双欣环保（001369）：IPO专题：国内PVA一体化生产领先企业双欣环保

Investment Rating - The report assigns a positive investment rating to Shuangxin Environmental Protection (001369.SZ), highlighting its leading position in the domestic PVA production industry and potential for growth through high-value downstream products [1][5]. Core Insights - Shuangxin Environmental Protection is the third-largest PVA producer in China, with a fully integrated production chain and strong sales in core products. The company is actively expanding into new high-value products, which is expected to drive future revenue growth [1][5]. - The company is projected to achieve revenue and net profit of 3.486 billion and 521 million RMB respectively in 2024. The average PE ratio for comparable companies is 23.56 times for 2024, with forecasts of 16.96 and 13.20 times for 2025 and 2026 [1][30]. Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of PVA, special fibers, vinyl acetate, and calcium carbide, establishing a circular economy industrial chain centered on PVA in Inner Mongolia [5][6]. - The company has an annual PVA production capacity of 130,000 tons and ranks among the top three in the industry, with a focus on technological innovation and the development of high-value products [5][6]. Business Analysis - The company's revenue primarily comes from PVA, calcium carbide, vinyl acetate, and special fibers, accounting for approximately 80% of total revenue. Revenue has declined from 5.061 billion RMB in 2022 to 3.486 billion RMB in 2024, but showed signs of stabilization in the first half of 2025 [7][8]. - The overall gross margin has fluctuated around 20%, with specific margins for PVA and calcium carbide showing variability due to market conditions and cost changes [11][12]. Industry Development and Competitive Landscape - The domestic PVA market is experiencing steady growth, particularly for high-end products, as the industry undergoes consolidation and the demand for high-value PVA products increases [20][23]. - The calcium carbide industry has seen a recovery in demand, with a significant increase in production capacity and a focus on integrated development with downstream industries [21][24]. Comparable Company Valuation - The average PE ratio for the chemical raw materials and products manufacturing industry is 28.93 times, with Shuangxin Environmental Protection's comparable companies showing an average PE of 23.56 times for 2024 [30][31].