"Wind Research Report · Company" can replace the "double carbon" materials of rubber and PVC, and only three domestic companies have high -end production capacity. This company's 2.5 times expansion is planned to gradually be put into production since 2023. At present"P

The "double carbon" materials that can replace rubber and PVC. At present, high -end products have begun to appear in short supply. This company is the only company in China with high -end product production capacity. The downstream covers electronics, automobiles, fine chemical equipment and other tracks. At present, 2.5 times the expansion of production is planned to gradually be put into production since 2023. At the same time, it will be self -proclaimed to the layout of the raw material, which greatly reduces production costs.

Company essence:

①TPU has the high elasticity of rubber, the processability of plastic, and the degradable characteristics. In the future, it is expected to replace PVC, rubber, EVA, silicone and other traditional materials in many fields. In recent years, high -end product supply trends have begun;

② Shen Wanhongyuan Liu Jing is optimistic that the company is the only company in China with high -end TPU products production capacity. It has independently developed high -end products such as foam TPUs and invisible car clothing materials, and has achieved batch supply;

③ The company currently has a TPU production capacity of 85,000 tons and is building an annual output of 200,000 tons of elastic body integration projects. It is expected that it is expected to be completed in 2023 and put into production year by year. Production capacity, realize core raw materials;

④ Liu Jing expects the company's net profit to return to the mother from 2022-2024 is 1.49/2.01/512 million yuan, respectively, an increase of 24.8%/34.9%/155.4%year-on-year, and the corresponding PE is 38/28/11 times;

⑤ Risk reminder: The price of raw materials fluctuates, and the demand for new downstream markets is not as good as expected.

TPU products are low energy consumption and degradable, which is in line with the "double carbon" goal. In the future, it is expected to replace traditional rubber and plastic materials in many fields, with broad application prospects.

Shen Wanhongyuan Liu Jing's latest cover high -end TPU material supplier Merri New Materials (300848). The company is the only company in China with high -end TPU product production capacity. Batch supply has been realized, and technical and price advantages in the mid -to -high -end field.

The company currently has a TPU production capacity of 85,000 tons and is building an annual output of 200,000 tons of elastic body integration projects. It is expected to be completed in 2023 and put into production year by year. The park, the construction of 120,000 tons of important raw materials specialtyocyanate production capacity, to achieve core raw materials self -supply, and greatly reduce production costs.

Liu Jing expects that the company's net profit from the company from 2022-2024 will be 1.49/2.01/512 million yuan, respectively, an increase of 24.8%/34.9%/155.4%year-on-year, and the corresponding PE is 38/28/11 times.

TPU performance is excellent near terminal market, and the industry's emerging prospects are broad

The TPU has the high elasticity of rubber, and can process processing like plastic, and it has certain degradable characteristics, which is in line with national environmental protection and carbon neutral strategic planning. It is expected to replace PVC, rubber, EVA, silicone, etc. in many fields in the future A variety of traditional materials have become one of the main directions for the development of new materials in the future.

In the international market, companies that mainly produce TPUs such as Lukun, BASF, and Hunsmai have all invested in the construction of factories in my country to compete with local companies, but the overall production capacity has not many. In recent years, the trend of high -end product supply has begun. my country ’s local enterprise Wanhua Chemical and Huafeng Chemical account for the highest market share, reaching 21/18 million tons/year, respectively, accounting for 34%of the total domestic total. Essence

In the downstream application, benefiting from the growth of new energy vehicles downstream, the application of TPU in invisible car jackets has grown rapidly. After years of R & D and innovation, the company has successfully developed various types of lacquered mask products such as the fat -not -yellow -not -changing TPU materials and invisible car jackets with independent intellectual property rights. Firstly, the overseas monopoly pattern is broken. Essence

Expanding production helps new development, and extending the industrial chain to bring high growth

In 2021, the company's TPU production capacity was about 85,000 tons, with an output of 69901 tons, an increase of 36.66%year -on -year. In order to ensure that it can continue to export products to the market, the company's original 30,000 tons of thermoplastic polyurethane elastic project was changed in March 2021 to an annual output of 200,000 tons of elastic body integration projects. The planned construction cycle is 36 months. It provides a strong guarantee for future production and sales growth and market share.

At the same time, the company has the upstream high barriers to HDI, and plans to build a 120,000 -ton special isocyanate integrated production line. The project is expected to start in the second half of this year or next year, and the construction cycle is 18 months. At present, the market for specialtyly is still monopolized by a few companies. Production companies are expected to enjoy higher single -ton net profit, which effectively strengthens the company's future performance.

In addition, this project is located in the Hebi Baoshan Industrial Club. The partner Henan Hebi Coal Chemical Co., Ltd. has 1,4-butanol (BDO) production capacity of 100,000 tons/year. Essence

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