Lihuayi Weiyuan Chemical (SH:600955)2026-01-20 02:20Company and Industry Summary Company: Weiyuan Co., Ltd. (维远股份) Key Points - 2025 Profit Forecast: The company announced a profit warning for 2025, expecting a net loss attributable to shareholders of 950-1,050 million yuan, primarily due to impairment provisions for long-term assets and inventory, which account for approximately 630 million yuan of the loss [1][2] - Price Recovery: Multiple major product prices have begun to rise from their bottom levels, and with the reduction of future impairment risks, the company's performance is expected to reach a turning point [2] - PC Industry Outlook: The expansion phase in the PC (Polycarbonate) industry is nearing completion. The company has undertaken technical upgrades to its existing 130,000 tons/year capacity, which is expected to enhance capacity and reduce unit costs. Additionally, no new capacity is anticipated in the PC industry by 2026 [2] - Current PC Pricing: As of January 16, the price of PC is 14,185 yuan/ton, reflecting an increase of 631 yuan/ton (4.66%) since the price low in September 2025 [2] - Supply-Demand Dynamics: The overall supply-demand landscape of the "Phenol-Acetone—Bisphenol A—PC" industry chain is expected to gradually improve, providing significant upward elasticity in profit levels due to the ongoing "anti-involution" policies [2] - Electrolyte Production: The company is on the verge of launching a 250,000 tons/year electrolyte project, which is anticipated to contribute to a second growth curve. The existing 100,000 tons/year dimethyl carbonate facility will add 50,000 tons/year of dimethyl carbonate, 29,400 tons/year of diethyl carbonate, 150,400 tons/year of methyl ethyl carbonate, and 20,000 tons/year of propylene carbonate upon completion [2] - Propylene Oxide Performance: The company has a propane dehydrogenation capacity of 600,000 tons/year and an epoxy propane capacity of 300,000 tons/year. As of January 16, the price of epoxy propane is 8,620 yuan/ton, having increased by 700 yuan/ton weekly and 1,675 yuan/ton (24.12%) since the price low in 2025, indicating a significant improvement in profitability [3]