Fushine(SZ:300497) Soochow Securities·2025-11-12 14:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The price of vinyl carbonate (VC) has rapidly increased by 63% from 47,500 RMB/ton on September 1 to 77,500 RMB/ton on November 12, driven by rising demand in both domestic and overseas energy storage sectors [7] - The company is well-positioned to benefit from this price increase due to its leading production capacity in the industry [7] - The price of 6-APA, a key raw material for the pharmaceutical sector, has decreased by 51% year-on-year, which is expected to significantly enhance the company's gross margin as high-cost inventory is consumed [7] - Adjustments to revenue and profit forecasts have been made, with 2025-2026 revenue estimates revised down to 1.15 billion and 1.49 billion RMB, respectively, while net profit estimates for the same period have been adjusted to -60 million and 190 million RMB [7] Financial Projections - Total revenue is projected to decline from 1.61 billion RMB in 2023 to 1.18 billion RMB in 2024, followed by a slight recovery in subsequent years [1] - The net profit attributable to the parent company is expected to improve from a loss of 272.1 million RMB in 2024 to a profit of 236 million RMB in 2027 [1] - The earnings per share (EPS) is forecasted to turn positive by 2026, reaching 0.36 RMB per share [1] - The company's price-to-earnings (P/E) ratio is projected to be 40.78 in 2026 and 33.31 in 2027, reflecting the anticipated recovery in profitability [1]