Huangma Technology(603181) 海通国际证券·2025-04-25 09:02Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Views - The company is actively expanding into growth products such as Wet Chemicals, UV curing surfactants, and new energy resins, which is expected to enhance profitability through product optimization and innovation [4][8]. - Earnings forecasts for 2025 have been revised upwards, with EPS projected at RMB 0.85, while maintaining the 2026 forecast and adding a new forecast for 2027 at RMB 1.12 [4][8]. - A target price of RMB 14.45 has been set, reflecting a 17x PE for 2025, indicating a 6% upside potential [4][8]. Financial Performance Summary - In 2024, the company achieved revenue of RMB 2.33 billion, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of RMB 398 million, up 22.50% [9]. - For Q1 2025, revenue was RMB 603 million, representing a 13.47% year-on-year growth, while net profit attributable to shareholders was RMB 102 million, up 15.77% [9]. - The company plans to distribute a cash dividend of RMB 2.1 per 10 shares, totaling RMB 121 million, which is 30.39% of the net profit attributable to shareholders [9]. Production and Sales Growth - In 2024, the production of specialty surfactants reached 183,100 tons, a 30.66% increase year-on-year, with sales of 179,300 tons, up 26.85% [10]. - The average selling price (ASP) for specialty surfactants was RMB 13,000 per ton, a decrease of 2.85% year-on-year, while the gross profit margin was 24.95%, an increase of 0.45 percentage points [10]. Capacity Expansion - By the end of 2024, the company has two major production bases with a total capacity of nearly 300,000 tons of specialty surfactants annually [11]. - A new polyetheramine project with a capacity of 9,000 tons commenced production in Q3 2024, and a high-end functional materials project with a capacity of 330,000 tons is under construction [11].