齐翔腾达(002408) - 002408齐翔腾达投资者关系管理信息20260203

Group 1: Market Dynamics - The recent price surge of butadiene rubber is driven by the exit of ethylene cracking capacity in Europe, Japan, and South Korea, leading to a tight global supply of butadiene [1] - Domestic butadiene capacity is highly concentrated among major state-owned enterprises, limiting market supply, especially during the traditional maintenance season from February to April [1] - The company maintains stable operation of its butadiene extraction and oxidative dehydrogenation units, adjusting shipment schedules based on the cost-price gap between butadiene and rubber to ensure cost advantages [1] Group 2: Product Pricing and Production Capacity - The company has seen price increases in key products such as methyl ethyl ketone, maleic anhydride, epoxy propane, and butadiene rubber, with overall plant operating rates maintained above 90% [2] - The company aims to enhance the proportion of high-margin products and strengthen its flexible production capacity to capitalize on the upward industry trend [2] Group 3: Capital Expenditure and Project Development - In 2026, capital expenditure will focus on optimizing and upgrading existing production lines through technological innovation and equipment modifications [2] - The company is advancing an 8,000 tons/year catalytic materials project, which is in trial operation, aiming to enhance self-supply capabilities in high-end catalysts and break foreign technology monopolies [2] Group 4: Industry Outlook - The chemical industry is expected to see a decline in capacity expansion, with an increase in industry concentration [3] - The transition to green and low-carbon practices, along with stricter environmental regulations, will accelerate the elimination of inefficient capacities, benefiting leading companies with technological and scale advantages [3] - The company has established a comprehensive product matrix covering over 30 products, positioning itself well to benefit from the exit of foreign capacities and the gradual clearing of inefficient production [4]