Richful(300910) 华鑫证券·2025-04-10 01:23Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][9]. Core Insights - The company, Ruifeng New Materials, is transitioning from single agents to composite agents in its lubricant additive business, with over 60% of its products now being composite agents. This strategic shift has proven effective, with composite agent revenue reaching 3.073 billion yuan, accounting for 97.32% of total revenue, and growing by 12.64% year-on-year [5]. - The company is focusing on global expansion by establishing overseas warehouses in locations such as Singapore, Dubai, and Belgium, enhancing its international brand presence and customer base. Domestic and foreign sales reached 932 million yuan and 2.226 billion yuan, respectively, with year-on-year growth of 22.82% and 8.20% [5]. - The company has increased its R&D investment to drive the advancement of composite agents, achieving significant progress in high-end formulations that have passed international testing and received multiple OEM certifications [7][8]. - The financial forecast predicts net profits of 866 million yuan, 1.069 billion yuan, and 1.289 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.8, 15.2, and 12.6 [9][11]. Summary by Sections Market Performance - The company reported a total revenue of 3.157 billion yuan for 2024, a year-on-year increase of 12.14%, and a net profit of 722 million yuan, up 19.13% [4]. Financial Data - The current stock price is 55.73 yuan, with a total market capitalization of 16.3 billion yuan and a total share count of 292 million [1]. - The company’s cash flow from operating activities decreased by 31.89% year-on-year to 436 million yuan due to increased payment for goods and higher inventory levels [6]. Profit Forecast - The projected revenue growth rates for 2025, 2026, and 2027 are 22.4%, 23.9%, and 20.7%, respectively, with net profit growth rates of 19.9%, 23.4%, and 20.5% [11].