瑞华技术：国内PO/SM技术稀缺标的，“三位一体”业务逻辑下业绩确定性强

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5][12]. Core Views - The company has a strong performance certainty due to its "package + equipment + catalyst" integrated business model, which enhances predictability in short-term earnings [5]. - The company is a rare domestic player in PO/SM technology, with a strong performance outlook, benefiting from the domestic supply-demand balance in the epoxy propane market [6]. - The company is positioned to grow internationally in the styrene market, having established a presence in regions like Russia and the Middle East [7]. - The company possesses a complete process chain for butyl anhydride, which is rare, and is expanding into biodegradable plastics [8]. - The earnings forecast for the company from 2024 to 2026 shows a steady increase in net profit, with a target market value indicating a potential upside [12]. Summary by Sections 1. Integrated Business Model - The company has developed a comprehensive product matrix that includes technology packages, equipment, and catalysts, enhancing its service offerings in the petrochemical sector [26]. 2. PO/SM Technology - The company is the only domestic vendor transferring PO/SM technology, with a significant market share in epoxy propane production [28]. - The domestic supply-demand balance for epoxy propane is expected to remain tight, with a projected supply gap of 230,000 tons by 2028 [6]. 3. Styrene Market Position - The company has established a strong domestic market position in styrene and is actively seeking growth opportunities abroad, particularly in fast-growing regions [7]. 4. Butyl Anhydride Process - The company has a complete process chain for butyl anhydride, which is rare in the industry, and is planning to enter the biodegradable plastics market [8]. 5. Earnings Forecast and Valuation - The company is expected to achieve net profits of 118 million, 124 million, and 185 million yuan from 2024 to 2026, with corresponding PE ratios indicating a favorable valuation [12].