中泰化学(002092) - 2021年6月9日中泰化学投资者关系活动记录表

Group 1: Market Situation and Industry Outlook - From early 2020 to 2021, the PVC market was impacted by foreign pandemic and extreme weather in the U.S., leading to reduced operating rates abroad and increased domestic orders, resulting in a rise in PVC and PVC product exports [2] - Current social inventory is low, with a balanced supply-demand situation; upstream enterprises face tight supply of raw materials due to "dual control" policies, supporting PVC prices [2] - With increasing domestic demand and export volume for downstream products like pipes, boards, and flooring, PVC is expected to remain in a tight balance state, with prices better than the same period last year [2] Group 2: Company Investment Projects - The company’s non-public stock issuance projects include a high-performance resin industrial park with a designed capacity of 300,000 tons/year, including 200,000 tons/year for bulk resin, 65,000 tons/year for paste resin, and 35,000 tons/year for reducing resin [2][3] - The production facilities for reducing resin, paste resin, and other products were trial-operated in November 2019, March 2020, and May 2020, respectively, and are currently operating normally [3] Group 3: Future Capacity Planning - Under the influence of "carbon peak" and "carbon neutrality" policies, the industry is expected to accelerate the elimination of backward small enterprises, promoting consolidation in the chlor-alkali industry [3] - The company plans to selectively construct previously approved projects in the chlor-alkali sector while not adding new capacity in the textile sector in the short term, focusing on technological transformation and R&D to reduce raw material costs and achieve product differentiation [3] Group 4: Development Strategy - The company will leverage industrial policies and the rich natural resources in Xinjiang, focusing on chlor-alkali chemicals, and actively exploring vertical integration and horizontal diversification for effective synergy [3] - The strategy includes continuous improvement and optimization of the industrial chain through self-construction and mergers, enhancing product categories, achieving economies of scale, and pursuing high-quality development [3]