sunresin(300487) Shanxi Securities·2024-08-28 22:30Investment Rating - The report maintains a "Buy-B" rating for the company [1][4]. Core Views - The company has demonstrated significant growth in overseas business, reflecting the effectiveness of its internationalization strategy [1][2]. - In the first half of 2024, the company achieved a revenue of 1.295 billion yuan, representing a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 404 million yuan, up 16.79% year-on-year [1][2]. - The company's gross margin for adsorbent materials improved to 51%, a 1.5% increase compared to the same period in 2023, driven by strong performance in various business segments [2][3]. Financial Performance Summary - For the first half of 2024, the company reported overseas sales revenue of 352 million yuan, a remarkable growth of 55.8% year-on-year [2]. - The life sciences segment generated revenue of 285 million yuan, up 33% year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [2][3]. - The lithium extraction and metal resources segment achieved revenue of 99 million yuan, an 8% increase year-on-year, with ongoing projects expected to enhance production capacity [2][3]. - Water treatment and ultrapure materials sales reached 323 million yuan, reflecting a 30% year-on-year growth, with increased market penetration in high-end drinking water [3]. Future Projections - The company is projected to achieve revenues of 3.032 billion yuan, 3.690 billion yuan, and 4.344 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.8%, 21.7%, and 17.7% [4][6]. - Net profit attributable to shareholders is expected to reach 983 million yuan, 1.234 billion yuan, and 1.477 billion yuan for the same years, with growth rates of 37.0%, 25.6%, and 19.7% [4][6].