RC(300596) 华泰证券·2025-04-22 07:40Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 31.65 [6][7] Core Views - The company achieved a revenue of RMB 5.7 billion in 2024, representing a year-on-year increase of 8%, and a net profit attributable to shareholders of RMB 400 million, up 18% year-on-year [1] - The company is expected to continue its growth trajectory due to the gradual ramp-up of new projects and ongoing industrialization in the electronic-grade PI and life sciences sectors [1] - The report highlights the successful development of high-margin products and increased sales in the lubricant additive segment, with a revenue increase of 19% year-on-year [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 5.7 billion, with a year-on-year growth of 8% and a net profit of RMB 400 million, reflecting an 18% increase [1] - The fourth quarter revenue was RMB 1.4 billion, remaining stable compared to the previous quarter, with a net profit of RMB 110 million, up 41% quarter-on-quarter [1] - The company plans to distribute a dividend of RMB 0.37 per share, with a payout ratio of 20% [1] Business Segments - The antioxidant additives segment achieved a sales volume of 120,000 tons, a 6% increase year-on-year, with revenue from antioxidant, light stabilizer, and U-pack segments growing by 8%, 11%, and declining by 4% respectively [2] - The lubricant additive segment saw a revenue increase of 19% year-on-year, with sales volume rising by 23% to 58,000 tons [2] - The overall gross margin for the company improved by 1.5 percentage points to 21% [2] Emerging Sectors - The life sciences segment has transitioned to dual-track operations, developing nearly 90 clients in 2024, with significant advancements in nucleic acid raw materials and molecular diagnostic products [3] - The company has established partnerships with leading flexible display manufacturers, anticipating bulk supply in 2025 [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to RMB 480 million, RMB 530 million, and RMB 580 million respectively, with year-on-year growth rates of 14%, 10%, and 10% [4] - The target price is set at RMB 31.65, based on a price-to-earnings ratio of 15x for 2025 [4]