RC(SZ:300596) Huachuang Securities·2025-10-24 07:41Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [2][18]. Core Insights - The company reported a revenue of 4.509 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.72%, and a net profit attributable to shareholders of 392 million yuan, up 24.92% year-on-year. In Q3 alone, revenue reached 1.514 billion yuan, with a net profit of 151 million yuan, reflecting a significant increase of 60.83% year-on-year [2][4]. Financial Performance Summary - Revenue Forecasts: The revenue projections for 2025-2027 have been adjusted to 62.59 billion yuan, 73.75 billion yuan, and 83.36 billion yuan respectively, with year-on-year growth rates of 10.1%, 17.8%, and 13.0% [8]. - Net Profit Forecasts: The net profit forecasts for the same period are 540 million yuan, 644 million yuan, and 769 million yuan, with growth rates of 26.7%, 19.3%, and 19.4% respectively [8]. - Earnings Per Share (EPS): The EPS is projected to increase from 1.86 yuan in 2024 to 3.35 yuan in 2027 [4][8]. - Valuation Metrics: The company is expected to trade at a price-to-earnings (PE) ratio of 17, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][8]. Business Segment Insights - Lubricant Additives: The lubricant additives business has shown continuous improvement, with a shipment volume of 34,200 tons in H1 2025, representing an 18.27% year-on-year increase. Revenue from this segment reached 618 million yuan, up 18.49% year-on-year, with a gross profit margin of 13.48%, an increase of 5.53 percentage points year-on-year [4][8]. - Anti-aging Agents: The anti-aging agent segment is expected to improve as overseas capacities begin to exit the market, indicating potential for recovery in this sector [4][8]. - Life Sciences and PI Materials: The life sciences division has reached a market development stage, with monthly sales exceeding one million yuan. The PI materials segment is set to begin trial production in 2026, with established partnerships in the domestic market [4][8].