sunresin(SZ:300487) Guotou Securities·2024-09-05 10:30Investment Rating - The investment rating for the company is "Buy-A" with a target price of 74.4 CNY, while the current stock price is 42.09 CNY [1]. Core Insights - The company reported a revenue of 1.295 billion CNY in the first half of 2024, representing a year-on-year increase of 28.50%. The net profit attributable to shareholders was 404 million CNY, up 16.79% year-on-year [1][2]. - The company has a strong growth trajectory in its core business, particularly in the life sciences sector, which is experiencing rapid growth [2][7]. - The company plans to build an additional 20,000 tons of high-end material capacity to meet the increasing demand in high-value applications [4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.295 billion CNY, with a net profit of 404 million CNY, reflecting a year-on-year growth of 28.50% and 16.79% respectively [1][2]. - The second quarter of 2024 saw revenues of 664 million CNY, a 30.98% increase year-on-year, and a net profit of 235 million CNY, up 10.75% year-on-year [1]. Business Segments - The revenue from the lithium extraction business was 99 million CNY, a year-on-year increase of 8%. The core business revenue, excluding lithium projects, was 1.196 billion CNY, up 31% year-on-year, accounting for 92.36% of total revenue [2]. - The adsorption materials segment generated 974 million CNY in revenue, representing 82% of the total revenue, while system devices contributed 190 million CNY, accounting for 16% [2]. Growth Prospects - The company plans to enhance its production capacity with the construction of a new facility for high-end materials, targeting applications in ultra-pure water and food sectors [4]. - The company has completed over 15 lithium extraction projects, with a total capacity of nearly 100,000 tons, and six projects are already operational [5][6]. Market Expansion - The overseas sales revenue reached 352 million CNY, marking a 56% year-on-year increase, indicating a growing market penetration [2]. - The life sciences segment's revenue from adsorption materials was 285 million CNY, up 33% year-on-year, driven by strong market performance of GLP-1 peptide drugs [7]. Future Projections - The company forecasts revenues of 2.967 billion CNY, 3.652 billion CNY, and 4.640 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 921.8 million CNY, 1.173 billion CNY, and 1.475 billion CNY [8].