sunresin(300487) 长江证券·2025-04-24 10:44Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.55 billion yuan for 2024, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 790 million yuan, up 9.8% year-on-year. The first quarter of 2025 saw a revenue of 580 million yuan, a year-on-year decrease of 8.6% and a quarter-on-quarter decrease of 12.9%, while the net profit attributable to shareholders was 190 million yuan, an increase of 14.2% year-on-year [2][7]. Financial Performance - In 2024, the company achieved a revenue of 2.55 billion yuan, with a net profit of 790 million yuan and a net profit excluding non-recurring items of 750 million yuan. The revenue for Q1 2025 was 580 million yuan, with a net profit of 190 million yuan [2][7]. - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, which accounts for 46% of the net profit attributable to shareholders for 2024 [7]. Business Overview - The company is a leader in the adsorption separation materials industry, focusing on the research, production, and sales of adsorption separation materials and related systems. It has an annual production capacity of 50,000 tons for adsorption materials and 70,000 liters for chromatography fillers [13]. - The revenue from adsorption materials reached 1.99 billion yuan in 2024, a year-on-year increase of 27.6%. The revenue from various sectors includes 260 million yuan from metal resources, 570 million yuan from life sciences, and 690 million yuan from water treatment and ultra-pure water [13]. - The company has maintained strong growth in its adsorption materials segment, while revenue from lithium extraction systems has declined significantly [13]. Profitability and R&D - The company's gross margin and net margin for 2024 were 49.5% and 31.1%, respectively, showing an increase from the previous year. For Q1 2025, these figures improved to 50.8% and 33.9% [13]. - The R&D expense ratio for 2024 was 5.7%, with a focus on talent development and patent acquisition, including 5 domestic invention patents and 6 foreign invention patents granted [13]. Future Outlook - The company is expected to achieve net profits of 940 million yuan, 1.16 billion yuan, and 1.43 billion yuan for the years 2025, 2026, and 2027, respectively [13].