GDHEC CO.,LTD(SH:600673) GOLDEN SUN SECURITIES·2025-10-13 03:09Investment Rating - The report maintains a rating of "Buy" for Dongyangguang [5] Core Viewpoints - The basic chemical sector is experiencing a configuration opportunity, with the index having adjusted from a high of 9565.18 points to a low of 3876.11 points, a cumulative decline of 59.5% from September 2021 to February 2024. The sector has shown a strong performance with a cumulative increase of 20.9% from July 11 to October 10 [1][3] - Dongyangguang's strategic acquisition of Qinhuai Data is expected to enhance its capabilities in AI infrastructure and cooling solutions, positioning the company to leverage high-performance computing demands [2][7] - The integration of Qinhuai Data is anticipated to facilitate a transition from single product offerings to ecosystem development, enhancing collaboration across multiple dimensions [2] Summary by Sections Industry Trends - The basic chemical sector has seen a continuous decline in construction project growth rates, with a negative growth rate of -7.3% expected by Q1 2025. However, the sector is currently experiencing a resurgence due to a trend against excessive competition [1] - The report highlights the increasing importance of liquid cooling solutions in the context of AI infrastructure development, with Dongyangguang positioned as a leading player in the fluorochemical industry [7] Company Analysis - Dongyangguang is projected to achieve an EBITDA close to 4 billion RMB by 2025 following the acquisition of Qinhuai Data, which will provide access to major internet clients and enhance its market presence [2] - The company is focusing on developing comprehensive cooling solutions and energy management systems, leveraging its expertise in capacitors and strategic partnerships [7]