光大证券研究·2025-07-20 14:03Core Viewpoint - The article highlights the significant advancements in the petrochemical industry in Guangxi, particularly the completion of the integrated refining and chemical project, which aims to transform the region's petrochemical landscape and meet market demands for high-end chemical materials [2]. Group 1: Project Completion and Impact - The Guangxi petrochemical integrated refining and chemical project has been completed with a total investment of 30.5 billion yuan, including the construction of a 1.2 million tons/year ethylene cracking unit and 14 other chemical facilities [2]. - The project marks a transition from a "fuel-type" refinery to a "chemical products and organic materials-type" refinery, filling the gap in high-end chemical new materials in the region [2]. Group 2: New Materials Development - Since 2021, the company has been advancing its new materials sector by establishing dedicated research institutes and elevating new materials to a core business alongside refining and basic chemicals [3]. - In 2024, the company achieved significant breakthroughs in new materials, including the development of metallocene polyethylene catalysts and nylon 66 synthesis [3]. Group 3: Production Growth - In 2024, the production of new chemical materials reached 2.045 million tons, a 49.3% increase from 1.37 million tons in the previous year, marking three consecutive years of substantial growth [4]. - The company has established itself as a leader in various product categories, including being the world's largest producer of paraffin and holding a 53% market share in low-sulfur petroleum coke in China [4]. Group 4: New Material Bases and Capacity Expansion - The company is developing five major new material bases, including projects in Dushanzi, Lanzhou, Jilin, Liaoyang, and Blue Ocean, with a focus on high-end chemical new materials [5]. - The Blue Ocean high-end polyolefin new materials project has a total investment of 10.1 billion yuan and will produce various products applicable in aerospace, healthcare, automotive, photovoltaic, and high-end packaging [5].