Miracll(SZ:300848)2022-11-21 15:40Group 1: Raw Material Prices - The price of TPU's main raw materials has increased significantly in the first half of the year, but some prices began to decline in the fourth quarter, which is beneficial for maintaining stable profit levels [1] - The company adjusts the selling prices of TPU products based on raw material price fluctuations and downstream market conditions, with general TPU products being more sensitive to raw material price changes [2] Group 2: Customer Loyalty and Market Position - Mid-to-high-end market customers have strong loyalty due to high requirements for technology and R&D collaboration, leading to stable partnerships [3] - The company provides differentiated products and better technical support to meet personalized customer needs, which enhances customer retention [3] Group 3: PBS Product Development - The company has developed PBS synthesis technology and is moving towards industrial production, leveraging partnerships with Heibi Coal Chemical, which has significant raw material production capacity [4] - PBS is chosen over other biodegradable plastics due to its larger market demand and superior performance characteristics, aligning with the company's differentiation strategy [4] Group 4: Future Capacity Expansion - The 200,000-ton TPU project will be constructed in two phases of 100,000 tons each, with capacity being gradually released based on market conditions [4] - The expansion aims to meet growing market demand and improve project cost efficiency through centralized procurement and construction [4]