Orinko(688219) 招商证券·2025-04-24 08:25Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company is expanding into new downstream fields of AI robotics while maintaining a rapid growth trend. In 2024, it achieved revenue of 6.088 billion yuan, a year-on-year increase of 13.81%, and a net profit of 194 million yuan, up 32.04% year-on-year [1][11]. - The company has a strong focus on customer value creation, product leadership, and lean management, which are key to its strategic development [11][13][18]. - The company is deeply engaged in special materials, with applications in new energy and robotics, and has developed innovative solutions that meet diverse customer needs [32][33][39]. Financial Data and Valuation - The company’s total revenue for 2024 is projected to be 6.879 billion yuan, with a net profit of 244 million yuan, and an EPS of 0.51 yuan [2][3]. - The company’s PE ratio is expected to decrease from 37.6 in 2023 to 22.7 in 2025, indicating improving valuation metrics [2][3]. Company Development and Strategy - The company emphasizes a customer-first approach, ensuring value creation through innovative materials and reliable delivery [11][13]. - It has implemented a lean management system to enhance operational efficiency and cost advantages across its value chain [18][19]. - The company is actively pursuing global expansion, establishing a factory in Thailand to serve the Southeast Asian market and planning further expansion into Europe and North America [21][20]. Product Innovation and R&D - The company has developed a three-tier R&D system that integrates AI technology to enhance material innovation and product quality [48][49]. - It has achieved significant advancements in special materials, particularly long-chain nylon, which has seen a revenue increase of 105.39% year-on-year [37][38]. - The company is committed to sustainable development, focusing on the circular economy and the lifecycle management of materials [41][47]. Market Position and Competitive Advantage - The company is recognized as one of the largest modified materials enterprises in China, with a broad customer base and extensive product offerings [32]. - It has established strong partnerships with key industries, including automotive and home appliances, to provide tailored material solutions [34][39]. - The company’s focus on innovation and customer collaboration has positioned it favorably in the competitive landscape of special materials [28][30].