Asia is poised to spearhead the global acetic acid capacity additions by 2030 due to strong and increasing domestic demand, supported by robust petrochemical infrastructure and targeted investments. Acetic acid, also called ethanoic acid, is a versatile chemical used to manufacture vinyl acetate monomer (VAM), a key component in paints and adhesives. It is also widely used in pharmaceuticals, textiles, inks, dyes, and the food industry. Asia is anticipated to add acetic acid production capacity of 9.92 m ...

Core Insights - The article discusses the decline of the American Dream and the potential for a new investment wave termed "American Dream 2.0" aimed at revitalizing the U.S. economy through significant infrastructure investments [5][27]. Investment Opportunities - The American Dream 2.0 Summit outlines an anticipated $11.3 trillion investment bonanza focused on transforming America into a global powerhouse, with funds allocated for AI data centers, research, and manufacturing [8]. - Celanese Corp. (CE) is highlighted as a promising investment opportunity, with expectations of revenue growth in 2026 after a period of decline, driven by stabilization in the automotive sector and a surge in construction demand [13][14]. - Analysts predict a 17% increase in gross income for Celanese, projecting a return to profitability after two years of losses, with shares currently trading at a significant discount to their justified value [15][16]. - Akamai Technologies Inc. (AKAM) is identified as a hidden leader in the compute space, with analysts forecasting revenue growth due to its transition from a content delivery network to a comprehensive cloud and cybersecurity provider [23][22]. Economic Context - The article contrasts the current economic challenges faced by many Americans with the prosperity experienced by those born in the 1940s, where 90% of children out-earned their parents, compared to only 50% for those born in the 1980s [3][5]. - The nostalgia for past economic conditions is prevalent among millennials and Gen-X'ers, prompting a focus on policies aimed at restoring well-paying manufacturing jobs and investment in American infrastructure [6][27].

Financial Data and Key Metrics Changes - The company is targeting a quarterly EPS run rate of $2, which is considered achievable with concrete plans in place [9][13] - Free cash flow generation is prioritized, with a guide of $700 to $800 million for the year, translating to approximately $7 per share [18][68] - The company reported a sequential negative impact of $25 million in Q3 due to inventory reduction efforts [17][22] Business Line Data and Key Metrics Changes - In the Engineered Materials segment, there has been a noted weakness in demand from China and Europe, while the Americas remained stable [6][7] - The Acetyl segment is expected to see flat performance compared to Q2, with no significant changes anticipated in the near term [98] Market Data and Key Metrics Changes - The company is experiencing the lowest demand levels in the Western Hemisphere for acetyl products in 20 years, with a 5% to 6% decline in volumes compared to the first half of the previous year [72][73] - The visibility of the order book has decreased significantly, with only two weeks of reliable orders in Engineered Materials [58] Company Strategy and Development Direction - The company is focusing on cost structure improvements and executing differentiated business models to achieve its EPS target [9][13] - There is an emphasis on diversifying the Engineered Materials business beyond automotive applications, exploring opportunities in drug delivery, performance footwear, and clean energy [94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing demand and emphasized the importance of cash generation [18][37] - The company is prepared to pivot with demand changes and is actively working on controllable actions to improve profitability [13][39] Other Important Information - The company is undergoing a divestiture process, with the MicroMax project progressing well and expected to yield positive results in the second half of the year [102] - The company has extended its revolver to 2030, ensuring sufficient liquidity to address upcoming maturities [60][62] Q&A Session Summary Question: What end markets are seeing weakening demand? - Management noted a pullback in China automotive orders and some weakness in European demand, while the Americas remained stable [6][7] Question: How does the company plan to achieve the $2 EPS target? - The company has identified four controllable areas to improve cost structure and pricing, which will help reach the target, albeit potentially delayed [9][13] Question: Are tariffs affecting the tow business in China? - Management confirmed that the tow business in China is not impacted by tariffs as it operates through a joint venture [27] Question: What is the outlook for the acetic acid business in China? - Management indicated that the acetic acid business is currently breakeven and is pivoting towards downstream products for better margins [28] Question: How does the company view the current demand environment? - Management described the demand environment as uncertain, with customers reducing inventories, impacting sales [82][84] Question: What is the status of the MicroMax divestiture process? - The MicroMax process is progressing well, with management confident in achieving positive outcomes in the near future [102]

证券代码：603948 证券简称：建业股份 公告编号：2025-006 根据上海证券交易所《上市公司自律监管指引第 3 号—行业信息披露：第十三 号——化工》有关规定，现将浙江建业化工股份有限公司（以下简称"公司"）2024 年度主要经营数据披露如下： | 主要产品 | 2024 年 1-12 月 产量（吨） | 2024 年 1-12 月 销量（吨） | 2024 年 1-12 月 销售金额（万元） | | --- | --- | --- | --- | | 低碳脂肪胺 | 116634.58 | 118627.01 | 140627.62 | | 电子化学品 | 10955.38 | 10439.03 | 9506.85 | | 增塑剂 | 48375.72 | 49358.53 | 39475.39 | | 乙酸酯 | 44499.92 | 45111.03 | 30751.00 | 一、主要产品的产量、销量及收入实现情况 浙江建业化工股份有限公司 2024 年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别 ...