机构：东北证券 研究员：杨占魁/张煜暄 事件：据公司公告，2025Q1-Q3公司实现营收154.97亿元，同比+9.44%，归母净利润6.15 亿元，同比 +34.24%，扣非归母净利润5.97 亿元，同比+43.61%。2025Q3，公司实现营收57.43 亿元，同比 +18.81%，环比+7.52%，归母净利润2.69 亿元，同比+46.67%，环比+14.66%，扣非归母净利润2.63 亿 元，同比+75.00%，环比+13.75%。 我国塑料改性化率仍有较大提升空间，机器人、低空经济带来新增量据国家统计局数据，2014-2024 年 我国改性塑料产量由 1057 万吨增长至3320 万吨，我国塑料改性化率由15.2%提升至26.2%，但对标海 外，仍有较大提升空间。据弗若斯特沙利文，2025-2029 年我国高分子改性材料/复合材料CAGR 预计为 14.1%，主要受益于（1）机器人、低空经济等新兴产业带来改性塑料新增量；（2）以旧换新+出口向 好，提振家电用改性塑料需求；（3）汽车轻量化是重要发展方向，"以塑代钢"前景广阔。 外延并购切入产业链上游，完善大化工产业纵向一体化布局公司通过战略投资国恩一 ...

Core Viewpoint - The company Guoen Co., Ltd. has transitioned its PHB project from the laboratory research phase to the model development phase, indicating significant progress in its production capabilities [1] Group 1: Project Development - The PHB project has completed the kilogram-level preparation of epoxy propylene carbonylation reaction catalysts and PHB materials [1] - A small-scale production line has been established, and the company is simultaneously advancing the optimization of catalysts and the construction of the PHB grade matrix [1] Group 2: Vertical Integration and Supply Chain - The company leverages the vertical integration advantages of its subsidiary Guoen Chemical (Dongming), which has a production capacity of 200,000 tons/year of styrene and 80,000 tons/year of epoxy propylene [1] - This integration allows the company to meet the core raw material needs for PHB through a self-sufficient raw material system, creating a closed-loop value chain from basic chemicals to high-end functional new materials [1]