RC(300596) 开源证券·2025-04-24 07:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The company achieved a revenue of 5.687 billion yuan in 2024, representing a year-on-year growth of 7.74%, and a net profit attributable to shareholders of 426 million yuan, up 17.61% year-on-year [4] - The company is focusing on strengthening its antioxidant and lubricant additive businesses while advancing the localization of PI materials, aiming for multi-level high-quality development [4] - The company plans to distribute a cash dividend of 0.37 yuan per share (tax included) [4] Financial Summary - Revenue is projected to grow from 5.687 billion yuan in 2024 to 6.259 billion yuan in 2025, with a year-on-year growth rate of 10.1% [6] - The net profit attributable to shareholders is expected to increase from 516 million yuan in 2025 to 597 million yuan in 2026, reflecting a growth rate of 21.0% [6] - The gross margin is forecasted to be 21.4% in 2025, slightly improving to 21.9% in 2026 [6] - The earnings per share (EPS) is expected to rise from 2.25 yuan in 2025 to 2.60 yuan in 2026 [6] Business Performance - In 2024, the company's antioxidant, light stabilizer, U-pack, and lubricant additive segments achieved revenues of 1.730 billion, 2.086 billion, 614 million, and 1.063 billion yuan respectively, with year-on-year growth rates of 7.99%, 11.31%, -3.77%, and 15.40% [4] - The sales volume for antioxidant and lubricant additives increased by 6.40% and 23.23% year-on-year, respectively [4] - The company’s subsidiary, Jinzhou Kangtai, achieved a net profit of 44.06 million yuan in 2024, successfully fulfilling its three-year performance commitment [4]