sunresin(300487) 华创证券·2024-04-23 23:31Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.65 CNY [1][3]. Core Insights - The company achieved a revenue of 2.489 billion CNY in 2023, representing a year-on-year increase of 29.62%. The net profit attributable to shareholders was 717 million CNY, up 33.35% year-on-year [1][3]. - The report highlights the company's strong performance across various segments, driven by innovation and brand value enhancement [1][3]. - The company has a robust R&D investment strategy, with R&D expenses reaching 147 million CNY in 2023, accounting for 5.9% of revenue [3][4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.489 billion CNY, with a year-on-year growth of 29.62%. The net profit attributable to shareholders was 717 million CNY, reflecting a growth of 33.35% [1][4]. - For Q1 2024, the company achieved revenue of 631 million CNY, a year-on-year increase of 25.99% [1][3]. Business Segments - The adsorption separation materials segment generated revenue of 1.556 billion CNY in 2023, with a gross margin of 51.13%, an increase of 7.16 percentage points year-on-year [1][3]. - The lithium extraction segment saw significant growth, with revenue from major projects reaching 520 million CNY, up 85.2% year-on-year [1][3]. - The water treatment and ultrapure water segment reported revenue of 513 million CNY, growing 22% year-on-year, indicating a stable market penetration [1][3]. - The life sciences segment experienced a remarkable growth of 40%, with revenue reaching 444 million CNY, driven by increased demand for GLP-1 peptide drugs [1][3]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.163 billion CNY in 2024, representing a year-on-year growth of 27.1% [4]. - The net profit forecast for 2024 is 1.003 billion CNY, indicating a growth rate of 39.9% [4].