sunresin(SZ:300487) KAIYUAN SECURITIES·2025-08-20 05:27Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's high-margin business is driving performance growth, and the planned new capacity is expected to support future growth [5] - In H1 2025, the company achieved revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while net profit attributable to the parent company was 445 million yuan, an increase of 10% year-on-year [5] - The company is expected to benefit from the production of its high-end materials industrial park in the life sciences sector, which is projected to enhance growth [7] Financial Performance Summary - In H1 2025, the company sold 33,400 tons of adsorption materials, a year-on-year increase of 8.35%, with a comprehensive gross margin of 51.26%, up 3.8 percentage points year-on-year [6] - The life sciences segment saw a revenue increase of 12.43% year-on-year, while the metal resources segment grew by 22.84% [6] - The company expects net profits for 2025-2027 to be 952 million yuan, 1.195 billion yuan, and 1.534 billion yuan respectively, with corresponding EPS of 1.88, 2.35, and 3.02 yuan [5][8] Future Growth Potential - The company plans to invest 1.15 billion yuan to build a high-end materials industrial park for life sciences, which is expected to drive future growth [7] - The company is expanding its global marketing and technical service network to support the development of its life sciences segment [7]