政策破局化工行业“内卷” 赞宇科技未来增长动能强劲

Core Viewpoint - The governance of "involution" competition in China is deepening, with policies aimed at accelerating the elimination of outdated capacity in the chemical industry, promoting high-quality development by concentrating resources on leading companies with technological advantages and cost control [1] Industry Summary - The global surfactant market is expected to reach sales of $32.97 billion in 2025 and $39.36 billion in 2031, with a CAGR of 3.00% from 2025 to 2031 [2] - The market is witnessing a trend where downstream companies are increasingly selective in choosing suppliers, favoring larger, reputable companies with high-quality products, leading to a more optimized competitive landscape [2] Company Summary - Zanyu Technology (002637.SZ) operates a dual business model of surfactants and oil chemical products, with surfactants being the core business and oil chemical products serving as the growth driver [2] - The company has established a strong position in the domestic AES market, with a market share of 34.91% in 2024, producing 371,300 tons and achieving a sales volume of 372,700 tons [4] - Zanyu Technology has a palm oil production base in Indonesia, providing advantages in procurement costs, convenience, and production efficiency, enhancing its profitability [3][4] - The company is developing an integrated supply chain model that combines surfactant production with OEM/ODM services for daily chemical products, aiming to reduce costs and enhance market competitiveness [3]