The market size will exceed 3.42 billion RMB. Which domestic and international companies are active in the automotive adhesive sector? Please provide a list with introductions.

01 Henkel Official website: henkel.cn/ Founded in 1876, Henkel has over 140 years of history. It operates a balanced and diversified business portfolio globally. Through strong brands, outstanding innovation, and advanced technologies, Henkel has established leadership positions across its three major business areas—industrial and consumer sectors. Henkel Adhesive Technologies is the global leader in the adhesives market, serving virtually every industry worldwide. Its Laundry & Home Care and Beauty Care businesses are also leading brands across numerous markets and product categories. 02 Avery Dennison Official website: averydennison.com/zh/ho... Avery Dennison (NYSE: AVY) is a global materials science company specializing in the design and manufacture of a wide range of labels and functional materials. Its products serve nearly every major industry and include pressure-sensitive materials for labeling and signage; tapes and other bonding solutions for industrial, medical, and retail applications; and radio-frequency identification (RFID) solutions for retail apparel and other markets. The company operates in over 50 countries and employs more than 35,000 people worldwide. Its 2021 financial report showed sales of $8.4 billion. 03 3M Official website: dcsuzhou.com/ 3M was founded in 1902, with its global headquarters in St. Paul, Minnesota, USA. As a world-renowned, diversified technology and innovation enterprise, 3M’s products and technologies have long been deeply integrated into everyday life. Over the past century, 3M has developed more than 60,000 products spanning household goods, healthcare, transportation, construction, commerce, education, electronics, telecommunications, and many other fields. 04 H.B. Fuller Official website: hbfuller.com/en/north-a... H.B. Fuller Company is a leading manufacturer and marketer of adhesives, sealants, coatings, paints, and other specialty chemical products. In 2010, its net revenue exceeded $1.4 billion. H.B. Fuller employs approximately 3,700 people across 31 countries and serves customers in nearly 100 countries. 05 Dow Chemical Official website: dow.com/zh-cn Dow serves customers in 160 countries and regions worldwide, offering a broad portfolio of products and services. Committed to sustainability principles in chemistry and innovation, Dow delivers higher-quality products for various consumer markets—including purified water, food, pharmaceuticals, paints, packaging, personal care, construction, home furnishings, and automotive applications. 06 BASF Official website: basf.com/cn/zh.html BASF currently operates 28 major wholly-owned subsidiaries and 7 major joint ventures in Greater China, along with 24 sales offices. Its business in Greater China covers petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, care chemicals, nutrition & health, and agricultural solutions. These chemical products are used across virtually all aspects of daily life—from housing, automobiles, food, crops, pharmaceuticals, textiles, sportswear, household items, electronic devices, to packaging.

Investment Studies Chapter 11 Study Notes — Stock Market Valuation

Economic booms or recessions influence stock prices by affecting the risk-free rate, risk premium, and corporate earnings. It is widely accepted that stock prices are negatively correlated with the risk-free rate and risk premium, and positively correlated with earnings growth. In this section, we convert macroeconomic forecasts into corporate cash flow forecasts and integrate these forecasts with an appropriate discounted cash flow (DCF) model to estimate the intrinsic value of the stock market from a theoretical price-to-earnings (P/E) ratio perspective. 1. Stock Market Valuation Investors commonly use the market P/E ratio to assess the outlook for future stock returns. Fuller and Shaw developed a valuation model known as the H-model. In this model, the dividend growth rate over a finite horizon is assumed to decline linearly until it stabilizes at a constant rate—effectively transitioning into a perpetuity or final-stage growth rate. This model incorporates: (i) the expected dividend growth rate in the final stage (gs); (ii) the number of years (N) over which the dividend growth rate declines linearly; and (iii) the long-term, stable dividend growth rate (gl) expected to prevail at the beginning of the perpetuity phase—or at the end of year N. Assuming the initial annual dividend at time zero is D0, the discount rate for the perpetuity is r, and the estimated intrinsic value under the H-model is V0, the model is expressed as follows. The H-model was originally designed as a convenient framework for modeling situations where a high initial dividend growth rate gradually transitions to a lower, sustainable long-term growth rate. For valuing mature, developed stock markets—where no supernormal growth exists—the Gordon Dividend Growth Model is more commonly applied than the H-model. 2. Forecasting Methods for Stock Returns There are two primary approaches: top-down and bottom-up. In top-down forecasting, macroeconomic forecasts are used to predict returns for broad-market equity indices. These forecasts can then be refined down to specific market sectors and industry clusters within the index. Key steps include: Market Analysis: Examine valuations across different equity markets to identify those offering excess expected returns. Compare relative valuation metrics of individual equity markets against their historical averages to identify relatively undervalued or overvalued markets. Analyze trends in relative valuation metrics across markets to gauge market momentum. Compare the expected returns of equity markets anticipated to deliver excess returns against those of other asset classes—such as bonds, real estate, and commodities. Industry Analysis: Assess domestic and international business cycles to identify industries expected to outperform within the strongest-performing equity markets. Compare relative growth rates and expected profit margins across industries. Identify industries likely to benefit positively from expected interest rate, exchange rate, and inflation trends. Company Analysis: Within the best-performing industries of the strongest-performing equity markets, select the highest-performing individual stocks. Bottom-up forecasting begins with micro-level fundamental analysis of individual companies. Analysts use such information to forecast investment returns for each stock. Specific steps include: Company Analysis: Identify the fundamental reasons why certain stocks may outperform the broader market—without reference to prevailing macroeconomic conditions. Determine why a company’s products, technologies, or services are expected to succeed. Evaluate the company’s management, historical performance, business model, and growth prospects. Calculate the expected return for each stock using a discounted cash flow (DCF) model. Industry Analysis: Aggregate the expected returns of stocks within an industry to identify the best-performing sectors.

H.B. Fuller Stock Outlook Hinges on Margins, Mix and M&A

Jul 9, 2026

H.B. Fuller focuses on margin improvement through portfolio optimization and medical expansion rather than volume growth. Despite strong recent financial results, demand friction remains while the company pursues an acquisition of Advanced Medical Solutions.

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