowned tire manufacturers, indicating strong market acceptance [7]. - Revenue has shown consistent growth, with silica contributing 70% to gross profit, and the company expects to maintain this upward trend [8][11]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are RMB 2,308 million, RMB 2,762 million, and RMB 3,200 million respectively, with a growth rate of 20% for 2024 [3][5]. - Net profit forecasts for the same period are RMB 287 million, RMB 372 million, and RMB 448 million, with corresponding EPS of RMB 1.42, RMB 1.84, and RMB 2.22 [11]. - The gross profit margin is expected to improve from 20.3% in 2024 to 22.4% in 2026 [5]. Market Demand and Trends - The demand for silicon dioxide is rapidly increasing, with a compound annual growth rate of 8.06% from 2014 to 2020, indicating a strong market potential [9]. - There is a significant demand gap for high-end carbon black products, particularly in the context of green tire production [9][10]. - The company is working on projects to achieve domestic production of conductive carbon black, which is expected to reduce reliance on imports [10].
联科科技：传统主业盈利提升，导电炭黑有望实现进口替代