Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in 2024 and Q1 2025 shows significant improvement driven by the oil and daily chemical sectors, with a notable increase in revenue and net profit [2][3] - The company is positioned well for growth due to its production capacity expansion and the rising profitability of its Dukuda base in Indonesia, benefiting from higher palm oil prices [3][9] - The daily chemical business is gradually maturing, with expectations for improved profitability as production capacity utilization and product structure optimization are prioritized [8][9] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 10.792 billion yuan, a year-on-year increase of 12.27%, and a net profit of 135 million yuan, up 53.99% [2][11] - For Q4 2024, revenue reached 3.228 billion yuan, a year-on-year increase of 37.23%, while Q1 2025 saw revenue of 3.429 billion yuan, up 40.50% year-on-year [1][2] Business Segments - The surface active agents segment generated revenue of 4.501 billion yuan in 2024, up 32.43% year-on-year, while the oil chemical segment reported revenue of 6.121 billion yuan, a 3.10% increase [2] - The company is actively expanding its Dukuda base, which has advantages in palm oil procurement and production costs, leading to improved profitability [3] Future Outlook - The company forecasts net profits of 413 million yuan, 552 million yuan, and 663 million yuan for 2025, 2026, and 2027 respectively, indicating strong growth potential [9][11] - The expected earnings per share (EPS) for the same years are projected to be 0.88 yuan, 1.17 yuan, and 1.41 yuan, with corresponding price-to-earnings (P/E) ratios of 10.72, 8.01, and 6.67 [9][11]

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]