RC(300596) 长江证券·2025-04-25 15:22Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 5.69 billion yuan in 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 430 million yuan, up 17.6% year-on-year, and the net profit after deducting non-recurring gains and losses was 410 million yuan, an increase of 19.7% year-on-year. In Q4 alone, the company generated a revenue of 1.42 billion yuan, which was flat year-on-year but down 1.6% quarter-on-quarter. The net profit for Q4 was 110 million yuan, up 41.3% year-on-year and 19.8% quarter-on-quarter [2][6][10]. - The company plans to distribute a cash dividend of 3.7 yuan per 10 shares, totaling 84.96 million yuan [2][6]. - The company is expanding its production capacity and product lines, focusing on three growth curves: polymer aging agents, lubricant additives, and life sciences, which are expected to drive future growth [10][10]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 5.69 billion yuan, with a gross margin of 21.2%, an increase of 1.5 percentage points year-on-year. The sales volume of polymer aging agents reached 124,000 tons, up 6.4% year-on-year, while lubricant additives saw a sales volume of 58,000 tons, up 23.2% year-on-year [10]. - The average price of polymer aging agents was 37,200 yuan per ton, with antioxidant revenue of 1.73 billion yuan (up 8.0%) and light stabilizer revenue of 2.09 billion yuan (up 11.3%) [10]. - The company’s total expenses as a percentage of revenue were 11.8%, with slight increases in sales, management, and R&D expenses [10]. Growth Strategies - The company is enhancing its production capabilities across six major production bases, ensuring stable growth in its main business. It has also innovated in the lubricant additives sector with a unique "additive supermarket" model [10]. - The life sciences division is focusing on synthetic biology and high-end electronic materials, with plans for further expansion and capacity building in these areas [10]. Future Outlook - The company is expected to see continued revenue and profit growth, with projected net profits of 540 million yuan, 630 million yuan, and 740 million yuan for 2025, 2026, and 2027, respectively [10].