技术创新优势巩固，产品品类持续增多。公司2024年研发费用8839.90万元，同比增加16.02%，新增国家 授权发明专利18件，新增国际授权发明专利3件，新增实用新型专利9件。2024年累计拥有国家级重点新产 品10只。新增省级新产品试制计划15只，累计288只。公司坚持专精特新、绿色低碳发展道路，积极开发 具有自主知识产权的特种表面活性剂产品，随着新产品的种类丰富以及质量优化，核心竞争力持续提升。 估值 中银国际证券股份有限公司余嫄嫄,徐中良近期对皇马科技（603181）进行研究并发布了研究报告《产品 销量持续提升，经营业绩稳步增长》，给予皇马科技买入评级。 皇马科技 公司发布2024年年报，2024年度实现营业收入23.33亿元，同比增加23.17%；实现归母净利润3.98亿元， 同比增加22.50%；实现扣非归母净利润3.77亿元，同比增加27.81%。其中24Q4实现营业收入6.11亿元，同 比增长25.09%；实现归母净利润1.12亿元，同比增加24.61%；实现扣非归母净利润0.95亿元，同比增长 8.20%。 公司发布2025年一季度报告，2025年一季度实现营业收入6.03亿元，同比增加13 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, indicating a robust operational strategy and market position in the specialty surfactants sector [1][3][7] Financial Performance Summary - In 2024, the company achieved revenue of 2.333 billion yuan, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of 398 million yuan, up 22.50% year-on-year [1][3] - For Q4 2024, revenue was 611 million yuan, reflecting a 25.09% increase year-on-year, while net profit was 112 million yuan, up 24.61% year-on-year [1][3] - In Q1 2025, the company reported revenue of 603 million yuan, a 13.47% increase year-on-year, and a net profit of 102 million yuan, up 15.77% year-on-year [2][4] Profitability Metrics - The weighted average return on equity (ROE) for 2024 was 13.66%, an increase of 1.31 percentage points year-on-year [1] - The gross profit margin for 2024 was 24.98%, up 0.36 percentage points year-on-year, while the net profit margin was 17.05%, down 0.09 percentage points year-on-year [1][4] Product and Market Insights - The company focuses on specialty surfactants, achieving a sales volume of 179,300 tons in 2024, a year-on-year increase of 26.85% [3] - The average selling price for specialty surfactants was 13,001.39 yuan per ton, a decrease of 2.85% year-on-year [3] - The specialty surfactants market is expanding, with increasing demand for customized and high-performance products, positioning the company to benefit from this trend [5][6] Strategic Initiatives - The company is actively developing new materials and products, including functional new material resins and high-end electronic chemicals, to enhance its product portfolio and market competitiveness [6] - The company has exited the production of certain large-volume products to focus on more profitable specialty segments, indicating a strategic shift towards higher-margin products [4][6] Dividend Distribution - The company announced a cash dividend of 2.1 yuan per share for the 2024 fiscal year, amounting to a total distribution of 121 million yuan, which represents 30.39% of the net profit attributable to shareholders [6] Future Outlook - Revenue projections for 2025-2027 are estimated at 2.805 billion, 3.144 billion, and 3.564 billion yuan, with net profits expected to be 501 million, 571 million, and 654 million yuan respectively, indicating a positive growth trajectory [7]