Orinko(SH:688219) Guoyuan Securities·2025-09-08 03:23Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company achieved a revenue of 3.021 billion yuan in H1 2025, representing a year-on-year growth of 10.63%, with a net profit attributable to shareholders of 105 million yuan, also up by 10.19% [2] - The company's main business focuses on modified plastics, with a significant revenue increase of 48.77% in niche markets such as lightweight electric vehicles and renewable energy [3] - The company is actively expanding its global presence, with overseas revenue growing by 39.03%, supported by a new subsidiary in North America and a base in Thailand [3] - The company has a robust R&D framework that has led to a 60.51% increase in revenue from its specialty materials subsidiary, indicating strong growth potential in emerging markets [4] Financial Summary - Revenue projections for 2025-2027 are estimated at 6.516 billion, 7.834 billion, and 9.581 billion yuan, respectively, with net profits expected to be 240.90 million, 308.17 million, and 408.90 million yuan [5][7] - The company’s gross margin for H1 2025 was 13.58%, and the net margin was 3.52%, indicating stable profitability [2] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.1, and 17.4, respectively, suggesting an attractive valuation as earnings grow [5][7]