sunresin(300487) 天风证券·2025-02-20 08:29Investment Rating - The report assigns a "Buy" rating for the company with a target price of 69.62 CNY per share [6]. Core Viewpoints - The company has maintained rapid growth over the past decade, with a compound annual growth rate (CAGR) of over 25% in both revenue and profit [2][38]. - The company is a leader in the adsorption separation materials industry, with a strong emphasis on integrating materials, processes, and system equipment [1][28]. - The company has successfully expanded its international business, with overseas revenue increasing from 8.6% in 2013 to 27.2% in the first half of 2024 [2][38]. Summary by Sections Company Overview - Founded in 2001, the company specializes in the research, production, and sales of adsorption separation materials and related systems [1][16]. - The founders are recognized experts in the field of ion exchange resins, and the company has received numerous accolades for its technological advancements [1][28]. Financial Performance - The company has achieved significant revenue and profit growth, with a CAGR exceeding 25% over the past decade [2][38]. - The revenue from the adsorption separation resin business has also seen a CAGR of over 25% in the past five years, while the system equipment business has approached a 40% CAGR since 2018 [2][38]. - The company has maintained stable profit margins and a high return on investment, with R&D expenses consistently around 6% of revenue [2][39]. Market Applications - The adsorption separation technology is widely applied across six major sectors, including metal resource extraction and life sciences, with a strong focus on lithium extraction and peptide synthesis [3][29]. - The company has successfully achieved domestic substitution in various fields, enhancing its competitive position against international players [3][29]. Profit Forecast and Valuation - The company is projected to achieve revenues of 25.37 billion CNY, 39.35 billion CNY, and 51.34 billion CNY for the years 2024, 2025, and 2026, respectively [4]. - The estimated net profit attributable to the parent company is expected to be 8.10 billion CNY, 11.07 billion CNY, and 13.92 billion CNY for the same years [4].