Core Viewpoint - Dongjide (603255) has been assigned an "Accumulate" rating by Shenwan Hongyuan, with expectations of significant profit growth driven by its POE projects, which are projected to yield lower PE valuations compared to industry averages by 2026 [1][2]. Company Overview - Dongjide specializes in high polymer catalysts and antioxidants, with a focus on developing its POE business as a second growth curve. The company has established a strong foundation in catalyst and antioxidant production since its inception in 2004 and 2006, respectively [2]. - As of the end of 2024, Dongjide's existing production capacity includes 400 tons of catalysts, 38,500 tons of single antioxidants, and 28,500 tons of compound agents, with additional capacities under construction [2]. POE Project Development - Dongjide is advancing its POE project with a planned capacity of 400,000 tons/year for POE and 300,000 tons/year for α-olefins. The first phase, which includes a 200,000 tons/year POE unit, is expected to commence production in 2025 [2]. - The performance of POE products is highlighted as superior, with domestic demand currently reliant on imports. The company aims to capitalize on the trend of domestic production breakthroughs in the POE market [2][3]. Market Context - In 2024, domestic POE consumption is estimated at 910,000 tons, primarily sourced from imports, with the photovoltaic sector's demand for POE on the rise. Major overseas producers include Dow Chemical, ExxonMobil, and LG Chem [3]. - Dongjide is positioned to become the second domestic company, after Wanhua Chemical, to establish a POE production facility exceeding 100,000 tons, thus participating in the growing trend of domestic production [3].

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][7]. Core Views - The company focuses on high-performance polymer catalysts and antioxidants, with a strategic expansion into POE (Polyolefin Elastomer) projects, which are expected to drive future growth [6][7]. - The domestic demand for POE is currently reliant on imports, presenting a significant opportunity for local production as the company aims to become a key player in this market [6][10]. Summary by Sections 1. Polymer Catalysts and Chemical Additives - The company has been deeply engaged in the polymer catalyst and antioxidant sectors since its establishment in 2004, gradually establishing a dual focus on catalysts and antioxidants [18][21]. - As of the end of 2024, the company has a production capacity of 400 tons for catalysts, 38,500 tons for single antioxidants, and 28,500 tons for compound additives, with additional capacities under construction [21][25]. 2. Expansion of Polymer Materials and Chemical Additives - The market for polymer materials and their chemical additives is expanding, driven by increasing domestic production and a shift towards local sourcing [44]. - The average annual growth rates for primary forms of plastics, chemical fibers, and synthetic rubber in China from 2014 to 2023 were 6.8%, 6.2%, and 6.3%, respectively, indicating a robust market for domestic catalysts and additives [44]. 3. Strategic Positioning in POE - The company is strategically positioned in the POE market, with plans for a 400,000 tons/year POE joint facility and a 300,000 tons/year α-olefin facility, with the first phase expected to commence production in 2025 [6][10]. - The domestic POE consumption is projected to reach approximately 910,000 tons in 2024, all of which is currently imported, highlighting a significant opportunity for local production [6][63]. 4. Profit Forecast and Valuation - The company is expected to achieve a net profit of 92 million yuan in 2025, with projections of 177 million yuan in 2026 and 360 million yuan in 2027, corresponding to PE ratios of 42, 22, and 11, respectively [2][7]. - The average PE ratios for comparable companies in the industry for the same period are 36, 25, and 21, indicating that the company's valuation may be attractive as its POE projects come online [7].

Core Viewpoint - The successful pilot production of the POE project by Dingjide marks a significant breakthrough in domestic production capabilities, demonstrating the company's advanced self-developed metallocene catalyst technology and its potential to reduce reliance on imports [1][2][4]. Group 1: Company Developments - Dingjide's pilot production facility for POE has commenced operations and is producing stable outputs, validating the performance of its self-developed metallocene catalyst [1][2]. - The company has achieved a significant milestone by overcoming key production challenges associated with metallocene catalysts, high carbon α-olefins, and polymerization processes, which have historically hindered domestic POE production [2][4]. - Dingjide's self-developed metallocene catalyst has reached industry-leading standards, enhancing its production capabilities and cost control, thereby improving its profit margins and risk resilience [2][4][5]. Group 2: Market Dynamics - The POE market has seen price increases from major players like LG Chem and Dow Chemical, attributed to rising demand in sectors such as photovoltaic cells and electric vehicles, alongside limited domestic production capacity [3][4]. - The high cost of raw materials, including metallocene catalysts and α-olefins, has been a significant factor in the pricing dynamics of POE, with domestic production still heavily reliant on imports [3][4]. - Despite concerns about potential overcapacity and price declines in the POE market, the production process for POE is complex and lengthy, suggesting that new entrants will face significant challenges in achieving commercial viability [6][7]. Group 3: Future Outlook - The long-term outlook for the POE market remains positive, with expectations of reduced production costs and increased market competitiveness as domestic capacities gradually come online [7][8]. - Dingjide's strategic positioning as a supplier of key materials, including metallocene catalysts, is expected to provide it with a competitive edge in the evolving market landscape [5][8]. - The company's advancements in technology and comprehensive industry chain layout are likely to position it favorably in the upcoming market transformations, potentially leading the domestic POE industry to new heights [8].

Group 1 - The core viewpoint of the news is that the construction of Liaoning Dingjide's high-end POE material project has reached a significant milestone with the successful installation of the T1402 stripping tower, marking the transition to the full construction phase of the α-olefin facility [1] - The project includes a total capacity of 30,000 tons/year for the α-olefin facility, which is crucial for producing POE, addressing the domestic supply shortage that has long relied on imports [2] - The project team utilized a combination of a 1,400-ton crawler crane and a 260-ton crawler crane to complete the installation process in just six days, demonstrating effective project management and execution [1] Group 2 - The first phase of the project will establish a 200,000 tons/year POE joint facility, a 300,000 tons/year α-olefin facility, and a 400 Nm³/h electrolysis hydrogen production unit [2] - The innovative process adopted in the project aims to resolve key technical issues related to the impact of solid oligomers on heat and mass transfer during the polymerization reaction [2] - The project team has implemented a strict quality control system, ensuring comprehensive supervision from raw material inspection to various construction stages [1]

证券代码：603255 证券简称：鼎际得 公告编号：2025-027 辽宁鼎际得石化股份有限公司 关于 POE 高端新材料项目的进展公告 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法律责任。 重要内容提示： 辽宁鼎际得石化股份有限公司（以下简称"公司"）的控股子公司辽宁鼎 际得石化科技有限公司（以下简称"石化科技"）于近日完成 POE 高端新材 料项目中试装置投产，已成功产出合格 POE 产品。 一、投资项目概述 公司于 2023 年 1 月 11 日召开 2023 年第一次临时股东大会，审议通过了《关 于全资子公司投资建设 POE 高端新材料项目的议案》，同意石化科技投资建设 POE 高端新材料项目（以下简称"本项目"）。 公司于 2023 年 8 月 14 日召开 2023 年第四次临时股东大会，审议通过了《关 于 POE 高端新材料项目变更及签署投资协议的议案》，同意公司根据本项目进展 情况变更 POE 高端新材料项目的建设投资方案，同意石化科技与大连长兴岛经 济技术开发区管理委员会（以下简称"管理委员会"）签署《辽宁鼎际得石 ...

鼎际得2022年8月18日在上交所主板上市，发行数量为3,336.6667万股，全部为新股，无老股转让，发行 价格为21.88元/股，保荐机构(主承销商)为海通证券股份有限公司(现名"国泰海通证券股份有限公司")， 保荐代表人为丁尚杰、陈邦羽。 鼎际得首次发行募集资金总额为73,006.27万元，募集资金净额为65,690.27万元。鼎际得2022年7月18日 披露的招股书显示，公司募集资金计划用于"年产15000吨烷基酚、15000吨抗氧剂项目"、"年产125吨聚 烯烃催化剂装置新建项目"、"年产300吨聚烯烃催化剂、13000吨改性剂、7000吨预混剂、6500吨抗氧剂 项目"、"补充流动资金项目"。 中国经济网北京5月26日讯鼎际得（603255）(603255.SH)2024年年度报告显示，2024年，公司实现7.81 亿元，同比增长3.20%；归属于上市公司股东的净利润-1213.21万元，同比减少119.77%；归属于上市公 司股东的扣除非经常性损益的净利润-1214.64万元，同比减少120.29%；经营活动产生的现金流量净额 1.34亿元，同比增长18.42%。 | | | | - 14.1 ...

证券代码：603255 证券简称：鼎际得 公告编号：2025-026 辽宁鼎际得石化股份有限公司 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法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 21 日 (二)股东大会召开的地点：辽宁鼎际得石化股份有限公司会议室（营口市老边区 柳树镇） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 76.7690 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长张再明先生主持。会议采用现场投 票和网络投票相结合的表决方式进行表决。会议的召开和表决程序符合《公司法》 及《公司章程》的规定，会议合法有效。 | 股东类型 | | 同意 | | 反对 | | 弃权 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 票数 | | 比例 | | | | ...

中国上海市延安东路 222 号外滩中心 40 楼 200 Tel/电话:(8621) 6249 6040 Fax/传真:(8621) 6248 22 Website/网址: www.jinmao.com.cn 上海市金茂律师事务所 关于辽宁鼎际得石化股份有限公司 2024年年度股东大会之法律意见书 致:辽宁鼎际得石化股份有限公司 辽宁鼎际得石化股份有限公司（以下简称"公司"）2024年年度股东大会（以 下简称"本次股东大会"）于 2025 年 5 月 21 日下午在公司会议室召开。上海市金 茂律师事务所(以下简称"本所")经公司聘请并接受公司委托,委派茅丽婧律师、 马也律师(以下简称"本所律师")出席本次股东大会,并根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、中国证券监督管理委员会公布的《上市公司股东会规则》（以下简称 "《股东会规则》")等相关法律、法规和规范性文件以及《辽宁鼎际得石化股份 有限公司章程》（以下简称"《公司章程》"），就本次股东大会的召集、召开程 序、出席会议人员资格、表决程序、表决结果等发表法律意见。 本所律师同意公司将本 ...

(三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 67 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 103,340,061 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 76.7690 | 证券代码：603255 证券简称：鼎际得 公告编号：2025-026 辽宁鼎际得石化股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 21 日 (二)股东大会召开的地点：辽宁鼎际得石化股份有限公司会议室（营口市老边区 柳树镇） (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长张再明先生主持。会议采用现场投 票和网络投票相结合的表决方式进行表决。会议的召开和表决程序符合《 ...