20240122-国盛证券-基础化工行业周报_持续关注优质化工企业估值底部机会_11页_910kb

报告摘要

The report emphasizes four key strategies for the basic chemicals industry in 2024:

Platform Growth: Targets companies with strong product positioning, exposure to emerging tech sectors, and sustainable two to three-year performance, offering robust earnings and valuation growth.
Growth Track: Focuses on high-margin, high-barrier industries like semiconductor materials and new energy, with specific companies identified for strong growth opportunities.
Cyclical Uplift: Identifies sub-industries entering long-term demand cycles, such as textiles, refrigerants, and viscose, driven by global trends.
White Horse Value: Suggests investing in established firms with proven competitive advantages and safety margins, providing stable returns.

新宙邦: Valuation undervalued in fluorine chemicals; benefits from supply gaps due to overseas competitors' exit, with fast earnings growth.
万润股份: Strong organic synthesis platform; growth potential in semiconductors, displays, and emerging sectors.
吴华 Technology: National-level R&D hub; synergy from new management to combine R&D with industrial capabilities for industrial coatings and fluorine chemicals.

Semiconductor: 雅克科技 (HBM expansion and overseas clients), 鼎龙股份 (CMP materials), and others for advanced materials.
Robotics and AI: 中研股份 (PEEK alternatives for lightweight materials), 圣泉集团 (bio-based carbon anodes for AI servers).
New Energy: 鼎际得 (POE growth with乙烯配套), 黑貓股份 (conductive agents for batteries), and others.

Polyester Filaments: Focus on leaders like桐昆股份 and新凤鸣, with rebound due to capacity end and demand recovery.
Fluorspar: 关注金石资源; demand surge from new energy and semiconductors, lifting value.
Refrigerants: 关注巨化股份 and三美股份; uptake of efficient refrigerants expected to drive profitable growth.
Viscose: 关注三友化工 and中泰化学; improving industry concentration and demand from textile recovery.