Feymer(SH:688350) Zheng Quan Zhi Xing·2025-06-03 11:23Core Insights - The company has completed the first phase of the Anqing project, which has an annual production capacity of 70,000 tons of polymer chemicals, including 50,000 tons of polypropylene and 20,000 tons of CPA [1] - The project is expected to start trial production in the second quarter of 2025, with construction progress reaching approximately 90% for key installations [1][2] - The project aims to achieve full production capacity within five years, with projected revenues of 798.67 million yuan at full capacity [2] Project Development - The Anqing project has received significant funding, including 11.56 million yuan in government special funds and 225.39 million yuan in bank loans [1] - The project has successfully completed essential environmental and safety assessments, and the main structure has been capped [1] - The production preparation, personnel training, and trial production plans are being actively advanced to ensure a smooth transition to operational status [1] Market Potential - The company’s products, including APAM and CPAM, are expected to meet growing market demands in various sectors such as water treatment and oil extraction [2] - The market for water treatment chemicals is expanding due to increased environmental regulations and investments from downstream enterprises [2] - The company holds a significant market share in the high-end polymer sector, with a strong focus on R&D and product quality [3][5] R&D and Competitive Advantage - The company is a leader in the bio-method production of acrylic acid, achieving high conversion rates and product purity [3] - Continuous collaboration with universities and research institutions enhances the company’s production processes and technological standards [3] - The company’s high-end acrylic products have competitive pricing and performance compared to international counterparts, with purity levels reaching 98.9% [3]