联泓新科（003022）：巩固EVA产品竞争优势，积极布局新材料

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved total operating revenue of 6.268 billion yuan in 2024, a year-on-year decrease of 7.52%, and a net profit attributable to the parent company of 234 million yuan, down 47.45% year-on-year [8]. - The company is consolidating its competitive advantage in EVA products and actively expanding into POE and UHMWPE businesses. Current EVA production capacity exceeds 150,000 tons/year, with a new 200,000 tons/year EVA facility under construction, expected to be operational in 2025 [8]. - The company is also developing biodegradable materials, with a PPC project expected to be operational in 2025, and has launched a 20,000 tons/year UHMWPE facility in March 2024 [8]. - The company has made strategic investments in semiconductor packaging materials, enhancing its position in the electronic materials sector [8]. - Profit forecasts for the company indicate net profits of 397 million yuan, 442 million yuan, and 625 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.30 yuan, 0.33 yuan, and 0.47 yuan [8]. Financial Data and Forecast - The company's financial projections show a revenue of 6.775 billion yuan in 2025, with a year-on-year growth of 8.1% [7]. - The gross profit margin is expected to improve to 18.1% in 2025, with a net asset return rate of 5.3% [7]. - The company’s total assets are projected to reach 21.714 billion yuan by 2025, with a debt ratio of 62.4% [10].