RC(SZ:300596) Guohai Securities·2025-10-21 10:44Investment Rating - The report maintains a "Buy" rating for the company [1][12][13] Core Insights - The company achieved a year-on-year increase of 61% in net profit attributable to shareholders for Q3 2025, driven by stable demand for anti-aging additives and increased volume in lubricant additives [2][6][7] - The company’s revenue for the first three quarters of 2025 reached 4.509 billion yuan, a year-on-year increase of 5.72%, while the net profit attributable to shareholders was 392 million yuan, up 24.92% year-on-year [5][6] - The report highlights strong performance in Q3 2025, with a single-quarter revenue of 1.514 billion yuan, a 4.77% increase year-on-year, and a net profit of 151 million yuan, reflecting a 60.83% year-on-year growth [6][7] Summary by Sections Financial Performance - For Q3 2025, the company reported a gross profit margin of 21.97%, an increase of 1.37 percentage points year-on-year, and a net profit margin of 9.77%, up 3.43 percentage points year-on-year [6][7] - The company’s operating cash flow for the first three quarters was 282 million yuan, a decrease of 1.84% year-on-year [5] Market Expansion and New Projects - The company has initiated an overseas capacity expansion plan, establishing a wholly-owned subsidiary in Singapore and planning to invest up to 300 million USD in Malaysia for the development of high-performance anti-aging additives and lubricant additives [8][10] - The lubricant additives segment has seen improved capacity utilization and cost reduction efforts, contributing to the overall profitability [7][8] Future Outlook - The company is projected to achieve revenues of 6.454 billion yuan in 2025, 7.557 billion yuan in 2026, and 8.101 billion yuan in 2027, with corresponding net profits of 550 million yuan, 671 million yuan, and 821 million yuan respectively [11][12] - The report emphasizes the potential growth driven by the AI industry, which is expected to boost demand for anti-aging and lubricant additives [10][12]