RC(SZ:300596) Shenwan Hongyuan Securities·2025-10-21 14:44Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's performance in the first three quarters of 2025 met expectations, with total revenue of 4.509 billion yuan, a year-on-year increase of 5.72%, and a net profit attributable to shareholders of 392 million yuan, reflecting a year-on-year growth of 24.92% [6] - The company is accelerating its overseas expansion in the anti-aging business and is expected to see significant growth in its lubricant additives business [6] - The company plans to establish a subsidiary in Singapore and invest up to 300 million USD to build a research and production base in Malaysia, enhancing its international strategy [6] - The company has successfully completed the second phase of its expansion project, increasing its capacity to 133,000 tons per year, which is expected to drive revenue growth [6] Financial Summary - The company forecasts total revenue of 6.095 billion yuan for 2025, with a year-on-year growth rate of 7.2% [5] - The projected net profit attributable to shareholders for 2025 is 505 million yuan, corresponding to a PE ratio of 18 [5] - The gross profit margin for Q3 2025 was reported at 21.97%, showing improvements compared to previous quarters [6]