ZANYU TECHNOLOGY(SZ:002637) Guoxin Securities·2026-01-22 10:45Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][9]. Core Insights - The increase in Indonesia's crude palm oil export levy from 10% to 12.5% is expected to enhance the profitability per ton for the company's operations in Indonesia [3][4]. - The company is positioned as a leading enterprise in domestic oil chemical, surfactants, and personal care processing, with significant production capacities exceeding 1 million tons per year for oil chemical products and over 1.2 million tons for surfactants [3][9]. - The company anticipates revenue growth of 39% in 2025, followed by 16% in 2026 and 8% in 2027, with net profit projections of 3.0 billion, 4.1 billion, and 5.1 billion yuan respectively during the same period [3][9]. Summary by Relevant Sections Tax Rate Impact - The increase in the export levy is expected to boost the absolute tax amount paid, thereby enhancing the profitability of the company's Indonesian subsidiary, Dukuda [4][6]. Production Capacity and Profitability - Dukuda's new production capacity is being released in an orderly manner, and the combination of increased tax revenue and production capacity is expected to lead to simultaneous volume and price increases, enhancing overall profitability [6][9]. - The utilization rates for surfactants and OEM/ODM processing are steadily improving, which is anticipated to drive profitability upward [7]. Future Growth Potential - The company is focusing on the gradual ramp-up of OPO structured fat production, which is projected to achieve sales in the kiloton range within the year [8]. - The company has secured contracts with major clients such as White Cat and Unilever, which will help improve the operational rates of its processing capacity [7].