sunresin(SZ:300487)2024-04-22 11:30Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company reported a revenue of 2.489 billion yuan in 2023, a year-on-year increase of 29.62%, and a net profit attributable to shareholders of 717 million yuan, reflecting a growth of 33.35% [1]. - The gross margin and net margin for 2023 were 48.67% and 28.99%, respectively, showing improvements of 4.68 percentage points and 1.15 percentage points year-on-year [1]. - The company is experiencing strong growth in emerging sectors such as life sciences, semiconductors, and environmental protection, driven by continuous technological innovation [1][2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 631 million yuan, a year-on-year growth of 25.99%, and a net profit of 169 million yuan, up 26.35% [1]. - The company’s gross margin for 2024 Q1 continued to show a slight upward trend, supported by a significant increase in the gross margin of its adsorption materials, which rose by 7.16 percentage points in 2023 [1]. - The projected net profits for 2024, 2025, and 2026 are 980.95 million yuan, 1.268 billion yuan, and 1.521 billion yuan, respectively, with corresponding PE ratios of 24.96, 19.30, and 16.10 [2][3]. Sector Growth Drivers - The life sciences sector saw a revenue of 440 million yuan in 2023, marking a 40% year-on-year increase, driven by the rising demand for GLP-1 peptide drugs [1]. - The water treatment and ultrapure water segment generated 513 million yuan in revenue, a 22% increase, indicating a significant market potential due to low domestic penetration rates [1]. - The lithium extraction project from salt lakes generated 520 million yuan in revenue, reflecting an 85.16% year-on-year growth, highlighting the company's strong position in the lithium supply chain [2].