sunresin(SZ:300487) Changjiang Securities·2025-08-20 23:30Investment Rating - The investment rating for the company is "Buy" and it is maintained [10]. Core Views - The company reported a revenue of 1.25 billion yuan in the first half of 2025, a year-on-year decrease of 3.6%, while the net profit attributable to shareholders was 440 million yuan, an increase of 10.0% year-on-year [2][7]. - In Q2 2025, the company achieved a revenue of 670 million yuan, a year-on-year increase of 1.1% and a quarter-on-quarter increase of 16.3% [2][7]. - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares (tax included) [2][7]. - The company is a leader in the adsorption separation materials industry, with a production capacity of 50,000 tons per year for adsorption separation materials and 70,000 liters per year for chromatography fillers [7]. - The company is investing 1.15 billion yuan to build a high-end materials industrial park in Pucheng, which will help meet the growing order demand [7]. - The company has secured a new lithium extraction project from salt lakes, with a bid amount of 35.77 million yuan [7]. Financial Performance - In H1 2025, the company's revenue from adsorption materials was 1.01 billion yuan, a year-on-year increase of 3.4% [7]. - The gross margin and net margin for Q2 2025 were 51.7% and 37.7%, respectively, both showing year-on-year increases [7]. - The company has maintained a high level of R&D investment, with a R&D expense ratio of 6.1% in Q2 2025 [7]. - The projected net profits for 2025, 2026, and 2027 are 890 million yuan, 1.085 billion yuan, and 1.32 billion yuan, respectively [7].