永东股份分析师会议-20250626

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report focuses on the in - depth research of Yongdong Co., Ltd. in the rubber products industry, covering aspects such as the company's current production capacity, business expansion strategies, project prospects, and energy utilization [22][23]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Yongdong Co., Ltd., belonging to the rubber products industry. The reception time was on June 26, 2025. The listed company's reception staff included the board secretary Zhang Wei, the financial controller Chen Mengxi, the second sales department's Ning Renjuan, and the securities department's Chen Xiang [17]. 3.2. Detailed Research Institutions - The reception object was Dongwu Securities, a securities company, and the relevant personnel was Chen Boming [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - Production Capacity: The company's current production capacity includes 410,000 tons/year of carbon black, 600,000 tons/year of coal tar deep - processing capacity, 200,000 tons/year of modified asphalt, and 15,000 tons/year of crude phenol refining products [22]. - Business Expansion Strategy: - Expand coal - chemical deep - processing products to the new materials field. The company purchases coal tar to refine carbon black raw material oil and extracts chemical products such as industrial naphthalene, wash oil, light oil, and asphalt. The "2×100,000 tons/year anthracene oil deep - processing project" and the "500,000 tons/year coal tar deep - processing project" have been approved by the company's general meeting of shareholders [23]. - Promote the carbon black products to the high - end. The "coal tar fine processing and special carbon black comprehensive utilization project" includes 70,000 tons/year of special carbon blacks such as high - performance low - rolling - resistance carbon black, high - end product carbon black, conductive carbon black, and high - pigment carbon black [24]. - Build a one - million - ton coal tar processing plant. The "investment in building a 500,000 tons/year coal tar deep - processing project" has been approved by the general meeting of shareholders, and after completion, the company's coal tar deep - processing capacity will reach one million tons [26]. - Fixed - Increase Project: The main product of the 2×100,000 tons/year anthracene oil deep - processing project, de - crystallized anthracene oil, is used for producing mid - to high - end carbon black products. The project can ensure the stable supply of raw materials for mid - to high - end carbon black, avoid quality fluctuations, and reduce costs [26]. - Convertible Bonds: The convertible bonds have 2.8 years left with a scale of 380 million yuan. The company will comprehensively consider subsequent matters and fulfill information disclosure obligations [27]. - Energy Comprehensive Utilization: The company has a carbon black tail - gas power generation device, uses carbon black tail - gas to generate steam to drive turbines and fans, re - uses the waste heat of tar - processing tubular furnace flue gas, and uses surplus steam for heating and insulation [27][28]. - Product Uses: Carbon black is used as a rubber reinforcing filler, colorant, etc., and is widely used in many industries. Coal tar processing products such as light oil, anthracene oil, industrial naphthalene, etc., have various applications in different industries [29][30].