徐绍祖（联系人） 18665881888 xushaozu@wkqh.cn 交易咨询号： Z0022675 原油止跌反弹， 苯乙烯暂时企稳 苯乙烯周报 从业资格号：F03115061 2025/10/25 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 【行情资讯】 政策端：市场存在委内瑞拉地缘升级预期，原油价格止跌反弹。 估值：苯乙烯周度跌幅（期货＞成本＞现货），基差走弱，BZN价差下降，EB非一体化装置利润上涨。 成本端：上周华东纯苯现货价格下跌-3.08%，纯苯期货活跃合约价格下跌-0.16%，纯苯基差下跌166元/吨，纯苯开工高位震荡。 供应端：EB产能利用率71.88%，环比下降-2.35%，同比去年上涨2.10%，较5年同期下降-8.20%。根据投产计划观察，四季度供 需格局或将转变，供应端压力或将小幅缓解。 进出口：9月国内纯苯进口量为435.07万吨，环比下降-1.39%，同比去年上涨2.88%，主要为中东地区货源。9月EB进口量24.66 万吨，环比下降-8.39%，同比上涨2.42%。上周纯苯港口库存及江苏港口EB库存高位持续累库。 03 利润 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company's Q3 2025 performance met expectations, with a revenue of 34.771 billion yuan, a year-on-year increase of 7.73%, and a net profit attributable to shareholders of 3.755 billion yuan, up 1.69% year-on-year. However, Q3 2025 revenue decreased by 12.15% year-on-year, and net profit fell by 38.21% year-on-year [1][3]. - The company is focusing on catalyst technology and high-end new materials, planning to invest 3 billion yuan in high-performance catalyst projects [3]. - The company has established a comprehensive industrial chain in the C2 and C3 sectors, with significant production capacities in glycol, polyethylene, and acrylic acid, positioning itself as a leader in the domestic market [3]. Financial Data and Valuation - The projected total revenue for the company is expected to grow from 41.487 billion yuan in 2023 to 61.708 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12% [2]. - The net profit attributable to shareholders is projected to be 4.789 billion yuan in 2023, increasing to 8.680 billion yuan by 2027, with a CAGR of around 21% [2][15]. - The earnings per share (EPS) is expected to be 1.42 yuan in 2023, rising to 2.58 yuan in 2027, reflecting a strong growth trajectory [2][15]. - The current price-to-earnings (PE) ratio is projected to decrease from 12.8 in 2023 to 7.1 in 2027, indicating potential undervaluation [2][3]. Market Performance - The company's stock price is currently at 18.24 yuan, with a total market capitalization of 61.4 billion yuan [3]. - The report notes a slight decline in stock performance over the past month, with an absolute performance of -2% [5].

Core Insights - A new company named Jingna Huifeng (Qingyang) New Materials Co., Ltd. has been established with a registered capital of 100 million RMB [1] Company Overview - The legal representative of the company is Zhang Xudong [1] - The company is involved in various business activities including the manufacturing of basic chemical raw materials, chemical products, and specialized chemical products [1] - The company also engages in the sale of synthetic materials and food additives, as well as providing environmental consulting services and technical services [1] Business Scope - The company is authorized to conduct hazardous goods transportation and hazardous waste management, subject to relevant approvals [1] - The general projects include the production of non-hazardous chemical products and specialized chemical products [1] - The company can independently operate legal projects that are not prohibited or restricted by laws and regulations [1]

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. has passed the IPO review by the Shenzhen Stock Exchange, marking it as the 63rd company approved for listing this year [1] Group 1: Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, specialty fibers, vinyl acetate (VAC), and calcium carbide [1] - The company has a complete industrial chain layout for polyvinyl alcohol [1] - As of the signing date of the prospectus, Shuangxin Chemical holds 49,116.70 million shares, accounting for 57.11% of the total share capital, making it the controlling shareholder [1] Group 2: IPO Details - Shuangxin Environmental Protection plans to publicly issue no more than 287,000,000 shares, which will not be less than 10.00% of the total share capital after issuance [2] - The company aims to raise approximately 186.54 million yuan for various projects, including the production of PVB resin and functional films, water-based adhesives, energy-saving technology upgrades, and the establishment of a research and development center [2] Group 3: Review Committee Inquiries - The review committee inquired about the feasibility and prudence of the 2025 performance forecast, considering industry policies, main business models, product price trends, new product development, and order execution [3] - Questions were raised regarding the composition and basis of sales and technical service fees, as well as the necessity and reasonableness of sales services provided by partners [3]

Core Insights - HuaiBei Jiayang New Materials Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The company is engaged in the sales and manufacturing of high-performance fibers and composite materials, as well as various chemical products and construction materials [1] Company Overview - The legal representative of the company is Niu Chao [1] - The business scope includes general projects such as sales of high-performance fibers and composite materials, chemical products, rubber products, plastic products, and non-metallic minerals [1] - The company is also involved in import and export activities, as well as the sale of construction and decorative materials [1] Licensing and Compliance - The company has a licensed project for construction labor subcontracting, which requires approval from relevant authorities before operations can commence [1]

Core Viewpoint - The company has reported significant changes in its financial metrics for the third quarter, including a notable increase in undistributed profits and a decrease in net profit compared to the previous year, indicating a complex financial landscape influenced by recent asset restructuring and operational adjustments [4][5][12]. Financial Performance - The company's cash and cash equivalents decreased by 40% compared to the beginning of the period, primarily due to a reduction in deposits [5]. - Prepayments increased by 48%, attributed to higher advance payments for goods [5]. - Construction in progress decreased by 33%, reflecting the commissioning of certain projects [5]. - The company reported a 30% decrease in net profit compared to the same period last year, mainly due to reduced earnings [5][12]. - Undistributed profits increased by 14,896% due to the impact of significant asset restructuring [5]. Shareholder Information - The controlling shareholder, Hubei Yihua Group, has been actively increasing its stake in the company, acquiring shares worth approximately 119.83 million yuan, which represents 0.87% of the total share capital [8]. - As of the report date, Hubei Yihua Group holds 22.16% of the company's total shares [8]. Investment Projects - The company plans to invest approximately 2.233 billion yuan in a high-value utilization project for phosphorus and fluorine resources, which includes several production facilities [15][18]. - The project aims to optimize resource allocation and enhance production capacity, with a construction period of about 18 months [20][21]. Corporate Actions - The company has completed the issuance of restricted stock and has repurchased and canceled a portion of these stocks due to performance issues among certain employees [9]. - The company has also adjusted the equity structure of some subsidiaries to improve operational efficiency [10]. Market Outlook - The market for the company's products, particularly refined phosphoric acid and multifunctional compound fertilizers, is expected to grow significantly, driven by demand in the renewable energy sector and food additives [20].

Core Viewpoint - Zhejiang Sanmei Chemical Co., Ltd. has approved the use of idle raised funds for cash management, ensuring the safety of the raised funds and the necessary funding for investment projects [1] Group 1 - The company held the 18th meeting of the 6th Board of Directors and the 16th meeting of the 6th Supervisory Board on March 24, 2025, to discuss the use of idle raised funds for cash management [1] - The maximum daily balance for cash management is set at 190 million yuan, with an authorization period of 12 months from the date of the board's approval [1] - The company disclosed the details of this decision in an announcement on March 25, 2025 [1] Group 2 - On July 24, 2025, the company used 20 million yuan and 70 million yuan of idle raised funds to subscribe to structured deposits from China Construction Bank [2] - On October 23, 2025, the company redeemed these cash management products, recovering a total principal of 90 million yuan and earning interest income of 267,600 yuan [2] - Both the principal and interest income have been returned to the raised funds account [2]

Group 1 - The company has approved a total guarantee amount of up to RMB 37.5 billion for financing credit applications by itself and its subsidiaries for the year 2025 [2] - The company will provide guarantees totaling up to RMB 20.85 billion for its subsidiaries, with specific limits based on their asset-liability ratios [2] - The guarantee period is effective from the approval date of the 2024 annual general meeting until the 2025 annual general meeting [3] Group 2 - The company has signed a maximum guarantee contract with China Bank for a subsidiary, Yunnan Yinghe New Energy Materials Co., Ltd., with a maximum principal guarantee amount of RMB 10 million [4] - The guarantee covers the principal and related costs, including interest and legal fees, with a guarantee period of three years from the debt maturity date [6] - As of the announcement date, the company and its subsidiaries have a total external guarantee amount of zero, with specific guarantees to subsidiaries amounting to RMB 900.60 million [6]

Core Viewpoint - The company has released its third-quarter financial report for 2025, highlighting significant changes in financial metrics and the election of a new board of directors [12][8]. Financial Data Summary - The company reported a decrease in long-term receivables by 6.19 million yuan, a decline of 32.54%, primarily due to the recovery of post-sale rental deposits [5]. - Long-term prepaid expenses increased by 5.76 million yuan, up 43.86%, attributed to the rise in consulting and advisory fees [5]. - Other non-current assets rose by 107.48 million yuan, an increase of 78.59%, due to increased prepayments for equity investments [5]. - Long-term borrowings increased by 279.47 million yuan, a rise of 34.84%, as the company took out new long-term loans after repaying short-term borrowings [5]. - Long-term payables decreased by 59.06 million yuan, down 57.67%, due to the payment of payables due within one year [5]. Profit and Loss Summary - Financial expenses decreased by 27.38 million yuan, a decline of 31.09%, mainly due to lower interest expenses on bank loans [6]. - Investment income fell by 45.85 million yuan, a decrease of 80.05%, due to dividends received from a subsidiary [6]. - Credit impairment losses decreased by 8.16 million yuan, a decline of 438.13%, as the company reversed bad debt provisions [6]. - Operating income decreased by 2.06 million yuan, down 37.14%, due to a reduction in non-recurring income [6]. - Operating expenses decreased by 42.69 million yuan, a decline of 83.93%, primarily due to compensation payments made by a subsidiary [6]. Shareholder Information - The company held its second extraordinary general meeting of 2025 on July 30, where the election of the ninth board of directors was approved [8]. - The new board consists of 11 members, with a term of three years starting from the date of approval [8]. Audit Firm Appointment - The company plans to reappoint Lixin Certified Public Accountants as the auditor for the 2025 financial report, which complies with relevant regulations [22][23]. - Lixin has a strong track record, with 2,498 registered accountants and a revenue of 4.748 billion yuan in 2024 [24][25]. - The company also intends to appoint Zhongshunzhonghuan Certified Public Accountants for internal control audits for 2025, which has a solid reputation and experience in the industry [35][36]. Upcoming Shareholder Meeting - The company will hold its third extraordinary general meeting on November 11, 2025, to discuss various proposals, including the reappointment of audit firms [52][53].

Core Points - The company and its board members guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming legal responsibility for any misrepresentation or omissions [2][3] - The third-quarter financial report has not been audited [3][8] - The company has not made any retrospective adjustments or restatements of previous accounting data [3][4] Financial Data - The company reported no non-recurring gains or losses applicable to the current quarter [3] - There are no changes in the major accounting data and financial indicators that require explanation [4] - The financial statements include the consolidated balance sheet, profit and cash flow statements for the period ending September 30, 2025 [7][8] Shareholder Information - The company has not reported any changes in the top ten shareholders or any significant shareholder lending activities [5] - The company held a board meeting on August 1, 2025, to approve the cancellation of the supervisory board and amend the company’s articles of association [5] - The company disclosed its half-year report on August 23, 2025, and held an earnings briefing on September 8, 2025 [6] Regulatory Matters - The company received an administrative penalty notice from the Liaoning Regulatory Bureau of the China Securities Regulatory Commission on September 30, 2025 [6]