Open Securities: Maintains a "buy" rating for Sanyou Chemical, new electronic chemicals project opens up new growth opportunities.

Open Source Securities Research Report pointed out that Sanyou Chemical is a leader in the viscose staple fiber and organic silicon industries, and the new electronic chemical project opens up new growth space. The company is vigorously implementing the "three transformations" strategy of turning towards the ocean, transitioning to green, and transforming towards high quality, focusing on building a "three-chain one group" industrial layout. By the end of 2025, the company's annual production capacity of soda ash, viscose staple fiber, PVC, caustic soda, and organic silicon monomer will reach 3.4 million tons, 800,000 tons, 525,000 tons, 628,000 tons, and 400,000 tons respectively, making it a leading enterprise in multiple segmented fields in China. The company's production cost advantages in the two alkalis and one chemical circular economy are evident, and in the future, it will enter the new materials racetrack of organic silicon, wet electronic chemicals, and sodium electric materials relying on the "three-chain one group" layout, further opening up new growth space. It is expected that the company's net profit attributable to the parent company in 2026-2028 will be 866 million, 1.282 billion, and 1.779 billion yuan respectively, with EPS of 0.42, 0.62, and 0.86 yuan per share. The current stock price corresponds to a PE ratio of 13.4, 9.0, and 6.5 times for 2026-2028, maintaining a "buy" rating.