证券时报记者 黄翔 此前，隆华新材表示，公司具有较强的研发创新能力，自主研发并掌握了高固含量且低粘度、遇水不凝 胶、超低VOC、高白度等POP核心技术，形成了自主创新技术体系，极大地提升了公司产品的技术指 标。公司自主建设聚醚生产装置，在聚醚产品及生产工艺关键技术方面拥有自主知识产权。 11月20日，隆华新材(301149)发布公告称，公司总投资1.5亿元的年产33万吨聚醚多元醇扩建项目已完成 全部建设，顺利产出合格产品。随着该项目落地，公司聚醚系列产品总产能正式攀升至129万吨/年，在 国内聚醚多元醇市场的规模优势进一步凸显。 此外，隆华新材指出，通过建立稳定的原材料供应渠道，各主要原材料均有多家供应商可供选择，不存 在对单个供应商过度依赖的情况。在此背景下，原料或承担成本兜底作用，对聚醚市场价格涨跌的直接 影响或将减弱。 据了解，当前，附加值高的聚醚产品由于产品质量差异较大且技术门槛相对较高，越来越多的聚醚头部 企业调整产品结构，聚醚高端产能快速增长。在次高端聚醚应用领域中，新能源汽车、光伏等新兴领域 对特种聚醚需求旺盛，这类领域年均拉动特种聚醚需求增长12%以上。此外，行业正加大低不饱和度聚 醚、电子级 ...

Company 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]