Investment Rating - The report assigns an "Accumulate" rating for the basic chemical industry [2][11]. Core Insights - The price of photoinitiators is gradually increasing, benefiting companies like Jiu Ri New Materials due to rising product prices [4][6]. - The market demand for photoinitiators is expected to grow as their application scenarios become more widespread, driven by environmental requirements and emerging fields like 3D printing [6]. - Domestic photoinitiator companies are showing significant competitive advantages, with increasing industry concentration as leading firms excel in production management, scale, product quality, and R&D capabilities [6]. Summary by Sections Market Demand and Applications - The demand for photoinitiators is expanding continuously, with applications in traditional solvent-based coatings, inks, and adhesives being replaced by photopolymer materials [6]. - Key photoinitiator products include 907, 184, TPO, and 1173, which are used in various industries such as PCB inks, adhesives, and coatings for furniture and electronics [6]. Leading Companies - Jiu Ri New Materials has a scalable production capacity for multiple photoinitiators and offers one-stop raw material supply to downstream customers [6]. - Yangfan New Materials is a major global supplier of photoinitiators and thiol compounds, focusing on applications in pharmaceuticals, pesticides, and dyes [6]. - Qiangli New Materials specializes in electronic materials and green photopolymer materials, including photoinitiators and active diluents [6]. Industry Trends - The report highlights that the photoinitiator market is poised for rapid growth due to increasing environmental standards and technological advancements [6]. - The concentration of the industry is expected to rise further as domestic chemical companies adapt to stricter environmental regulations and the high-end development of downstream applications [6].

Company Overview - The company specializes in the research, production, and sales of aromatic ketone products, including core raw materials for specialty engineering plastics, photoinitiators, and cosmetic raw materials [2] - The company has established stable partnerships with major global manufacturers in the PEEK (Polyether Ether Ketone) industry, such as VICTREX, SYENSQO, and EVONIK [11] Industry Situation Specialty Engineering Plastics - PEEK - PEEK is a high-performance thermoplastic with excellent properties such as high heat resistance, radiation resistance, and chemical stability, making it a popular choice in various industries [4] - The demand for PEEK in China is expected to grow significantly, with production projected to reach approximately 3,809 tons and demand around 3,894 tons by 2024, reflecting a rapid expansion trend [5] - The global PEEK market is forecasted to reach 6.1 billion yuan by 2024 and 8.54 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.7% in the Chinese market from 2022 to 2027 [5][6] Photoinitiators - Photoinitiators are essential components in photopolymerization processes, which are increasingly replacing traditional solvent-based materials due to their efficiency and environmental benefits [11] - The market for UV coatings, inks, and adhesives in China is projected to grow, with the UV ink market being the largest application area, driven by the PCB industry [12] Cosmetic Raw Materials - The market for cosmetic preservatives is expected to reach 1.4 billion USD by 2024, with a growing demand for new, safer preservatives due to regulatory changes and consumer preferences [16] - The company's HAP and HDO products are recognized for their multifunctional properties, including antioxidant and antimicrobial effects, making them suitable alternatives to traditional preservatives [15][19] Key Performance Drivers - The company benefits from supportive national policies and technological advancements in the fine chemical industry, which are crucial for sustainable development [20][22] - The increasing demand for high-performance materials in various sectors, including aerospace, automotive, and healthcare, is driving the growth of the PEEK market [20][21] - The company's established reputation and partnerships with high-end clients in specialty engineering plastics, photoinitiators, and cosmetic raw materials enhance its competitive position [22]