Minsheng Securities·2025-04-28 12:08Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Guoguang Co., Shengquan Group, and others as strong investment opportunities [4]. Core Insights - The chemical market is experiencing active trading, with growth stocks presenting favorable allocation opportunities. The report highlights the "Five Tigers" of Minsheng Chemical, which includes Shengquan Group, Guoci Materials, Guoguang Co., Amway Co., and Polymeric Co. [1][4]. - Phosphate fertilizer demand remains stable, with high prices for phosphate rock expected to continue due to increased entry barriers and a delayed supply release from new mines [1]. - The report suggests focusing on large phosphate chemical enterprises with integrated advantages, such as Yuntianhua, Xingfa Group, Chuanheng Co., and Chuanfa Longmang [1]. Summary by Sections Chemical Sector Overview - The basic chemical industry index closed at 3335.36 points, up 2.71% from the previous week, outperforming the CSI 300 index by 2.32% [10]. - Among 462 stocks in the chemical sector, 298 stocks rose (65%), while 148 stocks fell (32%) [16]. Key Chemical Products - The report tracks 380 chemical products, with 59 products seeing price increases and 119 products experiencing declines. Notable price increases were observed in liquid chlorine, sulfuric acid, and MDI [21]. - Liquid chlorine prices surged by 105% to 41 CNY/ton, while sulfuric acid prices rose by 21% to 100 CNY/ton [22]. Subsector Tracking - Polycarbonate (PC) production capacity is expected to grow from 875,000 tons in 2018 to 3,810,000 tons by 2024, with a gradual improvement in supply-demand balance anticipated from 2025 to 2029 [2]. - The organic silicon sector is projected to see a recovery in supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024 [2]. Company Profit Forecasts - Guoguang Co. is forecasted to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 24 [4].