联泓新科（003022）：EVA盈利维持高位，新材料平台成长可期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 6.27 billion RMB in 2024, a decrease of 7.5% year-on-year, and a net profit attributable to shareholders of 234 million RMB, down 47.5% year-on-year. However, the non-recurring net profit increased by 2.0% to 185 million RMB [2]. - The company has successfully reduced production costs through self-supply of raw materials for EVA products, maintaining a high gross margin of 30.12% despite a 26% decline in average product prices [3]. - New production facilities have been successfully launched, and new products are being actively developed to expand into new markets, including successful supply to leading clients in the lithium battery industry [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 1.3 billion RMB, a decline of 29.4% year-on-year and 21.3% quarter-on-quarter, while the net profit attributable to shareholders was 56 million RMB, an increase of 34.4% year-on-year and 49.3% quarter-on-quarter [2]. Operational Analysis - The company produced 155,600 tons of EVA products in 2024, with a new VA facility coming online in January 2024, allowing for complete self-supply of EVA raw materials [3]. - The EVA price has started to recover since Q4 2024, with a more than 16% increase from the bottom, and demand for EVA is expected to grow due to increased production in the photovoltaic sector [3]. Future Projects - Several new projects are expected to come online by 2025, including a 200,000 tons/year EVA facility and a 100,000 tons/year POE facility, which will enhance the company's competitiveness in new energy and biodegradable materials [4]. Profit Forecast and Valuation - The profit forecast for 2025-2026 has been adjusted to 280 million RMB and 590 million RMB, respectively, with a new forecast for 2027 set at 730 million RMB. The expected year-on-year growth rates for 2025-2027 are 20%, 110%, and 24% [5].