YUSSEN GROUP(SZ:002986) Minsheng Securities·2025-08-19 13:01Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth [4][6]. Core Views - The company has shown significant growth in exports across multiple key products in the first half of 2025, with notable increases in MTBE, butanol, and anhydride exports [1][4]. - The company is positioned as a leading player in the carbon four deep processing industry, with advantages in exporting to Southeast Asia and South Asia [4]. - Future profit forecasts for the company are optimistic, with projected net profits of 138 million, 408 million, and 546 million yuan for 2025, 2026, and 2027 respectively, translating to EPS of 0.36, 1.06, and 1.42 yuan [4][5]. Summary by Sections Export Performance - In the first half of 2025, the company exported 1.5205 million tons of MTBE, a year-on-year increase of 15.64%, and 132,700 tons of butanol, up 18.95% [1]. - The export of anhydride reached 109,800 tons, marking a 6.13% increase [1]. Market Dynamics - The company’s MTBE exports to Singapore reached 836,400 tons, a 10.97% increase, while exports to the UAE surged by 43.96% [2]. - The butanol market saw a significant increase in exports to India, with a year-on-year growth of 85.08% [3]. Financial Projections - The company’s revenue is expected to grow from 7.701 billion yuan in 2024 to 11.816 billion yuan in 2027, with a compound annual growth rate of 16.4% [5][10]. - The projected PE ratios indicate a favorable valuation, with 35 times for 2025 and decreasing to 9 times by 2027 [4][5].