sunresin(300487) 招商证券·2025-04-24 08:25Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][11]. Core Views - The company's basic warehouse business shows steady growth, while the large lithium extraction project from salt lakes has been a drag on performance [1]. - In 2024, the company achieved a revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a year-on-year decrease of 8.58%, but a net profit of 193 million yuan, which is a 14.18% increase year-on-year [1]. Financial Performance - The basic business revenue, excluding the salt lake lithium extraction system, reached 2.45 billion yuan in 2024, growing 24.7% year-on-year, accounting for 96.1% of total revenue [5]. - The revenue from the adsorption materials segment was 1.99 billion yuan, representing 80.9% of the basic business revenue [5]. - The company has diversified its lithium-related projects, achieving a production capacity of 100,000 tons of lithium carbonate/hydroxide [5]. - The life sciences segment generated 568 million yuan in revenue in 2024, a 28% increase year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [5]. - The water treatment and ultra-purification segment achieved a revenue of 688 million yuan in 2024, growing 34% year-on-year [5][6]. International Expansion - The company reported a significant increase in overseas sales, reaching 655 million yuan in 2024, a 45.1% year-on-year growth, indicating successful international market penetration [11]. - The establishment of a wholly-owned subsidiary in the United States has further strengthened the company's overseas presence and improved response efficiency to key clients [11]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.060 billion yuan, 3.697 billion yuan, and 4.517 billion yuan, with year-on-year growth rates of 20%, 21%, and 22% respectively [11]. - The net profit attributable to shareholders is projected to be 925 million yuan, 1.107 billion yuan, and 1.344 billion yuan for the same period, with year-on-year growth rates of 18%, 20%, and 21% respectively [11]. Valuation Metrics - The company’s current price-to-earnings (PE) ratio is 31.6, projected to decrease to 16.8 by 2027, indicating potential for valuation improvement [14]. - The price-to-book (PB) ratio is currently at 6.6, expected to decline to 3.6 by 2027, suggesting a more attractive valuation over time [14].