宇新股份：快速成长的碳四深加工龙头国内LPG 深加工龙头。公司产品矩阵持续完善，主要产品包括 异辛烷、MTBE、乙酸仲丁酯、顺酐、丁酮、乙酸乙酯等。董事长研发出身，重视创新引领企业发展， 多管理层亦拥有技术背景，持股共享公司发展成果。公司营收稳健增长，受行业景气度影响，短期盈利 承压。 红海沉浮，创新引领，细分开拓局部蓝海 区位筑基，研发赋能，构筑成本护城河 公司凭借优越地理区位与卓越研发实力双重引擎，实现领先盈利水平。原料端靠近上游炼厂，销售端靠 近下游终端消费市场；持续研发投入为生产端带来长足发展优势，全组分利用的同时，打造物料与能源 的多重循环生产系统，高原子利用效率与经济性并行。 投资建议 作为国内LPG 深加工龙头，预计公司2025 年-2027 年归母净利润为-0.39 亿元、4.02 亿元和7.60 亿元， 2026 年级2027 年对应2026 年1 月28 日收盘价PE 为11.4X、6.0X，首次覆盖，给予"买入"评级。 风险提示 1、国际油价大幅波动；2、地缘政治风险；3、国际市场运营带来的风险；4、自然灾害、恶劣天气等自 然因素带来的风险；5、盈利预测假设不成立或不及预期的风险。 经过 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company is positioned as a leading player in the LPG deep processing sector in South China, leveraging its advantageous geographical location and innovative development to achieve rapid growth [3][6]. - The product matrix of the company is continuously improving, with key products including isooctane, MTBE, and butanediol, among others. The management team, with a strong technical background, emphasizes innovation to drive the company's growth [6][20]. - The company is actively expanding its market presence through chain extension, industrial collaboration, and overseas demand expansion, aiming to create new growth engines in a competitive market [3][7]. Summary by Sections Company Overview - The company, established in October 2009 and listed in 2020, focuses on the research and production of organic chemical products using LPG as raw material. Its main production bases are located in the Huizhou Daya Bay petrochemical area [20][23]. Product and Market Position - The company has achieved comprehensive utilization of LPG carbon four components, with a diverse product range categorized into three main types: acetate esters, gasoline additives, and the succinic anhydride industry chain [7][23]. - The company has a significant market share in MTBE, becoming the largest exporter in China, and is expanding its production capacity to meet growing overseas demand [8][10]. Financial Performance - The company expects net profits for 2025-2027 to be -39 million, 402 million, and 760 million yuan, respectively, with corresponding PE ratios of 11.4X and 6.0X for 2026 and 2027 [10]. - In 2024, the company achieved a revenue of 7.701 billion yuan, a year-on-year increase of 16.51%, despite facing profit pressure due to consumption tax impacts on isooctane [43]. Research and Development - The company places a strong emphasis on R&D, with over 15% of its workforce dedicated to innovation. The management team consists of individuals with substantial technical expertise, which supports the company's focus on product upgrades and cost reduction through technological advancements [30][34].

Core Viewpoint - The LPG deep processing industry is facing significant challenges due to weak downstream product performance, driven by multiple factors including declining crude oil prices, increased supply pressure, weak terminal demand, and export obstacles. Some products have stabilized temporarily through production cuts in mid to late April [1]. Industry Summary - In April, the LPG raw gas market exhibited a "rise then fall" trend, with limited month-on-month changes. Initial market optimism was driven by policy expectations, but this was later overshadowed by cost declines and weak demand [2]. - The prices of LPG deep processing downstream products generally declined in April, influenced by international crude oil price fluctuations and exacerbated supply-demand imbalances. The market remains in a state of oversupply, with significant year-on-year price drops for many products [4]. - The profit situation across various products in the LPG deep processing chain varied significantly in April. The industry is under pressure from both high costs and weak demand, leading to a negative feedback loop that compresses profit margins [7]. - The operating load rates of LPG downstream facilities have generally shown a downward trend due to high raw material costs and weak terminal product prices, forcing companies to reduce output or halt operations [9]. - Looking ahead, the LPG raw gas market is expected to remain weak, with cost pressures from international crude oil prices and cautious purchasing sentiment limiting demand. However, supply reductions due to maintenance or losses may support short-term price rebounds for some products [11].