Fushine(SZ:300497) Xin Lang Cai Jing·2025-11-13 00:41Group 1: VC Price Increase and Company Benefits - The price of Vinyl Carbonate (VC) has risen to 77,500 yuan/ton as of November 12, marking a 63% increase from 47,500 yuan/ton on September 1, driven by increased demand in both domestic and overseas energy storage sectors [1] - The company is positioned to benefit from this price increase due to its leading production capacity in the industry, with ongoing projects to produce 6,000 tons of lithium battery additives and 10,000 tons of VC and 2,000 tons of FEC [1] - By mid-2025, the company is expected to achieve an annual production capacity of 8,000 tons of VC and 3,700 tons of FEC, further enhancing its competitive position in the market [1] Group 2: 6-APA Price Decline and Margin Improvement - The price of 6-APA, a key intermediate for antibiotics, has significantly decreased, dropping to 180 yuan/kg in October 2025, a 51% decline from January 2023, due to lower flu incidence and the resumption of old production capacities [2] - The company's main products, Shubatan and Tazobactam, are highly sensitive to 6-APA prices, with their production requiring 1.3 tons and 5 tons of 6-APA per ton, respectively [2] - As the company depletes its high-cost inventory, an increase in gross margin is anticipated, although this improvement has not yet fully reflected in financial statements [2] Group 3: Profit Forecast and Investment Rating - The company's revenue forecast for 2025-2026 has been adjusted downwards from 2 billion/2.52 billion yuan to 1.15 billion/1.49 billion yuan, with a projected revenue of 1.64 billion yuan in 2027 [3] - The net profit forecast for 2025-2026 has been revised from 150 million/250 million yuan to -60 million/190 million yuan, with a net profit of 240 million yuan expected in 2027 [3] - Despite these adjustments, the company maintains a "Buy" rating due to benefits from the VC price increase and the decline in 6-APA prices [3]