化工新材料、新能源双产业链独特优势，聚碳酸酯需求持续增长

化工新材料、新能源双产业链独特优势，聚碳酸酯需求持续增长 Dual industry chain of chemical new materials and new energy& Continuous growth in demand for polycarbonate 最新动态 ➢“铸链、延链、补链、强链”，进一步完善公司产业体系。60万吨/年丙烷脱氢与30万吨/年直接氧化法环氧丙烷装置在已有“丙烷-丙烯、苯-苯酚、丙酮-双酚A-聚碳酸酯-改性合金”一体化产业链基础上，逐步打造起“丙烷-丙烯-环氧丙烷-电解液溶剂”新能源产业链。此外，随着25万吨/年电解液溶剂项目与20万吨/年高性能聚丙烯项目的建设完成并即将投入使用，与已建成的聚碳酸酯产业链形成产业链相融合的“优势链”，实现对高分子新材料产业、新能源产业的规模化生产应用，打造成为国内产业链完整、技术先进、市场竞争力强的有机化工新材料新能源基地。 动向解读 ➢专注化工新材料、新能源业务。公司主要产品分属酚酮业务相关产品、新能源新材料相关产品、专用化学品和工业气体相关产品，分别属于化学原料和化学制品制造业、化工新材料行业。酚酮相关产品包括苯酚、丙酮、双酚A、异丙醇行业；新能源新材料相关产品包括聚碳酸酯、碳酸二甲酯。专用化学品包括丙烯、环氧丙烷、双氧水。工业气体相关产品主要包括氢气、氮气、氧气、仪表风、液氧、液氮、液氩等。公司是国内首条完整拥有从纯苯、丙烯-苯酚丙酮-双酚A-聚碳酸酯-改性合金完整产业链的企业。 ➢聚碳酸酯PC产业链需求持续增长。公司目前通过自有改性装置差异化供应市场，已工业化生产十余个通用、阻燃、高黑亮PC/ABS合金新产品，性能指标达到或超过国际领先企业同类产品，并成功进入了多个高端头部企业；应用覆盖了家电、汽车、办公设备、电子电气等塑料制品行业，以及在高新技术领域，如轨道交通、精密仪器、航空航天、新能源等。同时，随着未来智能化生活、新能源汽车以及医疗行业等行业发展，聚碳酸酯消费方面仍有较高的增幅预期。国内双酚A消费量维持增长主要得益于下游PC及环氧树脂行业的扩能，2024年中国双酚A下游消费量保持增长趋势，近5年消费量复合增长率在16.59%，2024年同比增长约19.14%。双酚A上游苯酚、丙酮需求量保持稳定增长。 风险提示 ➢市场竞争、原材料价格波动、在建项目不及预期等。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.