Minsheng Securities·2025-09-01 13:10Investment Rating - The report maintains a "Buy" rating for key companies such as Shengquan Group and Hailide. Both companies are expected to benefit from their respective market positions and macroeconomic factors [3]. Core Insights - The report emphasizes the strong performance of Shengquan Group, a major domestic supplier of electronic resins for AI servers, which is expected to see a sequential increase in performance due to rising server shipments [1][3]. - Hailide, a leading company in the polyester industrial yarn sector, is highlighted for its advantages stemming from the US tariff conflicts, which are expected to enhance its profitability [1]. - The report notes that the export window for phosphate fertilizers has opened, with high demand anticipated to continue, benefiting large phosphate chemical companies like Yuntianhua [1]. Summary by Sections Chemical Industry Overview - The chemical sector index closed at 4064.30 points, up 1.11% from the previous week, underperforming the CSI 300 index by 1.60% [9]. - Key chemical products such as acrylic acid methyl ester and NYMEX natural gas saw significant price increases, with the former rising by 8% [17][18]. Key Chemical Sub-sectors - Polyester Filament: Prices have slightly increased, with POY averaging 6865 CNY/ton, up 80 CNY/ton from the previous week. The market remains cautious due to slow demand recovery [20][21]. - Tire Industry: The operating rate for the full steel tire sector is at 64.89%, showing a slight decrease, while raw material prices are experiencing fluctuations [32][37]. Fertilizer Sector - The report indicates that phosphate fertilizer exports are expected to alleviate domestic overcapacity issues, with the first batch of exports scheduled for peak periods from May to September [1]. Company Profit Forecasts - Shengquan Group is projected to have an EPS of 1.53 CNY in 2025, with a PE ratio of 22, while Hailide is expected to have an EPS of 0.37 CNY with a PE of 17 [3].