Miracll(300848)2025-04-25 09:08Group 1: Project Updates - The HDI, PPDI, and PNA units at the Henan project have successfully completed trial runs and produced standard-compliant products. The sales team is actively engaging with target customers, and market feedback is positive. The company aims to expedite the trial production of remaining units for full-scale production [2]. - The new TPU and water-based PUD projects commenced construction in Q4 2024, with an 18-month construction period. The TPU project has an expected after-tax internal rate of return (IRR) of 39.68% and a payback period of 4.01 years, while the water-based PUD project has an IRR of 38.05% and a payback period of 4.21 years [3]. Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 388 million, remaining stable compared to the previous year. The net profit attributable to shareholders was CNY 18.14 million, a year-on-year increase of 47.12%, while the net profit excluding non-recurring items was CNY 18.05 million, up 75.04% [2]. Group 3: Competitive Advantages - The company possesses significant competitive advantages in the HDI project, including a skilled team with extensive industry experience and a strong upstream-downstream collaboration in the polyurethane materials sector. This strategic positioning enhances customer loyalty and market reach while ensuring stable supply and reducing production costs [4]. Group 4: Specialty Amines Products - The company produces three specialty amines: PNA, PPDA, and CHDA. PNA is a key chemical raw material used in dye synthesis, while PPDA is essential for aramid and polyimide production. CHDA is widely used in polyamide and polyurethane applications. The production process utilizes stable raw material supplies, significantly lowering production costs compared to competitors [5][6].