sunresin(SZ:300487) EBSCN·2025-04-28 09:14Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady growth in performance, with significant contributions from its adsorption materials across multiple sectors [5][6] - The company reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 787 million yuan, up 10% year-on-year [4][5] - The first quarter of 2025 saw a revenue of 577 million yuan, a decrease of 9% year-on-year, while the net profit attributable to shareholders increased by 14% year-on-year [4][6] Summary by Sections Financial Performance - In 2024, the company's core business revenue (excluding lithium extraction from salt lake systems) was 2.46 billion yuan, a year-on-year increase of 25%, accounting for 96% of total revenue [5] - The revenue from adsorption materials reached 1.99 billion yuan, representing 80.9% of the total revenue, while the revenue from the salt lake lithium extraction project dropped significantly by 81% [5] - For Q1 2025, excluding the salt lake lithium extraction business, the core business revenue was 577 million yuan, a year-on-year increase of 9% [6] Business Segments - The adsorption materials segment has shown high growth across various sectors, with metal resources revenue increasing by 30%, life sciences by 28%, and water treatment and ultrapure water by 34% in 2024 [5] - The life sciences segment is expected to become a core growth engine due to ongoing capacity upgrades and expansions [7] International Strategy - The company has made significant progress in its international strategy, achieving overseas sales revenue of 655 million yuan in 2024, a substantial increase of 45.1% year-on-year [8] - The company is expanding its marketing and technical service network internationally, enhancing its brand influence and reputation [8] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.055 billion yuan, 1.253 billion yuan, and 1.495 billion yuan respectively [9] - The report anticipates continued high growth for the company, particularly in the adsorption materials sector and life sciences [9]