Glonghui, May 24, and Zhongyuan Securities's research report on the 23rd pointed out that Puyang Huicheng (300481.SZ) had impressive performance in 2022, and Guimu's net profit soared; the company's revenue for the first quarter of 2023 was under pressure, and the company's revenue was “compensated for by volume.” With the rapid increase in wind power installed capacity in 2023, the company's maleic anhydride derivatives business is expected to continue to grow at an accelerated pace. Insulators formed from maleic anhydride derivatives and epoxy resins are widely used as insulation materials for electrical equipment. The accelerated construction of UHV power grids is expected to boost the company's demand for acid anhydride in the power grid field. The company is a leader in maleic anhydride derivatives in China. Benefiting from the accelerated construction of downstream wind power installations and UHV power grids, the company's maleic anhydride derivatives business is expected to continue to grow at an accelerated pace in 2023. Currently, the company's PE is around 14.8 times. The valuation is relatively low, and it has a certain price/performance ratio. For the first time, coverage gave a “buy” investment rating.
研报掘金丨中原证券：濮阳惠成顺酐酸酐衍生物业务有望继续加速成长，首予“买入”评级
Research Report Nuggets 丨 Zhongyuan Securities: Puyang Huicheng maleic anhydride derivatives business is expected to continue to grow at an accelerated pace, with the first “buy” rating
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