ZHENGGUANG(SZ:301092) 光大证券研究·2025-05-14 13:54Core Viewpoint - The company has established a strong position in the ion exchange and adsorption resin industry, focusing on technological advancements and market expansion to become a global leader in adsorption separation materials. Group 1: Company Overview - The company was founded in 1996 and has nearly 30 years of experience in the ion exchange and adsorption resin sector, integrating R&D, production, and sales [2] - It currently has 6 subsidiaries and 3 main production bases, maintaining a leading position in the domestic market and participating in drafting national and industry standards [2] - The company is recognized internationally as a member of the Water Quality Association (WQA), enhancing its technical strength and brand influence [2] Group 2: Production Capacity and Future Projects - The company has a designed production capacity of 19,750 tons for ion exchange and adsorption resins, 2,300 tons for macroporous adsorption resins, and 15,000 tons for food-grade treatment resins [3] - A new functional polymer material project is being developed in Jingmen, Hubei, with a total investment of 1 billion RMB, aiming for a total production capacity of 54,880 tons per year [3] - The first phase of this project is expected to produce 39,000 tons per year and is projected to commence production in the second half of 2025, which will further enhance the company's market position [3] Group 3: Market Trends and Competitive Advantages - The electronic-grade polishing resin market in China has grown from 2.7 billion RMB in 2018 to 4.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of approximately 10.5%, expected to reach 6 billion RMB by 2025 [4] - The company is actively promoting domestic substitution in high-end fields such as semiconductors within the electronic-grade polishing resin sector [4] - The global nuclear-grade resin market was approximately 12.9 million USD in 2023, projected to grow to 16.4 million USD by 2030, with a CAGR of 3.49% [4] - The company holds a significant competitive advantage in the nuclear-grade resin field, being the first domestic enterprise to obtain access qualifications in the nuclear power sector [4]