ST联创（300343）：PVDF产品价格探涨，公司提前布局四代制冷剂

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a favorable outlook with expected relative performance greater than 15% [8]. Core Insights - The company is experiencing a rise in PVDF product prices, which are essential for lithium battery binders. Current production capacity stands at 8,000 tons, with an additional 6,000 tons under construction. The domestic total capacity for PVDF is projected to exceed 220,000 tons by 2024, with industry output reaching 120,000 tons. Despite a downward pressure on lithium-grade PVDF prices due to capacity expansion, market sentiment is turning bullish as companies in the coating sector push for price increases amid rising costs and losses [1]. - The company is actively repurchasing shares, with a total repurchase amount between 50 million and 100 million RMB, and a maximum repurchase price of 8.00 RMB per share. As of November 30, 2025, the company has repurchased 12,104,900 shares, representing 1.13% of its total share capital, with a total transaction amount of approximately 50.19 million RMB [1]. Company Overview - The company specializes in the research, production, and sales of fluorinated new materials, having developed a self-sufficient industrial system essential for fluorochemical production. This includes a complete fluorochemical industry chain comprising basic raw materials, fluorinated refrigerants, fluorinated polymers, and fluorinated fine chemicals. The company is also collaborating with Sun Yat-sen University on a solid electrolyte project, which is currently in the small-scale testing and process design phase [4]. - The company is positioning itself in the fourth generation of refrigerants, as the second generation is being phased out and the third generation enters quota management in 2024. The fourth generation refrigerants are expected to be more environmentally friendly and are anticipated to become the preferred solution under increasing environmental pressures. The company has made significant early investments in this area, achieving a mature level of industrialization [4].