RC(300596) 光大证券·2025-04-22 14:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company has returned to a growth trajectory with a revenue of 5.687 billion yuan in 2024, representing a year-on-year increase of 7.74%, and a net profit of 426 million yuan, up 17.61% year-on-year [1][4]. - The company's high polymer material anti-aging additives business achieved a revenue of 4.594 billion yuan in 2024, growing by 5.7% year-on-year, with a steady increase in sales volume [2][4]. - The company plans to establish a research and production base in Malaysia, which is expected to enhance its international market share and industry position [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 56.87 billion yuan, a net profit of 4.26 billion yuan, and a non-recurring net profit of 4.11 billion yuan, with respective year-on-year growth rates of 7.74%, 17.61%, and 19.67% [1]. - The fourth quarter of 2024 saw a revenue of 14.22 billion yuan, a slight increase of 0.04% year-on-year, and a net profit of 1.12 billion yuan, reflecting a significant year-on-year growth of 41.32% [1]. Business Segments - The anti-aging additives segment generated a revenue of 45.94 billion yuan in 2024, with product revenues for antioxidants, light stabilizers, and U-pack at 17.30 billion yuan, 20.86 billion yuan, and 6.14 billion yuan, respectively [2]. - The lubricating oil additives segment achieved a revenue of 10.64 billion yuan, with a year-on-year growth of 15.4% [2]. Future Outlook - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 5.03 billion yuan, 6.12 billion yuan, and 6.88 billion yuan for 2025, 2026, and 2027, respectively [4][5]. - The establishment of a new production base in Malaysia is anticipated to further expand the company's international market presence and enhance its competitive edge [3][4].