RC(SZ:300596) KAIYUAN SECURITIES·2025-10-21 03:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q3 net profit of 1.51 billion yuan, a year-on-year increase of 60.8% and a quarter-on-quarter increase of 13.2%, indicating a continued recovery in profitability [5] - The company is expected to achieve a net profit of 5.45 billion yuan in 2025, with an EPS of 2.37 yuan per share, reflecting a positive outlook for the next few years [5] - The company is focusing on solidifying its positions in anti-aging agents, lubricating oil additives, and life sciences, while also advancing the localization of PI materials [5] Financial Summary - For Q3 2025, the company achieved revenue of 15.14 billion yuan, a year-on-year increase of 4.8% and a quarter-on-quarter increase of 0.01% [5] - The gross profit margin for the first three quarters of 2025 was 21.72%, with a net profit margin of 8.47%, both showing improvements compared to the previous year [6] - The company’s total revenue is projected to grow from 5,278 million yuan in 2023 to 7,649 million yuan in 2027, representing a compound annual growth rate (CAGR) of approximately 10.1% [7] Business Segments - The anti-aging agent and lubricating oil additive businesses have shown stable growth, with several subsidiaries reporting year-on-year profit increases [6] - The life sciences segment is rapidly advancing, with a recent merger that enhances resource allocation and management efficiency [6]