Shengquan Group(605589) 华安证券·2025-04-07 06:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 10.02 billion yuan in 2024, a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 0.868 billion yuan, up 9.94% year-on-year [4][5] - The sales volume of synthetic resin products increased by 8.85% year-on-year, with key products such as phenolic resin and casting resin showing significant growth [6] - The company is expanding its new materials business, particularly in electronic and battery materials, driven by strong demand from emerging sectors like AI servers and 5G [7][8] - The company expects a substantial increase in net profit for Q1 2025, projecting between 200 million to 215 million yuan, representing a year-on-year growth of 45.58% to 56.49% [5] Financial Performance - In 2024, the company reported a revenue of 10.02 billion yuan and a net profit of 0.868 billion yuan, with a gross margin of 23.6% [10] - The projected net profits for 2025, 2026, and 2027 are 1.342 billion, 1.773 billion, and 2.043 billion yuan respectively, with corresponding P/E ratios of 17.20, 13.02, and 11.30 [9][10] - The company’s operating income is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2025 to 2027 [10] Product Development and Market Position - The company has successfully commercialized new products, including nuclear-grade resins and specialized resins for the aerospace sector [6] - The production lines for porous carbon and PPO resin have been established, meeting the high-performance requirements of advanced electronic applications [7][8] - The company is positioned as a leading player in the synthetic resin industry, with a focus on high-value-added products [6][7]