Richful(300910) 长江证券·2025-03-31 14:12Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved an annual revenue of 3.16 billion yuan, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 720 million yuan, up 19.1% year-on-year [5][11] - In Q4 alone, the company reported a revenue of 860 million yuan, representing a year-on-year growth of 29.2% and a quarter-on-quarter increase of 7.1% [5][11] - The company is a leading domestic supplier of lubricant additives, with a comprehensive range of single agent types and key raw material R&D and production capabilities [11] Financial Performance - The company’s gross profit margin for the year was 35.8%, an increase of 0.8 percentage points year-on-year [11] - The company’s operating expenses ratio was 10.6%, a decrease of 0.4 percentage points year-on-year [11] - The basic earnings per share for 2024 is projected at 2.5 yuan, with a proposed cash dividend of 12 yuan per 10 shares (tax included) [5] Production Capacity and Market Position - As of the end of 2024, the company has a designed annual production capacity of 315,000 tons for lubricant additives, an increase of 115,000 tons from 2023 [11] - The company is actively expanding its production capacity and transitioning towards higher value-added compound products, which is expected to drive significant revenue and profit growth [11] Strategic Development - The company is steadily promoting its compound products and has made breakthroughs in core customer access, with compound product revenue exceeding 60% [11] - The company’s product line includes a complete range of mainstream additive single agents, which serves as a solid foundation for entering mainstream markets [11] Future Profit Projections - The company is expected to achieve net profits attributable to shareholders of 950 million yuan, 1.2 billion yuan, and 1.5 billion yuan for the years 2025, 2026, and 2027 respectively [11]