国际投行报告-中国化学制品行业-2022年我们的优先股-2021.11.30-30页

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# 投行报告 # 中国 # 化学制品大小：1.09M | 页数：30 | 上架时间：2021-12-08 | 语言：英文

国际投行报告-中国化学制品行业-2022年我们的优先股-2021.11.30-30页.pdf

国际投行报告-中国化学制品行业-2022年我们的优先股-2021.11.30-30页.pdf

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类型: 行研

上传者: YXM-187

出版日期: 2021-11-30

摘要：

Street’s concerns overdone. Chemicals demand has been overshadowed by

China’s property down-cycle. However, our analysis suggests that the potential

impact will be limited for our eight covered companies. Meanwhile, we expect

chemical intermediates’ prices to correct deeper than products’ in 2022e, transferring

profits to the downstream segment. We expect lower export demand due to a global

production recovery and lower coal prices, based on which we highlight three

investment theses for 2022e:

1. Structural plays. We prefer LB Group and Wanhua Chemical here as they have

high exposure to the global market rather than the domestic market, and we expect

them to benefit from lower intermediates cost in 2022.

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