Guohai Securities·2025-06-08 09:30Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The chemical industry is expected to enter a replenishment cycle, driven by the recovery of demand and limited supply in certain sectors [30] - The chromium salt and phosphate rock sectors are highlighted as key areas of focus due to their potential for growth and value reassessment [4][6] - The report emphasizes the importance of companies with cost advantages and stable market positions, particularly in the context of rising prices for key products [10][30] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 2.4% over the last month, 1.0% over the last three months, and 8.9% over the last year, outperforming the CSI 300 index [3] Key Opportunities - Focus on chromium salt and phosphate rock industries, with expectations of continued demand growth in fine phosphorus chemicals and lithium iron phosphate batteries [7] - Companies like Zhuhai Holdings and Baitian Co. are noted for their capacity expansions and potential for increased profitability [7][9] Price Trends - Recent price adjustments include a decrease in metal chromium prices from 76,000 yuan/ton to 73,000 yuan/ton, reflecting market fluctuations and demand shifts [5][17] - Phosphate rock prices are stable at 1,038 yuan/ton, with expectations of a reassessment of value due to supply constraints [19] Company Focus - Companies such as Zhuhai Holdings and Baitian Co. are highlighted for their strategic advantages in technology innovation, cost reduction, and capacity expansion [5][7] - The report suggests that leading companies in the chemical sector are entering a long-term upward performance cycle, supported by their competitive advantages [8][30] Investment Recommendations - The report recommends a focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Yantai Chemical, as well as those in the chromium salt and phosphate rock sectors [9][10] - High dividend yield companies, particularly state-owned enterprises, are also recommended for their stable returns and resource advantages [10][11]