RC(SZ:300596) Shenwan Hongyuan Securities·2025-05-21 06:15Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Views - The company's performance met expectations, with a focus on the anti-aging agent industry reaching a bottom and the upcoming increase in lubricant additive volume [1][2]. - The company is expanding its overseas market presence, with high-end products accounting for a growing share of sales, leading to an increase in revenue and profit margins [7]. - The second phase of the Kangtai project is gradually releasing capacity, contributing to performance growth, while the lubricant additive business is expected to benefit from global supply chain restructuring [7]. - The life sciences business is being pushed to market, with electronic-grade PI business accelerating integration domestically and internationally, opening new growth avenues [7]. - The profit forecast has been adjusted downwards for 2025-2026 due to trade disruptions and weak terminal demand, with new profit estimates for 2027 introduced [7]. Financial Data and Profit Forecast - Total revenue is projected to reach 6,559 million in 2025, with a year-on-year growth rate of 15.3% [3]. - Net profit attributable to the parent company is expected to be 585 million in 2025, reflecting a year-on-year growth of 37.2% [3]. - Earnings per share are forecasted to be 2.55 yuan in 2025, with a gross margin of 22.4% [3]. - The return on equity (ROE) is projected to be 11.8% in 2025, with a price-to-earnings (PE) ratio of 12 [3]. Market Data - As of May 20, 2025, the closing price of the stock is 29.92 yuan, with a market capitalization of 6,723 million [4]. - The stock has a price-to-book (PB) ratio of 1.5, indicating a relatively high safety margin compared to its historical average [4][7].