sunresin(300487) 山西证券·2024-04-23 09:30Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company achieved a revenue of 2.489 billion yuan in 2023, representing a year-on-year growth of 29.62% [1] - The net profit attributable to shareholders was 717 million yuan, with a basic earnings per share (EPS) of 1.42 yuan, an increase of 32.41% year-on-year [1] - The company is expected to maintain high growth through platform-based development, leveraging its high-margin life sciences products and major lithium extraction projects [1][3] Financial Performance Summary - In Q4 2023, the company reported a revenue of 912 million yuan, a year-on-year increase of 22.82% and a quarter-on-quarter increase of 60.26% [1] - For Q1 2024, the revenue was 631 million yuan, up 25.99% year-on-year but down 30.84% quarter-on-quarter [1] - The company’s comprehensive gross margin for 2023 was 48.9%, an increase of 4.88% year-on-year, driven by the growth of high-margin products [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.032 billion yuan, 3.690 billion yuan, and 4.344 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.8%, 21.7%, and 17.7% [3] - The net profit attributable to shareholders is expected to be 986 million yuan, 1.243 billion yuan, and 1.488 billion yuan for the same years, with growth rates of 37.6%, 26.0%, and 19.7% respectively [3] Segment Performance - The life sciences segment saw significant growth, driven by the high demand for solid-phase carriers, with revenue contributions increasing [1] - The lithium extraction project generated revenue of 520 million yuan in 2023, accounting for 20.9% of total revenue, with a year-on-year growth of 85.16% [1] - The basic raw materials segment achieved revenue of 1.969 billion yuan, reflecting a year-on-year increase of 20.12% [1]