格林大华期货研究院专题报告 期货研究院 | 能源化工 2025年8月12日 | | 华东纯苯产业调研报告（一） | | --- | --- | --- | | 能源化工研究员： | 吴志桥 | | | 从业资格证号： | F3085283 | | | 交易咨询证号： | 摘要 Z0019267 | | | | | 此次华东调研一共拜访13家企业，涵盖纯苯和苯乙烯上 | | 格林大华期货交易咨询业务资格： | | 下游生产企业和贸易商，调研结论如下： | | 证监许可【2011】1288号 | | （1）部分工厂纯苯外采以日韩和东南亚货源为主，主 | | 成文时间：2025年8月12日星期二 | | 要依托于地理及成本优势。下半年欧美纯苯货源偏少，韩国 | | | | 发出美国受到一定影响，下半年进口量预计有所萎缩。（2） | | | | 需求端整体韧性仍在。前期"抢出口"和"家电下乡"政策 | 更多精彩内容请关注格林大华期货官方微信 求及价格控制产能。9-10 月份旺季需求环比会好转，但是 跟往年传统旺季预计差不多。（3）纯苯-苯乙烯价差走势看 法，纯苯和苯乙烯价差回归正常水平 1000-1100 元/吨附 ...

Group 1: Core Competitiveness - The company has developed multiple core technologies through years of independent research, including styrene, POSM, maleic anhydride, polystyrene, and methyl styrene, which have been successfully implemented for technology licensing [4] - The integrated technical capability as a complete solution provider reduces overall costs for clients and enhances collaboration [4] - Continuous upgrades and iterations of technology ensure a strong relative competitive position in the market [4] Group 2: Response to Macroeconomic Changes - The company is focusing on domestic market development while actively expanding into overseas markets to mitigate the impact of macroeconomic changes [5] - Participation in exhibitions has increased the company's influence and recognition abroad, with successful deliveries of polystyrene process packages and initial equipment to overseas clients [5] - Ongoing R&D investments and the development of new technologies and processes, such as the PI project, are beneficial for expanding business segments [5] Group 3: Project Progress - The 12,000 tons/year catalyst project was completed and passed acceptance inspection in June 2025, with trial production currently underway by the wholly-owned subsidiary [6]

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].

Core Viewpoint - The article discusses an innovative method for chemically recycling mixed plastic waste into valuable chemical products, addressing the environmental challenges posed by plastic waste [2][3]. Group 1: Research Overview - The research, published in Nature, presents a strategy to convert eight common types of plastic waste into their original chemical components or other valuable compounds [3][10]. - The method focuses on identifying functional groups in mixed plastic waste to facilitate the separation and conversion of these materials into useful products [5][8]. Group 2: Methodology - The research team developed a solid-state NMR method to accurately identify the types of plastics present in the mixed waste, which is crucial for the subsequent processing steps [5][6]. - By using selective solvents, the team was able to dissolve and separate specific plastics from the mixed waste, followed by catalytic processes to convert these plastics into valuable products [6][7]. Group 3: Results and Innovations - The study successfully demonstrated the feasibility of the proposed strategy using a real-life plastic mixture, yielding various chemical substances such as benzoic acid, plasticizers, and hydrocarbons [7][8]. - The key innovation lies in the universal strategy designed to tackle the challenge of chemical recycling of mixed plastics, allowing for adjustments in chemical steps based on the initial identification of major components [8][10].

Group 1 - The Japanese petrochemical industry is facing a decline in production due to weak domestic demand, with a projected decrease in output for 2024 compared to previous years [1] - The operating rate of Japan's cracking facilities is expected to remain below historical levels, with a 6.3% year-on-year drop in ethylene production, reaching 4.99 million tons in 2024 [1] - Total production of five major plastics (LLDPE, HDPE, PP, PS, PVC) is anticipated to fall to 5.7 million tons in 2024, a decrease of 5.2% from 2023 [1] Group 2 - Domestic ethylene equivalent demand in Japan is expected to see a slight increase of 1.4%, reaching 3.92 million tons in 2024 [1] - Despite anticipated global economic growth in 2025, geopolitical issues pose risks that could negatively impact demand [1] - The actual GDP growth rate in Japan is projected to accelerate to 1.2% in 2025, driven by increased exports, sustained personal consumption, and higher capital investment [1] Group 3 - The Japanese Petrochemical Association (JPCA) emphasizes the industry's new role in achieving carbon neutrality and promoting a circular economy [2] - The industry is encouraged to reduce greenhouse gas emissions from existing facilities using current technologies before gradually introducing new technologies for sustainable development [2]

Core Viewpoint - Guoen Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital operation platform and accelerate the establishment of a dual circulation pattern in the domestic and international markets [1] Group 1: Company Overview - Guoen Co., Ltd. was established in 2000 and is headquartered in Qingdao, focusing on two core industries: large chemicals and health [1] - The company operates a vertically integrated industrial platform and implements a "one body, two wings" development strategy, forming a cluster of new chemical materials [1] - The company has a strong presence in the health sector through its subsidiary Dongbao Biological, which produces a variety of products including gelatin and collagen [1] Group 2: Chemical Industry Segment - The large chemical segment generated revenue of 17.369 billion yuan in 2024, accounting for 90.38% of total revenue, with a year-on-year growth of 11.62% [3] - The company has established long-term stable partnerships with major clients such as Hisense, Gree, TCL, Huawei, BOE, and CATL [3] - Current production capacities include 1.08 million tons for organic polymer modified materials, 400,000 tons for organic polymer composite materials, and 900,000 tons for green petrochemical materials [4] Group 3: Product Development and Market Strategy - The company is enhancing its market share in the new energy vehicle sector by improving the performance of modified materials such as PP, PC, ABS, and PA [2] - In the energy storage battery sector, the company is advancing the application of flame-retardant and anti-explosion materials [2] - Future plans include expanding production capacities for polystyrene and developing new products like high-performance polyolefin elastomers and biodegradable materials [5] Group 4: Financial Performance - In 2024, the health segment generated revenue of 885 million yuan, accounting for 4.6% of total revenue [5] - Overall, the company achieved a total revenue of 19.22 billion yuan in 2024, a year-on-year increase of 10.21%, with a net profit of 676 million yuan, up 45.18% [5] - The first quarter of 2025 reported total revenue of 4.412 billion yuan, a slight decrease of 0.23% year-on-year, with a net profit of 111 million yuan, down 9.79% [6]

Core Viewpoint - Guoen Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital operation platform and accelerate the construction of a dual circulation pattern in the domestic and international markets [1] Group 1: Company Overview - Guoen Co., Ltd. was established in 2000 and is headquartered in Qingdao, focusing on two core industries: large chemicals and health [1] - The company operates a vertically integrated industrial platform and implements a "one body, two wings" development strategy, forming a chemical new materials industry cluster [1] - The company has a strong presence in the health sector through its subsidiary Dongbao Biological, which specializes in gelatin and collagen products [1] Group 2: Chemical Sector Performance - In the new energy vehicle sector, the company is increasing market share in modified materials such as PP, PC, ABS, PA, and PMMA [2] - The company has a current production capacity of 1.08 million tons for organic polymer modified materials, 400,000 tons for organic polymer composite materials, and 900,000 tons for green petrochemical materials [2] - In 2024, the chemical sector achieved revenue of 17.369 billion yuan, accounting for 90.38% of total revenue, with a year-on-year growth of 11.62% [3] Group 3: Health Sector Performance - The health sector, led by Dongbao Biological, has an annual gelatin production capacity of 13,500 tons and a future capacity of 70 billion capsules [4] - In 2024, the health sector generated revenue of 885 million yuan, representing 4.6% of total revenue [4] Group 4: Overall Financial Performance - In 2024, Guoen Co., Ltd. reported total revenue of 19.220 billion yuan, a year-on-year increase of 10.21%, with a net profit of 676 million yuan, up 45.18% year-on-year [4] - The company reported a slight decline in revenue and net profit in Q1 2025 compared to the same period last year, with total revenue of 4.412 billion yuan, down 0.23% year-on-year [4]

Group 1: Company Strategy and Market Focus - The company adheres to a vertical integration strategy, focusing on high-end markets and resource integration to enhance the value chain and build an ecological chain [1] - The company is actively pursuing opportunities in emerging industries such as robotics and low-altitude economy through mergers and acquisitions [1] - The company aims to expand its applications in new energy composite materials, particularly in the fields of eVTOL structural materials and lightweight materials for smart wearables [2] Group 2: Product Differentiation and Competitive Advantage - The company achieves differentiation through vertical integration, technological breakthroughs, customized services, and innovation in eco-friendly materials [1] - The company has successfully supplied its HP-RTM battery packs to leading clients in the power battery sector, including CATL and BYD, and has entered multiple automotive supplier systems [2] - The company is focusing on the development of new materials to enhance profit margins and competitive advantages in the market [5] Group 3: Financial Performance and Future Outlook - The company reported a first-quarter revenue of 4.412 billion yuan and a net profit of 111 million yuan for the first quarter of 2025 [9] - The company is committed to improving operational efficiency and market service capabilities to achieve revenue and profit growth in the second quarter [4] - The company is actively managing inventory and receivables to enhance asset turnover rates and overall operational efficiency [10] Group 4: Expansion Plans and Project Development - The company is progressing with the construction of its Yixing composite materials factory as planned [4] - The company has several strategic projects underway, including the production of polystyrene (PS) and expandable polystyrene (EPS) to strengthen its upstream supply chain [11] - The company is exploring the potential for producing PEEK products and has developed high-strength carbon fiber reinforced PEEK materials [9]