双欣环保开启申购 拥有聚乙烯醇全产业链布局

Core Viewpoint - Shuangxin Environmental Protection (001369.SZ) has initiated its subscription with an issue price of 6.85 CNY per share and a price-to-earnings ratio of 16.19 times, positioning itself as a significant player in the PVA industry chain [1] Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of products along the PVA industry chain, including polyvinyl alcohol (PVA), special fibers, vinyl acetate (VAC), and calcium carbide [1] - The company is the third-largest PVA producer in China and has established itself as one of the three major production bases for PVA in the country [1] Production Capacity and Market Position - The company has production lines for vinyl acetate, polyvinyl alcohol, and special fibers, as well as facilities for limestone mining, quicklime production, calcium carbide production, and calcium carbide slag cement clinker production [1] - In terms of production capacity, the company ranks among the top three in PVA production, accounting for approximately 13% of the domestic total in 2024 [2] - The company’s calcium carbide capacity is 870,000 tons, representing 2.06% of the national total, ranking it eighth in the country [2] Financial Performance - The company reported revenues of 5.061 billion CNY in 2022, with projected revenues of 3.783 billion CNY in 2023 and 3.486 billion CNY in 2024 [2] - Net profits for the same periods are 808 million CNY, 558 million CNY, and 521 million CNY respectively [2] - As of June 30, 2025, total assets are approximately 623.58 million CNY, with a debt-to-asset ratio of 20.69% [3] - The company’s basic earnings per share for the first half of 2025 are projected at 0.33 CNY, with a return on equity of 5.95% [3]