2020年至2023年，公司营业收入分别为7.06亿元、7.54亿元、8.35亿元、7.53亿元，归属于上市公司股东 的净利润分别为1.44亿元、1.18亿元、0.95亿元、0.15亿元，归属于上市公司股东的扣除非经常性损益的 净利润分别为1.46亿元、1.11亿元、0.92亿元、0.04亿元，经营活动产生的现金流量净额分别为1.58亿 元、0.72亿元、1.32亿元、0.21亿元。 | | 2023 年 | 2022年 | | | 本年比上年增 域 | 2021 年 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | | 调整后 | 调整前 | 调整后 | | 营业收入 | 752, 785, 178. | 834, 672, 233. | 834, 672, 233. | | -9.81% | 753, 658, 875. | 753. 658. 875. | | (元) | 04 | 90 | | 90 | | 74 | 74 | | 归属于上市公 可股东的净利 | 15.031. 308. 7 | 95. 15 ...

内容概况：随着环保政策的不断推进，涂料行业对环保型、高性能助剂的需求持续增加，推动了助剂产 品的升级换代。例如，水性涂料助剂、无溶剂涂料助剂等绿色产品的需求增长，部分抵消了传统助剂市 场的下滑，成为市场规模增长的重要支撑。2024年，中国涂料助剂行业市场规模为539.59亿元，同比增 长5.27%。 关键词：涂料助剂、涂料助剂市场规模、涂料助剂行业现状、涂料助剂发展趋势 一、行业概述 涂料助剂，又称油漆辅料，是配制涂料的辅助材料。在涂料配方中，它虽然用量较小（通常占涂料总重 量的0.01%—5%），但能显著改进涂料或涂膜的某一特定性能。涂料助剂主要是多种无机化合物和有机 化合物，包括高分子聚合物等，是涂料不可或缺的组分。按功能分类，涂料助剂包括改善生产工艺类、 保持贮存稳定类、改善施工条件类、提高涂膜性能类等。 二、行业发展历程 中国涂料助剂行业发展主要经历了四个阶段。20世纪初至1949年的起步阶段，行业萌芽，技术基础薄 弱，产品单一。涂料助剂以简单分散剂、乳化剂为主，依赖天然原料（如桐油、大漆）。1915年上海开 林造漆厂成立，标志中国近代涂料工业起步，但助剂研发尚未形成体系。 1950年至2000年的奠 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and profit growth in 2024, with a revenue of 5.687 billion yuan, up 7.7% year-on-year, and a net profit attributable to shareholders of 426 million yuan, up 17.6% year-on-year [6][8] - The company is expanding its global marketing strategy and has successfully increased its market presence, particularly in the high-margin polymer materials sector [8][12] - The company has completed the construction and production of its second phase of capacity in its lubricant additive subsidiary, which has improved overall capacity utilization [8][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 56.87 billion yuan, a year-on-year increase of 7.7%, and a net profit of 4.26 billion yuan, reflecting a 17.6% increase [6][8] - The fourth quarter of 2024 saw revenue of 1.422 billion yuan, which was stable year-on-year but down 1.6% quarter-on-quarter, while net profit rose by 41.3% year-on-year to 112 million yuan [7][11] Product Segmentation - The polymer materials segment achieved a sales volume of 123,600 tons, a 6.4% increase year-on-year, with a slight price decrease of 0.6% to 37,200 yuan per ton [8] - Revenue from light stabilizers reached 2.086 billion yuan, up 11.3% year-on-year, while antioxidant revenue was 1.730 billion yuan, up 8.0% year-on-year [8][17] Future Outlook - The company is expected to achieve revenues of 6.750 billion yuan, 7.841 billion yuan, and 8.415 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 510 million yuan, 595 million yuan, and 657 million yuan [13][15] - The projected PE ratios for 2025, 2026, and 2027 are 13, 11, and 10 times respectively, indicating a favorable valuation outlook [13][15]