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圣泉集团(605589):公司信息更新报告:业绩符合预期,持续扩充高频高速树脂种类及产能

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue of 10.02 billion yuan, a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 868 million yuan, up 9.94% year-on-year. The Q4 revenue was 2.868 billion yuan, showing a year-on-year increase of 18.15% and a quarter-on-quarter increase of 13.55%. The company plans to distribute a cash dividend of 5.50 yuan per 10 shares (including tax) and expects a net profit of 200-215 million yuan in Q1 2025, representing a year-on-year growth of 45.58%-56.49% [6][7]. Financial Summary - The company achieved a revenue of 10.02 billion yuan in 2024, with a year-on-year growth of 9.9%. The net profit attributable to shareholders was 868 million yuan, with a year-on-year increase of 9.9%. The gross margin for 2024 was 23.6%, and the net margin was 8.7% [9][14]. - The projected net profits for 2025, 2026, and 2027 are 1.189 billion yuan, 1.386 billion yuan, and 1.659 billion yuan, respectively, with corresponding EPS of 1.40 yuan, 1.64 yuan, and 1.96 yuan per share. The current stock price corresponds to P/E ratios of 19.9, 17.1, and 14.3 for the years 2025, 2026, and 2027 [6][9]. Business Performance - In 2024, the company sold 69.56 million tons of synthetic resins, with phenolic resin sales at 528,600 tons (up 8.35% year-on-year) and casting resin sales at 174,100 tons (up 10.36% year-on-year). The revenue from synthetic resins was 5.343 billion yuan, with a gross margin of 20.66% [7][12]. - The company is expanding its production capacity for high-frequency and high-speed resins, with plans to start new projects for various types of resins in 2025. The Daqing project has achieved a balance between production and sales by the end of 2024, and the company has plans for further expansion [6][7].