侯彦飞 长江证券石化分析师: 各位领导、各位投资者，大家晚上好。那我是长江石化的分析师侯艳飞。那本次的这个我 们系列电话的会议内容的话，是主要讲一下低估值的石化行业龙头，宇新股份。那这是我 们最近刚刚写完的一篇深度，也是为大家详细梳理了一下宇新股份的这样的一个公司的情 况。那我们的题目叫拓宇维新，精耕笃行。其实宇新这家公司的话，过去这些年以来，虽 然是赶上了，这样的个，从 22 年以来赶上了石化行业的下行周期。但是公司一直通过自 己的这样的一个成本端的优化，不断的实现这样的一个利润端的一个相来讲，相对来讲可 能一个底部的一个稳定。 虽然说在这个整个 25 年，盈利略微承压，但是如果我们展望这个 26、27 年左右，我们 觉得整个的盈利会有一个进步改善的空间。那下面的话，我就按照公司的主体的内容，为 大家介绍一下宇新这家公司。那首先的话？这个我们说整个公司的话，它其实是作为国内 的这个碳四产业链的龙头。那我们也知道这个国内的话，也分成这个烯烃链，就碳二碳三 这个可能碳四链大家一般了解的比较少。那实际上，碳四链我们说整个下游的这个细分的 行业还是比较多的，包括像正丁烷正丁烯、异丁烷、异丁烯，以及下游的各个细分的品 ...

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 report highlights that Yuxin Co., Ltd. has achieved revenue growth driven by production and sales increases, while facing challenges from price declines and market conditions, leading to a recommendation of a "buy" rating for the company [1][6]. Group 1: Financial Performance - In 2024, Yuxin Co., Ltd. reported total operating revenue of 7.701 billion, a year-on-year increase of 16.51%, while net profit attributable to shareholders was 307 million, a decrease of 32.34% [2]. - In Q4 2024, the company achieved operating revenue of 2.010 billion, a year-on-year increase of 3.43% and a quarter-on-quarter increase of 2.43%. However, net profit attributable to shareholders was 45 million, down 37.73% year-on-year and down 25.95% quarter-on-quarter [2]. Group 2: Operational Insights - The revenue growth was primarily driven by capacity expansion and increased sales, with utilization rates for key products such as isooctane, MTBE, and succinic anhydride exceeding 100%, indicating effective capacity management [3]. - The company has proactively adjusted its sales strategy in response to market conditions, resulting in a 5.89% increase in sales volume [3]. - Despite the growth in revenue, the chemical industry gross margin decreased by 3.42 percentage points, indicating a narrowing profit margin due to price declines in key products [3]. Group 3: Cash Flow and Cost Management - Operating cash flow decreased to 154 million, a decline of 77.14% year-on-year, primarily due to reduced net profit [4]. - The company has improved cost control, with selling, administrative, financial, and R&D expense ratios decreasing by 0.10, 0.26, 0.03, and 0.49 percentage points respectively [4]. Group 4: Market Strategy and Future Outlook - The domestic BDO industry faces structural oversupply, with existing capacity at 4.801 million tons per year and over 4 million tons of new capacity planned for the next five years, leading to supply-side pressures [5]. - Yuxin Co., Ltd. is focusing on upgrading its succinic anhydride value chain and developing high-value-added products to mitigate traditional market declines [5]. - The company has obtained 65 patents and is enhancing its production flexibility to adapt to market changes, including projects in biodegradable plastics and light hydrocarbon utilization [5]. Group 5: Profit Forecast - The company is expected to achieve net profits of 466 million, 537 million, and 656 million for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 8.8, 7.7, and 6.3 times [6].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Hunan Zhongchuang Chemical Co., Ltd.'s application for an initial public offering (IPO) and listing on the main board due to the company's withdrawal of its application [1][2]. Company Overview - Hunan Zhongchuang Chemical Co., Ltd. is a high-tech chemical enterprise focused on the production, research, and sales of new environmentally friendly solvents, with main products including butyl acetate, isopropyl acetate, and methyl ethyl ketone [2][3]. - The company's products are primarily used in various fields such as coatings, inks, adhesives, pesticides, pharmaceuticals, chemical dehydration, extraction, organic synthesis, electronic cleaning, and fragrances, and can also be used as components in gasoline blending [2]. Shareholding Structure - As of the signing date of the prospectus, the shareholders of Zhongchuang Chemical hold shares relatively dispersedly, with no single shareholder owning more than 50% of the total share capital [3]. - Major shareholders holding more than 5% of the shares include Weichuang Partnership (14.29%), Changlian New Materials (8.73%), Derui Fengyuan (8.44%), Engineering Company (5.45%), Tongyi Investment (5.33%), and Liu Liangshuai (5.02%) [3]. - No shareholder can independently exert significant influence over the resolutions of the shareholders' meeting, indicating the absence of a controlling shareholder [3]. IPO Details - The company planned to issue no more than 28 million new shares, representing at least 25% of the total share capital post-issuance, with the final number subject to approval by the China Securities Regulatory Commission [3]. - The intended fundraising amount was 65 million yuan, allocated for a 100,000 tons/year electronic-grade carbonate project [4]. Project Investment - The total investment for the 100,000 tons/year electronic-grade carbonate project is approximately 104.42 million yuan, with the planned fundraising amount being 65 million yuan [4]. - The lead underwriter for the IPO is CITIC Securities Co., Ltd., with representatives Jiang Xiang and Xie Shiqiu [4].