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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 31.65 [6][7] Core Views - The company achieved a revenue of RMB 5.7 billion in 2024, representing a year-on-year increase of 8%, and a net profit attributable to shareholders of RMB 400 million, up 18% year-on-year [1] - The company is expected to continue its growth trajectory due to the gradual ramp-up of new projects and ongoing industrialization in the electronic-grade PI and life sciences sectors [1] - The report highlights the successful development of high-margin products and increased sales in the lubricant additive segment, with a revenue increase of 19% year-on-year [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 5.7 billion, with a year-on-year growth of 8% and a net profit of RMB 400 million, reflecting an 18% increase [1] - The fourth quarter revenue was RMB 1.4 billion, remaining stable compared to the previous quarter, with a net profit of RMB 110 million, up 41% quarter-on-quarter [1] - The company plans to distribute a dividend of RMB 0.37 per share, with a payout ratio of 20% [1] Business Segments - The antioxidant additives segment achieved a sales volume of 120,000 tons, a 6% increase year-on-year, with revenue from antioxidant, light stabilizer, and U-pack segments growing by 8%, 11%, and declining by 4% respectively [2] - The lubricant additive segment saw a revenue increase of 19% year-on-year, with sales volume rising by 23% to 58,000 tons [2] - The overall gross margin for the company improved by 1.5 percentage points to 21% [2] Emerging Sectors - The life sciences segment has transitioned to dual-track operations, developing nearly 90 clients in 2024, with significant advancements in nucleic acid raw materials and molecular diagnostic products [3] - The company has established partnerships with leading flexible display manufacturers, anticipating bulk supply in 2025 [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to RMB 480 million, RMB 530 million, and RMB 580 million respectively, with year-on-year growth rates of 14%, 10%, and 10% [4] - The target price is set at RMB 31.65, based on a price-to-earnings ratio of 15x for 2025 [4]

Market Overview - The Shanghai Composite Index closed at 3299.76 points, above the annual line, with a change of 0.25% [1] - The total trading volume of A-shares reached 1,121.207 billion yuan [1] Stocks Breaking Annual Line - A total of 106 A-shares have broken above the annual line today [1] - Notable stocks with significant deviation rates include: - Youbuxun: 17.49% deviation, closing price at 15.18 yuan, with a daily increase of 20.00% and turnover rate of 6.57% [1] - Fujilai: 14.53% deviation, closing price at 29.09 yuan, with a daily increase of 20.01% and turnover rate of 30.40% [1] - Chongqing Construction: 8.33% deviation, closing price at 3.01 yuan, with a daily increase of 9.85% and turnover rate of 2.93% [1] Additional Stocks with Minor Deviations - Jiangxi Copper, Meirya, and Laimu Co. have just crossed the annual line with smaller deviation rates [1] - Other stocks with notable performance include: - Changjiang Investment: 7.98% deviation, closing price at 8.01 yuan, with a daily increase of 10.03% [1] - Qingtang City: 7.70% deviation, closing price at 3.78 yuan, with a daily increase of 9.88% [1] - Shenchuan A: 7.45% deviation, closing price at 6.75 yuan, with a daily increase of 9.93% [1] Summary of Stocks with Deviation Rates - A detailed table lists various stocks, their daily change percentages, turnover rates, annual line prices, latest prices, and deviation rates, highlighting the performance of stocks like: - Dongjiang Environmental: 3.70% deviation, closing price at 4.28 yuan, with a daily increase of 10.03% [1] - Feinan Resources: 3.56% deviation, closing price at 19.88 yuan, with a daily increase of 3.92% [1] - The table provides a comprehensive view of the market dynamics and stock performances on the day [2]

Core Insights - The company reported a total 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 [1] - The company's asset-liability ratio increased to 48.26%, up 0.37 percentage points from the same period last year, raising market concerns [1] Group 1: Core Business Performance - The core business of anti-aging additives achieved a revenue of 4.594 billion yuan, growing by 5.73% year-on-year, with a shipment volume of 123,600 tons, an increase of 6.40% [4] - Despite efforts to expand in the global market and entering the new energy vehicle sector, the gross margin only increased by 2.19% year-on-year, indicating intense market competition [4] - The overall gross margin was 21.24%, with a slight increase of 1.46 percentage points compared to the previous year, suggesting that cost control and profitability need further improvement [4] Group 2: Lubricant Additives Business - The subsidiary Jinzhou Kangtai performed well, with lubricant additives revenue reaching 1.064 billion yuan, a year-on-year increase of 15.40%, and a shipment volume of 58,300 tons, up 23.23% [5] - Jinzhou Kangtai successfully expanded its market by adjusting marketing strategies and targeting major clients like international oil companies and Sinopec [5] - The growth of the lubricant additives business is highly dependent on Jinzhou Kangtai, and the company has yet to demonstrate diversification in this area [5] Group 3: Emerging Business Developments - The company accelerated its layout in emerging businesses by acquiring Korean electronic-grade polyimide (PI) material technology, planning to supply leading domestic flexible screen companies in 2025 [6] - However, this business is still in its early stages and is expected to contribute limited revenue and profit in the short term [6] - The life sciences business has transitioned from R&D to market, but only developed nearly 90 customers throughout the year, with a small order scale and no significant economies of scale yet [7]

事件 4月21号，公司发布2024年年报，公司2024年实现营业收入56.87亿元，同比+7.74%，实现归母净利润 4.26亿元，同比+17.61%。 分析 前瞻布局新材料和生命科学业务。公司生命科学事业部下设以奥瑞美、奥利芙为裁体的生物励块产业和 以合成生物研究所为核心的合成生物学产业，并建有6吨核酸单体中试车间，于2024年由研发向研发和 市场双轨运营转型，全年开发客户近90家。小核酸原料技术方面，公司成功实现核酸药物关键原料亚磷 酰胺单体的自主研发与规模化量产，完成从实验室研发到工业化生产的全链条工艺验证，产品已正式进 入下游客户供应链体系。分子诊断产品和技术方面，公司的dNTP，ddNTP产品经过了众多客户试用， 达到了国内先进水平，开发出了差异化的dNTP产品，并与70多家客户产生了订单合作。新材料方面， 公司通过跨境并购实现聚酰亚胺技术引进并启动海内外产能和技术整合：（1）产能端：完成宜兴创聚 （股权占比51.1838%）与韩国1PI（100%控股）并购交割，引进海外先进技术和海外基地生产能力。 （2）客户端：与国内柔性屏龙头企业建立合作，预计2025年批量供货。 盈利预测、估值与评级 我们预测 ...