| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3868 | -0.55 | -3.07 | -1.43 | | 深证综指 | 2454 | -0.77 | -2.28 | -1.78 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.58 | -1.2 | 18.6 | | 中盘指数 | -1.04 | -1.77 | 25.03 | | 小盘指数 | -0.91 | -2.09 | 21.09 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 航天装备Ⅱ | 5.67 | 28.5 | 65.8 | | 保险Ⅱ | 4.33 | 9.04 | 19.99 | | 特钢Ⅱ | 3.46 | 1.53 | 20.15 | | 化学纤维 | 2.93 | -7.83 | 14.06 | ...

PVA 循环产业链集大成者，周期弹性及长期成长兼具。公司前身是成立于1969 年的安徽维纶厂，历经 二次创业、转型升级等阶段，现已形成安徽、内蒙古、广西三大生产基地，化工、化纤、新材料、建材 四大产业板块，PVA 循环产业链一体化发展布局。公司产业布局思路清晰，以PVA 树脂为核心产品， 上下游延伸，具备从上游大宗原料至下游新材料全产业链生产的能力，并将生产中产生的各种废副产 物、余热等加以充分利用，打造领先同行的超额利润。 盈利预测与估值：我们预测公司2025-27 年收入分别为80.64/88.81/97.68 亿元，归母净利润分别为 4.73/6.22/8.62 亿元，对应增速分别为28%/32%/39%，EPS 分别为0.22/0.30/0.41 元/股，3 年归母净利润 CAGR 为33%。公司2026 年PE 约20 倍，低于可比公司平均PE 29倍。考虑到公司主业底部超额利润显 著，低成本逆势扩张，新材料项目有望陆续放量，我们首次覆盖，并给予"增持"评级。 风险提示：1）原材料价格波动风险；2）下游需求不及预期；3）新项目产能释放不及预期。 新材料破晓前夕，由周期迈向成长。高品质的树脂是做出质量 ...

Core Viewpoint - The article discusses the recent approval of two marine project applications by Shandong Yulong Petrochemical Co., Ltd., highlighting the significant investment and construction plans aimed at enhancing the petrochemical industry in Shandong Province [2][3]. Group 1: Project Overview - The total investment for the projects is approximately 11.79 billion yuan, with a construction period of 48 months [2]. - The projects will be located on Island 5, covering a land area of 700.15 hectares and a marine area of 639.3548 hectares [2]. - The projects will utilize methane for the production of various chemical products, including PTA, PTT, PBT, PCT, PCTG, and PETG [2]. Group 2: Company Background - Shandong Yulong Petrochemical Co., Ltd. is a mixed-ownership enterprise, with private control by Nanshan Group and state-owned participation [2]. - The company is developing a 40 million tons per year integrated refining and chemical project, which is considered a major initiative for industrial transformation and high-quality development in Shandong Province [2][3]. Group 3: Project Milestones - The project transitioned from a reserve project to a planned project in June 2020, with various approvals received from national and provincial authorities throughout 2020 [3]. - The construction of the first phase of the project commenced on October 24, 2020, and is currently progressing rapidly [3].