Richful(SZ:300910) East Money Securities·2026-03-24 13:26Investment Rating - The investment rating for the company is "Add" (Maintain) [2][5] Core Viewpoints - The company has shown growth in additive production and sales, with new project developments providing growth potential [1][5] - The company achieved a revenue of 3.508 billion yuan in 2025, representing a year-on-year increase of 11.11%, and a net profit of 736 million yuan, up 1.92% year-on-year [4][5] - The company is a leading domestic lubricant additive enterprise, with a current production capacity of 315,000 tons per year and several significant projects under construction [5][6] Financial Summary - Revenue Forecast: The projected revenues for 2026, 2027, and 2028 are 4.334 billion yuan, 5.192 billion yuan, and 6.035 billion yuan respectively, with growth rates of 23.53%, 19.80%, and 16.25% [6][12] - Net Profit Forecast: The expected net profits for the same years are 902 million yuan, 1.084 billion yuan, and 1.254 billion yuan, with growth rates of 22.55%, 20.17%, and 15.59% [6][12] - Earnings Per Share (EPS): The EPS is projected to be 3.05 yuan in 2026, 3.66 yuan in 2027, and 4.24 yuan in 2028 [6][12] - Price-to-Earnings (P/E) Ratio: The P/E ratios are expected to be 15.00, 12.48, and 10.80 for 2026, 2027, and 2028 respectively [5][12] Production and R&D - The company has multiple ongoing projects, including a 150,000-ton lubricant project in Cangzhou and a 460,000-ton lubricant additive project, with significant progress reported [4][5] - The company emphasizes R&D, focusing on high-end and environmentally friendly additives, and has made several core technology breakthroughs [4][5]