JIANYE CHEMICAL(SH:603948)2024-12-02 12:42Investment Rating - The report does not explicitly state an investment rating for Zhejiang Jianye Chemical (603948 CH) Core Insights - The company's main business includes the production, research and development, and sales of fine chemicals such as low-carbon fatty amines, electronic chemicals, acetate, plasticizers, and hazardous waste disposal. The fine chemical products have a wide application scope and high added value, serving various industries and high-tech sectors. Domestic and foreign demand for chemical products is expected to resume growth, with domestic substitution and new energy demand being key drivers for the future development of the industry [1][5]. Summary by Relevant Sections Low-Carbon Fatty Amines - Low-carbon fatty amines are important synthetic raw materials widely used in pesticides, pharmaceuticals, new energy materials, coatings, dyes, catalysts, curing agents, cosmetics, food additives, fertilizer slow-release agents, and preservatives. The demand for low-carbon fatty amines has been stable in the pesticide and pharmaceutical sectors, while the growth in the new energy sector has further expanded the demand. In the first half of 2024, the company's sales of low-carbon fatty amines reached 56,622.05 tons, a year-on-year decrease of 5.40% due to weak downstream demand and increasing competition [2][6]. Electronic Chemicals - The electronic chemicals segment includes products such as electronic-grade ammonia, electronic-grade isopropyl alcohol, and ultrapure ammonia, which are essential in the semiconductor and photovoltaic industries. The demand for ultra-clean and high-purity wet electronic chemicals has been increasing due to the rapid development of semiconductors, liquid crystal panels, and solar cells. In the first half of 2024, key projects in this segment entered trial production, including an annual output of 17,000 tons of electronic chemicals, with specific projects for ultrapure ammonia, electronic-grade ammonia, and electronic-grade isopropyl alcohol reaching operational standards [3][7][8].