证券研究报告·行业点评报告·基础化工 基础化工行业点评报告 科思创德国工厂发生火灾，TDI 价格快速上 升，或带动 MDI 价格提升 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 07 月 20 日 证券分析师 陈淑娴 执业证书：S0600523020004 chensx@dwzq.com.cn 证券分析师 周少玟 执业证书：S0600525070005 zhoushm@dwzq.com.cn -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 2024/7/22 2024/11/19 2025/3/19 2025/7/17 基础化工 沪深300 免责声明 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 相关研究 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 行业走势 ◼ 事件：2025 年 7 月 16 日，科思创宣布其 TDA/TDI、基于 OTDA 的产 品、聚醚多元醇产品遭遇不可抗力，影响 TDI 产能 30 万吨/年、氯气产 能 48 万吨/年等。缺失的氯气在短期内 ...

受邀参会的浙江华创总经理相明华表示，该技术首创超临界二氧化碳辅助水发泡聚氨酯泡沫喷涂装备， 拓宽了常规泡沫喷涂施工低温环境限制，开发出相匹配的聚醚组分及其优化配方体系，泡沫制品综合性 能优于全水发泡产品，并显著降低了物料损耗。经中国石油和化学工业联合会组织的技术成果鉴定，该 技术达国际先进水平，并已拥有中国发明专利9项、美国专利1项等40余项知识产权。 目前，该技术已成功应用于国内多个冷链、建筑外墙、渔船的保温施工项目，累计实现15万立方米硬泡 喷涂，替代及减少HCFC-141b发泡剂520吨，减排ODP当量57.2吨，削减二氧化碳当量37.7万吨，取得了 突出的经济效益和社会效益。中国塑料加工工业协会副秘书长孟庆君认为，该技术显示了良好的应用前 景和较高性价比，为聚氨酯泡沫行业HCFC-141b淘汰提供重要技术支撑。 相明华表示，已经对印度等发展中国家开展了技术培训。作为中国协同保护臭氧层与应对气候变化的标 杆实践，浙江华创将持续深化国内外合作，为全球聚氨酯产业绿色转型贡献中国智慧。多国代表表示， 该技术作为中国履行《蒙特利尔议定书》的标杆实践，展现了环保与经济效益的双重价值，希望与中方 就技术推广深化合作 ...

Core Viewpoint - The Ministry of Ecology and Environment has proposed a ban on the production of polyurethane products using HCFC-141b as a foaming agent, effective from January 1, 2026, with specific exceptions for certain products [1] Group 1: Regulatory Changes - Starting January 1, 2026, the production of polyurethane products using HCFC-141b as a foaming agent will be prohibited, excluding spray polyurethane foam products [1] - For refrigerator, cold storage container, and electric water heater products, manufacturers must comply with the regulations outlined in the 2018 announcement regarding HCFC-141b [1] - The ban on spray polyurethane foam products using HCFC-141b will take effect on July 1, 2026 [1] Group 2: Product-Specific Regulations - The production of insulation pipe products and solar water heater products must adhere to the guidelines set forth in the 2023 announcement regarding HCFC-141b [1]

生态环境部征求意见：规定禁止使用HCFC-141b为发泡剂生产喷涂聚氨酯泡沫产品、组合聚醚和其他聚 氨酯产品的时间 智通财经7月2日电，生态环境部办公厅公开征求《关于禁止生产以1,1-二氯-1-氟乙烷（HCFC-141b）为 发泡剂的聚氨酯产品的公告（征求意见稿）》意见： 一、自2026年1月1日起，禁止生产以HCFC-141b为发泡剂的组合聚醚和聚氨酯产品（喷涂聚氨酯泡沫产 品除外）。生产冰箱冷柜产品、冷藏集装箱产品、电热水器产品，按《关于禁止生产以一氟二氯乙烷 （HCFC-141b）为发泡剂的冰箱冷柜产品、冷藏集装箱产品、电热水器产品的公告》（生态环境部公告 2018年第49号）的规定执行；生产保温管产品、太阳能热水器产品，按《关于禁止生产以1,1二氯-1-氟 乙烷（HCFC-141b）为发泡剂的保温管产品、太阳能热水器产品的公告》（生态环境部公告2023年第28 号）的规定执行。 二、自2026年7月1日起，禁止生产以HCFC-141b为发泡剂的喷涂聚氨酯泡沫产品。 三、本公告所适用的喷涂聚氨酯泡沫产品是指经现场喷涂施工的具有绝热和防水功能的聚氨酯泡沫材 料，包括附件中标准所规定的喷涂聚氨酯泡沫产品。 ...

从市场发展趋势和临床需求来看， 具有多功能、新材质、高附加值的高端医用敷料正逐渐成为市场和临床的"新宠"，其需求日益迫切。 与此同时，国家也建议优先选用屏障性敷料，这一政策导向为中国伤口护理市场的高端化发展注入了强劲动力。 业内预计，未来三年内高端产品的市场渗透率将从当 前约20%的市占率快速 提升至40% ，高端医用敷料产业正迎来前所未有的发展机遇 。 在人口老龄化进程及国民健康意识提升的双重驱动下，中国综合医院手术量不断攀升，2019年全国手术量突破5900万台次，按照每台手术术后平均使用15-20片敷 料计算， 催生10亿片/年左右的医用敷料刚需市场，相当于每天超275万片临床消耗！ 此外， 门诊换药和慢性伤口护理等创面治疗管理需求 也逐年增多，2023年中国医用敷料市场规模约为 123.71亿元 ，同比 增长13.64% 。 # 需求与痛点共振｜切入高端医用敷料市场，正当时！ 然而，现阶段纱布、无纺布等传统医用敷料仍占主导地位，其市场份额 超过80% 。尽管水胶体敷料、银离子敷料、藻酸钙盐敷料等新型敷料近年来逐渐崭露头角， 但在临床应用中，仍有许多复杂问题难以解决。因此，临床实践在医用敷料的选择和使用 ...

Core Viewpoint - Jiangsu Meiside Chemical Co., Ltd. reported a significant increase in operating revenue for 2024, but a substantial decline in net profit, indicating challenges in profitability despite revenue growth [1][13]. Revenue Analysis - The company achieved operating revenue of 601,170,908.59 yuan, a 19.99% increase from 501,006,153.54 yuan in the previous year, driven by market expansion efforts and product line integration [2][13]. - The introduction of a "foam agent + catalyst" product combination and participation in trade shows contributed to enhanced customer engagement and market share [2]. Profit Analysis - Net profit attributable to shareholders was 64,142,274.78 yuan, down 41.69% from 109,997,455.73 yuan, primarily due to the underperformance of the organic amine catalyst project during its initial production phase [3][13]. - The organic amine catalyst project, which began trial production in October 2023 and formal production in August 2024, had a low capacity utilization rate of 19.79%, leading to high fixed costs and negative profit margins [3]. Non-Recurring Profit Analysis - The net profit after excluding non-recurring items was 54,787,836.27 yuan, a decrease of 42.54% from 95,354,133.13 yuan, indicating significant challenges in the company's core business profitability [4]. Earnings Per Share - Basic earnings per share fell to 0.35 yuan from 0.61 yuan, a decline of 42.62%, reflecting the overall drop in net profit [5]. - The diluted earnings per share also decreased to 0.30 yuan from 0.53 yuan, a reduction of 43.40%, further highlighting the weakening of core business profitability [6]. Expense Analysis - Sales expenses decreased by 11.51% to 22,695,204.40 yuan, suggesting potential improvements in sales strategy or cost control [7]. - Management expenses increased by 9.62% to 32,021,346.70 yuan, likely due to the expansion of business operations [7]. - Research and development expenses rose by 21.21% to 35,903,192.51 yuan, indicating a commitment to innovation and product development [7]. Cash Flow Analysis - Net cash flow from operating activities increased by 19.13% to 78,155,884.55 yuan, reflecting improved cash generation capabilities [10]. - Net cash flow from investing activities was -88,779,460.57 yuan, indicating ongoing investments in fixed and intangible assets [10]. - Net cash flow from financing activities was -7,995,123.43 yuan, showing adjustments in financing strategies to meet funding needs [10]. R&D Personnel - The company has a stable R&D team of 62 members, accounting for 21.45% of total staff, with a balanced educational and age structure, supporting ongoing innovation efforts [9]. Summary - Overall, Jiangsu Meiside Chemical Co., Ltd. experienced revenue growth in 2024 but faced significant profit declines due to challenges in the organic amine catalyst project and market conditions. The company must focus on capacity release, cost control, and innovation to navigate the complex market environment [13].