Levima Advanced Materials Corporation(SZ:003022)2022-11-23 07:01Industry Overview - The EVA industry in China has entered a rapid development phase since 2010, with apparent consumption of EVA in 2020 reaching approximately 1.8 million tons [3] - Photovoltaic materials account for about 35% of total EVA demand, with consumption of EVA photovoltaic materials around 600,000 tons in 2020 [3] - Domestic EVA production capacity was approximately 990,000 tons in 2019, with a production volume of about 740,000 tons [3] - The import dependency for EVA is around 60%, indicating a significant reliance on foreign supply [3] Company Positioning - The company utilizes ExxonMobil's advanced kettle method for EVA production, focusing on high-value-added products with a VA content of 28% or higher [4] - The company has developed photovoltaic film material FL02528, breaking foreign monopolies and establishing stable partnerships with major photovoltaic film enterprises [4] - The company's EVA production capacity exceeds 120,000 tons per year, with plans to increase capacity by at least 18,000 tons annually after the completion of an upgrade project in 2022 [4] Competitive Advantages - Leading process technology with five production facilities employing world-class techniques [5] - Unique industrial layout and product structure, closely aligned with end-market demands [5] - Strong operational management capabilities, with a team experienced in renowned chemical and new materials companies [5] - Robust R&D innovation capacity, with a high-level team primarily from prestigious research institutions [5] - Comprehensive location advantages, with a solid chemical industry foundation and complete supporting facilities [5] - Established brand reputation and recognition within the industry [5] R&D and Talent Development - The company employs a combination of independent and collaborative R&D, with a team of over 50 specialized researchers, including 8 postdoctoral and over 20 master's degree holders [6] - The company has developed a research system covering catalyst development, synthesis process development, and application system development [6] - Continuous efforts in talent cultivation and recruitment, enhancing the company's ability to attract high-end talent post-IPO [7] Governance and Strategic Management - The company maintains a robust governance structure, emphasizing the importance of strategic development and operational flexibility [7] - There is an ongoing discussion regarding the potential increase of operational management representation on the board of directors [7]