Tianfeng Securities: In recent years, the demand for spandex has grown rapidly, and current prices are operating in a relatively low range

Tianfeng Securities' research report believes that the supply of spandex in our country is highly concentrated, and the current price is operating at a relatively low range. The industry is generally in a state of loss, with profits at historical low levels; new capacity additions are delayed or reduced, while the elimination of capacity continues to increase. In recent years, the demand for spandex has grown rapidly, with downstream penetration rates continuously improving; in 2005, the apparent consumption of spandex in our country was 121,000 tons, and by 2024, the consumption scale is expected to grow to 1,027,000 tons, with a CAGR of 11.9% from 2005 to 2024. Against the backdrop of "anti-involution," focus on listed companies located on the left side of the cost curve