Core Viewpoint - The report from Open Source Securities highlights the advancement of WanKai New Materials' rPET and oxalic acid projects, indicating that the dual drivers of growth will support the company's development, maintaining a "Buy" rating [1] Group 1: Project Developments - The company announced two project construction updates, including the establishment of a joint venture for the investment and construction of a biological enzymatic hydrolysis PET recycling project and a technical transformation project for an annual production of 100,000 tons of oxalic acid [1] - The launch of these projects is expected to facilitate multi-faceted growth for the company [1] Group 2: Market Dynamics - The main business of bottle-grade PET is experiencing a reversal of internal competition, with a favorable supply-demand landscape anticipated in the future, solidifying the company's development foundation [1] - The production of lithium iron phosphate using oxalic acid as a raw material, through the ferrous oxalate method, is expected to yield high-end products with high pressure density and reduced cycle degradation [1] Group 3: Industry Trends - The expansion of lithium iron phosphate production using the ferrous oxalate method is concentrated in Sichuan, which is expected to drive an increase in the company's oxalic acid demand [1]
研报掘金丨开源证券：维持万凯新材“买入”评级，瓶片反内卷下双轮驱动公司成长