Dongfang Shenghong (000301) said during institutional research that EVA is still the company's dominant variety, and gross margin remains at a high level. With the successful completion and commissioning of the company's vinyl acetate production capacity in 2023, both ethylene and vinyl acetate, the upstream raw materials for the company's EVA products can be completely self-supplied. The advantages of integration are obvious, and the leading edge in the industry is still outstanding. Production of the company's EVA equipment has been running smoothly since this year, with full production and sales. The gross margin of photovoltaic grade EVA products is close to 40% in 2023. With the gradual recovery of downstream demand after the 2024 Spring Festival, the price of EVA particles has rebounded slightly recently. The supply of new devices in 2024 is limited, and demand in downstream photovoltaics, shoe materials, cables, hot melt and other fields continues to grow. It is expected that EVA will still be in a boom cycle with a tight balance between supply and demand.