Jilin Joinature Polymer (SH:688716) 光大证券研究·2025-10-15 23:06Company Overview - Zhongyan Co., Ltd. focuses on the research, production, and sales of PEEK, becoming the largest producer of PEEK in China [4] - The company was officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 20, 2023, and is the fourth global company with an annual production capacity of PEEK reaching the kiloton level [4] - Currently, the company has an annual production capacity of 1,000 tons of PEEK, with an additional 5,000 tons of deep processing products expected to be operational by September 2026 [4] Industry Landscape - The global PEEK supply shows a "one strong, many strong" pattern, with current global PEEK production capacity at approximately 21,000 tons per year and planned new capacity of about 2,050 tons per year, mainly from China [5] - The PEEK market in China is projected to grow from 1.496 billion yuan in 2022 to 2.838 billion yuan by 2027, with a CAGR of approximately 13.7% [5] Market Opportunities - The lightweight industry trend presents significant opportunities for PEEK, which is a high-performance lightweight material [6] - PEEK is widely used in high-tech industries and harsh environments, making product quality stability crucial to avoid safety production accidents [6] - The company has a strong technological foundation, with significant advantages in PEEK resin quality, including melt stability, appropriate melt index, viscosity balance, batch stability, and excellent crystallization performance [6]