sunresin(300487) 国海证券·2025-04-24 08:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business shows strong resilience, with a year-on-year revenue increase of 2.62% to 2.554 billion yuan in 2024, and a net profit increase of 9.79% to 787 million yuan [4][6] - The company has a robust growth trajectory in its adsorption materials segment, with total production increasing by 33.4% to 65,700 tons and sales volume increasing by 33.6% to 63,700 tons [6][9] - The internationalization strategy is yielding results, with overseas revenue growing by 45.1% to 655 million yuan in 2024 [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 577 million yuan, a year-on-year decrease of 8.58%, but net profit increased by 14.18% to 193 million yuan [5][8] - The company’s gross profit margin for Q1 2025 was 50.79%, up 5.37 percentage points year-on-year, while the net profit margin was 33.90%, up 6.79 percentage points year-on-year [8] Business Segments - The life sciences segment generated revenue of 568 million yuan in 2024, a growth of 28% year-on-year, driven by the company's solid phase synthesis carriers [9] - The water treatment segment saw revenue of 688 million yuan in 2024, reflecting a year-on-year increase of 34% [9] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.283 billion yuan, 4.245 billion yuan, and 5.561 billion yuan for 2025, 2026, and 2027 respectively [10][12] - The net profit forecasts for the same years are 1.059 billion yuan, 1.371 billion yuan, and 1.872 billion yuan, indicating a strong growth potential [10][12]