未知机构：聚胶股份观点更新近日海外胶粘剂龙头HBFuller-20260120

Summary of Conference Call Notes Company and Industry Involved - The conference call discusses H.B. Fuller (FUL), a leading company in the adhesive industry, particularly focusing on the hygiene and packaging sectors [1][2]. Core Points and Arguments - H.B. Fuller reported strong growth in the hygiene sector, with a pricing discipline leading to an approximate 1% price increase in the HHC (Hygiene and Packaging) segment [1]. - The company achieved nearly a 30% year-over-year increase in EBITDA for the quarter, with EBITDA margin improving by approximately 380 basis points to 17.5% [1]. - For 2025, the combined contribution from pricing and raw materials is estimated to be around $30 million, with expectations for this positive contribution to increase to about $35 million in 2026 [1]. Additional Important Content - The demand for hot melt adhesives remains stable, supported by strong pricing and a decline in costs, creating favorable conditions for 聚胶股份 [2]. - 聚胶股份 is highly focused on adhesives for hygiene materials, and the significant improvement in HHC margins by Fuller, despite challenges in packaging demand, suggests that 聚胶股份 may achieve better profitability and performance in the hygiene adhesive sector, with continued margin improvement expected in 2026 [2].