wanhua(SH:600309) DT新材料·2025-11-07 16:05Group 1: Company Developments - Wanhua Chemical announced that its wholly-owned subsidiary, Wanhua Chemical (Ningbo) Co., Ltd., will conduct a scheduled maintenance shutdown of its MDI Phase II facility (1 million tons/year) starting November 15, 2025, for approximately 55 days, which will not significantly impact production operations [1] - The Fuzhou Ecological Environment Bureau approved the environmental impact report for Wanhua Chemical (Fujian) Isocyanate Co., Ltd.'s 1.5 million tons/year MDI technical upgrade and expansion project, which will enhance existing capacity from 800,000 tons/year to 1.5 million tons/year, expected to be completed and operational by Q2 2026 [1] - Following these expansions, Wanhua Chemical's total global MDI capacity will reach 4.5 million tons/year by the end of 2024, up from 3.8 million tons/year [1] Group 2: Product Capacity Expansion - Wanhua Chemical plans to expand its polyether EOD capacity, including various types such as ordinary soft foam polyether, high resilience polyether, and differentiated EOD, among others [2] - The production capacity changes for polyether products are as follows: ordinary soft foam polyether from 300,000 tons to 500,000 tons, high resilience polyether from 100,000 tons to 120,000 tons, differentiated polyether from 60,000 tons to 100,000 tons, and new capacity for low solid content POP blending pipeline of 50,000 tons [5] - The EOD segment will see an increase in capacity for water-reducing agent polyether from 100,000 tons to 180,000 tons and differentiated EOD from 20,000 tons to 40,000 tons [5] Group 3: Market Dynamics - Despite an oversupply in the domestic polyether market, production capacity continues to expand, particularly for products with good profit margins, such as soft foam polyether, driven by the growing demand from the high-end automotive market [3] - The high resilience polyether, with a molecular weight typically between 5000-6000, is increasingly used in automotive interiors, requiring high performance in terms of demolding time and mechanical properties [3] - The low solid content POP blending pipeline products, which have a solid content range of 10%-30%, are suitable for various foaming processes and applications, including furniture and footwear [4]