sunresin(SZ:300487) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company reported a stable revenue growth in 2024, with a total revenue of 2.554 billion yuan, reflecting a year-on-year increase of 2.62%, while net profit attributable to shareholders reached 787 million yuan, up 9.79% year-on-year [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.554 billion yuan, with a net profit of 787 million yuan and a non-recurring net profit of 745 million yuan, showing year-on-year increases of 9.79% and 2.99% respectively [1] - The profit distribution plan for 2024 proposes a dividend of 6.00 yuan per 10 shares (including tax) [1] - For Q1 2025, the company reported a revenue of 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit attributable to shareholders was 193 million yuan, up 14.18% year-on-year [1] Group 2: Business Segments - The basic warehouse business showed robust growth, with a revenue of 2.45 billion yuan excluding the lithium extraction project, marking a 24.7% year-on-year increase and accounting for 96.1% of total revenue [2] - The ion exchange adsorption resin segment generated 1.99 billion yuan in revenue, a 27.6% increase year-on-year, with a gross margin of 52.85%, reflecting a 1.72 percentage point increase [2] - Revenue from water treatment, life sciences, metal resources, and chemical & catalysis segments grew by 34%, 28%, 30%, and 42% respectively [2] Group 3: Project and Market Dynamics - The revenue from the lithium extraction project was 100 million yuan, accounting for 3.9% of total revenue, which represents an 81.0% year-on-year decline due to cyclical downturns in the lithium resource industry [3] - The company has received 195 million yuan from a contract signed in March 2022 for the supply of adsorption equipment, indicating a discrepancy with the expected progress [3] Group 4: Research and Development - The company invested 146 million yuan in R&D in FY 2024, representing 5.72% of revenue, and 33 million yuan in Q1 2025, maintaining a similar ratio of 5.71% [4] - The ongoing antitrust investigation into DuPont may accelerate the company's penetration into high-end product markets [4] - In the life sciences sector, the company completed the scale-up validation of a new generation ProteinA affinity filler, receiving positive feedback from multiple clients [4] Group 5: Investment Outlook - The company is expected to achieve net profits of 1.012 billion yuan, 1.262 billion yuan, and 1.526 billion yuan for 2025-2027, with corresponding PE ratios of 22x, 18x, and 15x [4] - A target price of 59.70 yuan is set for 2025 based on a 30x PE valuation, maintaining a strong buy rating [4]