Huangma Technology(603181) 中银国际·2025-05-30 00:15Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 12.67 and a sector rating of "Outperform" [2][5]. Core Insights - The company has shown consistent growth in product sales and operating performance, with a 23.17% year-on-year increase in revenue to RMB 2.33 billion for 2024, and a 22.50% increase in net profit to RMB 398 million [5][10]. - The first quarter of 2025 also reflects growth, with revenue reaching RMB 603 million, a 13.47% increase year-on-year, and net profit of RMB 102 million, up 15.77% [5][12]. - The company is successfully releasing production capacity for specialty surfactants, contributing to sustained growth in operating performance [5][6]. Financial Performance Summary - For 2024, the company achieved total revenue of RMB 2,332.98 million, with a net profit of RMB 397.78 million, reflecting a growth rate of 23.17% and 22.50% respectively compared to 2023 [10]. - The fourth quarter of 2024 saw revenue of RMB 610.79 million, a 25.09% increase year-on-year, with net profit of RMB 112.20 million, up 24.61% [11]. - In the first quarter of 2025, the company reported revenue of RMB 603.41 million, a 13.47% increase from the same period in 2024, with net profit of RMB 101.77 million, up 15.77% [12]. Production and Sales Growth - The production and sales of specialty surfactants in 2024 reached 183,100 tons and 179,300 tons respectively, marking year-on-year growth of 30.66% and 26.85% [9]. - In the first quarter of 2025, production and sales were 45,500 tons and 47,300 tons respectively, with year-on-year increases of 11.08% and 16.99% [14]. - The company is focusing on niche products and expanding into growth areas such as wet electronic chemicals and UV-curable surfactants, which are expected to enhance profitability [9][10]. Capacity Utilization and Innovation - The capacity utilization rate for the company's facilities improved, with the Huangma Shangyi factory achieving 82.36% in 2024, up 17.08 percentage points year-on-year [9]. - The company invested RMB 88.40 million in R&D in 2024, a 20.40% increase from 2023, and secured multiple new patents, enhancing its competitive edge [9][10]. Earnings Forecast - The report adjusts the earnings forecast for 2025-2027, projecting EPS of RMB 0.84, 0.98, and 1.14 respectively, with corresponding PE ratios of 15.0x, 12.9x, and 11.1x [6][8].