联泓新科（003022）：公司事件点评报告：EVA业务受光伏市场影响，新材料平台成长可期

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's EVA business is currently under pressure due to the photovoltaic market, but there is potential for recovery as the market improves [5] - The new materials platform is expected to grow significantly, with various projects set to come online in the near future [6] - The company is positioned to enhance its competitive advantage by diversifying its product offerings in the photovoltaic sector [5][6] Summary by Sections Financial Performance - In 2024, the company reported revenue of 6.268 billion yuan, a year-on-year decrease of 7.52%, and a net profit of 234 million yuan, down 47.45% year-on-year [4][10] - The EVA product revenue was 1.458 billion yuan, a decline of 27.95% year-on-year, with a gross margin of 30.12%, down 10.83 percentage points [5] Capacity Expansion - The company has an existing EVA capacity of over 150,000 tons per year and is constructing a new 200,000 tons per year EVA facility, expected to be operational in 2025 [5] - The company has also launched a 90,000 tons per year VA facility, which began production in January 2024, allowing for self-supply of raw materials [5] New Material Projects - The company has initiated several projects, including a 20,000 tons per year UHMWPE facility and a 100,000 tons per year lithium carbonate solvent project, both of which are expected to enhance product offerings and market position [6] - The biodegradable materials segment includes PLA and PPC, with the PLA project expected to produce qualified products by August 2024 [6] Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are 68.53 billion yuan, 78.46 billion yuan, and 86.27 billion yuan, respectively, with corresponding EPS of 0.27 yuan, 0.47 yuan, and 0.57 yuan [8][10] - The current stock price corresponds to a PE ratio of 56.6 for 2025, 32.4 for 2026, and 26.7 for 2027, indicating potential for earnings recovery as the photovoltaic market stabilizes [8]