sunresin(300487) 申万宏源·2024-04-22 06:32Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487) [5] Core Views - Lanxiao Technology's Q1 2024 performance met expectations, with steady growth across multiple application fields [1] - The company's long-term growth potential is promising, driven by its diversified application scenarios and technological advancements [1] - Revenue for 2023 reached RMB 2.489 billion (YoY +30%), with net profit attributable to shareholders of RMB 717 million (YoY +33%) [5] - Q1 2024 revenue was RMB 631 million (YoY +26%), with net profit attributable to shareholders of RMB 169 million (YoY +26%) [5] Financial Performance - 2023 gross margin was 48.67% (YoY +4.68pct), and net margin was 28.99% (YoY +1.15pct) [5] - Q1 2024 gross margin was 45.42% (YoY -2.23pct, QoQ -3.61pct), and net margin was 27.11% (YoY +0.06pct, QoQ +5.14pct) [5] - R&D expenses increased by 21% to RMB 147 million in 2023 [5] Business Segments - Core business (excluding salt lake lithium extraction systems) generated revenue of RMB 1.969 billion (YoY +20%) in 2023 [5] - Salt lake lithium extraction projects contributed RMB 520 million (YoY +85%) in 2023 [5] - Adsorption materials revenue was RMB 1.556 billion (YoY +113%), with a gross margin of 51.13% (YoY +7.16pct) [5] - Life sciences segment grew by 40% YoY, driven by solid-phase synthesis carriers and GLP-1 market demand [5] - Water treatment and purification segment saw a 22% YoY increase in revenue [5] Salt Lake Lithium Extraction Projects - The company secured 4 major industrial project orders in 2023, with new contracts worth nearly RMB 500 million [5] - As of 2023, the company had 12 salt lake lithium extraction projects, with a total capacity of 86,000 tons of lithium carbonate/hydroxide [5] - The company established a South American R&D center in Argentina to enhance local technical services [5] Future Projections - 2024-2026 revenue is projected to be RMB 2.839 billion, RMB 3.340 billion, and RMB 3.910 billion, respectively [6] - 2024-2026 net profit attributable to shareholders is forecasted to be RMB 955 million, RMB 1.193 billion, and RMB 1.454 billion, respectively [6] - The company's PE ratio for 2024-2026 is estimated at 26X, 21X, and 17X, respectively [5] Market Data - Closing price on April 19, 2024: RMB 48.49 [2] - Market capitalization: RMB 14.747 billion [2] - Price-to-book ratio: 6.8 [2] - Share price performance over the past year: -40% compared to the CSI 300 index [3]