营收超30亿 这家PU上市材企拟募资2.3亿投建CO₂聚醚项目

Core Viewpoint - Changhua Chemical plans to raise up to 230 million yuan through a simplified procedure to fund its carbon dioxide polyether project, aiming to enhance its production capacity and meet the growing demand for high-performance green polyether products [1][2]. Company Overview - Changhua Chemical Technology Co., Ltd. was established in 2010 and is located in Jiangsu Province, specializing in the research, production, and sales of polyether products. The company went public on the Shenzhen Stock Exchange in 2023 [2][4]. - The company reported a revenue of 3.05 billion yuan in 2024, a year-on-year increase of 12.47%, but its net profit attributable to shareholders decreased by 49.90% to 58.16 million yuan [2][4]. Financial Performance - In 2024, the significant decline in net profit was attributed to intensified industry competition, which compressed profit margins for key products, particularly the POP (polyether polyol) used in soft furniture [3]. - The revenue from POP products reached 2.088 billion yuan, accounting for 68.49% of total revenue, with a gross margin of only 1.52%, down 3.48 percentage points from 2023 [3]. Market Dynamics - The polyether industry is experiencing a compound annual growth rate (CAGR) of 15.15% from 2022 to 2024, with strong export growth. However, the industry faces challenges such as intensified price competition and fluctuations in raw material prices, leading to a decline in overall profitability [1][2]. - Changhua Chemical emphasizes the need to develop high-end products and optimize product structure to enhance competitiveness in the market [1].