Richful(SZ:300910) Guotai Junan Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Accumulate" [1][2] - Previous rating was also "Accumulate" [1] Core Views - The company has shown a slight year-on-year increase in performance for 2023, with a total revenue of 2.816 billion yuan, representing a 3.12% increase [1] - The company is expanding its global market presence despite a slowdown in export sales growth due to complex international conditions [1][2] - The EPS forecast for 2024 and 2025 has been revised down to 2.46 yuan and 3.11 yuan respectively, from previous estimates of 2.99 yuan and 3.65 yuan [1] - The target price has been adjusted to 55.70 yuan from 60.30 yuan [1] Financial Performance Summary - In 2023, the company achieved a total operating revenue of 2.816 billion yuan, with a net profit attributable to shareholders of 606 million yuan, reflecting a year-on-year increase of 3.12% [1] - The quarterly performance for Q4 2023 showed a revenue of 663 million yuan, down 33.97% year-on-year [1] - The net profit for Q4 2023 was 156 million yuan, a decrease of 30.71% year-on-year [1] - The operating cash flow for the company was 640 million yuan, a slight decrease of 2.80% year-on-year [1] Market and Industry Insights - The company is positioned as a leading supplier of lubricant additives and a major supplier of carbonless paper color developers in the domestic market [2] - The export volume of lubricant additives from China in January-February 2024 decreased by 11.54% year-on-year, but the long-term growth logic remains unchanged [1] - The company aims to expand into overseas niche markets by leveraging its competitive product offerings [1][2]