RC(SZ:300596) KAIYUAN SECURITIES·2025-08-28 01:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][14] Core Views - The company reported a revenue of 2.995 billion yuan for the first half of 2025, representing a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year [5][6] - The second quarter of 2025 saw a revenue of 1.514 billion yuan, which is a 3.3% increase year-on-year and a 2.2% increase quarter-on-quarter, with a net profit of 100 million yuan, reflecting an 18% increase year-on-year and a 23.6% increase quarter-on-quarter [5][6] - The company is focused on strengthening its anti-aging agents, lubricant additives, and life sciences sectors while advancing the localization of PI materials to achieve multi-level high-quality development [5][6] Financial Performance - For the first half of 2025, the company's anti-aging agents and lubricant additives generated revenues of 2.358 billion yuan and 618 million yuan, respectively, with year-on-year growth rates of 3.06% and 18.49% [5][9] - The gross margins for anti-aging agents and lubricant additives were 23.66% and 13.48%, with the former experiencing a slight decline of 0.66 percentage points year-on-year, while the latter improved by 5.53 percentage points [5][9] - The company plans to issue 2.92 yuan per share in medium-term notes totaling 2 billion yuan to repay debts, supplement working capital, and invest in technology innovation and R&D projects [5][6] Subsidiary Performance - In the first half of 2025, the subsidiary Jinzhou Kangtai achieved a revenue of 639 million yuan and a net profit of 45.25 million yuan, marking a year-on-year revenue increase of 20.91% and a net profit increase of 160.27% [10] - Other subsidiaries, such as Li'anlong Zhongwei and Li'anlong Kaiya, also reported varying degrees of revenue and profit changes, with Li'anlong Zhuhai showing improvement in profitability [10] Financial Projections - The company forecasts a net profit attributable to shareholders of 516 million yuan, 597 million yuan, and 670 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.25 yuan, 2.60 yuan, and 2.92 yuan [6][11] - The projected revenue growth rates for the years 2025 to 2027 are 10.1%, 10.3%, and 10.8%, respectively [6][11]