东北证券：聚酯瓶片集中减产 产业链利润有望修复

Group 1 - The core viewpoint is that the polyester bottle chip industry is expected to recover due to recent production cuts and an end to industry expansion, leading to an improved supply-demand balance [1][2] - Polyester bottle chip companies have announced a total production cut of 3.36 million tons, accounting for approximately 16.3% of total capacity [1] - Major companies involved in production cuts include China Resources Chemical, which plans to reduce production by 20% (660,000 tons), and Chongqing Wankai, which will cut 600,000 tons per year starting July 1 [1] Group 2 - Global demand for polyester bottle chips is projected to grow by about 8.2% year-on-year in 2024, with new production capacity primarily concentrated in mainland China [2] - By the end of 2024, global polyester bottle chip production capacity is expected to reach 4.262 million tons per year, with 4.17 million tons coming from new capacity in China [2] - The concentrated production expansion phase is nearing its end, which is anticipated to lead to a gradual recovery in bottle chip prices and restoration of industry chain profits [2]