鼎际得POE项目中试投产 申万宏源看好未来发展空间

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].