民生证券：给予宇新股份买入评级

Core Viewpoint - The report highlights significant growth in exports for multiple key products of Yuxin Co., Ltd. in the first half of 2025, suggesting that exports may become a new avenue for the company [1][2]. Export Performance - Yuxin Co., Ltd. saw substantial increases in export volumes for several products in the first half of 2025: - MTBE exports reached 1.5205 million tons, up 15.64% year-on-year - Butanone exports totaled 132,700 tons, up 18.95% year-on-year - Maleic anhydride exports were 109,800 tons, up 6.13% year-on-year [2][3][4]. Market Dynamics - The primary export destination for MTBE is Singapore, with the company’s 1.05 million ton ether facility expected to enhance supply to Southeast Asia. In Guangdong Province, MTBE exports increased by 32.86% to 155,000 tons in the first half of 2025 [2]. - The average price of MTBE in East China was approximately 5,507 RMB/ton, a decline of about 14.58% compared to the average price in 2024 [2]. Pricing and Demand Trends - Butanone prices have experienced significant fluctuations, with exports from Guangdong Province rising by 138.38% to 38,900 tons in the first half of 2025. The average price in East China was 7,303 RMB/ton, which increased to 7,998 RMB/ton in July 2025 before dropping to 7,100 RMB/ton by mid-August [3]. - The company can alleviate domestic price pressures by increasing exports to markets like India, where demand is growing significantly [3]. Profitability Forecast - Yuxin Co., Ltd. is recognized as a leading deep processing enterprise for C4 hydrocarbons, with a strong export advantage to Southeast Asia and South Asia. The projected net profits for 2025-2027 are estimated at 138 million, 408 million, and 546 million RMB, respectively, with corresponding EPS of 0.36, 1.06, and 1.42 RMB [4].