sunresin(SZ:300487) Bank of China Securities·2025-05-20 01:57Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company is expected to maintain steady growth in its performance, particularly in the adsorption materials business, leading to a sustained "Buy" rating [4][6] - The company reported a revenue of RMB 2.554 billion in 2024, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of RMB 787 million, up 9.79% year-on-year [9][10] Financial Performance Summary - In 2024, the company achieved a total revenue of RMB 2,554.03 million, with a gross profit margin of 49.47% and a net profit margin of 31.11% [10] - The company’s revenue from the adsorption materials segment reached RMB 1.986 billion in 2024, reflecting a year-on-year growth of 27.61% [9] - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares to all shareholders [4] Future Earnings Projections - The projected net profits for 2025, 2026, and 2027 are RMB 987 million, RMB 1.200 billion, and RMB 1.454 billion, respectively, with corresponding earnings per share of RMB 1.94, RMB 2.36, and RMB 2.86 [6][8] - The company’s EBITDA is expected to grow from RMB 1.209 billion in 2025 to RMB 1.835 billion in 2027 [8][13] Business Segment Performance - The adsorption materials segment showed a total production of 65,700 tons in 2024, with a sales volume of 63,700 tons, both reflecting significant year-on-year increases [9] - The life sciences segment generated revenue of RMB 568 million in 2024, marking a 28% increase year-on-year, driven by strong demand for peptide carriers [9] - The water treatment and ultra-purification segment reported revenue of RMB 688 million in 2024, up 34% year-on-year, indicating a growing market presence [9] Market Position and Shareholder Information - The company has a total market capitalization of RMB 23,007.40 million, with major shareholder holding 24.38% of the shares [4][8] - The company has been expanding its overseas market presence, achieving RMB 655 million in overseas revenue in 2024, a 45.1% increase year-on-year [9]