RC(SZ:300596) Xin Lang Cai Jing·2025-04-23 08:41Core 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additives, with expectations for continued volume growth due to increasing domestic demand and the elimination of outdated production capacity [3].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].