基础化工：醋酸正丙酯新产能投放，正丙醇需求价格双升

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The price of n-propanol has been rising due to a supply-demand gap driven by new capacity for n-propyl acetate, with the average market price of n-propanol reaching 10,900 RMB/ton as of November 18, 2024, marking a daily increase of 0.93% and a weekly average increase of 10.66% [2] - The effective capacity for n-propyl acetate in China is 560,000 tons/year as of 2023, with an additional nominal capacity of 150,000 tons/year expected by the end of 2024 [2] - The demand for n-propanol is projected to continue increasing, with a supply gap of at least 20,000 tons/year expected in 2024 and 82,000 tons/year in 2025, which will drive prices higher [2][5] Summary by Sections Market Dynamics - The n-propanol market is experiencing a significant price increase, with a year-to-date average price rise of 45.95% compared to the beginning of the year [2] - The domestic n-propanol production capacity is 270,000 tons, with no clear plans for new capacity in the next two years, maintaining an operating rate around 80% [2] Demand and Supply Analysis - The demand for n-propanol is primarily driven by its use in producing n-propyl acetate, which is expected to see a stable growth in demand due to its applications in the printing ink industry [2] - The global market for n-propyl acetate is projected to reach USD 742 million by 2032, with a CAGR of 6.09% [2] Investment Recommendations - It is recommended to pay attention to companies involved in n-propanol production, specifically Sanwei Chemical, Luxi Chemical, and Juhua Co., Ltd. [6]