华泰证券：供需逐步向好下PC或迎景气周期

Core Viewpoint - The report from Huatai Securities indicates that the turning point for the supply and demand of polycarbonate (PC) in China is becoming increasingly clear, driven by demand from downstream sectors such as new energy vehicles and an increase in self-sufficiency leading to export growth and domestic substitution [1] Supply and Demand Analysis - The demand side is expected to maintain high growth due to direct stimulation from downstream sectors like new energy vehicles [1] - The supply side is projected to see limited new capacity additions in the industry from 2025 to 2027, while existing capacity continues to be digested, leading to a recovery in industry operating rates [1] - Industry operating rates are expected to reach 87% in 2025, 94% in 2026, and 95% in 2027, indicating a significant improvement in supply-demand dynamics [1] Industry Outlook - With the continuous improvement in supply and demand, the PC industry is anticipated to gradually enter a prosperous cycle [1]