EBSCN·2025-04-08 07:16Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - DuPont is under investigation for antitrust violations in China, which may accelerate the domestic substitution process for ion exchange resins [5] - DuPont's sales in the Asia-Pacific region account for 43% of its total sales, with significant contributions from electronic and water treatment sectors [4] - The water treatment and protection business of DuPont generated sales of $5.6 billion in 2023, with a slight decline expected in 2024 [5] - The investigation could benefit domestic leaders in ion exchange resins, such as Bluestar Technology and Zhengguang Co., as they may capture market share previously held by DuPont [5][6] Summary by Sections Industry Overview - The global market for ion exchange resins used in ultra-pure water production reached $1.34 billion in 2023 and is projected to grow to $2.3 billion by 2030, with a CAGR of 8.5% from 2024 to 2030 [6] Company Insights - DuPont plans to spin off its electronic business by November 2025, while retaining its water treatment business [4] - The water treatment business's sales are expected to decline slightly in 2024 but show growth in the second half of the year [5] Market Dynamics - The antitrust investigation may catalyze the domestic production of ion exchange resins, particularly in industrial water treatment [5] - Domestic manufacturers are actively pursuing high-end applications in sectors like semiconductors and nuclear industries [6]