其他化学原料行业事件点评：供需偏紧，正丙醇近期涨价

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The recent price of n-propanol reached 10,800 RMB/ton, marking a 5.4% increase from the previous day, a 13.7% increase from a week ago, a 20.0% increase from a month ago, and a 45.9% increase since the beginning of the year [3] - The demand for n-propanol is expected to grow due to the expansion of downstream acetic propyl ester production capacity, with projected demand increments of 93,000 tons and 136,000 tons for 2024 and 2025 respectively [3] - The supply side shows that n-propanol production capacity has remained at 270,000 tons/year with no new capacity expected in the next two years, leading to a tight supply-demand situation [3] Summary by Sections Industry Performance - The relative returns over the past month, three months, and twelve months are 1.9%, 0.4%, and -11.4% respectively, while absolute returns are 4.8%, 19.1%, and -1.4% [3] Demand Analysis - The main application of n-propanol is in the synthesis of acetic propyl ester, accounting for 65% of its usage, with other applications in pharmaceutical intermediates, pesticide intermediates, and solvents [3] - The production of acetic propyl ester is increasing, with new capacities coming online in Anhui and Shandong, which will drive up the demand for n-propanol [3] Supply Analysis - Current operating rates for n-propanol are around 80%, indicating limited room for further increases [3] - Major domestic producers include Nanjing Nuoao, Luxi Chemical, Ningbo Juhua Chemical, and Nanjing Rongxin Chemical, with a concentrated supply structure [3] - The import of n-propanol is constrained by anti-dumping duties imposed on U.S. imports, which are between 254.4% and 267.4% [3] Investment Recommendations - The report suggests that the tight supply-demand balance for n-propanol will likely maintain high prices, benefiting companies with n-propanol production capacity [3]