期权工具显实效 PVC企业巧避险

Core Insights - The domestic PVC market in Q2 2025 is characterized by high operating rates, increased inventory, and persistent high premiums, with upstream production rates above 80% and inventory up 22% year-on-year [1] - The downstream real estate sector is recovering slowly, leading to weak demand support, resulting in PVC spot prices fluctuating between 4700 to 5300 yuan/ton [1] - A medium-sized PVC pipe processing company faces significant price volatility risks, which is a common challenge for small and medium enterprises in the plastic industry [1] Group 1: Procurement Challenges - The company adopts a "sales-based procurement" model, requiring raw material procurement and production delivery within three months after receiving orders [2] - The company faces a dilemma regarding whether to purchase PVC resin at the current price of 4900 yuan/ton, which would require nearly 2.45 million yuan in working capital, or to delay procurement and risk profit erosion if prices rise [2] - The low concentration in the PVC pipe industry leads to weak bargaining power for small processing enterprises, with processing profits typically maintained at 300 to 400 yuan/ton [2] Group 2: Options Strategy Implementation - An options strategy combining "buying call options and selling put options" was designed to lock in procurement costs while minimizing premium expenses and retaining the potential for profit from price declines [3] - The company successfully purchased 150 tons of PVC at 4750 yuan/ton, saving 22,500 yuan compared to the initial contract price, while retaining the right to benefit from potential price rebounds [3][5] - By June, as demand surged and supply tightened, the company purchased an additional 200 tons at 4900 yuan/ton, utilizing option gains to hedge costs, ultimately achieving an average procurement cost of 4845 yuan/ton [5][6] Group 3: Risk Management and Competitive Advantage - The options strategy allowed the company to lock in an average procurement cost of 4845 yuan/ton, saving 127,500 yuan compared to the market average of 5100 yuan/ton, effectively increasing processing profits by 25% [6] - The volatility of PVC spot prices reached 7.36% during the three-month period, highlighting the effectiveness of options in managing price risks and ensuring stable processing profits [6] - Compared to traditional futures hedging, options provide a more suitable risk management tool for small and medium enterprises, addressing their financial constraints and risk tolerance [6]