Richful(SZ:300910) Huaan Securities·2025-08-27 07:28Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant year-on-year improvement in performance, with revenue reaching 1.662 billion yuan, an increase of 10.79%, and net profit attributable to shareholders of 370 million yuan, up 16.08% [6][7] - The company is experiencing accelerated domestic import substitution in lubricant additives, leading to increased production and sales volumes, as well as improved gross margins [7][8] - The introduction of China's first D1 diesel engine oil standard marks a significant shift in the industry, enhancing the competitiveness of domestic lubricant additive companies [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 1.662 billion yuan, with a net profit of 370 million yuan and a basic earnings per share of 1.27 yuan [6] - The second quarter saw revenue of 813 million yuan, a year-on-year increase of 3.42%, but a quarter-on-quarter decrease of 4.21% [6] - The company expects net profits for 2025-2027 to be 878 million, 1.045 billion, and 1.317 billion yuan respectively, with corresponding P/E ratios of 21.62, 18.15, and 14.41 [9][11]