sunresin(SZ:300487) Guohai Securities·2026-03-27 10:35Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is a leading player in the adsorption separation materials sector, demonstrating resilience as a platform enterprise. It has achieved over tenfold growth in revenue and net profit from 2013 to 2024, driven by innovation and expansion into emerging industries such as lithium extraction from salt lakes and CLP-1 drugs [8][12][13]. - The life sciences segment is poised for significant growth, particularly with the transition of small nucleic acid drugs from rare to common diseases. The global market for small nucleic acid drugs is expected to grow from $5.7 billion in 2024 to $54.9 billion by 2034, with a CAGR of 25.4% [8][75]. - The company has made breakthroughs in water treatment and ultra-pure water technologies, addressing a significant market previously dominated by foreign manufacturers. Its proprietary technologies have enabled stable industrial production of resin products for ultra-pure water applications [8][60]. - The investment outlook predicts revenues of 2.733 billion, 3.806 billion, and 4.620 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 934 million, 1.314 billion, and 1.668 billion yuan, maintaining a "Buy" rating due to strong growth potential across multiple sectors [8][10]. Summary by Sections Company Overview - The company, established in 2001, has evolved into a platform enterprise covering various sectors, including life sciences, metal resources, water treatment, and environmental protection. It has consistently enhanced its technical capabilities and market position [13][23]. Life Sciences - The company offers a diverse product line in the life sciences sector, including solid-phase synthesis carriers for small nucleic acid drugs, which are expected to see rapid growth as the market transitions to more common diseases [66][68]. Water Treatment and Ultra-Pure Water - The company has significant potential for domestic substitution in the water treatment sector, with proprietary technologies enabling it to penetrate high-end markets previously dominated by international firms [8][60]. Financial Projections - Revenue and profit forecasts indicate robust growth, with expected revenues of 2.733 billion yuan in 2025 and net profits of 934 million yuan, reflecting strong operational performance and market demand [10][29]. Market Dynamics - The global market for small nucleic acid drugs is projected to grow significantly, with the company positioned to capitalize on this trend through its innovative product offerings [75][79].