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营收超30亿 这家PU上市材企拟募资2.3亿投建CO₂聚醚项目
Sou Hu Cai Jing· 2025-08-20 07:36
Core Viewpoint - Changhua Chemical plans to raise up to 230 million yuan through a simplified procedure to fund its carbon dioxide polyether project, aiming to enhance its production capacity and meet the growing demand for high-performance green polyether products [1][2]. Company Overview - Changhua Chemical Technology Co., Ltd. was established in 2010 and is located in Jiangsu Province, specializing in the research, production, and sales of polyether products. The company went public on the Shenzhen Stock Exchange in 2023 [2][4]. - The company reported a revenue of 3.05 billion yuan in 2024, a year-on-year increase of 12.47%, but its net profit attributable to shareholders decreased by 49.90% to 58.16 million yuan [2][4]. Financial Performance - In 2024, the significant decline in net profit was attributed to intensified industry competition, which compressed profit margins for key products, particularly the POP (polyether polyol) used in soft furniture [3]. - The revenue from POP products reached 2.088 billion yuan, accounting for 68.49% of total revenue, with a gross margin of only 1.52%, down 3.48 percentage points from 2023 [3]. Market Dynamics - The polyether industry is experiencing a compound annual growth rate (CAGR) of 15.15% from 2022 to 2024, with strong export growth. However, the industry faces challenges such as intensified price competition and fluctuations in raw material prices, leading to a decline in overall profitability [1][2]. - Changhua Chemical emphasizes the need to develop high-end products and optimize product structure to enhance competitiveness in the market [1].
出口维持高增长,产品价格触底反弹 | 投研报告
Core Viewpoint - The domestic polyether polyol export maintains a high growth rate in the first half of 2025, with significant year-on-year increases projected for both 2024 and 2025 [1][2]. Export Data Summary - In the first half of 2024, the export volume of polyether polyol is expected to be 1.1014 million tons, while in 2025, it is projected to reach 1.3154 million tons, representing a year-on-year growth of 19.43% [1][2]. - The export volume in June 2025 is anticipated to be 219,600 tons, showing a year-on-year increase of 14.19% [1][2]. - Monthly export growth rates for the first half of 2023 are recorded at 21.71%, 28.80%, 11.06%, 14.15%, 32.10%, and 14.19% respectively [1][2]. Price Trends Summary - The average price of domestic soft foam polyether in 2023 is 9,867 yuan/ton, dropping to 8,911 yuan/ton in 2024, and further declining to 8,190 yuan/ton and 7,366 yuan/ton in Q1 and Q2 of 2025 respectively [3]. - Prices began to rebound in Q3 2025, with July averaging 7,617 yuan/ton and August (as of August 13) reaching 8,306 yuan/ton, marking increases of 3.41% and 12.75% from Q2 2025 [3]. - The average price of POP polyether in 2024 is 9,987 yuan/ton, decreasing to 9,341 yuan/ton in Q1 2025 and 8,556 yuan/ton in Q2 2025, with July and August 2025 averaging 8,475 yuan/ton and 8,547 yuan/ton respectively, indicating price stabilization [3]. Market Dynamics Summary - There has been a notable exit of overseas production capacity, with several foreign companies halting operations due to high operational costs and unexpected incidents [4]. - Key closures include Dow Chemical's cessation of a 50,000 tons/year capacity in Argentina and the joint decision by LyondellBasell and Covestro to close a plant in the Netherlands, which is expected to significantly impact local downstream polyether supply [4]. - In the first half of 2025, China exported 135,000 tons to Turkey, 135,000 tons to India, 117,000 tons to Vietnam, 60,000 tons to the UAE, and 52,000 tons to Russia, with significant year-on-year growth observed in exports to India (59.00%) and Vietnam (55.04%) [4]. Investment Outlook - The demand for the polyether industry is strongly supported by overseas demand, and domestic companies are increasingly competitive against foreign firms [4]. - Key investment targets include Longhua New Materials, a significant domestic polyether producer, and Wanhua Chemical, the largest domestic producer of soft and hard foam polyether [5].
化工龙头ETF(516220)涨超1.9%,聚醚出口高增长有望推动行业景气度回升
Mei Ri Jing Ji Xin Wen· 2025-08-15 02:49
Group 1 - The core viewpoint indicates that after entering Q3 of 2025, prices have rebounded significantly, with average prices in July and August increasing by 3.41% and 12.75% respectively compared to Q2 [1] - The price of POP polyether is also showing signs of stabilization and recovery [1] - In the first half of 2025, China's polyether polyol export volume increased by 19.43% year-on-year, with exports to India and Vietnam growing by 59% and 55% respectively [1] Group 2 - The domestic polyether industry is benefiting from strong overseas demand and competitive advantages, leading to sustained high growth in exports and a potential recovery in industry prosperity [1] - The chemical leader ETF (516220) tracks a sub-sector chemical index (000813), which mainly covers listed companies in the chemical products and raw materials sectors, focusing on companies with strong competitiveness and growth potential [1] - The index serves as an important tool for measuring the market value of the chemical sector and reflects the overall performance and development trends of China's chemical industry [1]
出口维持高增长,产品价格触底反弹
Minsheng Securities· 2025-08-14 09:44
Investment Rating - The report maintains a "Buy" rating for the domestic polyether industry, highlighting strong growth potential supported by overseas demand and competitive advantages of domestic companies [4][5][6]. Core Insights - The export volume of domestic polyether polyols reached 1.3154 million tons in the first half of 2025, marking a year-on-year increase of 19.43% compared to 1.1014 million tons in the same period of 2024 [1]. - The average price of soft foam polyether was significantly low in the first half of 2025, with prices at 8190 yuan/ton in Q1 and 7366 yuan/ton in Q2, but showed a rebound in Q3, reaching 8306 yuan/ton by mid-August [2]. - The report notes frequent exits of overseas production capacity, which has led to a notable increase in domestic export volumes, particularly to markets like India and Vietnam, with growth rates of 59.00% and 55.04% respectively [3]. Summary by Sections Export Growth - Domestic polyether polyols exports maintained high growth, with June 2025 exports reaching 219,600 tons, a 14.19% increase year-on-year [1]. - Monthly export growth rates for the first half of 2025 were 21.71%, 28.80%, 11.06%, 14.15%, 32.10%, and 14.19% respectively [1]. Price Trends - The average price of soft foam polyether was 9867 yuan/ton in 2023, dropping to 8911 yuan/ton in 2024, and further declining to 8190 yuan/ton and 7366 yuan/ton in Q1 and Q2 of 2025 [2]. - Prices began to recover in Q3 2025, with July averaging 7617 yuan/ton and August reaching 8306 yuan/ton, reflecting increases of 3.41% and 12.75% from Q2 [2]. Competitive Landscape - The report highlights the competitive advantage of domestic companies as overseas firms face operational challenges, leading to supply disruptions [3]. - Key companies identified for investment include Longhua New Materials and Wanhua Chemical, both of which are significant players in the domestic polyether market [4].
隆华新材(301149):聚醚行业优质标的,新材料业务成长可期
Investment Rating - The report assigns a "Buy" rating to the company, with a previous rating of "Not Rated" [1]. Core Views - The company is recognized as a high-quality player in the polyether industry, with rapid growth in production and sales. The report anticipates a promising future for the company's new materials business and the continued expansion of its polyether product advantages [4][6]. Summary by Sections Company Overview - The company, Shandong Longhua New Materials Co., Ltd., specializes in the production of high-performance, environmentally friendly polyethers. It has established a multi-layered product system, including soft foam polyethers, end-amino polyethers, and polyamide resins [16][18]. Financial Performance - From 2019 to 2024, the company's revenue grew from 2.026 billion RMB to 5.624 billion RMB, with a CAGR of 22.65%. The net profit attributable to shareholders increased from 93 million RMB to 171 million RMB, with a CAGR of 12.93% [24]. In Q1 2025, the company achieved a revenue of 1.509 billion RMB, a year-on-year increase of 11.52% [24]. Industry Outlook - The polyether industry is expected to recover, with leading companies likely to benefit from improved market conditions. The report notes that the domestic competition landscape is optimizing, and the global competitiveness of the polyether industry is increasing [40][54]. Product Development - The company has a total polyether production capacity of 970,000 tons/year, with an additional 330,000 tons/year project under construction. The report highlights the company's core product, POP, which has a significant contribution to revenue and profitability [60][28]. Growth Projections - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 188 million RMB, 314 million RMB, and 514 million RMB, respectively. The corresponding PE ratios are projected to be 28.6, 17.1, and 10.5 times [6][8]. Market Position - The company is positioned among the top players in the polyether industry, with a market share that is expected to increase as the industry consolidates. The report indicates that the CR5 of the polyether industry rose from 38.5% in 2022 to 48% in 2024 [54][54]. Future Prospects - The company is actively expanding its product matrix, particularly in the nylon 66 value chain, with a long-term production target of 1.08 million tons/year. The first phase of the nylon 66 project is already in trial production [23][24]. Valuation - The report provides a valuation based on projected earnings and market conditions, indicating a favorable outlook for the company's stock performance in the coming years [6][8].
研判2025!中国软泡聚醚行业价格、产能及消费量分析:行业产能过剩凸显,价格承压下行趋势延续[图]
Chan Ye Xin Xi Wang· 2025-07-05 01:08
Industry Overview - As of late May 2025, the price of soft foam polyether in China is 0.73 million yuan per ton, a year-on-year decrease of 19.65% [1][9] - The decline in prices is attributed to the fluctuation and decrease in upstream raw material prices, such as propylene oxide, and rapid expansion of domestic production capacity, which reached 9.5 million tons per year by February 2025, with expectations to exceed 11 million tons per year [1][9][10] - The rapid increase in production capacity has led to a significant rise in market supply, while demand growth has not kept pace, resulting in an imbalance between supply and demand [1][9] Industry Development History - The soft foam polyether industry in China has undergone four main stages: the initial stage (1989-1993), rapid development (1993-1999), technological innovation (2000-2010), and green development (2010-present) [3][4][5] - The initial stage saw the establishment of the first large-scale polyether production facility in Tianjin, marking the beginning of industrial production [3] - The rapid development phase was characterized by the introduction of new products and significant increases in production capacity, with a focus on high-end applications [3] - The technological innovation phase involved advancements in production technology and increased government support for new materials [4] - The current green development phase emphasizes technological breakthroughs in catalysts and sustainable practices due to stricter environmental regulations [5] Industry Supply Chain - The upstream of the soft foam polyether industry includes basic chemical raw materials (propylene oxide, ethylene oxide), initiators (glycerol, propylene glycol), catalysts, and production equipment [7] - The midstream involves the manufacturing of soft foam polyether, while the downstream applications span across furniture, automotive, footwear, construction insulation, waterproof coatings, and packaging materials [7] Current Industry Status - The total production capacity of soft foam polyether in China was 9.413 million tons in 2024, with a year-on-year growth of 2.34% [10] - Major companies like Wanhua Chemical, Longhua New Materials, and Changhua Chemical dominate the market, leveraging their technological and scale advantages [10][14] - The consumption of soft foam polyether in the first four months of 2025 reached 122.56 thousand tons, a year-on-year increase of 7.15%, driven by recovery in downstream sectors like furniture and automotive [12] Key Companies' Performance - Wanhua Chemical Group, established in 1978, is a significant player in the global polyether market, focusing on technological innovation and expanding its production capacity [18] - Longhua New Materials, founded in 2011, has become a leading company in the domestic soft foam polyether industry, achieving a market share of 30% in polymer polyols [16] - In 2024, Longhua New Materials reported a revenue of 5.624 billion yuan, a year-on-year increase of 12.01% [16] Industry Development Trends - The industry is expected to see optimization of production capacity and increased concentration, with leading companies like Wanhua Chemical and Longhua New Materials driving capacity consolidation [20] - There is a strong emphasis on technological innovation and green transformation, with companies adopting low-VOC formulations and developing bio-based polyethers [21][22] - Downstream demand is diversifying, with traditional markets slowing while new sectors like automotive and cold chain logistics are emerging as key growth areas [23]
研判2025!中国聚醚多元醇行业产业链、产量及重点企业分析:结构性矛盾凸显,产业升级迫在眉睫[图]
Chan Ye Xin Xi Wang· 2025-07-04 01:29
Industry Overview - Polyether polyols are essential raw materials for polyurethane, widely used in furniture, automotive, home appliances, and building insulation industries [1][12] - In 2024, China's polyether polyol production is projected to reach 5.48 million tons, a year-on-year increase of 7.07% [1][12] - Despite reaching a record high, the industry's capacity utilization rate remains below 70%, with intense competition in low-end products [1][12] - High-end specialty polyethers account for less than 30% of the market, with an import dependency exceeding 15%, indicating significant room for industrial upgrades [1][12] Industry Development History - The development of China's polyether polyol industry has gone through four stages, starting from 1980 to 1992, with the establishment of the largest polyether facility in Tianjin [4] - From 1993 to 1999, the industry experienced rapid growth, with production capacity reaching 260,000 tons per year by the end of 1996, a nearly 50% increase from 1994 [4] - The period from 2000 to 2010 focused on technological innovation, with significant advancements in production techniques and government support for new materials [4] - Since 2010, the industry has entered a phase of green development, with production capacity reaching 7.85 million tons by 2023, but with a capacity utilization rate of only about 63.16% [5][6] Industry Chain - The upstream of the polyether polyol industry includes basic chemical raw materials such as propylene oxide and ethylene oxide, as well as initiators and catalysts [8] - The midstream involves the production and manufacturing of polyether polyols, while the downstream applications span automotive, soft furniture, and footwear sectors [8] Current Industry Status - The demand for polyether polyols is driven by the continuous growth of the Chinese economy and consumption upgrades, leading to a steady increase in production [12] - The industry faces challenges such as low-end product homogenization and a need for higher-end product development [12] Key Companies' Performance - Wanhua Chemical, as a leading player, holds a 7% market share in the domestic polyether polyol market, with a production capacity of 1.59 million tons per year [14][16] - Longhua New Material focuses on high solid content and low VOC products, achieving a revenue of 5.513 billion yuan in 2024, a year-on-year increase of 12.28% [18] Industry Development Trends 1. **Accelerated Green Transformation and High-end Development** - The industry is moving towards green low-carbon transformation, with leading companies investing in bio-based raw material technologies [20] - Wanhua Chemical plans to establish a 100,000-ton/year bio-based polyether facility by 2025, reducing carbon emissions by 40% compared to traditional methods [20] 2. **Diversification of Market Demand and Structural Upgrades** - The demand structure is evolving, with traditional soft foam polyols growing slowly while new applications in cold chain logistics and electric vehicles are surging [21][22] 3. **Integration of Industry Chain and Deepening Global Layout** - The industry concentration is increasing, with leading companies enhancing cost advantages through vertical integration [23] - Wanhua Chemical has achieved over 80% self-sufficiency in propylene oxide, significantly reducing costs compared to purchasing raw materials [23]