Company Overview - Patel, listed on the Beijing Stock Exchange, saw its stock price rise to 18.82 CNY per share, an increase of 7.05% [1] - The company specializes in the research, production, and sales of industrial hoses and modified engineering plastics, with products including various types of hoses and components [1] Industry Trends - The production of industrial hoses in China has been increasing annually, driven by advancements in mechanization and the application of new materials, expanding the usage of industrial hoses across various sectors [1] - Industrial hoses are widely used in industries such as petroleum, coal, engineering machinery, automotive, and industrial machinery [1] - The modified engineering plastics market is part of the petrochemical industry chain and is encouraged for development by the state, with a broad application outlook due to the growth of the home appliance and automotive industries in China [1] Market Insights - The global modified engineering plastics market was valued at approximately 45.578 billion USD in 2022, reflecting a year-on-year growth of 7.71% [2] - The Chinese modified engineering plastics market is projected to reach approximately 59.68 billion CNY in 2023, with a growth rate of 6.32%, and is expected to grow to about 67.27 billion CNY in 2024 [2] - The automotive and home appliance sectors are the largest application markets for modified engineering plastics, with demand expected to rise due to the growth of the new energy vehicle and smart home markets [2]