HONGHUI(002802) 海通国际证券·2025-03-14 13:58Investment Rating - The report does not explicitly state an investment rating for the company [1]. Core Insights - The company is a leading player in the specialty vinyl chloride copolymer industry and is one of the few globally that can waterborne special vinyl chloride copolymers and promote their application [2][3]. - The company focuses on the R&D, production, and sales of vinyl chloride-vinyl acetate copolymerization resin and vinyl chloride copolymer emulsion, with a strong emphasis on water-based emulsion products as a key direction for future development [4][5]. - The specialty vinyl chloride copolymer industry is rapidly developing, with products being sold directly to developed countries such as Europe and the United States [4]. - The company has successfully entered the procurement systems of major global manufacturers in the ink and coating sectors, including DIC, SUNCHEMICAL, and AKZO NOBEL [4][5]. Summary by Sections Company Overview - The company is engaged in the R&D, production, and sales of various copolymer products, including vinyl chloride-vinyl acetate copolymerization resin and vinyl chloride copolymer emulsion [2][3]. - It has developed a range of products that are essential for various applications, including inks, coatings, and adhesives [2]. Industry Development - The specialty vinyl chloride copolymer industry is experiencing rapid growth, driven by the development of various downstream industries such as food, medicine, and construction [4]. - The increasing awareness and acceptance of the performance of specialty vinyl chloride products are contributing to the industry's expansion [4]. Future Focus - The company aims to focus on water-based emulsion (resin) products, which are expected to see broader application in the future, particularly in the context of environmental protection and health [5]. - According to the company's 2023 annual report, the design capacity for water-based emulsion (resin) is 60,000 tons per year, indicating significant growth potential in this area [5].