The scientific name of spandex is polyurethane fiber, also called polyurethane elastic fiber. It is a block polymer with polyurethane as the main component. Spandex has excellent performance, which is incomparable to any other fiber. It can be used in all garments that can be stretched to meet the comfort requirements. Generally blended with other fibers, the dosage is 5-25%. Therefore, spandex is the "monosodium glutamate" fiber in textiles.
Second, the concentration of the industry has been continuously improved.
Supply side: the concentration of the industry has been continuously improved, the production capacity has shifted to the west, and differentiated products have gradually become the mainstream. At present, the domestic spandex production capacity is 850,000 tons/year, and the industry operating rate remains above 80%. It is estimated that the new production capacity in 2065.438+09 will be around 654.38 million tons. From the cost side, the price of pure MDI, the main raw material of spandex, has been rising continuously since the beginning of the year. At present, the price of pure MDI is 24,000 yuan/ton, up nearly 3,000 yuan/ton from the beginning of the year. In the second quarter, MDI devices at home and abroad were overhauled frequently, and Wanhua Chemical, BASF and other manufacturers implemented the limited supply strategy, and the prelude of domestic MDI price increase will be opened. Due to the power cut in Urumqi and the tight supply of calcium carbide, it is expected that the price of PTMEG downstream of calcium carbide will rise. Affected by the rising price of raw materials, the price of spandex has recently reversed. At present, the price of spandex is 33,000 yuan/ton, an increase of about 2,000 yuan/ton. Due to the rising price of raw materials, the downstream textile industry is also stepping up replenishment, and the increase in demand also drives the price of spandex to rise. Leading enterprises are increasing the production capacity and R&D investment of differentiated products. Differentiated spandex products can increase the profit space of enterprises and improve their profitability. The differential development of spandex will bring great benefits to the whole spandex industry. On the other hand, industrial production capacity is shifting from the east to the west. The western region has the advantages of low prices of production materials and proximity to raw material production enterprises, and production costs are expected to be further reduced. With the deepening of supply-side reform and the tightening of environmental protection policies, the industry concentration has been continuously improved, and the leading enterprises of spandex have obvious competitive advantages.
Third, strong demand and downstream recovery.
Demand side: the demand for spandex is strong, the downstream recovery, and spandex further penetrates in the textile industry. From 2009 to 20 18, the apparent consumption and export volume of spandex in China increased year by year. In June of 20 19, the apparent consumption of spandex in China was 57,900 tons, up by 1 1.83% year-on-year, up by 20.52% compared with the same period of 20 17, and up by 12.66% month-on-month. In 20 19 1 month, the export volume of spandex in China was about 5,864 tons, up by 18.52% year-on-year, up by 25. 17% compared with the same period in 20 17, and up by 27.81month-on-month. At present, the price of spandex is relatively low, which is conducive to the further popularization and application of spandex in the downstream, and the penetration rate in the field of clothing fabrics is expected to be further improved. With the change of external economic environment, the textile industry is expected to usher in recovery. With the upgrading of clothing consumption, the textile industry is gradually recovering, and the downstream inventory demand is increasing, which is expected to drive the demand for spandex to continue to grow.
Fourth, pay attention to the goal.
1, huafeng spandex (002064): At present, the company has about10.2 million tons of spandex production capacity, ranking first in China and second in the world. The company's product specifications cover10d-2500d-2500d, which can meet the needs of different users such as weaving, warp knitting and circular knitting, and the product performance ranks among the top in the same industry in China. The 60,000-ton differentiated spandex project in Chongqing is expected to be completed and put into trial production in August 2065438+2009. Huafeng Thermal Power Plant in Rui 'an City was put into operation, while saving energy and reducing emissions, the company's production cost was further reduced. The company continuously improves the production capacity of high value-added differential spandex and further expands the market share of high-end products.
2. Taihe New Materials (002254): The company is the leading enterprise of spandex and aramid fiber in China. Through the acquisition of Yuehua new material spandex business, 30,000 tons of production capacity has been put into operation, and another 30,000 tons of production capacity will be built in the second phase. The demand for aramid fiber is in short supply, and the price continues to rise. The aramid fiber industry has entered a prosperous stage. At present, the company's meta-aramid production capacity is 7000 tons/year, and the para-aramid production capacity is 1.500 tons/year, ranking first in China, among which the meta-aramid production capacity ranks second in the world. The 3,000-ton para-aramid project in Ningxia base has started construction, and it is expected to be completed and put into operation at the end of 438+09 in 2065 or early in 2020. The construction of Yantai Industrial Park10.2 million tons para-aramid project and10.2 million tons para-aramid project is expected to start in 20 19, and the second phase of the project will be completed by the end of 2022. The company is gradually promoting the application of para-aramid fiber in bulletproof helmets, bulletproof vests and other military products, with complete military production qualifications.
Risk warning. The price of raw materials fluctuates greatly, more new production capacity is added, market competition is intensified, and downstream demand growth is less than expected.
(Article source: Investment Express)