Sunresin New Materials (300487 CH) Hold: Revenue resilience masks underlying GPM weakness

研报英文原文证据摘录

Sunresin New Materials (300487 CH) Hold: Revenue resilience masks underlying GPM weakness

11 May 2026

Equity Research Report

Sunresin New Materials EquitiesChemicals

(300487 CH)

Hold: Revenue resilience masks underlying GPM weakness China

◆ 1Q26 in-line; we finetune 2026e net profit and expect resilient MAINTAIN HOLD

revenue growth in 2026 driven by metal & pharma

TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

◆ Cost pass-through lags and structural GPM risk emerges

63.30 52.30

◆ Maintain Hold; raise TP to RMB63.30 (from RMB52.30)

SHARE PRICE (CNY) UPSIDE/DOWNSIDE

1Q26 in-line; finetune 2026e net profit. Sunresin’s 1Q26 net profit is in-line with our 64.59 -2.0%

estimates. For 2026, we now expect a higher revenue recognition of lithium extraction (as of 08 May 2026)

amid improving demand, while expecting a later revenue recognition of new water

MARKET DATA

treatment orders. Meanwhile, we see higher cost pressure from raw materials Market cap (CNYm) 32,885 Free float 60%

(petrochemical products) to weigh on GPM. With slightly higher revenue and lower Market cap (USDm) 4,836 BBG 300487 CH

GPM forecasts, we finetune our 2026 net profit estimates. In this report, we introduce 3m ADTV (USDm) 44 RIC 300487.SZ

our 2028 estimates. We think the shares’ underperformance since April (-1% vs CSI FINANCIALS AND RATIOS (CNY)

300: +9%) has reflected a milder revenue growth in 2026, and the current valuation Year to 12/2025a 12/2026e 12/2027e 12/2028e

at 24x 2027e PE fairly reflects its structural opportunities on our 2025-28e earnings HSBC QH EPS 1.77 2.24 2.71 3.26

HSBC QH EPS prev 1.78 2.24 2.68 na

CAGR of 23%. Change (%) -0.4 -0.2 1.0 na

Consensus EPS 1.86 2.27 2.82 3.31

Resilient revenue growth in 2026. Excluding lithium contribution, revenue grew only PE (x) 36.5 28.9 23.8 19.8