鼎际得（603255）：深耕高分子助剂，POE项目打开未来发展空间

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][7]. Core Views - The company focuses on high-performance polymer catalysts and antioxidants, with a strategic expansion into POE (Polyolefin Elastomer) projects, which are expected to drive future growth [6][7]. - The domestic demand for POE is currently reliant on imports, presenting a significant opportunity for local production as the company aims to become a key player in this market [6][10]. Summary by Sections 1. Polymer Catalysts and Chemical Additives - The company has been deeply engaged in the polymer catalyst and antioxidant sectors since its establishment in 2004, gradually establishing a dual focus on catalysts and antioxidants [18][21]. - As of the end of 2024, the company has a production capacity of 400 tons for catalysts, 38,500 tons for single antioxidants, and 28,500 tons for compound additives, with additional capacities under construction [21][25]. 2. Expansion of Polymer Materials and Chemical Additives - The market for polymer materials and their chemical additives is expanding, driven by increasing domestic production and a shift towards local sourcing [44]. - The average annual growth rates for primary forms of plastics, chemical fibers, and synthetic rubber in China from 2014 to 2023 were 6.8%, 6.2%, and 6.3%, respectively, indicating a robust market for domestic catalysts and additives [44]. 3. Strategic Positioning in POE - The company is strategically positioned in the POE market, with plans for a 400,000 tons/year POE joint facility and a 300,000 tons/year α-olefin facility, with the first phase expected to commence production in 2025 [6][10]. - The domestic POE consumption is projected to reach approximately 910,000 tons in 2024, all of which is currently imported, highlighting a significant opportunity for local production [6][63]. 4. Profit Forecast and Valuation - The company is expected to achieve a net profit of 92 million yuan in 2025, with projections of 177 million yuan in 2026 and 360 million yuan in 2027, corresponding to PE ratios of 42, 22, and 11, respectively [2][7]. - The average PE ratios for comparable companies in the industry for the same period are 36, 25, and 21, indicating that the company's valuation may be attractive as its POE projects come online [7].