The MDI Plant Of Wanhua Chemical Ningbo Plant Is Regenerating, And Its Share In The Global MDI Industry Is Over 30%.

The world's largest MDI manufacturing enterprise, Wanhua chemical group, Limited by Share Ltd (hereinafter referred to as "Wanhua chemical") announced in the evening of January 13th that the MDI phase I installation (400 thousand tons / year) of Wanhua chemical (Ningbo) Co., Ltd., a subsidiary of the company, began to stop and repair in October 26, 2019, and the MDI two phase (800 thousand tons / year) began to stop and repair in November 15, 2019. Up to now, the shutdown inspection of the above MDI devices has been completed and the normal production has resumed.


According to the insiders, Wanhua chemical has continued to expand its business since its listing, forming three major sectors, including polyurethane, petrochemical and fine chemicals. Its revenue growth is more than 30%. With many years of accumulation in the field of polyurethane, the advantages of the company's Polyurethane layout are highlighted, contributing to more than 7 of the company's profits and providing basic performance support.


Data show that Wanhua chemical has the capacity of 2 million 100 thousand tons, ranking first in the world, occupying the global 1/4 product market, forming a scale advantage. At the same time, the company continuously optimizes the production process, reduces the cost of construction and investment by means of technological transformation, reduces the cost of raw materials by integrating the industrial chain layout, and builds core cost advantages; in addition, the company takes isocyanate as the core, expands product categories, carries out a full range of product supply, and sets up a comprehensive solution for product service to solve the platform. With the growth of global Pu demand, Pu profit space is expected to increase steadily over the long term.


Guo Jin securities analyst Pu Qiang said that throughout the Wanhua chemical MDI capacity expansion Road, in addition to the original production line and Yantai Industrial Park, Ningbo phase I and two production lines, most of them rely on technical upgrading to expand production capacity, use domestic instead of imported equipment, enhance the utility efficiency of public equipment, effectively save money, and strengthen the advantages of investment and construction.


觀察來看，萬華化學在經(jīng)過產(chǎn)能快速布局，搶占市場后，不斷提升公司在聚氨酯尤其是MDI產(chǎn)品生產(chǎn)領(lǐng)域的競爭優(yōu)勢，持續(xù)推動公司MDI業(yè)務板塊的發(fā)展：首先，持續(xù)高質(zhì)量研發(fā)投入，高度重視技術(shù)創(chuàng)新，內(nèi)化為企業(yè)的發(fā)展基因，為多領(lǐng)域發(fā)展提供技術(shù)支撐；其次，依托技改升級迅速高效提升產(chǎn)能，使用國產(chǎn)化設備，提升固定設備的利用效率，實現(xiàn)低成本的產(chǎn)能建造能力，減少成本折舊；第三，萬華化學對MDI產(chǎn)線進行了全產(chǎn)業(yè)鏈布局，通過采購煤、鹽、苯、LPG等產(chǎn)業(yè)鏈初級原料，基本實現(xiàn)了產(chǎn)線原料的高度自給，降低原料成本；與此同時，萬華化學進行園區(qū)綜合建設，公司在煙臺、寧波進行了綜合的園區(qū)規(guī)劃和建設，配套園區(qū)公共設施，實現(xiàn)了一體化的布局和平臺式管理，利用部分材料的循環(huán)利用和統(tǒng)一供能，實現(xiàn)能源和材料的高效利用。


Pu Qiang pointed out that at this stage, Wanhua chemical has become the largest MDI supplier in the world, and Future Ltd will continue to expand its capacity expansion. The new capacity of Yantai's 500 thousand tons MDI has been built and will be put into production according to the demand. At the same time, the company will continue to expand MDI production capacity in Fujian and Ningbo base, and further enhance the market share of MDI products. In addition, the company will continue to seek opportunities in the future to build MDI production base in the United States, try to reduce the trade risk of product export, and grasp the opportunity of the MDI demand brought by the American construction field to further expand the market in the United States.


Southwest Securities researcher Yang Lin admitted that in the long run, Wanhua chemical acquired 100% stake in Swedish International Chemical Industry and completed the 51% change of Cornell market in Fujian, further consolidating the core moat in the domestic MDI technology, maintaining the market order on the global scale, and controlling Fujian Cornell polyurethane company, further monopolizing the new capacity of the domestic MDI industry. With the gradual increase of 800 thousand tons of technological transformation capacity in Yantai and Ningbo in 2020, the share of the global MDI industry will increase to more than 30% in the next three years, and the status of the industry will be further consolidated.