Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is enhancing its integrated industrial chain in the large chemical sector, which is expected to boost future profitability through various strategic projects [2]. - In the health sector, the company is focusing on collagen products and expanding its hollow capsule production capacity, anticipating significant growth in performance [3]. - The overall performance is projected to enter a growth phase, with expected net profits of 742 million, 947 million, and 1,095 million yuan for the years 2025, 2026, and 2027 respectively [3]. Summary by Relevant Sections Large Chemical Sector - The company is extending its upstream industrial chain in chemical new materials, with projects such as a 1 million tons/year polystyrene project and a 200,000 tons/year high-performance polyolefin elastomer project [2]. - The focus is on achieving cost advantages through scale effects and enhancing the complete industrial chain from monomers to end products [2]. Health Sector - The company holds a leading position in the collagen field through its subsidiary Dongbao Biological, which has an annual production capacity of 13,500 tons of gelatin [3]. - The hollow capsule production capacity is set to expand significantly, with a projected output of nearly 70 billion capsules annually, positioning the company as a major player in this market [3]. Financial Projections - Revenue is expected to grow from 19,220 million yuan in 2024 to 28,646 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.23% [5]. - The net profit is projected to increase from 676 million yuan in 2024 to 1,095 million yuan in 2027, indicating a strong growth trajectory [5]. - The report estimates a price-to-earnings (P/E) ratio of 12.57X for 2025, decreasing to 8.52X by 2027, suggesting improving valuation metrics [5].