双欣环保（001369）：新股覆盖研究

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is considered a strong player in its industry due to its market position and growth potential [38]. Core Insights - The company, Shuangxin Environmental Protection, is a leading player in the domestic polyvinyl alcohol (PVA) industry, with a complete circular economy industrial chain from limestone to calcium carbide, vinyl acetate, polyvinyl alcohol, and specialty fibers [28][29]. - The company has shown a decline in revenue and net profit from 2022 to 2024, with projected growth in 2025, indicating a potential recovery phase [10][35]. - The company is actively expanding its product offerings and market reach, focusing on high-value-added PVA products and downstream applications [29][30]. Financial Performance - The company achieved operating revenues of 5.061 billion yuan in 2022, 3.783 billion yuan in 2023, and 3.486 billion yuan in 2024, with year-over-year changes of 11.97%, -25.25%, and -7.85% respectively [10][5]. - The net profit attributable to the parent company was 808 million yuan in 2022, 558 million yuan in 2023, and 521 million yuan in 2024, with year-over-year changes of 3.48%, -30.91%, and -6.65% respectively [10][5]. - For the first half of 2025, the company reported operating revenue of 2.668 billion yuan, a 2.68% increase compared to the same period in 2024, and a net profit of 404 million yuan, a 2.01% increase [10]. Industry Overview - The company operates in the calcium carbide and polyvinyl alcohol industries, which are critical to the chemical sector in China, with the country being the largest producer and consumer of calcium carbide globally [16][21]. - The domestic calcium carbide production capacity was approximately 42 million tons in 2024, with a utilization rate of 74% [16]. - The polyvinyl alcohol market is also growing, with China's production capacity accounting for about 60% of the global total, indicating strong domestic demand and potential for further growth [21][27]. Competitive Position - Shuangxin Environmental Protection is one of the top three players in the domestic PVA industry, with significant market share and established relationships with major clients both domestically and internationally [28][29]. - The company has formed strategic partnerships, such as with Mitsubishi Chemical, enhancing its market presence and product offerings [28]. - Compared to its peers, the company has a lower revenue scale but a higher sales gross margin, indicating strong operational efficiency [35][36].