Tear Sheet: Chang Chun Group

We project the EBITDA margin of Chang Chun Plastics Co. Ltd. and Chang Chun Petrochemical Co. Ltd. (collectively Chang Chun group) will improve slightly to 13%-14% in 2024 and 14%-15% in 2025, from 11.5% in 2023. We believe the group's increasing exposure to specialty chemicals will help the group better withstand industry headwinds. This follows the group's significant expansion in electronics, semiconductor, auto, industrial, and medical sectors which have more sustainable demand. The China government's more aggressive fiscal and monetary stimulus measures are likely to drive stronger demand growth in 2025. However, we do not expect this to result in a significant performance turnaround for the group's commodity chemical products. China's still-weak property market could delay demand growth and limit

...Chang Chun Plastics Co. Ltd. Formaline, paraformaldehyde and related resins: phenolic resin, Epoxy Resin, to various kinds of molding materials, like Phenolic Molding Compound, PBT (polybutylene terephthalate) compound, epoxy molding encapsulant, mold cleaner, copper clad laminate, photo resist triphenyl phosphate flame retardant, brominated epoxy flame retardant, glass fiber chopped strand, phenol BPA, and others. Chang Chun Petrochemical Co. Ltd. Includes PVA (polyvinyl alcohol), acetic acid, high purity hydrogen peroxide, copper foil, antioxidants, propylene glycol methyl ether acetate, VAE/VAEP (vinyl acetate-ethylene emulsion), EVOH (ethylene vinyl alcohol copolymer), electronic-grade developer, electronic-grade stripper, PVB (polyvinyl butyral) film, and others....

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