基础化工行业深度报告：成本优势构筑国内化工行业龙头核心竞争力

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Wanhua Chemical, Hualu Hengsheng, Longbai Group, Xinyangfeng, Yuanxing Energy, Tongkun Co., Satellite Chemical, and Huafeng Chemical [29]. Core Insights - The Chinese chemical industry has rapidly developed from a weak starting point, overcoming Western technological blockades to establish a relatively complete industrial chain, leading to significant global market positions in various chemical products [17][45]. - China's chemical industry has become a major contributor to global chemical production capacity, achieving breakthroughs in multiple product categories and transitioning from an importer to a leader in the global market [45][69]. - Cost advantages, driven by resource endowments and industrial chain improvements, have become the core competitive strength of leading companies in the chemical sector [50][59]. Summary by Sections Section 1: Development of the Chemical Industry - The Chinese chemical industry began its development in the late Qing Dynasty but faced significant challenges due to limited national strength and technological barriers from Western countries [17][19]. - Post-reform, the industry has seen rapid growth, particularly in coal and petrochemical sectors, establishing a stable supply system for energy and chemical raw materials [21][23]. Section 2: Cost Advantages - The report highlights that large-scale production and industrial park integration have significantly reduced logistics and environmental costs compared to Western countries [50][56]. - China's abundant resources and efficient procurement systems have led to lower raw material costs, enhancing the competitive edge of domestic chemical companies [59][60]. Section 3: Capacity Expansion and Market Leadership - The report notes that China has achieved significant capacity expansions in products like titanium dioxide and MDI, with market shares reaching 53% and 45% respectively by 2023 [45][69]. - Leading companies are expected to further increase their global market share through capacity expansion and cost control measures [50][59]. Section 4: Policy Support and Future Outlook - The report emphasizes that supportive policies and a focus on energy conservation and emission reduction will continue to drive down costs for leading companies in the chemical sector [50][69].