Richful(SZ:300910) Shanxi Securities·2025-10-30 02:49Investment Rating - The report maintains a "Buy-B" rating for Ruifeng New Materials (300910.SZ) [4] Core Views - The lubricating oil additive market is steadily growing, and the company is expanding its overseas presence to capture more market share [3][4] - In Q3 2025, the company achieved revenue of 889 million yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 9.27%, with a net profit of 204 million yuan, up 12.68% year-on-year and 16.48% quarter-on-quarter [1][3] Summary by Sections Company Performance - In Q3 2025, the company reported a revenue of 889 million yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 9.27% [1] - The net profit for the same period was 204 million yuan, reflecting a year-on-year growth of 12.68% and a quarter-on-quarter growth of 16.48% [1] Market Expansion - The company plans to establish a joint venture with Saudi Arabia's Farabi to create a lubricating oil additive production base, with a total investment of 246 million USD [3] - This project aims to enhance the global supply chain and target markets in the Middle East, Africa, and India [3] Financial Projections - The company is expected to achieve net profits of 790 million yuan, 920 million yuan, and 1.06 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21, 18, and 16 times [4] - Revenue projections for 2025, 2026, and 2027 are 3.54 billion yuan, 3.91 billion yuan, and 4.48 billion yuan, respectively, with year-on-year growth rates of 12.1%, 10.3%, and 14.7% [6][11]