Company Overview - The company operates in the polyvinyl alcohol (PVA) industry chain, with main products including calcium carbide, polyvinyl alcohol, vinyl acetate, and specialty fibers. In 2024, revenue contributions are expected to be 37.93%, 35.41%, 6.65%, and 3.73% respectively [4][30]. - Polyvinyl alcohol is a water-soluble biodegradable polymer material with various properties such as adhesion, fiber formation, emulsification stability, gas barrier properties, film-forming ability, and biodegradability. It is primarily used in the production of industrial additives, specialty fibers, adhesives, safety glass interlayer films (PVB films), water-soluble films, and optical films [5][30]. Revenue Composition - For the first half of 2025, the total revenue from main business activities is projected to be 1.759 billion yuan, with the following breakdown: - Calcium carbide: 570.22 million yuan (32.41%) - Polyvinyl alcohol: 580.18 million yuan (32.98%) - Vinyl acetate: 92.73 million yuan (5.27%) - Specialty fibers: 62.39 million yuan (3.55%) - Others: 453.75 million yuan (25.79%) [3][29]. Market Position - The company ranks among the top three in the PVA production industry in China, with an annual production capacity of 130,000 tons. In 2024, its calcium carbide production capacity accounts for 2.06% of the national total, ranking eighth in the country [19][46]. - The company has established a comprehensive production capability from limestone to polyvinyl alcohol, which provides significant scale and cost advantages, creating a substantial barrier to entry for new competitors [22][46]. Financial Performance - The company's revenue for 2022 was 5.061 billion yuan, which decreased by 25.25% year-on-year. In 2023, revenue further declined to 3.783 billion yuan, a decrease of 7.85% year-on-year. For the first half of 2025, revenue is projected at 1.797 billion yuan [13][39]. - The net profit for 2022 was 803 million yuan, which dropped to 526 million yuan in 2023, reflecting a year-on-year decline of 34.44%. The net profit margin for 2025 is expected to improve slightly to 15.64% [13][39]. Industry Insights - China's apparent consumption of calcium carbide has grown from 17.89 million tons in 2011 to an estimated 30.96 million tons in 2024, with a compound annual growth rate of 4.31% [41]. - The global consumption of polyvinyl alcohol was approximately 1.35 million tons in 2020, with China accounting for about 50% of the total global consumption. China's production capacity for polyvinyl alcohol represents about 60% of the global total, making it the largest producer in the world [41][15]. Competitive Landscape - The domestic calcium carbide industry has undergone capacity clearing, with the top ten enterprises accounting for 34% of total capacity. The largest producer, Zhongtai Chemical, has a capacity of 3.6 million tons, representing about 9% of the national total [19][45]. - The PVA industry has a diverse demand structure, with applications in industrial additives, adhesives, PVB, pulp, and coatings, serving sectors such as construction, chemicals, automotive, and optoelectronics [21][47].
双欣环保/001369/深市主板/2025-12-19申购