瑞华技术：国内领先的石油化工技术提供商，多维度增长可期

Investment Rating - The report recommends actively monitoring the company, with a target price of 19.00 CNY per share, corresponding to a PE ratio of 12.7 times, compared to the average PE of comparable companies at 31.1 times [3][4]. Core Viewpoints - The company is a leading provider of petrochemical technology in China, with a strong focus on innovation and a robust patent portfolio, including 60 patents as of the end of 2023 [11][12]. - The company has successfully developed and commercialized several proprietary technologies, including the ethylbenzene/styrene complete technology and PO/SM co-production technology, which have broken the monopoly of foreign chemical giants [2][11]. - The company is expanding its production capacity through fundraising projects, including a 12,000 tons/year catalyst project and a 100,000 tons/year biodegradable plastic project, which are expected to enhance profitability [3][4]. Summary by Sections Company Overview - The company has over a decade of experience in the petrochemical technology service industry and is entering a growth phase, with a concentrated shareholding structure led by a technically skilled chairman [11][16]. - The company has established partnerships with major state-owned and private petrochemical enterprises, enhancing its market presence [11][12]. Financial Performance - Revenue increased from 270 million CNY in 2020 to 390 million CNY in 2023, with a compound annual growth rate (CAGR) of 20.1% [20]. - Net profit rose from 62.56 million CNY in 2020 to 110 million CNY in 2023, with a CAGR of 14.0% [20]. - The company experienced a decline in revenue and net profit in the first half of 2024 due to reduced project deliveries and production capacity limitations [20][24]. Market Position and Strategy - The company is actively expanding into overseas markets, including Russia and Iran, while maintaining a strong presence in the domestic market, particularly in East China [22]. - The company aims to enhance its product matrix and improve production capabilities through strategic investments in catalyst and biodegradable plastic projects [3][4]. Industry Trends - The petrochemical industry is undergoing a transformation towards integrated refining and chemical production, driven by policies aimed at eliminating outdated capacity and promoting green development [27][31]. - The demand for high-value-added products and the adoption of advanced technologies are becoming critical for competitiveness in the petrochemical sector [31].