sunresin(300487) Haitong Securities International·2025-04-30 11:11Investment Rating - The report maintains an "Outperform" rating for the company [4][10]. Core Insights - In 2024, the company's revenue and net profit attributable to shareholders both grow steadily, driven by stable material sales revenue, offsetting the decline in lithium project income. In Q1 2025, net profit attributable to shareholders continues positive growth. Expected net profit attributable to shareholders for 2025-2027 is 1.03, 1.26, and 1.50 billion RMB, with EPS of 2.02, 2.48, and 2.94 RMB. Based on comparable company valuation, a 26X PE for 2025 is assigned to reach a target price of 52.52 RMB [10]. Financial Summary - In 2024, total revenue is 2.55 billion RMB, up 2.62% YoY; net profit attributable to shareholders is 787 million RMB, up 9.79% YoY. In Q1 2025, total revenue is 577 million RMB, down 8.58% YoY; net profit attributable to shareholders is 193 million RMB, up 14.18% YoY [5][10]. - The metal resources sector's adsorbent material sales revenue is 256 million RMB, up 30% YoY; life sciences sector's adsorbent material sales revenue is 568 million RMB, up 28% YoY. Water treatment and ultrapure adsorption materials sales revenue is 688 million RMB, up 34% YoY; chemical and catalytic adsorption separation materials sales revenue is 202 million RMB, up 42% YoY [10]. Project Development - The Tibet lithium project is accelerating, with the Tibet Jieza Chaka 3300-ton lithium hydroxide production line under construction, expected to be the first compliant industrial salt lake lithium project in Tibet. The subsequent 6700-ton production line will accelerate construction if conditions permit [10].