Miracll(SZ:300848)2024-12-26 02:05Group 1: Market Overview - The first phase of the Henan project will establish a production capacity of 100,000 tons of HDI, impacting market supply and competition positively [4] - China's TPU market demand has shown consistent growth, with consumption rising from 321,000 tons in 2016 to 610,000 tons in 2023, nearly doubling [4] - In 2023, domestic TPU consumption rebounded to approximately 610,000 tons, reaching a historical peak [4] Group 2: Economic Benefits of Projects - The project for producing 10,000 tons of expandable thermoplastic polyurethane elastomer is expected to have a post-tax internal rate of return of 39.68% and a static investment payback period of 4.21 years [6][10] - The water-based polyurethane project, with an annual production capacity of 30,000 tons, is projected to have a post-tax internal rate of return of 38.05% [10] Group 3: Strategic Initiatives - The company aims to actively develop and promote downstream applications of specialty monomer materials to drive upstream demand for HDI [4] - The Henan project utilizes advanced technology and stable processes, enhancing the company's confidence in adapting to market changes [4] Group 4: Supply Chain and Raw Materials - The supply situation for hexamethylenediamine has significantly improved due to breakthroughs in domestic production of its key raw material, adiponitrile [9] - The core raw materials for both the expandable thermoplastic polyurethane elastomer and water-based polyurethane are HDI, creating synergistic advantages with the Henan project [4][6]