Richful(SZ:300910) Huaan Securities·2025-10-30 11:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 2.551 billion yuan, a year-on-year increase of 10.87%, and net profit attributable to shareholders of 574 million yuan, up 14.85% year-on-year [4][6] - The establishment of a joint venture in Saudi Arabia aims to enhance the company's global competitiveness by creating a lubricant additive production base [5][7] - The company is actively transitioning from single additives to compound additives, with compound revenue expected to exceed 60% in 2024, reflecting a successful strategic upgrade [6] Financial Performance - For the first three quarters of 2025, the company achieved a basic earnings per share of 1.96 yuan, with third-quarter revenue of 889 million yuan, a year-on-year growth of 11.02% and a quarter-on-quarter growth of 9.27% [4] - The projected net profits for 2025-2027 are 820 million, 936 million, and 1.13 billion yuan respectively, with corresponding P/E ratios of 19.73, 17.30, and 14.32 times [8] Strategic Developments - The joint venture with Farabi Downstream Company in Saudi Arabia will involve an estimated total investment of approximately 246 million USD, with the first phase expected to cost around 127 million USD [7] - The new production base is strategically located to serve markets in the Middle East, Africa, and India, enhancing the company's ability to respond to regional customer demands [7]