赞宇科技(002637) 报告日期：2025 年 05 月 06 日 25Q1 业绩同环比改善，看好杜库达基地成长弹性 ——赞宇科技 2024 年报及 2025 一季报点评 事件 ❑ 4 月 22 日，公司发布 2024 年报：2024 年，公司实现营业收入 107.92 亿元，同比 +12.27%；实现归母净利润 1.35 亿元，同比+53.99%；加权平均净资产收益率为 3.64%，同比增加 1.22 个百分点。销售毛利率 6.88%，同比增加 0.70 个百分点； 销售净利率 1.16%，同比增加 0.69 个百分点。 其中，2024Q4 实现营收 32.28 亿元，同比+37.23%，环比+9.79%；实现归母净利 润 0.15 亿元，同比+154.13%，环比-49.72%；平均净资产收益率为 0.39%，同比 增加 1.12 个百分点，环比减少 0.41 个百分点。销售毛利率 6.42%，同比增加 1.76 个百分点，环比减少 0.91 个百分点；销售净利率 0.45%，同比增加 1.60 个 百分点，环比减少 0.47 个百分点。 ❑ 4 月 22 日，公司发布 2025 年一季报，2025Q1 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The report highlights that the increase in palm oil and other raw material prices supports product prices and profitability, with performance meeting expectations [1] - The company achieved a total revenue of 10.79 billion yuan in 2024, representing a year-on-year growth of 12.3%, and a net profit attributable to shareholders of 135 million yuan, reflecting a year-on-year increase of 54% [6][7] - The report emphasizes the growth in the daily chemical business and the oil chemical sector benefiting from rising palm oil prices, leading to increased product prices and profitability [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 10.79 billion yuan - 2025: 12.71 billion yuan (YoY +17.8%) - 2026: 13.63 billion yuan (YoY +7.2%) - 2027: 14.90 billion yuan (YoY +9.4%) [2] - Net profit attributable to shareholders is forecasted as: - 2025: 349 million yuan - 2026: 423 million yuan - 2027: 471 million yuan [2] - The report projects earnings per share to be 0.74 yuan in 2025, 0.90 yuan in 2026, and 1.00 yuan in 2027 [2] Market Data - As of April 25, 2025, the closing price of the stock was 9.33 yuan, with a market capitalization of 4.131 billion yuan [3] - The stock has a price-to-earnings ratio of 32 for 2024, projected to decrease to 13 in 2025, 10 in 2026, and 9 in 2027 [2][3] Business Performance - The company reported a significant increase in sales volume in the daily chemical business, with a revenue of 4.501 billion yuan in 2024, a year-on-year growth of 32.43% [6] - The oil chemical segment's revenue was 6.121 billion yuan in 2024, with a slight increase in gross margin due to rising palm oil prices [6] - The OEM business is expected to grow significantly, contributing to stabilizing profit fluctuations in surface-active agents and oil chemical products [6]