sunresin(300487) 海通证券·2024-07-17 07:01Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is a leading player in the adsorption and separation materials industry, with a strong presence in high-end applications such as life sciences and lithium extraction from salt lakes [2][4] - The company's revenue from system installations, particularly in lithium extraction, has grown significantly, contributing 63% to the total system installation revenue in 2023 [8] - The company's revenue from life sciences and water treatment/purification businesses has shown rapid growth, with life sciences revenue reaching 440 million yuan in 2023, a 40% year-on-year increase [11] - The company's R&D investment has been increasing, with 59 domestic patents and 6 PCT patents granted by 2023 [13] Company Overview - The company specializes in the R&D, production, and sales of adsorption and separation materials, with a focus on providing integrated solutions [4] - The company has a strong track record in industrializing lithium extraction from salt lakes, with significant projects completed in 2018 [4] - The company's adsorption and separation materials are widely used in industries such as biopharmaceuticals, metals, food, environmental protection, and water treatment [6] Financial Performance - The company's revenue has grown at a compound annual growth rate (CAGR) of 25% from 2019 to 2023, with net profit growing at a CAGR of 30% [9] - The company's gross margin has improved, reaching 48.67% in 2023, driven by high-margin products and cost control measures [12] - The company's system installation revenue reached 820 million yuan in 2023, a 76% year-on-year increase, with lithium extraction systems contributing 520 million yuan [8] Industry and Market Position - The company is a leading domestic player in the adsorption and separation materials industry, competing with international giants like Dow Chemical and Mitsubishi [25] - The company has a diversified product portfolio, with over 30 series and 200 varieties of adsorption and separation resins [6] - The company's advanced technologies, such as the valve array continuous ion exchange system, have given it a competitive edge in the market [8] Future Outlook - The company is expected to achieve revenue of 12.7-13.2 billion yuan in the first half of 2024, with net profit increasing by 13.96%-18.45% year-on-year [9] - The company's salt lake lithium extraction projects are still in a harvest period, with 12 projects completed or under execution by the end of 2023, totaling 86,000 tons of lithium carbonate/lithium hydroxide capacity [62] - The company is expected to continue benefiting from the growing demand for high-end water treatment resins and life sciences applications [51][39]