Longhua New Material(SZ:301149) Zheng Quan Shi Bao Wang·2025-11-20 10:05Company Overview - Longhua New Material has completed a 150 million yuan project to expand its annual production capacity of polyether polyols to 330,000 tons, increasing its total capacity to 1.29 million tons per year [1] - The new project focuses on high-activity soft foam polyether polyols and CASE polyether polyols, which are widely used in automotive interiors, thermal insulation materials for footwear and clothing, adhesives, and foams [1] - The company has established stable partnerships with several well-known automotive manufacturers, including Mercedes-Benz, BMW, BYD, and Tesla, to meet the growing demand in the new energy vehicle sector [1] Industry Context - The expansion of Longhua New Material's capacity coincides with a structural adjustment period in the polyether polyol industry, which has seen increasing concentration, with the top five companies holding a significant market share [2] - Major players like Wanhua Chemical dominate the market due to their integrated supply chain advantages in upstream propylene oxide [2] - Recent price declines in key raw materials, such as propylene oxide and ethylene oxide, are alleviating cost pressures, providing support for the release of new production capacity [2] Product Development and Innovation - Longhua New Material has strong R&D capabilities and has developed core technologies for high solid content, low viscosity, water-resistant, ultra-low VOC, and high whiteness polyether products, enhancing its technical standards [3] - The company has established its own production facilities for polyether products and holds independent intellectual property rights in key production technologies [3] - By maintaining stable raw material supply channels with multiple suppliers, the company reduces reliance on any single supplier, which may mitigate the direct impact of raw material price fluctuations on the polyether market [3]