基础化工行业跟踪分析：香兰素反倾销初裁落地，海外布局企业受益

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The preliminary ruling on anti-dumping duties for vanillin from China has been announced, with a tax rate of 186.20% for Chinese producers/exporters, expected to finalize by May 30, 2025 [5] - Vanillin, known as the "king of food flavorings," has a global consumption of over 20,000 tons annually, with China's market consumption around 2,000-2,500 tons [5] - The market for vanillin is highly concentrated, with China being a major supplier globally, exporting 17,500 tons by 2023, including 2,617 tons to the U.S. and 4,789 tons to the EU, accounting for 42.25% of total exports [5] - The U.S. and EU have initiated anti-dumping and countervailing investigations against Chinese vanillin, with the U.S. imposing a combined tax rate of 213.53% [5] - Companies with overseas operations, such as those exporting from Thailand, are expected to benefit from tax exemptions and increased profit margins due to regional supply-demand imbalances [5] Summary by Sections - Industry Rating: The report maintains a "Buy" rating for the industry, indicating expected strong performance relative to the market [2] - Market Dynamics: The report highlights the high concentration of the vanillin market and China's dominant role in production and export [5] - Regulatory Environment: The report discusses the implications of anti-dumping and countervailing duties imposed by the U.S. and EU on Chinese vanillin exports [5] - Investment Opportunities: The report suggests that companies with overseas production bases will have a competitive advantage in the current regulatory landscape [5]