sunresin(SZ:300487) Bank of China Securities·2025-05-20 02:45Investment Rating - The investment rating for the company is "Buy" [2][6] - The previous rating was also "Buy" [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 [2][6] - The company reported a revenue of 2.554 billion RMB in 2024, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million RMB, up 9.79% year-on-year [4][9] - The company plans to distribute a cash dividend of 6.00 RMB per 10 shares to all shareholders [4][9] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 662.3 million RMB, a decrease of 27.40% year-on-year, but a 10.89% increase quarter-on-quarter [11] - For Q1 2025, the company reported a revenue of 576.79 million RMB, down 8.58% year-on-year, but a net profit of 193.14 million RMB, up 14.18% year-on-year [12] - The company’s gross margin for 2024 was 49.47%, with a net margin of 31.11% [9] Business Segment Performance - The adsorption materials segment saw a revenue of 1.986 billion RMB in 2024, with a gross margin of 52.85% [9] - The life sciences segment generated 568 million RMB in revenue, reflecting a growth of 28% [9] - The water treatment and ultra-purification segment achieved a revenue of 688 million RMB, up 34% year-on-year [9] Future Projections - The company expects net profits of 987 million RMB, 1.2 billion RMB, and 1.454 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.94 RMB, 2.36 RMB, and 2.86 RMB [6][8] - The projected PE ratios for 2025, 2026, and 2027 are 23.3, 19.2, and 15.8 respectively [6][8]