AKL(603722) 光大证券·2024-03-05 16:00Investment Rating - The report gives the company an "Accumulate" rating for the first time [10]. Core Viewpoints - The company is a leading player in the domestic polyether amine sector and is expanding into high-end optical materials (COC/COP). With the continuous growth in demand from the wind power sector and a decrease in raw material prices, the company's profit margins for polyether amine products are expected to gradually recover. The company is also well-positioned to benefit from the increasing demand for COC/COP materials in consumer electronics, smart driving, and medical devices [10][24]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2023, the company achieved operating revenue of 414 million yuan, a year-on-year decrease of 28.4%, and a net profit attributable to the parent company of 21.41 million yuan, down 79.5% year-on-year. The company expects a net profit of 21 to 25 million yuan for the entire year of 2023, representing a decrease of approximately 79.2% to 82.5% [10][24][36]. Product Overview - The company specializes in the research, production, and sales of polyether amines, optical-grade polymer materials, and high-transparency materials. It has a current production capacity of 20,000 tons/year for polyether amines and plans to expand this capacity to 40,000 tons/year [21][24][36]. Market Position and Growth Potential - The global polyether amine market is projected to reach 1.293 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 7.57% from 2023 to 2029. The company is well-positioned to capitalize on this growth due to its advanced production processes and strong market presence [24][67]. Product Demand and Applications - Polyether amines are widely used in various industries, including wind power, oil and gas extraction, and construction. The wind power sector is the largest application area, accounting for 46.5% of the total demand for polyether amines in 2021 [67]. The company is also expanding its product offerings in high-end optical materials, which are expected to see increased demand in the optical and medical fields [10][24].