联泓新科（003022）：EVA景气度略有改善，新产能稳步投产

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's revenue for the first three quarters of 2025 was 4.568 billion yuan, a year-on-year decrease of 8.02%. However, the net profit attributable to the parent company was 232 million yuan, an increase of 30.32% year-on-year, and the net profit excluding non-recurring items was 233 million yuan, up 55.14% year-on-year [2][6] - In Q3 2025, the company achieved revenue of 1.657 billion yuan, a year-on-year increase of 0.21% and a quarter-on-quarter increase of 20.73%. The net profit attributable to the parent company was 72 million yuan, a year-on-year increase of 90.90%, but a quarter-on-quarter decrease of 19.63% [2][6] - The demand for EVA (Ethylene Vinyl Acetate) is expected to maintain steady growth, with a projected compound annual growth rate of 11.2% over the next five years, reaching a demand of 5.35 million tons by 2029 [2][6] - The company is progressing with several new projects, including the "New Energy Materials and Biodegradable Materials Integration Project" and the "Lithium Battery Additive VC Project," which are on track for completion by the end of 2025 [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 4.568 billion yuan, a decrease of 8.02% year-on-year. The net profit attributable to the parent company was 232 million yuan, an increase of 30.32% year-on-year, while the net profit excluding non-recurring items was 233 million yuan, up 55.14% year-on-year [2][6] - In Q3 2025, the company achieved revenue of 1.657 billion yuan, a slight increase of 0.21% year-on-year and a significant increase of 20.73% quarter-on-quarter. The net profit attributable to the parent company was 72 million yuan, reflecting a substantial year-on-year increase of 90.90%, although it decreased by 19.63% compared to the previous quarter [2][6] Market Outlook - The EVA market is projected to grow significantly, with the domestic installed capacity expected to reach 277.6 GW in 2024, a year-on-year increase of 28.3%. The global installed capacity is expected to reach 599 GW in 2024, a growth of 34.9% [2][6] - The demand for UHMWPE (Ultra-High Molecular Weight Polyethylene) is also expected to grow, with a projected annual compound growth rate of 10.4% from 2023 to 2028 in China [2][6] Project Development - The company is advancing several key projects, including the "New Energy Materials and Biodegradable Materials Integration Project," which is over 80% complete and expected to be operational by the end of 2025. Other projects, such as the "Thermoplastic Polyethylene Elastomer (POE) Project," are also on schedule for completion [2][6]