圣泉集团：股权回购彰显信心，在投项目稳步推进

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company's stock buyback plan demonstrates management's confidence in the company's future growth and value recognition. The buyback is set at a price not exceeding RMB 32.00 per share, with a total fund range of RMB 250 million to RMB 500 million, aiming to repurchase between 7.8125 million to 15.625 million shares [2][4]. - The company has shown strong performance in its core products, particularly phenolic resin, with sales volume increasing by 3.64% year-on-year to 377,700 tons, and an average selling price rising by 3.83% to RMB 7,300 per ton, contributing to a revenue increase of 7.60% year-on-year to RMB 2.742 billion [2][4]. - The company is expected to achieve revenue growth of 12.3%, 17.4%, and 14.3% for the years 2024 to 2026, respectively, with net profit growth of 14.5%, 35.1%, and 22.2% during the same period [4]. Summary by Sections Market Performance - The company announced a stock buyback plan on December 2, 2024, to enhance employee motivation and reflect management's confidence in future growth [2]. - As of December 5, 2024, the company's closing price was RMB 24.29, with a yearly high of RMB 25.52 and a low of RMB 15.48 [2]. Financial Data - For the fiscal years 2024 to 2026, the company is projected to achieve revenues of RMB 10.238 billion, RMB 12.021 billion, and RMB 13.734 billion, respectively, with corresponding net profits of RMB 904 million, RMB 1.221 billion, and RMB 1.492 billion [4][6]. - The company's gross margin is expected to improve from 24.8% in 2024 to 26.4% in 2026, indicating enhanced profitability [6]. Product Development - The company is expanding its product offerings in electronic chemicals, with new products in high-purity epoxy and high-end liquid phenolic resin receiving customer certifications, which is expected to drive future revenue growth [2][4]. - The biomass project is anticipated to become a new growth point for the company, contributing to rapid revenue increases in the future [2][4].