Investment Rating - The report gives a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][50]. Core Insights - The company is gradually forming a global layout with dual manufacturing bases in China and Vietnam, enhancing its international presence and market reach [5][13]. - The company's PPO products are currently in a capacity ramp-up phase, which is crucial for its growth in the electronic chemicals sector [16][18]. - The company has established strategic partnerships with upstream raw material suppliers to secure lower prices and reduce production costs [45][50]. - The company is focusing on technological innovation and has implemented a stock incentive plan to attract and retain talent, which is expected to drive its strategic goals [37][43]. Summary by Sections 1. Key Enterprises in Modified Plastics and Expansion into Overseas and Electronic Chemicals Markets - The company has developed into an international, innovative, and multi-field polymer new materials manufacturer since its establishment in 1997 and listing in 2011 [5][12]. - In 2024, the company established a subsidiary in Vietnam, focusing on the production and sales of specialized plastic components for smart lighting and modified plastics, which has already commenced production [13][21]. - The company's PPO products are essential electronic chemicals, and the production is currently ramping up, with plans for further expansion based on market demand [16][18]. 2. Policy Support for Healthy Development of the Modified Plastics Industry - The modified plastics industry is supported by national policies, which promote technological innovation and application, contributing to the industry's growth [33][36]. 3. Emphasis on Technological Innovation and Cost Reduction - The company has increased its R&D investment, with a focus on developing new materials and enhancing production efficiency [37][40]. - The company has a well-established technical service system to support customer needs and ensure product quality [48][49]. - The company is actively developing its 3D printing materials business, which is expected to grow significantly in the coming years [49]. 4. Investment Recommendations - The report highlights the company's strong growth potential in the modified plastics sector, with projected earnings per share of 0.24 yuan, 0.25 yuan, and 0.27 yuan for 2025-2027, corresponding to PE ratios of 37x, 35x, and 33x respectively [51][53].