公司业绩稳定增长，积极开拓新材料领域 利安隆(300596) ——利安隆 2024 年年报及 2025 年一季度点评 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 34.35 [Table_CurPrice] 当前价格： 28.06 [Table_Market] 交易数据 本报告导读： 2024 年全年及 2025 年一季度公司营业收入及净利润均实现正增长，主要得益于行 业落后产能逐步出清，公司市占率提升，同时积极开发高毛利产品。 投资要点： [Table_Summary] 维持"优于大市"评级。2024 年及 2025 年一季度公司营业收入及净 利润均实现正增长，主要得益于行业落后产能逐步出清，公司市占 率提升，同时积极开发高毛利产品。预计公司 2025-2027 年归母净 利润分别为 5.27、6.38 和 8.45 亿元（原 2025-26 预测为 5.71 亿元和 6.26 亿元），对应 EPS 分别为 2.29、2.78、3.68 元，参考可比公司估 值，给予 2025 年 15X PE（原为 2024 年 17x），目标价 34.35 元，维 持"优于大市" ...

[Table_Invest] 评级： 增持 [Table_Target] 目标价格： 34.35 公司业绩稳定增长，积极开拓新材料领域 利安隆(300596) ——利安隆 2024 年年报及 2025 年一季度点评 [Table_CurPrice] 当前价格： 28.06 [Table_Market] 交易数据 本报告导读： 2024 年全年及 2025 年一季度公司营业收入及净利润均实现正增长，主要得益于行 业落后产能逐步出清，公司市占率提升，同时积极开发高毛利产品。 投资要点： [Table_Summary] 维持"优于大市"评级。2024 年及 2025 年一季度公司营业收入及净 利润均实现正增长，主要得益于行业落后产能逐步出清，公司市占 率提升，同时积极开发高毛利产品。预计公司 2025-2027 年归母净 利润分别为 5.27、6.38 和 8.45 亿元（原 2025-26 预测为 5.71 亿元和 6.26 亿元），对应 EPS 分别为 2.29、2.78、3.68 元，参考可比公司估 值，给予 2025 年 15X PE（原为 2024 年 17x），目标价 34.35 元，维 持"优于大市" ...

Group 1: Financial Performance - The net profit attributable to shareholders for the current period is 426.32 million yuan, representing a year-on-year increase of 17.61% [3] - The company has achieved a cumulative cash dividend amount of 242,937,607.69 yuan over the years 2022, 2023, and 2024, exceeding 30% of the average net profit for the last three accounting years [4] - The company's sales gross margin is 21.52%, maintained despite rising raw material costs [3] Group 2: Business Strategy and Market Position - The company is focusing on a dual-track development model of product and capacity expansion overseas to ensure normal growth [5] - The company is committed to enhancing international business layout and expanding new business increments while maintaining a stable customer structure [3] - The company has made strategic decisions to address the impact of tariff wars by optimizing customer structure and diversifying market risks [4] Group 3: Production and Capacity Utilization - The expected output of lubricating oil additives is projected to increase by 23% year-on-year in 2024 [3] - The company is actively improving its technical capabilities in various additive products and accelerating product certification processes [3] - The company’s production base in Zhongwei has a significantly higher profit margin compared to the Zhuhai base due to differences in product structure [3] Group 4: Investor Relations and Communication - The company emphasizes the importance of enhancing communication with investors and improving the quality and transparency of information disclosure [2] - The company plans to stabilize investor confidence through various methods based on its development stage and actual situation [2] - The company is open to inquiries regarding its business outlook and encourages stakeholders to refer to regular reports for detailed information [3]

Core Viewpoint - Lianlong (300596) will continue to focus on its 2.0 strategy, enhancing operational management, production efficiency, and profitability to achieve high-quality and stable development, thereby providing better returns for shareholders [1] Business Performance - In 2024, Lianlong achieved an operating revenue of 5.687 billion yuan, a year-on-year increase of 7.74%, marking the 14th consecutive year of a compound annual growth rate exceeding 24% [2] - The net profit reached 426 million yuan, up 17.61% year-on-year, while the non-recurring net profit was 411 million yuan, reflecting a growth of 19.67% compared to 2023 [2] Business Segments - **High Polymer Material Anti-Aging Business**: Generated revenue of 4.594 billion yuan in 2024, a 5.73% increase year-on-year, with a shipment volume of 123,600 tons, up 6.40% [2] - **Lubricant Additive Business**: Achieved revenue of 1.064 billion yuan, a 15.40% increase year-on-year, with a shipment volume of 58,300 tons, up 23.23% [2] - **Life Sciences Business**: Contributed revenue of 3.6285 million yuan, a significant increase of 351.08% year-on-year [2] Technological Innovation - Lianlong made significant technological breakthroughs in high-performance antioxidants, light stabilizers, and water-dispersible products, as well as in high-performance lubricant additives and small nucleic acid drugs [3] Investor Relations - The company plans to distribute a cash dividend of 3.70 yuan per 10 shares, totaling 84.9593 million yuan, reflecting a commitment to returning value to shareholders [3] Strategic Responses - Lianlong has proactively addressed tariff increases by diversifying its customer base and enhancing cooperation with clients in Europe, Southeast Asia, and along the Belt and Road [4] - The company has established a self-sufficient production system for key raw materials to mitigate risks associated with supply chain disruptions [4] Future Outlook - The lubricant additive business is expected to see a 23% increase in shipment volume in 2024, driven by domestic substitution efforts [5] - Lianlong's first quarter of 2025 reported revenue of 1.481 billion yuan, a 9.36% year-on-year increase, indicating a steady growth trajectory [5] Market Positioning - Lianlong's three business lines are clearly defined, with the high polymer material anti-aging sector being well-established, the lubricant additive sector poised for rapid growth, and the life sciences sector offering vast future potential [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a Q1 2025 revenue of 1.48 billion yuan, representing a year-on-year increase of 9.4% and a quarter-on-quarter increase of 4.2%. The net profit attributable to shareholders was 110 million yuan, a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.0%. The net profit after deducting non-recurring gains and losses was 100 million yuan, reflecting a year-on-year increase of 4.1% and a quarter-on-quarter decrease of 6.3% [2][6]. - The company is a leader in anti-aging additives in China, possessing core technologies in antioxidants and light stabilizers. It is expanding its main production capacity through both organic growth and acquisitions, establishing six major production bases domestically. Additionally, the company is entering the lubricant additives, life sciences, and electronic materials sectors to create second and third growth curves, ensuring long-term growth [2][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.48 billion yuan, with a year-on-year growth of 9.4% driven by increased sales of U-pack, antioxidants, and lubricant additives. The gross margin was 21.5%, showing a slight year-on-year increase of 0.1 percentage points. The operating expense ratio was 12.2%, remaining stable year-on-year [2][12]. Production Capacity and Market Dynamics - The utilization rate of anti-aging additives is expected to improve, and the profitability of lubricant additives is gradually recovering. The company anticipates an upward trend in revenue and profit due to improved downstream demand and industry supply conditions starting from Q2 2024 [12]. - The new U.S. tariff changes are likely to accelerate the domestic substitution process for lubricant additives, as the cost of imported raw materials from the U.S. has increased significantly [12]. Strategic Expansion - The company is expanding rapidly through both internal growth and acquisitions, establishing itself as a platform-based leader in fine chemicals. It has six production bases for anti-aging agents across various regions in China, ensuring stable growth in its main business. The lubricant additives segment is expected to see continued growth with a designed capacity of 133,000 tons by the end of 2024 [12]. - The life sciences division is focusing on bioblocks and synthetic biology, while the company is also making strides in high-end electronic-grade polyimide materials through acquisitions and partnerships [12]. Profit Forecast - The company forecasts net profits attributable to shareholders of 540 million yuan, 630 million yuan, and 740 million yuan for the years 2025, 2026, and 2027, respectively [12].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 29.54 RMB [5][6]. Core Views - The company reported a steady performance in Q1 2025, achieving revenue of 1.5 billion RMB, with a quarter-on-quarter increase of 9% and a year-on-year increase of 4%. The net profit attributable to shareholders was 100 million RMB, showing a slight quarter-on-quarter increase of 0.7% but a year-on-year decrease of 4% [1]. - The company is expected to have growth potential due to the gradual ramp-up of new projects and the ongoing industrialization of electronic-grade PI and life sciences sectors [1]. - The company is expanding its market presence, particularly in the lubricant additive sector, with a focus on internationalization through the establishment of a research and production base in Malaysia [2]. - The life sciences segment has shown significant progress, with a pilot workshop for nucleic acid monomers and partnerships with nearly 90 clients, indicating a strong market transition from R&D to dual-track operations [3]. Summary by Sections Financial Performance - The company achieved a gross margin of 21.52% in Q1 2025, remaining stable compared to previous periods. The comprehensive expense ratio was 12%, with a slight increase attributed to higher R&D expenses [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is 480 million, 530 million, and 580 million RMB, respectively, with year-on-year growth rates of 14%, 10%, and 10% [4]. Market Expansion - The company is actively exploring new markets, with a notable 15% increase in lubricant additive exports from Liaoning province in Q1 2025 [2]. - The establishment of a production base in Malaysia is expected to enhance the company's international competitiveness and risk resilience [2]. Business Development - The life sciences segment has made strides with the introduction of the phosphoramidite monomer into the supply chain of downstream clients, and the dNTP products have reached advanced domestic levels with over 70 client collaborations [3]. - The company has completed the acquisition of Yixing Chuangju and is set to supply flexible display leaders in bulk by 2025, indicating a robust growth trajectory in the polyimide sector [3].

Market Overview - The global lubricating oil additives market reached a size of $16 billion in 2023, with approximately 70% of these additives used in the automotive sector [1][2] - The market sales for lubricating oil additives in 2023 amounted to $15.99 billion, and it is projected to grow to $18.21 billion by 2030, reflecting a compound annual growth rate (CAGR) of 1.9% from 2024 to 2030 [1][2] - In China, the apparent demand for lubricating oil additives was 950,100 tons in 2021, with a CAGR of 2.99% from 2013 to 2021 [1][2] Demand Side Analysis - In the transportation lubricants segment, despite the increasing penetration of electric vehicles leading to a decline in traditional fuel vehicle growth, the sales of plug-in hybrid vehicles are expected to continue rising [2] - The overall automotive sales in China are anticipated to maintain stable growth due to continued government efforts to stimulate consumption, which will support the demand for transportation lubricants and their additives in the short to medium term [2] - In the industrial lubricants segment, the demand is expected to steadily increase due to equipment renewal policies and the rapid expansion of new special bond scales, which will support the growth of engineering machinery ownership [2] Supply Side Analysis - The lubricating oil additives industry has high barriers to entry in terms of technology, capital, and customer access, leading to a highly concentrated supply globally, dominated by four major international companies that hold about 85% of the market share [3] - China’s imports of lubricating oil additives have fluctuated around 300,000 tons from 2020 to 2024, with an expected import volume of 243,200 tons in 2024, representing a year-on-year increase of 7.74% [3] - In the context of trade tensions, there is a growing emphasis on supply chain security, prompting lubricant customers to shift their focus towards domestic enterprises, which may enhance the market share of local companies and improve the self-sufficiency of China's lubricating oil additives industry [3][4] Investment Recommendations - The demand for lubricating oil additives in both transportation and industrial sectors is expected to grow in line with the sales and ownership of end-use vehicles and engineering machinery, with growth rates anticipated to remain relatively stable as these markets have entered a mature phase [4] - Currently, China still needs to import 200,000 to 300,000 tons of lubricating oil additives annually, with some imports coming from the U.S., highlighting the importance of supply chain security and the potential acceleration of domestic substitution processes [4] - Companies such as Ruifeng New Materials (300910) and Lianlong (300596) are recommended for attention in this sector [4]

一、主要会计数据和财务指标 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 天津利安隆（300596）科技集团有限公司 | 3246.13 | 14.45 | 不变 | | 利安隆国际集团有限公司 | 2505.92 | 11.15 | 不变 | | 天津聚鑫隆股权投资基金合伙企业(有限合伙) | 1578.44 | 7.03 | 不变 | | 天津圣金隆企业管理合伙企业(有限合伙) | 624.46 | 2.78 | 不变 | | 韩厚义 | 458.00 | 2.04 | -8.30 | | 天津利安隆新材料股份有限公司-第三期员工持股计划 | 405.24 | 1.80 | 不变 | | 红杉锦程(厦门)股权投资合伙企业(有限合伙) | 333.98 | 1.49 | 不变 | | 韩谦 | 333.00 | 1.48 | -22.00 | | 天津融创私募股权投资基金管理有限公司-天津海河融创津京 | | | | | 冀智能产业基金合伙企业(有限合伙) ...

2025 年第一季度报告披露的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 天津利安隆新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 召开第四届董事会第二十次会议、第四届监事会第十八次会议，审议通过了《关 于公司 2025 年第一季度报告的议案》。 为使投资者全面了解本公司的经营成果及财务状况，公司《2025 年第一季 度报告》已于 2025 年 4 月 29 日在中国证监会指定的信息披露网站巨潮资讯网 （www.cninfo.com.cn）上披露，敬请投资者注意查阅。 证券代码：300596 证券简称：利安隆 公告编号：2025-032 天津利安隆新材料股份有限公司 董事会 2025 年 4 月 29 日 特此公告。 天津利安隆新材料股份有限公司 ...

证券代码：300596 证券简称：利安隆 公告编号：2025-034 天津利安隆新材料股份有限公司 第四届监事会第十八次会议决议公告 本公司及全体监事会成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 会议召开情况 天津利安隆新材料股份有限公司（以下简称"公司"）第四届监事会第十八 次会议通知已于 2025 年 4 月 25 日以电话及电子邮件的形式发出，会议通知中包 括会议的相关资料，同时列明会议的召开时间、地点、内容和方式。会议于 2025 年 4 月 28 日上午 11:00 在公司会议室以现场方式召开，采取现场记名投票方式 进行表决。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席丁 欢女士主持。本次会议的召集、召开及表决程序符合《中华人民共和国公司法》 及《公司章程》的有关规定，合法有效。 审议通过了《关于公司 2025 年第一季度报告的议案》 经审议，监事会认为：公司董事会编制和审核的公司《2025 年第一季度报 告》的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完 整地反映了公司的实际经营情况，不存在任何虚假记载、误导性陈述 ...