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[Industry Focus]：Analysis of China's polyurethane industry, future development planning of listed companies in the industrial chain

Read： 504 Time：15months ago Source：必高新材料猎头、前瞻经济学

Polyurethane is a kind of high molecular polymer containing urethane group (-NHCOO), the full name is polyurethane, referred to as polyurethane (PU). It consists of polyurethane segments and ester or ether segments. Polyurethane has high strength and abrasion resistance, but also has good elasticity and chemical resistance. Currently widely used in coatings, adhesives, elastomers, foams, fibers and plastic products and other fields. Polyurethane is known as the emerging organic polymer materials, known as the "fifth largest plastic".

Major listed companies in the industry: mainly include Huafeng Chemical (002064.SZ), Wanhua Chemical (600309.SH), Gaomeng New Material (300200.SZ), Taihe New Material (002254.SZ), Oriental Material (603110.SH), Meiside (603041.SH), Huide Technology (603192.SH), etc.

1, polyurethane industry chain panoramic combing: midstream product types rich.

From the perspective of upstream raw materials, it can be divided into isocyanates (including MDI, TDI, etc., also known as "black material"), polyester polyols and polyether polyols (including PO, PTMEG, PPG, etc., also known as "white material") and cosolvents (such as DMF, methyl ethyl ketone, stabilizers, flame retardants, etc.).

Polyurethane midstream mainly includes two systems: foam system and CASE system. Foam system mainly includes polyurethane hard foam and soft foam, hard foam is mainly used for house wall insulation waterproof spray foam, pipe insulation materials, soft foam mainly includes furniture and vehicles all kinds of cushion material; CASE system is mainly used to produce coatings, adhesives, sealants and elastomers. Downstream includes applications in furniture, home appliances, building energy-saving materials and other fields.

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The upstream of the polyurethane industry for the main enterprises are Wanhua Chemical, Cangzhou Dahua and other isocyanate production enterprises, as well as Longhua new materials and other polyol enterprises.

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2, polyurethane industry chain regional thermal map: Bohai region enterprise agglomeration.

According to the enterprise search cat query data show that the current Chinese polyurethane registered enterprises are mainly distributed in Hebei Province. Followed by Shandong, Jiangsu and other coastal cities; Guangdong Province, the number of polyurethane enterprises is also more.

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Note: The darker the color represents the greater the number of enterprises; data as of March 2, 2023.

From the perspective of the regional distribution of listed companies in the polyurethane industry, Shandong polyurethane industry has the largest number of listed enterprises, including Wanhua Chemical (600309.SH), Meirui New Material (300848.SZ), Taihe New Material (002254.SZ) and other midstream advantage enterprises. The number of listed enterprises in the polyurethane industry in Shanghai and Zhejiang is also large, the former has Huide Technology (603192.SH), Kangda New Material (002669.SZ) and other midstream enterprises, the latter has Huafeng Chemical (002064.SZ), Jihua Group (603980.SH) and other midstream listed enterprises.

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Note: The darker the color, the more the quantity.

3, polyurethane representative enterprise operation: the overall gross margin level of the industry needs to be improved.

Regarding the performance of polyurethane business, in the first half of 2022, Wanhua Chemical (600309.SH) had the highest core business revenue, exceeding 10 billion yuan. Huafeng Chemical (002064.SZ) has a high gross profit level of over 27%, but the overall gross profit level of the industry is average.

In 2021, the scale of production and sales to Huafeng Chemical (002064.SZ) and Wanhua Chemical (600309.SH) higher.

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4, polyurethane representative enterprise future planning situation: the industry out of backward production capacity, enterprise green development.

In recent years, my country has successively introduced policies to encourage industries to eliminate backward production capacity, concentrate superior production capacity, and promote green development. Therefore, the major listed companies have laid out the expansion of advantageous production capacity, open up the international market and green development.

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