RC(SZ:300596) Xin Lang Cai Jing·2025-09-04 02:53Core Viewpoint - The company has shown growth in both revenue and net profit in the first half of 2025, driven by the expansion of its lubricant additive segment and the successful implementation of differentiated products in the polymer materials sector [1][2][5]. Financial Performance - In H1 2025, the company achieved revenue of 3.0 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 240 million yuan, up 9.6% year-on-year [1]. - In Q2 2025, the company reported revenue of 1.51 billion yuan, representing a year-on-year growth of 3.3% and a quarter-on-quarter increase of 2.2%. The net profit for the same period was 133 million yuan, up 18% year-on-year and 23.6% quarter-on-quarter [1]. Product Segment Analysis - The polymer materials anti-aging additives segment generated revenue of 2.36 billion yuan in H1 2025, a year-on-year increase of 3.1%, with a gross margin of 23.7%, down 0.7 percentage points. The shipment volume was 66,000 tons, up 4.3% year-on-year [2]. - The lubricant additives segment achieved revenue of 620 million yuan in H1 2025, a year-on-year increase of 18.5%, with a gross margin of 13.5%, up 5.5 percentage points. The shipment volume was 34,000 tons, up 18.3% year-on-year [2]. Market Expansion and New Projects - The company has initiated an overseas capacity expansion plan, establishing a wholly-owned subsidiary in Singapore and planning to invest up to 300 million USD in a research and production base in Malaysia for anti-aging and lubricant additives [3]. - The lubricant additives segment has seen successful collaboration with major international and domestic companies, enhancing production capacity and operational efficiency [3]. Industry Trends and Demand Drivers - The demand for anti-aging additives and lubricant additives is expected to rise due to the growth of the AI industry, particularly in data centers and robotics, where specialized materials are required to ensure durability and performance [4]. - The company is positioned to benefit from the increasing need for high-performance materials in various applications, including electronics and robotics [4]. Profit Forecast and Investment Outlook - Revenue projections for the company are 6.45 billion yuan in 2025, 7.67 billion yuan in 2026, and 8.42 billion yuan in 2027, with net profits expected to be 510 million yuan, 600 million yuan, and 710 million yuan respectively, indicating a positive growth trajectory [5].