sunresin(SZ:300487) Guotai Junan Securities·2024-04-30 09:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] - Target price is set at 64.46 CNY, down from the previous target of 74.95 CNY [1][2] Core Views - The company's performance in Q1 2024 met expectations, with rapid growth in the life sciences, water treatment, and environmental protection sectors [1] - The company achieved revenue of 2.489 billion CNY in 2023, representing a year-on-year increase of 61% [2] - The life sciences segment saw a significant revenue increase of 40% year-on-year, driven by high demand for solid-phase carriers [1][2] Financial Summary - Revenue and profit are expected to continue growing, with projected EPS for 2024 at 1.99 CNY, 2.44 CNY for 2025, and 3.04 CNY for 2026 [1] - The company reported a gross margin of 49.03% in Q4 2023, with a slight decrease to 45.42% in Q1 2024 [1] - The net profit for Q1 2024 was 1.99 billion CNY, reflecting a year-on-year increase of 33.40% [1] Business Segments - The life sciences segment is expanding rapidly, with a revenue of 4.44 billion CNY in 2023, up 40% year-on-year [1] - The water treatment and ultra-purification segment also showed strong growth, with revenue of 5.13 billion CNY, a 22% increase year-on-year [1] - The company has developed proprietary technologies for lithium extraction from salt lakes, contributing to significant revenue growth in this area [1]