报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 （1）聚氨酯材料行业基本概述：聚氨酯（聚氨基甲酸酯，polyurethane，一般缩写PU）是主链上含有重复氨基甲酸酯基团的大分子化合物的统称，由有机二 异氰酸酯或多异氰酸酯与二羟基或多羟基化合物加聚而成，在泡沫、塑料、橡胶、纤维、涂料、黏合剂和功能高分子等领域均有重大应用价值。 聚氨酯产品可分为聚氨酯泡沫和非泡聚氨酯。聚氨酯泡沫主要分为聚氨酯软泡和聚氨酯硬泡，非泡聚氨酯（CASE）则主要分为涂料（Coatings）、粘合剂 （Adhesives）和密封胶（Sealants）、弹性体（Elastomers）。得益于出色的物理性质和化学特性，聚氨酯产品作为垫材和结构材料在众多领域广泛应用，且 应用范围随着技术创新和市场需 ...

Core Viewpoint - The company, Yinuowei, has established itself as a leading player in the polyurethane industry, leveraging its technological advancements and strategic location in Zibo, Shandong Province, to enhance its competitive edge and market presence [1][2][3]. Group 1: Development Advantages - Zibo is recognized as a significant chemical hub in China, with a collaborative development of petroleum, fine chemicals, and new chemical materials, leading to the emergence of several leading enterprises [1]. - Yinuowei has achieved numerous accolades, including being a national high-tech enterprise and a national manufacturing single champion demonstration enterprise, showcasing its strong technological capabilities and industry recognition [1]. - The company has developed a diverse product matrix, including various types of polyurethane elastomers and high-end surfactants, with applications across multiple industries such as construction, textiles, and healthcare [1]. Group 2: Competitive Strengths - Yinuowei benefits from its proximity to major chemical enterprises, allowing for reduced raw material costs and efficient transportation methods, which enhance its competitive advantage [2]. - The company has positioned itself against world-class competitors, continuously improving its product quality and technological standards, which has solidified its market position [2]. - Yinuowei's polyurethane prepolymer is recognized as a national manufacturing single champion product, holding the largest market share globally, supported by high production efficiency and automation [2][4]. Group 3: Financial Performance - In the first three quarters of the year, Yinuowei reported revenue of 5.577 billion yuan, a year-on-year increase of 10.04%, and a net profit attributable to shareholders of 164 million yuan, reflecting a growth of 46.12% [4]. Group 4: Innovation and R&D - The company emphasizes technological innovation as a core competitive strategy, focusing on high-value-added products and aligning its R&D efforts with market demands [5]. - Yinuowei is investing in new product development and enhancing its R&D capabilities, with over 50% of its workforce holding bachelor's degrees or higher [5][6]. - The company is establishing various application laboratories to strengthen its product offerings and benchmark against leading international firms [6]. Group 5: Market Outlook - The polyurethane industry is expected to grow significantly due to its versatile applications, particularly in emerging sectors like new energy vehicles and green buildings [7]. - Yinuowei aims to capitalize on market opportunities and enhance its competitive position by focusing on safety and environmental responsibilities while driving technological upgrades [7]. - The company is actively expanding its international market presence, with established operations in Southeast Asia, the Middle East, and Europe, aiming to increase its overseas sales and internationalization efforts [8].

Core Insights - Shanghai Hecheng Polymer Technology Co., Ltd. has officially inaugurated its R&D center, marking a new phase in technological development and industrial innovation [1] - The company has established comprehensive R&D capabilities from formulation design to end application, covering six strategic emerging fields in polyurethane frontier materials [1][2] - Over 16 years, the company has evolved from a challenging startup to an industry benchmark, achieving significant breakthroughs in various polyurethane subfields [2] Company Development - Founded in 2009 by General Manager Dong Yulei and partners, the company has successfully captured over 60% of the national market share in sports equipment coating products by 2011 [2] - The company has also developed high-end polyurethane prepolymers for photovoltaic cutting rollers, breaking the long-standing dominance of imported products in this sector [2] - Shanghai Hecheng has grown into a national high-tech enterprise and a "little giant" enterprise recognized by the Ministry of Industry and Information Technology, with products spanning six systems and over thirty series [2] Innovation and R&D - The newly established 5,600 square meter R&D center is equipped with comprehensive facilities for raw material analysis to finished product testing, enabling full-process R&D coverage and validation [3] - The company has invested heavily in technology R&D, resulting in over 40 patents, including 16 invention patents and 6 foreign patents [3] - Key product innovations include environmentally friendly adhesives for automotive applications, high-temperature resistant TPU materials, and lightweight, high-strength polyurethane composites for various industries [3][4] Future Directions - The company aims to enhance its research on the structure-performance relationship of polyurethane materials and establish a materials genome database to support rational design [5] - Focus areas for process development include continuous production processes and quality control technologies to improve product consistency and stability [5] - Collaborations with universities and the establishment of expert workstations are part of the company's strategy to strengthen talent and intellectual support for innovation [5] - Future efforts will concentrate on expanding the polyurethane frontier materials innovation matrix, emphasizing green, high-performance, and specialized applications [5]

Core Viewpoint - Meirui New Materials Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating stable performance amidst market challenges [1]. Financial Performance - The company achieved an operating income of 801 million yuan, a year-on-year increase of 0.02% [1]. - The net profit attributable to shareholders was 39.12 million yuan, reflecting a year-on-year growth of 25.25% [1]. Business Development - Meirui New Materials is a leading producer of polyurethane new materials and functional chemical raw materials in China, with a focus on thermoplastic polyurethane (TPU) [1]. - The company has made significant progress in its functional chemical raw materials segment, with its subsidiary, Meirui Technology (Henan) Co., Ltd., successfully launching production at its polyurethane industrial park [1]. - The company has maintained stable sales of high-performance polyurethane new materials despite a complex market environment [1]. Product Innovation - The company is leveraging its supply chain advantages to develop products like water-based polyurethane dispersions (PUD) for diverse applications, including high-end coatings and adhesives [2]. - Breakthroughs include the successful application of PUR (moisture-curing polyurethane adhesive) in food packaging and the development of moisture-permeable adhesive materials that enhance the performance of high-end apparel [2]. Project Development - Two major projects, including a 10,000-ton expandable thermoplastic polyurethane project and a 30,000-ton water-based polyurethane project, are set to commence construction in the fourth quarter of 2024 [2]. - These projects will utilize special isocyanate raw materials from Meirui Technology, enhancing cost efficiency through supply chain synergy [2]. Capital Investment - The company plans to invest up to 350 million yuan in its subsidiary, Meirui Technology, to strengthen its financial position and alleviate liquidity pressure [2].

Core Viewpoint - Huide Technology is launching its first refinancing after the IPO to expand the production capacity of its polyurethane product series and consolidate its leading position in the industry [1][3]. Group 1: Financial Performance - In 2024, Huide Technology achieved an operating income of 2.671 billion yuan, a year-on-year decrease of 1.51%, while the net profit attributable to shareholders reached 125 million yuan, a year-on-year increase of 95% [1][13]. - The main business gross profit margin for 2024 was 14.24%, an increase of 2.89 percentage points year-on-year [1][10]. - The company reported a production volume of 235,900 tons for its three main polyurethane products in 2024, a year-on-year increase of 6.55%, with sales volume reaching 233,800 tons, up 3.16% [1][10]. Group 2: New Financing and Investment Plans - Huide Technology plans to issue no more than 42.2398 million shares to specific investors, raising up to 580 million yuan, all of which will be used for new polyurethane material projects [3][5]. - The total investment for the new project is planned at 800 million yuan, with a construction period of 14 months, and an expected post-tax internal rate of return of 24.14% [5][7]. Group 3: Product Development and Market Strategy - The company is actively exploring applications of high-performance polymer materials in the fields of new energy and automotive, seeking new profit growth points [1][10]. - In 2024, the new energy component business generated revenue of 87.409 million yuan, a year-on-year increase of 42.06%, with production and sales volumes growing by 82.80% and 72.59%, respectively [1][10]. - Huide Technology has established deep cooperation with leading domestic and international automotive brands and battery manufacturers, enhancing its market position [9].

Core Viewpoint - Huide Technology (603192.SH), a leading company in the domestic polyurethane resin industry, plans to raise up to 580 million yuan through a private placement to expand its production capacity for polyurethane new materials, reinforcing its industry leadership position [1][3]. Financial Performance - In 2024, Huide Technology's total revenue reached 2.671 billion yuan, a decrease of 1.51% year-on-year, while net profit attributable to shareholders increased by 95% to 125 million yuan [1][6]. - The company's main business gross margin improved to 14.24%, up by 2.89 percentage points year-on-year [1][7]. Production and Sales - The production volume of Huide Technology's three main polyurethane products reached 235,900 tons in 2024, reflecting a year-on-year increase of 6.55%, with sales volume at 233,800 tons, up by 3.16% [1][7]. - Despite a decline in product prices, the company achieved an increase in sales volume and gross margin through product structure optimization and cost management [1][7]. New Energy Sector - In 2024, the revenue from Huide Technology's new energy components business was 87.41 million yuan, marking a year-on-year growth of 42.06%, with production and sales volumes increasing by 82.80% and 72.59%, respectively [2][7]. - The company added 26 large-scale clients in the new energy sector, primarily in the power battery, automotive, and home appliance industries [8]. Capital Expansion Plans - Huide Technology's first private placement since its IPO in 2018 aims to raise funds for expanding production capacity in polyurethane new materials, with a total investment of 800 million yuan planned for the project [3][4]. - The project is expected to have an internal rate of return of 24.14% after tax, with a payback period of 5.30 years [4].

Core Viewpoint - The company, Huide Technology, reported a slight decline in revenue for 2024, but significant growth in net profit, indicating a strong operational performance despite market challenges [10][12]. Company Overview - Huide Technology specializes in the research, production, and sales of polyurethane materials, which are widely used in various industries including automotive, electronics, and construction [4][5]. - The company operates production facilities in Shanghai, Fujian, and Zhejiang, with a focus on direct sales to customers in economically developed regions [5][6]. Financial Performance - In 2024, the company achieved operating revenue of 2.67 billion yuan, a decrease of 1.51% year-on-year, while the main business revenue grew by 1.17% to 2.55 billion yuan [10]. - The net profit attributable to shareholders reached 124.56 million yuan, marking a substantial increase of 95% compared to the previous year [10][12]. - The gross profit margin for the main business improved to 14.24%, an increase of 2.89 percentage points year-on-year [10]. Product and Market Dynamics - The demand for traditional polyurethane applications, such as footwear and apparel, has declined, while new markets like automotive interiors and eco-friendly products are experiencing growth [5][6]. - The company reported a 39.88% increase in sales volume for elastic body and raw liquid products, reaching 21,300 tons in 2024, driven by the recognition of its thermoplastic polyurethane (TPU) products [7][10]. - The polyester polyol business also saw an 11.94% increase in sales volume, totaling 34,500 tons, attributed to the company's R&D capabilities and product optimization [7][10]. Dividend Distribution - The company plans to distribute a cash dividend of 3.75 yuan per 10 shares (including tax) for the 2024 fiscal year, with a total payout amounting to approximately 52.93 million yuan, representing 42.50% of the net profit [3][10][12]. Strategic Initiatives - The company is focusing on product innovation and supply chain integration to enhance competitiveness in the polyurethane industry, which is expected to become more intense [4][6]. - New business areas, such as polyurethane components for new energy batteries and adhesive products for automotive interiors, are developing healthily, with 26 new large customers acquired during the reporting period [8][10].