皖维高新（600063）：PVA规模成本优势再深化，新材料破晓前夕绘成长

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [6][9]. Core Insights - The company is positioned as a leader in the PVA (Polyvinyl Alcohol) industry, with a comprehensive industrial chain and a focus on high-end upgrades. It has established production bases in Anhui, Inner Mongolia, and Guangxi, and is expanding into new materials with significant growth potential [8][19][20]. - The company is experiencing a notable cost advantage and is expanding against the industry trend, with a focus on high-value downstream products. The PVA market is expected to see a slight increase in demand, while the supply side is stabilizing after a period of industry consolidation [8][9][10]. - The company is on the verge of significant growth in new materials, particularly PVA optical films and automotive-grade PVB films, which are expected to contribute substantially to revenue in the coming years [8][9][11]. Summary by Sections 1. PVA Industry Leadership and Growth - The company has evolved from its origins as a fiber manufacturer to a leader in the PVA industry, focusing on high-end product upgrades and expanding its industrial chain [19][20]. - It has developed a complete PVA industrial chain, producing various high-value products and utilizing by-products effectively to reduce operational costs [26][29]. 2. Cost Advantages and Market Expansion - The company benefits from significant scale and cost advantages, with a market share exceeding 30% in PVA resin production. It is positioned as a low-cost producer with plans for further expansion [8][9][10]. - The industry is at a bottoming phase, with signs of recovery in margins and potential benefits from declining coal prices [8][9][10]. 3. New Materials and Future Growth - The company is the first domestic manufacturer of PVA optical films, with production capacity set to increase significantly, indicating strong growth potential in this segment [8][9][11]. - The automotive-grade PVB film segment is also expected to see enhanced profitability as production ramps up, contributing to overall revenue growth [8][9][11]. 4. Financial Projections and Valuation - Revenue projections for 2025-2027 are estimated at 80.64 billion, 88.81 billion, and 97.68 billion yuan, with corresponding net profits of 4.73 billion, 6.22 billion, and 8.62 billion yuan, reflecting a compound annual growth rate (CAGR) of 33% for net profit [7][9]. - The company's price-to-earnings (PE) ratio for 2026 is projected to be around 20, which is below the average PE of comparable companies at 29 [9].