Group 1: Rongke Energy - Rongke Energy has developed the world's first 100 MW large-scale vanadium flow battery energy storage demonstration project, which serves as a technical benchmark in long-duration energy storage [12] - The company has established a comprehensive patent portfolio covering key aspects of the energy storage industry, positioning itself as a leader in the global energy storage technology competition [12][15] - In 2022, Rongke Energy completed a Series A financing round and subsequently raised over 5.48 billion yuan in Series C financing, primarily for capacity expansion and R&D investment [15][16] - The company has built the world's largest vanadium flow battery key materials and equipment manufacturing base, with a projected output value exceeding 1 billion yuan in 2024 [16] - Rongke Energy's vanadium flow battery technology is recognized for its long lifespan of over 25 years and high safety, making it a viable solution for large-scale renewable energy integration [13][17] Group 2: Li'anlong - Li'anlong is a leading global supplier of polymer material aging resistance additives, with a focus on transitioning from industrial additives to health consumer products [19][20] - The company has established a comprehensive logistics and sales network, serving over 100 of the world's top 500 companies [20] - Li'anlong's products are widely used in various sectors, including automotive, coatings, and packaging materials, contributing significantly to its profitability [20][21] - The company has invested over 50 million yuan in automation and digital systems to enhance safety and operational efficiency in its production processes [22][23] - Li'anlong emphasizes green development and has implemented extensive environmental protection measures, ensuring compliance with high environmental standards [25][26] Group 3: Baoma Xingqing - Baoma Xingqing has transformed from a traditional iron alloy producer to a leading supplier of special casting materials, focusing on high-value-added products [36][37] - The company has developed over 100 types of multi-element alloy inoculants, achieving a 30% market share in China's special casting materials sector [39] - Baoma Xingqing has implemented a "waste-to-resource" strategy, recycling industrial waste to create new products, significantly reducing production costs [40][41] - The company has invested in advanced equipment and technology to enhance precision manufacturing and meet customer-specific requirements [42][43] - Baoma Xingqing's revenue increased by 23% year-on-year, demonstrating resilience and adaptability in a competitive market environment [43]

■记者手记 ◎记者 徐锐 在资本浪潮翻涌的时代岔口，有这样一群"笨功夫"的践行者——他们以车间为纸、以机床为笔，在极致 专注主业中，书写着中国制造的"精专特强"史诗。 在高分子材料的微观世界里，利安隆正书写着另一种"守正创新"。作为全球领先的高分子材料抗老化助 剂产品和技术供应商，公司为万千材料注入"青春因子"。旗下的利安隆中卫，不仅延续着工业添加剂领 域的技术优势，更在加快向健康消费品领域转型，以期让 "中国助剂"的专利图谱覆盖从工业硬核到生 活日常的广阔市场。 从渤海湾的能源革新到宁夏平原的材料升级，这些企业的成长轨迹共同勾勒出中国民营企业坚守主业、 做强实业的立体图谱。它们或许身处不同赛道，却都有着类似的"笨功夫"基因：在细分领域深耕不辍， 用专利技术筑牢根基，以创新勇气打破行业天花板。 我们看到的优秀民企之崛起，何尝不是一个制造大国走向制造强国的缩影？ 当渤海湾的晨雾漫过大连液流电池储能调峰电站，这座流淌着"液态能量"的超级工程，正为城市电网注 入定力。这背后的大连融科储能，长期死磕钒液流技术，获得了300多项全产业链专利，构建起技术壁 垒，让"中国钒液流"成为破解新能源大规模并网难题的关键钥匙。 从 ...

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]