YANTAI TAYHO(SZ:002254)2025-06-26 09:28Group 1: Market Performance and Production - The production capacity of the Yantai plant is 15,000 tons, while the Ningxia plant has a capacity of 85,000 tons but operates at a lower utilization rate, contributing to losses [2] - The overall operating rate in the spandex industry is around 70-80% [3] - The company aims to avoid cash flow losses this year [2] Group 2: Pricing and Inventory - Spandex prices have slightly increased compared to last year, which experienced a significant decline in raw material prices [3] - The inventory level is currently considered high, with a normal range being 20 to 30 days [3] - The company has seen a gradual decrease in inventory since the second half of last year [4] Group 3: Product Differentiation and Quality - The company is focusing on stabilizing product quality and developing differentiated products, such as anti-static and antibacterial spandex, which currently have a low market share [3] - The quality at the Ningxia plant is now considered stable [3] Group 4: Industry Trends and Demand - The demand for spandex is on the rise, and the company is optimistic about future pricing trends, although it depends on industry consensus [3] - The aramid fiber market is relatively stable, with a domestic market share of about 70% for the company [5] - The domestic demand for aramid fiber is approximately 4,000 to 5,000 tons annually, with growth driven by market share increases and sectors like new energy vehicles [5][6]