Richful(SZ:300910) Guotai Junan Securities·2024-06-25 07:01Investment Rating - The report maintains a "Buy" rating for the company [22][24]. Core Views - The report highlights that the company's sales performance is strong and the long-term growth trend remains intact, with EPS forecasts for 2024, 2025, and 2026 set at 2.43, 3.08, and 3.64 CNY respectively. The target price has been raised to 56.02 CNY from the previous 54.21 CNY, based on a PE ratio of 23.04 for 2024 [7][24]. - In May, China's lubricant additive exports increased year-on-year, continuing the long-term import substitution trend. The report notes that in May 2024, lubricant additive exports reached 20,400 tons, up 35.58% year-on-year, while the average export price was 19,900 CNY/ton, down 9.93% year-on-year [7][24]. - The company is expanding its overseas market presence, competing with well-known foreign companies by offering high-cost performance products and services [7][24]. Financial Summary - The company reported total revenue of 2,816 million CNY in 2023, with a projected increase to 3,357 million CNY in 2024, representing a year-on-year growth of 19.2%. Net profit attributable to the parent company is expected to rise from 606 million CNY in 2023 to 709 million CNY in 2024, reflecting a growth of 17.0% [25]. - The gross profit margin for Q1 2024 was reported at 35.50%, with a net profit margin of 21.50%, indicating stable profitability [7][24]. - The company's total assets are projected to grow from 3,779 million CNY in 2023 to 3,975 million CNY in 2024, while total liabilities are expected to remain relatively stable [9][25].