Core Viewpoint - Shuangxin Environmental Protection (001369.SZ) has initiated its subscription on December 19, with an issue price of 6.85 yuan per share and a maximum subscription limit of 60,000 shares, reflecting a price-to-earnings ratio of 16.19 times, and is sponsored by China International Capital Corporation [1] Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [1] - The company is recognized as the third-largest PVA producer in China, with a comprehensive PVA industry chain layout and is one of the three major production bases for PVA in the country [1] Production Capabilities - In the PVA business segment, the company operates production lines for vinyl acetate, polyvinyl alcohol, and special fibers [1] - In the calcium carbide segment, the company has established production lines for limestone mining and crushing, quicklime, calcium carbide, and calcium carbide slag for cement clinker production [1] - Calcium carbide is a fundamental raw material in the organic chemical industry, primarily used for producing acetylene, which is further synthesized into important chemical materials such as PVC, PVA, and BDO [1] Market Position - According to the China Chemical Fiber Industry Association, the company is projected to rank among the top three in PVA production in 2024, accounting for approximately 13% of the domestic total [2] - The company's calcium carbide production capacity is 870,000 tons, representing 2.06% of the national capacity, ranking 8th in the country [2] - The company’s sales of commercial calcium carbide exceed 500,000 tons, accounting for 2.86% of the national sales, ranking 5th [2] Product Applications - Polyvinyl alcohol is a water-soluble, biodegradable polymer material with various properties, widely used in industries such as fine chemicals, green construction, paper, fibers, automotive, biodegradable packaging, optoelectronics, and pharmaceuticals [2] - The company’s products are distributed across 29 provinces in China and exported to over 40 countries and regions, including Europe, South America, and Southeast Asia [2] Financial Performance - The company reported revenues of 5.061 billion yuan, 3.783 billion yuan, 3.486 billion yuan, and 1.797 billion yuan for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Corresponding net profits for the same periods were 808 million yuan, 558 million yuan, 521 million yuan, and 281 million yuan [2]
A股申购 | 双欣环保(001369.SZ)开启申购 拥有聚乙烯醇全产业链布局