RC(SZ:300596) Shenwan Hongyuan Securities·2025-09-15 06:12Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance met expectations, with stable growth in the anti-aging business and significant expansion in the lubricating oil additives segment [1][6] - The anti-aging agent business continues to expand, with a focus on increasing the proportion of high-end products and global market development [6] - The second phase of the Kangtai project is gradually releasing capacity, showing a clear trend of increasing volume and profit [6] - The life sciences business is moving towards market introduction, and the electronic-grade PI business is accelerating domestic and international integration [6] - The company has adjusted its profit forecasts for 2025-2027 due to competitive pressures, with expected net profits of 5.05 billion, 6.1 billion, and 7.15 billion respectively [6] Financial Data and Profit Forecast - Total revenue is projected to reach 6,095 million in 2025, with a year-on-year growth rate of 7.2% [2] - The net profit attributable to the parent company is expected to be 505 million in 2025, reflecting an 18.5% year-on-year growth [2] - Earnings per share are forecasted to be 2.20 yuan in 2025, with a gross margin of 21.9% [2] - The return on equity (ROE) is projected to be 10.4% in 2025 [2] Market Data - As of September 12, 2025, the closing price is 35.24 yuan, with a market capitalization of 7,860 million [3] - The price-to-book (PB) ratio is 1.8, indicating a relatively high safety margin compared to the historical average [3][6]