sunresin(300487) 申万宏源证券·2025-04-24 06:12Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is in line with expectations, and there is a sustained positive outlook on its development potential as a platform company [2][6] - The company reported a total revenue of 2.554 billion yuan for 2024, with a year-on-year growth of 3%, and a net profit attributable to shareholders of 787 million yuan, reflecting a year-on-year increase of 10% [6][7] - The company is expected to achieve a net profit of 1.015 billion yuan in 2025, representing a growth rate of 29% [5][6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.098 billion yuan, with a year-on-year growth rate of 21.3% [5] - The net profit attributable to shareholders is projected to be 1.015 billion yuan for 2025, with a corresponding earnings per share of 2.00 yuan [5][6] - The company's gross margin is expected to be around 49.7% in 2025, with a return on equity (ROE) of 23.1% [5][6] - The company’s market capitalization is approximately 13.722 billion yuan, with a price-to-earnings (PE) ratio of 22 for 2025 [2][5] Business Performance Insights - The company’s core business, excluding the lithium extraction project, generated revenue of 2.455 billion yuan in 2024, showing a stable growth of 25% year-on-year [6] - The sales of adsorption materials reached 6.37 million tons, generating revenue of 1.986 billion yuan, with a gross margin of 52.85% [6] - The life sciences segment is benefiting from the growth of GLP-1 peptide drugs, while the water treatment and ultra-pure water sectors are experiencing significant breakthroughs [6]