RC(300596) 东兴证券·2025-04-24 01:20Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of 5.687 billion yuan in 2024, representing a year-over-year growth of 7.74%, with a net profit of 426 million yuan, up 17.61% year-over-year [3]. - The core business of polymer material aging agents has seen a volume increase, driving revenue growth, particularly in antioxidant and light stabilizer segments [3][4]. - The company is positioned as a leader in the domestic aging agent industry, with a total production capacity of 240,700 tons by the end of 2024 [4]. Summary by Sections Financial Performance - In 2024, the company's revenue from antioxidant agents grew by 7.99% to 1.730 billion yuan, while light stabilizers increased by 11.31% to 2.086 billion yuan [3]. - The lubricating oil additives business saw a 23.23% increase in product volume, leading to a revenue growth of 15.40% to 1.064 billion yuan [3]. - The overall gross margin improved by 1.46 percentage points to 21.24%, contributing to the net profit growth [3]. Business Development - The company is expanding its core business and diversifying into new areas, including lubricating oil additives and life sciences [4]. - The lubricating oil additives segment has successfully integrated the acquired Jinzhou Kangtai, which is now a top-tier player in the domestic market [4]. - The life sciences division is transitioning from R&D to market operations, having developed relationships with nearly 90 clients in 2024 [4]. Future Outlook - The company forecasts net profits of 528 million yuan, 619 million yuan, and 713 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.30, 2.69, and 3.11 yuan [5][11]. - The report anticipates continued growth driven by the company's strengths in innovation, product development, and service [5].