Huangma Technology(SH:603181) NORTHEAST SECURITIES·2025-08-13 09:12Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Views - The company is a leading domestic enterprise in the specialty surfactants sector, with over 20 years of experience and a production capacity of 225,500 tons of specialty surfactants by the end of 2024, making it a market leader in terms of scale and technology [3][17]. - The global surfactant market is expected to grow from $32.1 billion in 2024 to $39.36 billion by 2031, with a stable CAGR of around 3% from 2025 to 2031 [4][61]. - The company has a strong R&D capability, having developed over 1,800 products across various categories, which opens up long-term growth opportunities [5][66]. Summary by Sections Company Overview - The company has established itself as a leader in the specialty surfactants industry, with a focus on high-end functional materials and electronic chemicals [3][17]. - The company has implemented an employee stock ownership plan to enhance long-term development confidence [23]. Market Demand and Supply - The demand for surfactants is steadily increasing, driven by their wide applications in various industries such as cleaning agents, cosmetics, textiles, and food [51]. - Domestic production capacity for non-ionic surfactants is expected to reach 2.808 million tons in 2024, with a year-on-year growth of 7.88% [4]. Financial Performance - The company’s revenue is projected to grow from 1.894 billion in 2023 to 3.568 billion by 2027, with a compound annual growth rate (CAGR) of 12.28% [11]. - The net profit attributable to the parent company is expected to increase from 325 million in 2023 to 673 million by 2027, reflecting a strong growth trajectory [11]. R&D and Product Diversification - The company has a robust R&D framework, continuously improving traditional production processes and expanding its product matrix [5][66]. - The product structure has shifted towards high-margin small varieties, with small varieties contributing nearly 85% of revenue in 2022 [32]. Investment Recommendations - The report forecasts net profits of 475 million, 569 million, and 673 million for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 19X, 16X, and 13X [5][11].