RC(SZ:300596) Xin Lang Cai Jing·2025-08-28 08:43Core Insights - The company reported a revenue of 2.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.21%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.514 billion yuan, with a year-on-year increase of 3.29%, and a net profit of 133 million yuan, reflecting an 18.04% year-on-year growth and a 23.59% quarter-on-quarter increase [1] - The company has maintained a compound annual growth rate (CAGR) of 24.59% in revenue over the past 14 years, demonstrating resilience against changes in the international business environment [1] Business Performance - The core business of anti-aging additives generated a revenue of 2.358 billion yuan in the first half of 2025, with a year-on-year growth of 3.06% and a shipment volume of 65,500 tons, up 4.30% year-on-year [2] - The lubricating oil additives segment reported a revenue of 618 million yuan, marking an 18.49% year-on-year increase, with a shipment volume of 34,200 tons, up 18.27% year-on-year [2] - The life sciences division has transitioned its bio-block business from R&D to market development, achieving monthly sales exceeding one million yuan for key products [2] Strategic Initiatives - The company has initiated an overseas capacity expansion plan, establishing a wholly-owned subsidiary in Malaysia to invest up to 300 million USD in a research and production base for high-performance polymer materials and lubricating oil additives [1][2] - The company is actively participating in the formulation of Chinese standards for engine lubricants and collaborating with major international and domestic players in the lubricating oil additives sector [2] - The company is also focusing on cross-border mergers and acquisitions to integrate polyimide technology and establish dual R&D centers and production bases domestically and internationally [2] Financial Projections - The company is projected to achieve revenues of 6.113 billion yuan, 6.603 billion yuan, and 7.593 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 495 million yuan, 505 million yuan, and 636 million yuan [3] - The expected earnings per share (EPS) for the same period are 2.16 yuan, 2.20 yuan, and 2.77 yuan, with corresponding price-to-earnings (PE) ratios of 15.6x, 15.3x, and 12.1x [3]