联泓新科（003022）：EVA景气度改善，多品类平台化布局

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's first-quarter report for 2025 shows a revenue of 1.539 billion yuan, a year-on-year increase of 3.48% and a quarter-on-quarter increase of 18.27%. The net profit attributable to the parent company is 71 million yuan, reflecting a year-on-year growth of 38.83% and a quarter-on-quarter growth of 27.27%. The net profit excluding non-recurring items is 70 million yuan, with a year-on-year increase of 1140.67% and a quarter-on-quarter increase of 102.65% [2][6]. Summary by Sections Company Performance - The company achieved significant profit growth in Q1 2025 due to operational optimization, stable full-load operation of major facilities, and increased product sales, particularly EVA sales which exceeded 43,000 tons, marking a year-on-year growth of approximately 28% [12]. - The decline in raw material prices and improved operational efficiency contributed to a reduction in production costs [12]. - New products from EC, UHMWPE, electronic specialty gases, and PLA facilities are beginning to contribute to profits as they enter the ramp-up phase [12]. Market Demand - EVA demand is steadily increasing, with significant growth expected in the coming years. In 2024, China's new installed capacity is projected to reach 277.6 GW, a year-on-year increase of 28.3%, while global new installed capacity is expected to reach 599 GW, a year-on-year increase of 34.9% [12]. - The demand for UHMWPE is also growing rapidly, with China's demand in 2024 estimated at 30.5 million tons, accounting for over half of the global market [12]. Production Capacity - The company currently has an EVA production capacity exceeding 150,000 tons per year, with an additional 200,000 tons per year under construction, expected to be operational by 2025 [12]. - The company is also developing a 30,000 tons per year POE project, with the first phase of 10,000 tons already under construction [12]. Financial Projections - The company does not anticipate future equity expansion and projects net profits attributable to the parent company of 290 million yuan, 400 million yuan, and 520 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are 65.2, 47.0, and 36.1 [12].