sunresin(SZ:300487) Xin Lang Cai Jing·2025-04-29 02:50Core Insights - The company reported a slight increase in revenue for 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 2.554 billion, 787 million, and 745 million respectively, representing year-on-year growth of 2.62%, 9.79%, and 2.99% [1] - The company experienced a significant decline in Q4 2024 revenue and net profit compared to the previous quarter, with revenue down 27.4% year-on-year [1] - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 577 million, 193 million, and 190 million respectively, with year-on-year changes of -8.58%, +14.18%, and +15.17% [1] Revenue Breakdown - The company's non-lithium basic warehouse business showed strong growth, with total revenue excluding the lithium extraction project from salt lakes reaching 2.455 billion, a year-on-year increase of 24.71% [2] - The salt lake lithium extraction project generated only 99 million in revenue, down 81% year-on-year, impacting overall revenue growth [2] - Revenue from various application areas in adsorption materials included: 256 million from metal resources (+30%), 568 million from life sciences (+28%), 688 million from water treatment and ultrapure water (+34%), 181 million from energy conservation and environmental protection (-2%), 56 million from food processing (+28%), and 200 million from chemicals and catalysis (+42%) [2] Profitability and Margins - The company achieved a gross margin of 49.47% in 2024, an increase of 0.8 percentage points year-on-year, benefiting from a higher proportion of mid-to-high-end adsorption materials and a decrease in the proportion of lower-margin system device revenue [2] - In Q1 2025, the gross margin improved to 50.79%, up 5.37 percentage points year-on-year, with continued strong growth in the life sciences, metal resources, and water treatment sectors [2] International Expansion - The company saw a significant increase in overseas revenue, which reached 655 million in 2024, a year-on-year growth of 45.1%, accounting for 25.65% of total revenue [3] - The company established a wholly-owned subsidiary in the United States and set up warehousing units in North America and Europe to facilitate localized business development [3] Future Projections - Revenue projections for 2025-2027 are estimated at 3.085 billion, 3.824 billion, and 4.679 billion respectively, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.34, 18.59, and 14.47 for 2025-2027, reflecting the company's strong growth potential as a leading platform for adsorption materials [3]