推动产能释放与装置升级，新材料前景广阔
推动产能释放与装置升级，新材料前景广阔 Capacity expansion and equipment upgrades&New materials have broad prospects 最新动态 ➢技术装备先进。公司CPE、烧碱、双氧水以及PVDC、六氯环三磷腈、苄索氯铵等产品生产技术均为国内最先进的生产工艺，且均为2021年以后的新建装置。CPE独家采用德国赫司特盐酸相法工艺，环保优势显著。烧碱装置采用国内最先进的生产工艺，2024、2025连续两年入选省级重点行业能效“领跑者”名单。2023年6月，公司独家引进了韩国SK集团PVDC工业生产技术，目前处于世界领先水平。六氯环三磷腈，公司是目前是国内唯一实现量产、产能最大的生产企业，实现进口替代。 动向解读 ➢公司以氯碱为龙头，新的循环经济链逐渐搭建成型。公司属化学原料和化学制品制造业，主要经营活动为生产、销售氯化聚乙烯、烧碱和双氧水等；实现“氯碱平衡”，氯碱装置产出的烧碱外卖兼顾为园区提供原料；副产液氯为公司生产CPE、PVDC主要原料之一；副产氢气被用于生产双氧水或通入燃气锅炉自产蒸汽；PVDC（聚偏二氯乙烯），以氯乙烯加氯气生成三氯乙烷，然后经过液相脱氯化氢的反应制造偏二氯乙烯，随后由偏二氯乙烯为原料聚合制备聚偏二氯乙烯。六氯环三磷腈，以五氯化磷为主要原料，通过溶解、合成、过滤、浓缩、结晶、干燥工序产出产品；苄索氯铵，以对特辛基苯酚与二氯二乙醚为主要原料，通过醚化反应、取代反应、然后离心、烘干得到产品。根据2025年亚星化学年报，4.5万吨/年高端新材料（PVDC）项目的生产装置已开始试生产，现已产出合格产品。500吨/年六氯环三磷腈和500吨/年苄索氯铵项目六氯环三磷腈和苄索氯铵装置均已全链路打通，产品全部达标。 ➢含氯聚合物前景广阔。1）随着人们生活水平的提高，各类包装材料的需求会快速增加，聚偏二氯乙烯（PVDC）树脂、薄膜及其他产品将逐步进入高保鲜要求的包装领域。国内聚偏二氯乙烯树脂的生产、加工和应用已进入一个相对成熟的阶段，将对食品包装特别是肉食品包装产生深远的影响，并因其优异的性价比，将会在食品、医药、化工等领域获得广泛的应用。2）六氯环三磷腈是合成聚磷腈高聚物的关键原料和中间体。聚磷腈材料具有耐水、耐溶剂、耐高低温、阻燃等优异性能，广泛应用于特种橡胶、低温弹性体、阻燃电子材料、生物医学材料等领域，其中高效的五氟乙氧基环三磷腈由于高效阻燃的有机氟与电化学稳定的环三磷腈协同作用，在高压锂离子电池中有着广泛的应用前景。磷腈系列产品不但可以添加入锂电池电解液，还可以作为正负极材料使用，以改善电池的安全性。3）苄索氯铵在医药、日化、化妆品等行业的医药提纯、中间体、消毒、杀菌等领域应用广泛。 风险提示 ➢化工行业周期、市场竞争、原材料价格波动等。 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。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700篇，对A股化工标的全面覆盖，主要覆盖标的包括： 1）化工&化肥：巴斯夫（BASF）、沙特基础工业（SABIC）、空气化工产品公司（Air Products and Chemicals）、法国液空集团（Air Liquide）、富美实（FMC）、立邦（Nippon Paint）、沙索（Sasol）、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、味丹国际； 2）能源&公用事业：新纪元能源（NextEra Energy）、沙特阿美（SaudiAramco）、挪威国家石油（Equinor）、巴西石油（Petrobras）、中国海洋石油、中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、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、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、山高新能源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、中国有色矿业、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) 18801353537 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 en