东华能源(002221) - 东华能源调研活动信息

Competitive Advantages in C3 Industry Chain - Core competitive advantage lies in the systemic advantages of the entire industry chain [2] - Control over raw material resources: As a member of the LPG international procurement "club," the company actively participates in LPG international trade, ensuring stable supply and gradually gaining pricing power [3] - LPG fleet: Currently operates over 10 ships, with plans to expand through self-building and leasing to improve logistics and ensure stable supply [3] - Port facilities: Owns 50,000-ton deep-water ports in Ningbo and Qinzhou, and a 50,000-ton deep-water port in Zhangjiagang, with additional port facilities approved in Maoming [3] - Storage capacity: Current storage capacity is 866,000 cubic meters, with a 2 million cubic meter underground storage facility under construction in Ningbo [3] - Production capacity: Current PDH capacity is 1.2 million tons/year (domestic leader), PP capacity is 900,000 tons/year (domestic leader among private enterprises), expected to reach 1.8 million tons/year for both PDH and PP by Q1 2021 [3] - Product development: Focus on high-value-added specialty products, with 10 specialty grades developed and 12 patents filed, including high-quality non-woven fabric and automotive materials [4] - Hydrogen utilization: With the expansion of PDH facilities, hydrogen by-product sales are expected to grow, with stable supply relationships established in Zhangjiagang and Ningbo [4] Strategic Investment in Maoming - Maoming is strategically located at the geographic center of RCEP, facing both the Greater Bay Area and ASEAN markets [5] - Maoming offers abundant beach land resources and a reconfigurable social governance structure, providing significant late-development advantages [5] - As a southern oil city, Maoming has a strong tradition in the petrochemical industry, making it easier for the company to integrate and promote the transition from petrochemicals to green chemicals and hydrogen energy [5] Progress of Ongoing Projects - Ningbo Phase II project is in the commissioning stage, expected to produce propylene products around Spring Festival 2021 [5] - Ningbo Phase III project is nearing completion, expected to start commissioning in March 2021 [5] - Maoming Phase I project is progressing smoothly, with capital and external financing plans in place, expected to meet construction milestones [6]