Investment Rating - The report maintains an "Outperform" rating for the company [2][11]. Core Views - The company has achieved positive growth in revenue and net profit for 2024 and Q1 2025, driven by the clearing of outdated industry capacity and an increase in market share, alongside the development of high-margin products [2][11]. - Projected net profit attributable to shareholders for 2025-2027 is estimated at 0.53 billion, 0.64 billion, and 0.85 billion RMB, with corresponding EPS of 2.29, 2.78, and 3.68 RMB [2][11]. - The target price for 2025 is set at 34.35 RMB, based on a 15X PE ratio [2][11]. Financial Performance Summary - In 2024, the company reported revenue of 5.69 billion RMB, a year-on-year increase of 7.74%, and a net profit of 0.43 billion RMB, up 17.61% [4][12]. - For Q1 2025, revenue reached 1.48 billion RMB, reflecting a 9.36% year-on-year growth, with a recurring net profit of 0.10 billion RMB, up 4.12% [4][12]. - The anti-aging materials segment generated revenue of 4.59 billion RMB, a 5.73% increase year-on-year, while lubricant additives revenue was 1.06 billion RMB, up 15.40% [4][12]. Market Opportunities - There is significant potential for import substitution in the lubricant additives market, which had global sales of 15.99 billion USD in 2023, with a projected CAGR of 1.9% from 2024 to 2030 [3][13]. - The company’s subsidiary, Jinzhou Kangtai, is positioned to leverage cost, logistics, and local service advantages to capture market share from international competitors [3][13]. - The acquisition of Korea IPI in 2024 allows the company to enter the electronic-grade PI materials market, expanding into sectors such as flexible OLED displays, flexible circuit boards, chip packaging, and new energy vehicles [3][13].

[Table_Invest] 评级： 增持 [Table_Target] 目标价格： 34.35 公司业绩稳定增长，积极开拓新材料领域 利安隆(300596) ——利安隆 2024 年年报及 2025 年一季度点评 [Table_CurPrice] 当前价格： 28.06 [Table_Market] 交易数据 本报告导读： 2024 年全年及 2025 年一季度公司营业收入及净利润均实现正增长，主要得益于行 业落后产能逐步出清，公司市占率提升，同时积极开发高毛利产品。 投资要点： [Table_Summary] 维持"优于大市"评级。2024 年及 2025 年一季度公司营业收入及净 利润均实现正增长，主要得益于行业落后产能逐步出清，公司市占 率提升，同时积极开发高毛利产品。预计公司 2025-2027 年归母净 利润分别为 5.27、6.38 和 8.45 亿元（原 2025-26 预测为 5.71 亿元和 6.26 亿元），对应 EPS 分别为 2.29、2.78、3.68 元，参考可比公司估 值，给予 2025 年 15X PE（原为 2024 年 17x），目标价 34.35 元，维 持"优于大市" ...