Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 235-265 million RMB in the first half of 2025, representing a year-on-year increase of 81%-104% [1]. - The second quarter is projected to yield a net profit of 117-147 million RMB, reflecting a year-on-year growth of 42%-79% [1]. - The company benefits from a favorable competitive landscape in PVA and successful ramp-up of new materials such as PVA optical films [1]. Summary by Sections Financial Performance - The company anticipates a significant increase in net profit for H1 2025, with a forecast of 2.35-2.65 billion RMB, and a non-recurring net profit of 2.23-2.53 billion RMB, marking growth of 89%-115% year-on-year [1]. - For Q2 2025, the expected net profit is 1.17-1.47 billion RMB, with a non-recurring net profit of 1.06-1.36 billion RMB, indicating a year-on-year increase of 46%-87% [1]. Cost and Pricing Analysis - The average price of PVA in Q2 was reported at 11,038 RMB/ton, with a price difference from acetylene at 5,524 RMB/ton, showing a year-on-year decrease of 8% and 428 RMB/ton respectively [2]. - The cost side has improved significantly, with Q2 prices for coal, acetic acid, and acetylene showing declines of 25%, 20%, and 7% year-on-year [2]. Market Outlook - The report suggests that the trend of cost improvement for PVA may continue, supported by a favorable supply-demand balance and the absence of new domestic production capacity [3]. - The company is expected to increase its global market share in PVA, with exports rising by 13% year-on-year in the first five months of 2025 [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is set at 530 million, 670 million, and 770 million RMB respectively, with corresponding EPS of 0.25, 0.32, and 0.37 RMB [4]. - The target price is maintained at 5.50 RMB, based on a 22x PE ratio for 2025 [4].

中国人民银行长寿分行赴川维化工调研现场（中国人民银行长寿分行供图） 在中国人民银行长寿分行的指导推动下，中国工商银行重庆市分行、交通银行重庆市分行、招商银行重庆分行积极行动，围绕清单项目开辟绿色通道，根据 企业实际情况和需求量身定制服务方案，高效解决融资过程中的堵点难点问题，加速项目审批落地。截至2025年6月6日，川维化工PVA光学膜扩能项目、 VAE再扩能等4个项目获得中国工商银行重庆市分行、交通银行重庆市分行、招商银行重庆分行授信合计13.05亿元，成功签订合同11.87亿元，并实现首笔贷 款投放。通过设备更新和技术改造再贷款、中央财政贴息、技改专项贷财政贴息三重政策优惠，预计将为企业节约融资成本约2000万元，有效助力企业向高 端防水涂料等高附加值产品方向升级转型，进一步提升川维化工在新材料领域的市场占有率。 下一步，中国人民银行长寿分行将持续指导辖区金融机构优化金融服务，落实好科技创新和技术改造再贷款政策，为企业技改升级和高质量发展提供有力金 融支持。（周洋 赵微） 银行机构为川维化工提供融资服务（中国人民银行长寿分行供图） 促融资落地 高效审批速投放 近日，为支持加力扩围实施"两新"政策，引导金融 ...

Core Viewpoint - The company reported a strong Q1 performance with significant year-on-year growth in net profit, driven by improved PVA pricing and successful product launches in the new materials segment [1][2]. Financial Performance - Q1 revenue reached 2 billion yuan, up 11% year-on-year but down 4% quarter-on-quarter [1] - Net profit attributable to shareholders was 118 million yuan, a 150% increase year-on-year but a 31% decrease quarter-on-quarter [1] - Non-recurring net profit was 117 million yuan, reflecting a 160% year-on-year increase and an 18% quarter-on-quarter decrease [1] - The company's Q1 net profit was in line with expectations of 105 million yuan [1] Product Performance - PVA sales volume increased by 22% year-on-year to 57,000 tons, while revenue from PVA rose by 29% year-on-year to 630 million yuan [2] - The average price of PVA improved by 5% year-on-year to 11,000 yuan per ton [2] - The company achieved a comprehensive gross margin of 15.3%, up 2.4 percentage points year-on-year [2] Market Dynamics - The PVA market is experiencing a recovery due to demand support and an optimized competitive landscape [3] - PVA exports increased by 16% year-on-year to 60,000 tons, indicating strong international demand [3] - The company aims to launch new projects, including a 20 million square meter PVA optical film production line, in Q2 2025 [3] Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 530 million, 670 million, and 770 million yuan for 2025-2027 [4] - The estimated EPS for the same period is projected at 0.25, 0.32, and 0.37 yuan [4] - The target price for the company is set at 5.50 yuan, based on a 22x PE ratio for 2025 [4]