sunresin(SZ:300487) Shanghai Securities·2024-04-25 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7][15] Core Views - The company has demonstrated stable operations and growth potential across multiple sectors, particularly in life sciences and water treatment, contributing to improved profitability [4][5][7] - 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, up 33.35% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 3.114 billion yuan in 2024, 3.782 billion yuan in 2025, and 4.539 billion yuan in 2026, reflecting year-on-year growth rates of 25.12%, 21.44%, and 20.02% respectively [7][9] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.489 billion yuan, with a net profit of 717 million yuan, and a non-recurring net profit of 723 million yuan, showing significant growth across all metrics [4] - The first quarter of 2024 saw revenues of 631 million yuan, a 25.99% increase year-on-year, and a net profit of 169 million yuan, up 26.35% year-on-year [4] Business Segments - The adsorption separation business, which accounts for 98.28% of revenue, had a gross margin of 48.90%, an increase of 4.88 percentage points year-on-year [4] - The lithium extraction projects have generated significant revenue, with 520 million yuan in 2023, marking an 85.16% increase year-on-year, and the company has secured multiple large-scale industrial project orders [4][5] Research and Development - The company invested 147 million yuan in R&D in 2023, representing 5.93% of revenue, with cumulative R&D spending over the past five years totaling 463 million yuan [5] - New product developments, including a third-generation lithium extraction adsorbent and advancements in life sciences, have enhanced the company's competitive edge [5] Future Projections - Forecasts for 2024-2026 indicate continued revenue and profit growth, with net profits expected to reach 975 million yuan in 2024, 1.228 billion yuan in 2025, and 1.465 billion yuan in 2026 [7][9] - The projected earnings per share (EPS) are 1.93 yuan in 2024, 2.43 yuan in 2025, and 2.90 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 23.60x, 18.74x, and 15.71x [7][9]