RC(300596) 开源证券·2025-04-24 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] 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. The Q4 revenue was 1.422 billion yuan, with a slight year-on-year increase of 0.04% and a quarter-on-quarter decrease of 1.62%. The net profit for Q4 was 112 million yuan, showing a significant year-on-year increase of 41.32% and a quarter-on-quarter increase of 19.75%. The company plans to distribute a cash dividend of 0.37 yuan per share (tax included) [4][6] - The company is focusing on solidifying its operations in antioxidant agents, lubricant additives, and life sciences while advancing the localization of PI materials, aiming for multi-level high-quality development [4][6] Financial Summary - The total revenue for 2023 was 5.278 billion yuan, with a year-on-year growth of 9.0%. The projected revenue for 2024 is 5.687 billion yuan, with a growth rate of 7.7%, and for 2025, it is expected to reach 6.259 billion yuan, reflecting a growth of 10.1% [6][8] - The net profit attributable to shareholders for 2023 was 362 million yuan, with a year-on-year decrease of 31.0%. The forecast for 2024 is 426 million yuan, up 17.6%, and for 2025, it is projected to be 516 million yuan, representing a growth of 21.0% [6][8] - The gross margin for 2024 is expected to be 21.2%, an increase of 1.46 percentage points year-on-year, while the net margin is projected to be 7.3%, up 0.51 percentage points year-on-year [6][8] Business Segmentation - In 2024, the company’s revenue from antioxidant agents, light stabilizers, U-pack, and lubricant additives was 1.730 billion yuan, 2.086 billion yuan, 614 million yuan, and 1.063 billion yuan respectively, with year-on-year growth rates of 7.99%, 11.31%, -3.77%, and 15.40% [4][6] - The sales volume for antioxidant agents and lubricant additives was 123,600 tons and 58,300 tons respectively, with year-on-year increases of 6.40% and 23.23% [4][6] - The life sciences business generated revenue of 3.63 million yuan, indicating a transition from research and development to dual-track operations involving both R&D and market [4][6] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 2.25 yuan, with corresponding price-to-earnings (P/E) ratios of 12.6, 10.9, and 9.7 for 2025, 2026, and 2027 respectively [4][6][8] - The company’s return on equity (ROE) is expected to improve from 8.4% in 2023 to 10.4% by 2027 [6][8]