RC(SZ:300596)2024-05-24 01:32Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market benchmark [15][21]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 1.354 billion yuan, a year-on-year increase of 14.17%, and a net profit of 107 million yuan, reflecting a year-on-year growth of 29.19% [15]. - The antioxidant industry is stabilizing, and the light stabilizer sector is showing signs of recovery, which supports the company's gradual performance improvement [15]. - The company is expanding its production capacity in various locations, which is expected to drive revenue growth in the coming periods [15]. - The completion of performance commitments by its subsidiary, Kangtai, has led to increased production capacity and profitability [15]. - The company is entering the electronic-grade PI materials market, which is anticipated to create new growth opportunities [15]. Financial Summary - For 2024, the company is projected to achieve total revenue of 6.245 billion yuan, with a year-on-year growth rate of 18.3% [17]. - The net profit for 2024 is estimated at 599 million yuan, representing a significant increase of 65.4% compared to the previous year [17]. - The earnings per share (EPS) for 2024 is forecasted to be 2.61 yuan, with a gross margin of 22.8% [17]. - The return on equity (ROE) is expected to rise to 13.0% in 2024 [17].