联泓新科（003022）：产能陆续投产，新项目稳步推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 2.911 billion yuan for the first half of 2025, a year-on-year decrease of 12.13%. However, the net profit attributable to shareholders was 161 million yuan, an increase of 14.15% year-on-year, and the net profit excluding non-recurring items was 160 million yuan, up 43.21% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 1.372 billion yuan, down 24.85% year-on-year and 10.82% quarter-on-quarter. The net profit attributable to shareholders was 89 million yuan, a slight decrease of 0.07% year-on-year but a 25.00% increase quarter-on-quarter [2][6]. - The demand for EVA (Ethylene Vinyl Acetate) is expected to grow steadily, with a projected compound annual growth rate of 11.2% over the next five years, reaching a total demand of 5.35 million tons by 2029 [11]. - The company is seeing a steady increase in demand for UHMWPE (Ultra-High Molecular Weight Polyethylene), with a projected annual growth rate of approximately 10.4% for UHMWPE fiber demand in China from 2023 to 2028 [11]. - New projects are gradually being put into production, contributing to profits, with the UHMWPE facility operating at high loads and developing multiple product grades that have passed customer evaluations [11]. - The company is enhancing project management, with major projects progressing as planned, including the "New Energy Materials and Biodegradable Materials Integration Project" in Shandong, which is over 80% complete and expected to be operational by the end of 2025 [11]. - The company does not anticipate future equity expansion and projects net profits attributable to shareholders of 380 million yuan, 480 million yuan, and 600 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 64.7, 51.9, and 41.2 times based on the closing price on August 15, 2025 [11].