sunresin(300487) 兴业证券·2025-01-31 16:28Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that the company has made a breakthrough in vanadium extraction technology, positioning itself well in the vanadium energy storage market. The new process allows for the production of vanadium electrolyte directly from shale vanadium, significantly reducing production costs and enhancing competitiveness in the energy storage sector [4][5] - The company's main business is experiencing steady growth, with demand for vanadium extraction adsorbents expected to increase as new industrial production facilities come online. The company is recognized as a leading provider of comprehensive solutions in materials and equipment, with a diverse product range [4][5] - The report maintains an "Accumulate" rating, projecting earnings per share (EPS) of 1.64, 2.12, and 2.56 yuan for 2024, 2025, and 2026 respectively, indicating strong future growth potential [4][5] Financial Summary - Total revenue for 2023 is reported at 2,489 million yuan, with projected revenues of 2,610 million yuan for 2024, 3,255 million yuan for 2025, and 3,924 million yuan for 2026, reflecting a growth rate of 29.6% in 2023 and a forecasted growth of 4.9% in 2024 [4] - The net profit attributable to the parent company is expected to grow from 717 million yuan in 2023 to 834 million yuan in 2024, and further to 1,078 million yuan in 2025, with a growth rate of 33.4% in 2023 [4] - The gross profit margin is projected to be 48.7% in 2023, increasing to 51.6% in 2024, and stabilizing around 50% in the following years [4]