Richful(SZ:300910) Xin Lang Cai Jing·2025-06-24 12:35Core Conclusion - The company is expected to achieve net profits attributable to shareholders of 862 million, 1.14 billion, and 1.29 billion yuan for the years 2025-2027, representing year-on-year growth of 19.4%, 32.2%, and 13.4% respectively. Based on comparable company PE and historical PE, a valuation of 22 times PE for 2025 is given, corresponding to a target price of 64.1 yuan for 2025. The initial coverage is rated as "Buy" [1] Report Highlights - Recent market focus has been on the impact of tariffs on the lubricant additive industry, while the company's R&D capabilities and production capacity growth are emphasized as key potential drivers for growth. The report systematically analyzes the company's financial indicators, core products, and technologies to forecast growth from 2025 to 2027 [1] Major Logic - The company has seen a continuous increase in R&D investment, with 47 domestic invention patents, 2 foreign invention patents, and 4 utility model patents obtained by 2024. The company has independently mastered various formulations for diesel and gasoline engine oil additives, as well as other specialized oils, with several products passing third-party testing and obtaining OEM certifications [2] Profitability - The company has a complete production capability for mainstream single agents, covering a wide range of additive types. It also has production capabilities for key raw materials, leading to a high overall profitability, with a gross margin of 35.9% in 2024, an increase of 0.82 percentage points year-on-year [2] New Growth Drivers - The company is actively expanding its overseas market presence, establishing warehousing bases in Singapore, Dubai, and Belgium. In 2024, foreign revenue reached 2.226 billion yuan, a year-on-year increase of 8.2%, accounting for 70.5% of total revenue. Ongoing projects are expected to significantly increase production capacity to over 700,000 tons in the next three years, enhancing scale and cost advantages [3]