Richful(SZ:300910)2024-04-07 16:00Investment Rating - The report maintains an "Outperform" rating for the company [2][18]. Core Views - The company's 2023 annual report shows a revenue of 2.816 billion yuan, a year-over-year decrease of 7.57%, while the net profit attributable to shareholders increased by 3.12% to 606 million yuan. The performance aligns with expectations [2]. - The company plans to distribute a cash dividend of 13 yuan per 10 shares, totaling up to 375 million yuan, which represents approximately 61.78% of the 2023 net profit [2]. - Despite a decline in demand due to inventory factors, the company has seen a significant improvement in profitability due to easing cost pressures, with gross margin increasing by 4.87 percentage points to 35% and net margin rising by 2.33 percentage points to 21.63% [2]. - The company is accelerating the construction of its production capacity and achieving continuous product certifications, with a current production capacity of 200,000 tons and an additional 550,000 tons under construction [2]. - The company has successfully penetrated core customer markets and is positioned to become a significant player in the global lubricating oil additive market, following the restructuring of supply chains by major oil companies [2]. Financial Summary - The company reported total revenue of 3,046 million yuan in 2022, with a projected revenue of 4,045 million yuan in 2024, reflecting a growth rate of 43.7% [3][11]. - The net profit attributable to shareholders is expected to reach 817 million yuan in 2024, with a year-over-year growth of 34.7% [3][11]. - The earnings per share (EPS) is projected to be 1.92 yuan in 2024, with a PE ratio of 21 [3][11].