Shengquan Group(605589) 华安证券·2024-12-31 11:00Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is a leading player in the synthetic resin industry, with rapid growth expected in the biomass and electronic chemical sectors [2][4] - The company has developed a unique biomass refining technology, enhancing the utilization of agricultural waste [2][4] - The electronic chemical sector is expected to grow significantly due to advancements in AI and high-frequency materials [2][4] Summary by Sections Company Overview - The company has been established since 1979 and has developed a comprehensive industrial chain from corn core to furan resin, becoming a leader in the biomass and synthetic resin sectors [44][46] - The company has a total market capitalization of 203 billion yuan and a circulating market capitalization of 187 billion yuan [2] Financial Performance - The company reported a revenue of 91.20 billion yuan in 2023, with a projected revenue of 99.34 billion yuan in 2024, reflecting a growth rate of 8.9% [5][171] - The net profit attributable to the parent company is expected to reach 8.78 billion yuan in 2024, with a year-on-year growth of 11.2% [5][171] - The company maintains a stable gross margin, projected to be around 23.2% in 2024 [5][171] Product Segments - The company has a production capacity of 65,000 tons for phenolic resin, which is expected to grow steadily despite current market pressures [169] - The company also has a production capacity of 12,000 tons for furan resin, with stable demand anticipated [169] - The electronic chemical segment, particularly the newly launched 1,000-ton PPO project, is expected to drive significant revenue growth in the coming years [170] Biomass Project - The Daqing biomass project is a key growth driver, with an annual processing capacity of 500,000 tons of straw, producing various green biomass products [56][139] - The project utilizes a unique technology that maximizes the utilization of straw, producing high-value products such as sugars and biofuels [56][140] Market Trends - The synthetic resin industry is relatively stable, with ongoing product structure optimization enhancing competitive advantages [2][4] - The demand for electronic materials is expected to rise significantly due to the growth of AI servers and high-frequency applications [2][4]