Richful(300910) 海通证券·2025-04-02 03:45Investment Rating - The investment rating for the company is "Outperform the Market" [2][7] Core Views - The company has achieved stable growth in operating revenue and net profit attributable to the parent company, with operating revenue of 3.157 billion yuan, a year-on-year increase of 12.14%, and a net profit of 720 million yuan, a year-on-year increase of 19.13% [7] - The company plans to distribute a cash dividend of 12 yuan for every 10 shares to all shareholders, amounting to an expected total of 343 million yuan [7] - The company is expanding its production capacity for lubricant additives, with a total designed capacity of 315,000 tons and ongoing projects expected to be operational by December 31, 2025 [7] - The company has increased its R&D investment and has developed various formulations for diesel and gasoline engine oils, achieving multiple OEM certifications [7] - The estimated net profit for 2025-2027 is projected to be 868 million, 1.076 billion, and 1.308 billion yuan respectively, with corresponding EPS of 2.97, 3.69, and 4.48 yuan [7] Financial Performance Summary - The company’s operating revenue and net profit are forecasted to grow significantly, with operating revenue expected to reach 3.989 billion yuan in 2025, a 26.3% increase year-on-year [6][10] - The gross profit margin is projected to remain stable around 35.9% from 2025 onwards [6][10] - The net asset return rate is expected to increase from 21.6% in 2024 to 23.9% in 2027 [6][10] - The company’s total assets are projected to grow from 4.302 billion yuan in 2024 to 6.940 billion yuan in 2027 [10] Market Performance - The company’s stock price has shown a strong performance, with a 52-week price range of 35.00 to 58.37 yuan [2] - The absolute increase in stock price over the last three months is 19.6% [4]