Core Viewpoint - The report highlights significant growth in exports for multiple key products of Yuxin Co., Ltd. in the first half of 2025, suggesting that exports may become a new avenue for the company [1][2]. Export Performance - Yuxin Co., Ltd. saw substantial increases in export volumes for several products in the first half of 2025: - MTBE exports reached 1.5205 million tons, up 15.64% year-on-year - Butanone exports totaled 132,700 tons, up 18.95% year-on-year - Maleic anhydride exports were 109,800 tons, up 6.13% year-on-year [2][3][4]. Market Dynamics - The primary export destination for MTBE is Singapore, with the company’s 1.05 million ton ether facility expected to enhance supply to Southeast Asia. In Guangdong Province, MTBE exports increased by 32.86% to 155,000 tons in the first half of 2025 [2]. - The average price of MTBE in East China was approximately 5,507 RMB/ton, a decline of about 14.58% compared to the average price in 2024 [2]. Pricing and Demand Trends - Butanone prices have experienced significant fluctuations, with exports from Guangdong Province rising by 138.38% to 38,900 tons in the first half of 2025. The average price in East China was 7,303 RMB/ton, which increased to 7,998 RMB/ton in July 2025 before dropping to 7,100 RMB/ton by mid-August [3]. - The company can alleviate domestic price pressures by increasing exports to markets like India, where demand is growing significantly [3]. Profitability Forecast - Yuxin Co., Ltd. is recognized as a leading deep processing enterprise for C4 hydrocarbons, with a strong export advantage to Southeast Asia and South Asia. The projected net profits for 2025-2027 are estimated at 138 million, 408 million, and 546 million RMB, respectively, with corresponding EPS of 0.36, 1.06, and 1.42 RMB [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth [4][6]. Core Views - The company has shown significant growth in exports across multiple key products in the first half of 2025, with notable increases in MTBE, butanol, and anhydride exports [1][4]. - The company is positioned as a leading player in the carbon four deep processing industry, with advantages in exporting to Southeast Asia and South Asia [4]. - Future profit forecasts for the company are optimistic, with projected net profits of 138 million, 408 million, and 546 million yuan for 2025, 2026, and 2027 respectively, translating to EPS of 0.36, 1.06, and 1.42 yuan [4][5]. Summary by Sections Export Performance - In the first half of 2025, the company exported 1.5205 million tons of MTBE, a year-on-year increase of 15.64%, and 132,700 tons of butanol, up 18.95% [1]. - The export of anhydride reached 109,800 tons, marking a 6.13% increase [1]. Market Dynamics - The company’s MTBE exports to Singapore reached 836,400 tons, a 10.97% increase, while exports to the UAE surged by 43.96% [2]. - The butanol market saw a significant increase in exports to India, with a year-on-year growth of 85.08% [3]. Financial Projections - The company’s revenue is expected to grow from 7.701 billion yuan in 2024 to 11.816 billion yuan in 2027, with a compound annual growth rate of 16.4% [5][10]. - The projected PE ratios indicate a favorable valuation, with 35 times for 2025 and decreasing to 9 times by 2027 [4][5].