润滑油添加剂龙头，进口替代打开成长空间

Investment Rating - The report maintains a "Buy-B" rating for the company [7]. Core Viewpoints - The company is a leading domestic supplier of lubricant additives, with significant competitive advantages and a strong growth trajectory [10][34]. - The lubricant additives industry is primarily dominated by foreign companies, presenting substantial opportunities for domestic replacements [10][65]. - The global lubricant additives market is expected to exceed $18.5 billion in 2023, indicating a high growth potential for the industry [10][65]. Summary by Sections 1. Leading Domestic Supplier of Lubricant Additives - The company has established itself as a leading supplier in the lubricant additives sector, focusing on developing environmentally friendly and efficient products [34]. - In 2023, the company achieved revenue of 2.816 billion yuan, a slight decrease of 7.57% year-on-year, while net profit increased by 3.12% to 606 million yuan [57][78]. 2. Industry Overview and Market Potential - The global lubricant additives market is projected to grow from 41 million tons in 2013 to 53 million tons in 2022, with a CAGR of 2.6% [10][65]. - The market is currently dominated by four major international companies, which hold 85% of the market share, indicating a significant opportunity for domestic companies to capture market share through local production [10][91]. 3. Transition to Compound Agents - The company is transitioning from single agents to compound agents, with a compound agent revenue share of 66.52% in 2023 [10][60]. - The company has made significant investments in R&D, with expenditures increasing from 24 million yuan in 2019 to 118 million yuan in 2023, enhancing its technological capabilities [60]. 4. Financial Performance and Forecast - The company forecasts revenues of 3.254 billion yuan, 3.731 billion yuan, and 3.918 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.6%, 14.7%, and 5% [7][11]. - The projected net profits for the same period are 724 million yuan, 879 million yuan, and 967 million yuan, with growth rates of 19.4%, 21.4%, and 10% [7][11].