SOPO(SH:600746) Xin Lang Cai Jing·2025-11-14 11:39Core Viewpoint - Jiangsu Sop Chemical Co., Ltd. plans to raise up to 1.5 billion yuan for the "Vinyl Acetate and EVA Integration Project (Phase I)" with a post-tax internal rate of return of 12.64% and a payback period of 8.57 years [1] Investment Project Overview and Return Analysis - The total investment for the project is 3.226 billion yuan, with construction investment at 2.636 billion yuan and additional costs totaling 480 million yuan [2] - The project aims to achieve an annual production capacity of 330,000 tons of vinyl acetate, generating an expected annual revenue of 3.142 billion yuan, with vinyl acetate product revenue accounting for 83.66% [2] - The internal rate of return of 12.64% is higher than Rongsheng Petrochemical's similar project (11.77%) but lower than Lianhong Xinke's (16.03%), indicating a reasonable industry level [2] - The unit investment per ton for this project is 97.7552 million yuan, lower than Shuangxin Environmental Protection (134.1157 million yuan) but slightly higher than Lianhong Xinke (65.0458 million yuan) [2] Project Necessity and Capacity Consumption - The project benefits from synergies with existing products, and construction is expected to be completed by 2026, with production starting in 2027 [3] - The estimated selling price of the product is set conservatively at 9,000 yuan/ton, which is 4.87% lower than the historical average [3] - The projected sales rate is expected to reach 100% due to increasing demand in downstream industries like photovoltaic EVA [3] Financial Condition and Operating Data Analysis - The company's gross profit margin has fluctuated from 15.58% in 2022 to 8.40% in the first half of 2025, primarily due to a decrease in sales price [4] - The net profit for 2024 is projected to be 213 million yuan, a significant increase of 1,088.11% driven by a 36.82% increase in vinyl acetate sales [4] Asset Quality Indicators - As of June 2025, accounts receivable and financing balances reached 689 million yuan, a 54.92% increase from the end of 2024 [5] - Inventory balance is 454 million yuan, with a lower-than-average impairment provision of 0.84% due to high inventory turnover [5] Monetary Funds and Financing Needs - The company currently has 906 million yuan in cash, with 831 million yuan available for use [6] - A funding gap of 1.865 billion yuan is anticipated from Q3 2025 to 2026, and the 1.5 billion yuan raised will help alleviate financial pressure [6] Accountant's Review Opinion - The accountant believes the investment structure of the project is reasonable and consistent with comparable industry projects, with key metrics reflecting industry cyclicality [7] - The company has adequately accounted for receivables and inventory impairment provisions, and there are no signs of asset impairment [8]