瑞华技术：石化技术服务需求稳定增长，募投助力完善产品矩阵

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is recognized as a "small giant" in the petrochemical technology service sector, maintaining stable growth in performance [2][11] - The demand for petrochemical technology services is steadily increasing, driven by the need for capacity replacement and technological upgrades in the industry [3][18] - The company has developed proprietary technology for the production of epoxy propane and styrene, achieving domestic substitution of previously imported technologies [21][24] - The company plans to use raised funds for new catalyst production capacity and to expand into the biodegradable plastics market, enhancing its product matrix [28][30] Summary by Sections Company Overview - Established in April 2007, the company specializes in engineering and technical services in the petrochemical field, holding multiple patents and recognized as a national-level "small giant" enterprise [2][11] - The founder, Xu Zhigang, holds a 53.54% stake and is a key technical figure in the company [2][11] - The main products include chemical process packages, chemical equipment, and catalysts, which together enhance production efficiency [2][12] Financial Performance - In 2023, the company reported revenue of 394 million yuan, a year-on-year increase of 21.01%, and a net profit of 114 million yuan, up 44.92% [13][14] - The compound annual growth rate (CAGR) for revenue and net profit from 2016 to 2023 was 37.69% and 31.24%, respectively [13][14] - The company’s sales expense ratio is significantly lower than that of comparable companies, reflecting its strong market position [14] Industry Demand and Market Position - The petrochemical industry is experiencing a trend towards integrated refining and chemical production, increasing the demand for advanced technology services [3][18] - The company holds a leading market share in several key technologies, with 37.28% of domestic styrene capacity and 17.57% of epoxy propane capacity utilizing its processes [26][27] - The shift towards environmentally friendly production methods is driving the demand for the company's PO/SM technology, which is expected to grow as older production methods are phased out [21][24] Technological Advancements and Future Projects - The company’s technology is competitive with international standards, offering lower costs and better economic benefits to clients [26] - Planned projects include a 12,000 tons/year catalyst production facility and a 100,000 tons/year biodegradable plastics project, with expected tax profits of 280 million yuan and 210 million yuan, respectively [28][30] - The catalyst project aims to reduce reliance on imported catalysts, while the biodegradable plastics project will expand the company’s product offerings [30] Valuation - The company’s offering price is set at 19 yuan per share, corresponding to a PE-TTM ratio of 13.12, which is below the average of comparable companies [32][33]