Investment 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]

Investment 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]

Group 1 - The company reported a revenue of 5.687 billion yuan for 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 [1] - In Q4 2024, the company achieved a revenue of 1.422 billion yuan, showing slight growth year-on-year, and a net profit of 112 million yuan, which is a 41.32% increase year-on-year and a 19.75% increase quarter-on-quarter [1] - The company adjusted its global marketing strategy in 2024, overcoming economic downturns and changes in the international business environment, while maintaining strategic focus and flexibility in marketing [1] Group 2 - The company is a high-tech enterprise with independent research and continuous innovation capabilities, focusing on sustainable development in chemistry and biotechnology [2] - The company has three main business lines: high polymer materials for anti-aging, lubricant additives, and life sciences, which contribute to its diversified business strategy [2] - The company introduced Korean electronic-grade polyimide (PI) material technology in 2024, filling a gap in domestic electronic-grade PI materials [2] Group 3 - The company maintains a "strongly recommended" investment rating, with projected revenues of 6.113 billion yuan, 6.603 billion yuan, and 7.593 billion yuan for 2025-2027, and net profits of 495 million yuan, 505 million yuan, and 636 million yuan respectively [2] - The expected EPS for 2025-2027 is 2.16 yuan, 2.20 yuan, and 2.77 yuan, with corresponding PE ratios of 12.9, 12.6, and 10.0 [2]

Investment 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].

Core Insights - The company reported a revenue of 5.687 billion yuan for 2024, representing a year-on-year increase of 7.74%, and a net profit of 426 million yuan, up 17.61% year-on-year [1] - The core business of polymer materials anti-aging additives saw a sales volume increase of 6.40%, contributing to a revenue growth of 7.99% to 1.730 billion yuan for antioxidants and an 11.31% increase to 2.086 billion yuan for light stabilizers [1] - The lubricating oil additives business experienced a sales volume increase of 23.23%, leading to a revenue growth of 15.40% to 1.064 billion yuan [1] Revenue and Profit Analysis - The comprehensive gross profit margin improved by 1.46 percentage points to 21.24%, which supported the growth in net profit [1] - The company has established six production bases nationwide, enhancing its supply capacity for single product dual-base production [2] - By the end of 2024, the total production capacity for anti-aging additives (including U-pack) reached 240,700 tons [2] Business Development and Expansion - The company is focusing on expanding its presence in the new energy vehicle sector and has developed differentiated product lines through technological upgrades [2] - The lubricating oil additives business, through the acquisition of Jinzhou Kangtai, is positioned in the domestic first tier and has successfully met three-year performance commitments [3] - The company has a current lubricating oil additives capacity of 133,000 tons, with an additional 30,000 tons expansion project set to commence production in January 2025 [3] Emerging Business Areas - In the life sciences sector, the company is involved in two industrial directions: biological building blocks and synthetic biology, with a pilot workshop for nucleic acid monomers established [3] - The company has completed an acquisition of a Korean enterprise at the forefront of PI materials technology, entering the electronic-grade PI materials business [3] - The diversified business layout is expected to enhance the company's growth potential across various sectors [3] Future Outlook - The company is viewed positively as a leading domestic enterprise in polymer materials anti-aging additives, with plans to strengthen its main business while actively expanding into lubricating oil additives and life sciences [4] - Profit forecasts for 2025 to 2027 are adjusted to net profits of 528 million, 619 million, and 713 million yuan, with corresponding EPS of 2.30, 2.69, and 3.11 yuan [4] - The current stock price corresponds to P/E ratios of 12, 11, and 9 for the years 2025 to 2027 [4]

Core Viewpoint - The company reported steady growth in 2024, with revenue reaching 5.687 billion yuan, a year-on-year increase of 7.74%, and a net profit attributable to shareholders of 426 million yuan, up 17.61% from the previous year [1]. Group 1: Financial Performance - In 2024, the company's sales gross margin improved to 21.24%, an increase of 1.46 percentage points year-on-year [2]. - The sales gross margins for specific products were as follows: light stabilizers at 33.20%, antioxidants at 19.38%, U-pack at 8.36%, and lubricant additives at 9.95%, with year-on-year changes of 1.25, 2.28, 1.20, and -1.90 percentage points respectively [2]. Group 2: Market Expansion and Product Performance - The market for the company's main products is expanding, driven by the growth in downstream industries such as plastics, rubber, synthetic fibers, and adhesives [2]. - In 2024, the production of primary plastics in China reached 12.752 million tons, a year-on-year increase of 4.3%, while synthetic rubber production was 9.22 million tons, up 1.4%, and chemical fiber production was 7.911 million tons, up 9.7% [2]. - The sales volumes of the company's anti-aging agents and lubricant additives were 123.6 thousand tons and 58.3 thousand tons, respectively, representing year-on-year growth of 6.40% and 23.23% [2]. Group 3: Competitive Position and Future Outlook - The company ranks fourth globally and first domestically in the anti-aging additives business, benefiting from low costs and rapid response capabilities [3]. - The company has a production capacity of 240.7 thousand tons per year for anti-aging additives, with expectations for continued volume growth due to increasing domestic demand and the elimination of outdated production capacity [3]. - The lubricant additives market has significant potential for domestic substitution, with the company’s acquisition of Jinzhou Kangtai expected to enhance its market position [3]. - The company is also focusing on electronic-grade PI films, with plans to establish a production base and R&D center in Yixing, following the acquisition of a controlling stake in Korean IPI [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company has returned to a growth trajectory with a revenue of 5.687 billion yuan in 2024, representing a year-on-year increase of 7.74%, and a net profit of 426 million yuan, up 17.61% year-on-year [1][4]. - The company's high polymer material anti-aging additives business achieved a revenue of 4.594 billion yuan in 2024, growing by 5.7% year-on-year, with a steady increase in sales volume [2][4]. - The company plans to establish a research and production base in Malaysia, which is expected to enhance its international market share and industry position [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 56.87 billion yuan, a net profit of 4.26 billion yuan, and a non-recurring net profit of 4.11 billion yuan, with respective year-on-year growth rates of 7.74%, 17.61%, and 19.67% [1]. - The fourth quarter of 2024 saw a revenue of 14.22 billion yuan, a slight increase of 0.04% year-on-year, and a net profit of 1.12 billion yuan, reflecting a significant year-on-year growth of 41.32% [1]. Business Segments - The anti-aging additives segment generated a revenue of 45.94 billion yuan in 2024, with product revenues for antioxidants, light stabilizers, and U-pack at 17.30 billion yuan, 20.86 billion yuan, and 6.14 billion yuan, respectively [2]. - The lubricating oil additives segment achieved a revenue of 10.64 billion yuan, with a year-on-year growth of 15.4% [2]. Future Outlook - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 5.03 billion yuan, 6.12 billion yuan, and 6.88 billion yuan for 2025, 2026, and 2027, respectively [4][5]. - The establishment of a new production base in Malaysia is anticipated to further expand the company's international market presence and enhance its competitive edge [3][4].

Core Insights - The company reported a revenue of 5.687 billion yuan for 2024, representing a year-on-year growth of 7.7%, and a net profit attributable to shareholders of 426 million yuan, corresponding to an earnings per share of 1.86 yuan, which is a 17.6% increase year-on-year, in line with expectations [1] - The growth in net profit is primarily driven by an increase in sales of anti-aging additives and improved capacity utilization, leading to a rise in gross margin [1] - The company plans to invest up to 300 million USD in building a research and production base in Malaysia to enhance its global competitiveness and better serve international customers [2] Financial Performance - The company achieved a non-deductible net profit of 411 million yuan in 2024, a year-on-year increase of 20%, with a net cash flow from operating activities of 464 million yuan, up 169% [1] - In Q4 2024, the company recorded revenue of 1.42 billion yuan, remaining flat year-on-year, with a net profit of 112 million yuan, reflecting a quarter-on-quarter increase of 41.3% [1] - The gross margin in Q4 2024 improved by 1 percentage point to 21.6% due to enhanced gross margin and reduced taxes [1] Product Performance - Revenue changes for various products in 2024 include: anti-oxidants (+8%), light stabilizers (+11.3%), U-pack (-3.8%), and lubricant additives (+15.4%), with corresponding gross margin changes [1] - Sales volume for anti-aging additives and lubricant additives increased by 6.4% and 23.2%, reaching 124,000 tons and 58,000 tons, respectively [1] Strategic Initiatives - The company is actively expanding its overseas bases to enhance global competitiveness and has established a life sciences division to foster new growth avenues [2] - The acquisition of a South Korean company in 2023 positions the company in the high-end electronic-grade PI materials sector, with successful mass production of flexible display materials and advanced semiconductor packaging materials [2] Profit Forecast and Valuation - The profit forecast for 2025 remains at 550 million yuan, with a new forecast of 650 million yuan for 2026, translating to a price-to-earnings ratio of 11.5 times for 2025 and 9.8 times for 2026 [3] - The target price is maintained at 31.7 yuan, corresponding to a 13.2 times P/E ratio for 2025 and an upside potential of 14.4% [3]

Core Insights - The company, Lianlong, reported a strong performance for the fiscal year 2024, achieving a revenue of 5.687 billion yuan, a year-on-year increase of 7.74%, and a net profit of 426 million yuan, up 17.61% [2][3] - Lianlong has maintained a compound annual growth rate (CAGR) of over 24% in revenue for 14 consecutive years, driven by the synergy of its three main business lines [1][2] - The company is focusing on high-end electronic-grade polyimide (PI) materials as a new growth point, particularly in the context of "bottleneck" technologies in China [1][9] Revenue and Profit Growth - In 2024, Lianlong's operating cash flow increased significantly by 168.56%, reaching 464 million yuan, indicating improved operational quality [2] - The company plans to distribute a cash dividend of 3.70 yuan per 10 shares, totaling approximately 84.96 million yuan, which represents 19.93% of the net profit attributable to shareholders [3] Business Segments Performance - The polymer anti-aging additives segment generated revenue of 4.594 billion yuan, a growth of 5.73%, with a shipment volume of 123,600 tons, up 6.40% [4] - The lubricating oil additives segment, acquired through the strategic purchase of Jinzhou Kangtai, reported revenue of 1.064 billion yuan, a year-on-year increase of 15.40% [5][6] - The life sciences segment has transitioned to a dual-track operation model, focusing on both research and market deployment, with significant advancements in nucleic acid raw materials and molecular diagnostics [7][8] Strategic Initiatives - Lianlong has successfully completed the acquisition of the Korean company IPITECHINC., enhancing its capabilities in the PI materials sector, which is crucial for applications in flexible OLED displays and electric vehicles [9] - The company is committed to its 2.0 strategic goals, aiming for substantial revenue targets across its business lines by 2028, including 10 billion yuan for the new materials division and 4 billion yuan for the lubricating oil division [10][11]

证券代码：300596 证券简称：利安隆 公告编号：2025-028 注：专利权自授权公告之日起生效。专利权期限为二十年，自申请之日起算。 本发明涉及高分子材料助剂领域，主要目的在于提供了一种苯二甲酸酯型苯 并呋喃酮类化合物、其制备方法及应用。采用该制备方法得到的苯二甲酸酯型苯 并呋喃酮类化合物具有良好的碳自由基捕获剂功能，且兼具了抗氧化效率高、与 基体相容性好、分子量高不宜迁移逸出等优势，用于高分子材料，尤其是用于塑 料加工领域具有良好的应用性能。除此以外，该制备方法流程简单，反应条件温 和，具有较高的收率，适宜在工业化生产中大规模应用。 该发明专利的取得不会对公司近期生产经营产生重大影响，但有利于公司进 一步完善知识产权保护体系，发挥自主知识产权优势，并形成持续创新机制，保 持行业技术领先地位，提升公司的核心竞争力。 特此公告。 天津利安隆新材料股份有限公司 董事会 天津利安隆新材料股份有限公司 关于公司取得发明专利证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，天津利安隆新材料股份有限公司（以下简称"公司"）取得了一项发 明专利证书，具 ...