RC(SZ:300596) Quan Jing Wang·2025-05-07 12:34Core 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]