证券代码：300596 证券简称：利安隆 公告编号：2025-035 天津利安隆新材料股份有限公司 1. 会议召集人：天津利安隆新材料股份有限公司第四届董事会 2. 会议主持人：天津利安隆新材料股份有限公司董事长李海平先生 3. 现场会议召开时间：2025 年 5 月 16 日（星期五）下午 15:00。 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记 载、误导性陈述或重大遗漏。 特别提示： 1. 本次股东大会不存在增加、变更、否决议案的情形； 2. 本次股东大会不存在变更前次股东大会决议的情形； 3. 本次股东大会以现场投票与网络投票相结合的方式召开。 一、 会议召开与出席情况 （一）会议召开情况 4. 现场会议召开地点：天津市华苑产业区开华道 20 号 F 座 20 层天津利安 隆新材料股份有限公司 1 号会议室。 5. 网络投票时间：2025 年 5 月 16 日。其中，通过深圳证券交易所交易系 统进行网络投票的时间为 2025 年 5 月 16 日 9:15-9:25，9:30-11:30，13:00-15:00； 通过证券交易所互联网系统投票的具体 ...

Market Overview - The Shanghai Composite Index closed at 3369.24 points, above the annual line, with a gain of 0.82% [1] - The total trading volume of A-shares reached 1.34 trillion yuan [1] Stocks Breaking Annual Line - A total of 121 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Kunshan Intelligent (15.93%) - Weier High (10.97%) - Aoya Shares (10.48%) [1] Detailed Stock Performance - The following stocks showed notable performance: - Kunshan Intelligent: Today's increase of 20.02%, turnover rate of 21.68%, latest price at 21.46 yuan [1] - Weier High: Today's increase of 13.41%, turnover rate of 32.07%, latest price at 36.71 yuan [1] - Aoya Shares: Today's increase of 15.77%, turnover rate of 14.86%, latest price at 36.93 yuan [1] - Other stocks with lower deviation rates include: - Zhongke Information and Nanmin Group, which just crossed the annual line [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2][11]. Core Views - The company has achieved positive growth in revenue and net profit for 2024 and Q1 2025, driven by the clearing of outdated industry capacity and an increase in market share, alongside the development of high-margin products [2][11]. - Projected net profit attributable to shareholders for 2025-2027 is estimated at 0.53 billion, 0.64 billion, and 0.85 billion RMB, with corresponding EPS of 2.29, 2.78, and 3.68 RMB [2][11]. - The target price for 2025 is set at 34.35 RMB, based on a 15X PE ratio [2][11]. Financial Performance Summary - In 2024, the company reported revenue of 5.69 billion RMB, a year-on-year increase of 7.74%, and a net profit of 0.43 billion RMB, up 17.61% [4][12]. - For Q1 2025, revenue reached 1.48 billion RMB, reflecting a 9.36% year-on-year growth, with a recurring net profit of 0.10 billion RMB, up 4.12% [4][12]. - The anti-aging materials segment generated revenue of 4.59 billion RMB, a 5.73% increase year-on-year, while lubricant additives revenue was 1.06 billion RMB, up 15.40% [4][12]. Market Opportunities - There is significant potential for import substitution in the lubricant additives market, which had global sales of 15.99 billion USD in 2023, with a projected CAGR of 1.9% from 2024 to 2030 [3][13]. - The company’s subsidiary, Jinzhou Kangtai, is positioned to leverage cost, logistics, and local service advantages to capture market share from international competitors [3][13]. - The acquisition of Korea IPI in 2024 allows the company to enter the electronic-grade PI materials market, expanding into sectors such as flexible OLED displays, flexible circuit boards, chip packaging, and new energy vehicles [3][13].

[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 - Tianjin Lianlong New Materials Co., Ltd. is a leading company in the polymer materials anti-aging industry, expanding its business beyond polymer additives into three main business lines: polymer materials anti-aging, lubricant additives, and life sciences [2][3]. Business Development - The company has established three business curves: the first curve focuses on polymer materials anti-aging, the second on lubricant additives, and the third on life sciences [2]. - The life sciences business began in 2021 through a partnership with Jima Gene to form Aorife Biopharmaceutical Co., Ltd., focusing on the research, production, and sales of nucleic acid drugs [3]. Research and Collaboration - Lianlong has formed a synthetic biology research institute, led by Chief Scientist Sun Chunguang, with a team from prestigious universities such as Tianjin University and Dalian University of Technology [5][7]. - The company has established partnerships with top universities and research institutes to support early-stage research projects in fine chemical industry [7]. Future Prospects - With ongoing projects and advancements in research, Lianlong is expected to secure a significant position in the synthetic biology field [8].

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]