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]

证券代码：600063 股票简称：皖维高新 编号：临 2025-034 安徽皖维高新材料股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任 根据上海证券交易所《上市公司行业信息披露指引第十八号— —化工》的有关要求，安徽皖维高新材料股份有限公司（以下简称 "公司"）现将 2025 年第一季度主要经营数据公告如下： 注： 1、上表中，公司熟料销量低于产量的原因为部分熟料产品用作生产水泥产品的 原料；公司 VAE 乳液销量低于产量的原因为部分 VAE 乳液产品用作可再分散性胶粉产品 的原料。2、上表中，销售量包括贸易销售量。 二、报告期公司主要产品和原材料的价格变动情况： （一）主要产品价格波动情况 单位：元/吨（不含税） | 醋酸乙烯 | 5,215.66 | 6,363.51 | -18.04% | | --- | --- | --- | --- | | 水泥 | 212.01 | 203.90 | 3.98% | | 熟料 | 207.23 | 191.40 | 8.27 ...