阳谷华泰（300121）：业绩符合预期，Q4主业景气触底回暖，全年销量稳健成长

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's performance met expectations, with a stable annual sales growth and a recovery in the main business in Q4 [6] - The company achieved a total revenue of 3.443 billion yuan in 2025, reflecting a year-on-year growth of 0.37%, and a net profit attributable to shareholders of 197 million yuan, up 3% year-on-year [6] - The report highlights the increase in sales volume of high-performance rubber additives and the rise in average prices of multifunctional rubber additives, despite short-term cost disruptions [6] - The company is actively advancing construction projects and plans to acquire a stake in Bomi Technology, which will enhance its competitiveness in the electronic chemicals sector [6] - Profit forecasts for 2026 and 2027 are set at 305 million yuan and 353 million yuan respectively, with a new forecast for 2028 at 426 million yuan, corresponding to P/E ratios of 18X, 15X, and 13X [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 4.239 billion yuan in 2026, 4.525 billion yuan in 2027, and 4.805 billion yuan in 2028, with respective year-on-year growth rates of 23.1%, 6.7%, and 6.2% [5] - The net profit attributable to shareholders is forecasted to be 305 million yuan in 2026, 353 million yuan in 2027, and 426 million yuan in 2028, with year-on-year growth rates of 54.4%, 16.0%, and 20.6% [5] - The gross margin is expected to improve from 19.6% in 2026 to 20.2% in 2028 [5]