RC(SZ:300596) Guotai Junan Securities·2024-04-28 02:32Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 37.16 CNY, corresponding to a PE ratio of 18.8 for 2024 [16][17]. Core Views - The company's Q1 performance slightly exceeded expectations, with continuous recovery in profitability levels. The growth in the two main business segments is expected to drive profitability further [16][17]. - The report forecasts EPS for 2024, 2025, and 2026 to be 1.98 CNY, 2.62 CNY, and 3.45 CNY respectively, maintaining the profit forecast [16][17]. - The company is positioned as a leading supplier of polymer materials and anti-aging additives, with significant growth potential in its core business areas [16][17]. Financial Summary - The company reported a revenue of 5.278 billion CNY in 2023, with a year-on-year increase of 13% [16][17]. - The net profit attributable to shareholders for 2023 was 362 million CNY, reflecting a year-on-year increase of 26% [16][17]. - The gross profit margin for 2023 was 21.38%, showing a slight increase compared to previous periods [16][17]. Market Performance - The stock price has fluctuated between 18.91 CNY and 41.87 CNY over the past 52 weeks, with a current market capitalization of 6.08 billion CNY [2][16]. - The company's stock has shown a relative performance improvement against the market index, indicating strong market positioning [16][17]. Industry Context - The report highlights the recovery in the anti-aging additive industry and the improving market conditions in the consumer electronics sector, which are expected to benefit the company's performance [16][17]. - The company is actively expanding its market share in the lubricant additive sector, with significant sales growth reported [16][17].