1) Plastic additives business
① General plastic PVC additives business
The company is mainly engaged in the research, development, production and sales of ACR processing additives, ACR impact modifiers, MBS impact modifiers and MC impact modifiers. ACR processing AIDS and impact modifiers are mainly used in PVC pipes, PVC profiles, wood plastic (WPC) floors, stone plastic (SPC) floors, PVC wallboard, PVC transparent sheets, PVC foam boards and other products. The company's MBS impact modifier products are mainly used in the fields of PVC transparent sheet products (medical packaging, consumer packaging, etc.), PVC pipe products, magnetic card materials and other functional film materials; MC impact modifier products are widely used in wire and cable, rubber hose, adhesive tape, rubber sheet, PVC profile pipe modification and other fields. The products are mainly used for the processing and modification of the downstream products mentioned above, giving the products excellent processability, impact resistance and weather resistance.
② engineering plastics (PC/ABS/ASA) additives business
Through years of experience in plastics additives industry and continuous scientific research and innovation, the company has successfully developed toughening modifiers (MBS GM series products), ABS high rubber powder and ASA high rubber powder suitable for PC/ABS alloy materials. In order to produce the above products quickly, in batches and continuously, during the reporting period, the company carried out technical transformation on the existing MBS production line with an annual output of 3, tons in the original factory area to produce the above products. Although the company is still in its infancy in this field, the related products have passed the trial production line. Compared with the related products of general plastic additives, the related products of engineering plastic additives have higher technical barriers and higher added value.
a, PC/ABS toughening modifier (MBS GM series products), PC is often mixed with other engineering plastics such as ABS to make alloy materials, so that the products have the performance of both PC and ABS, and are widely used in automobile, household appliances, electronic and electrical, machinery and other fields. The company's products are mainly used to toughen and modify this material. Due to the high technical barriers, at present, China mainly imports Zhong Yuan from Japan, Dow from the United States and LG from South Korea. At present, the company's products have been sold in small batches, and it is actively exploring the market and docking with major domestic modified plastic manufacturers.
b, ABS high rubber powder, styrene, acrylonitrile-butadiene rubber, core-shell polymer. ABS resin was prepared by mixing ABS high rubber powder with SAN resin as main raw materials. ABS resin is widely used in the fields of automobiles, electronic appliances, machinery and building materials due to its excellent mechanical, mechanical and thermal properties. China is a big producer of ABS resin. However, due to the high technical requirements, the high-yield ABS rubber powder is low, and South Korea's Kumho and BASF are the main products in the world.
c, ASA high rubber powder is a ternary polymer composed of acrylonitrile, styrene and acrylic rubber, which belongs to impact modified resin. ASA resin was prepared by mixing ASA high rubber powder and SAN resin as main raw materials. ABS resin is widely used in the fields of automobile, electronics, electricity and architecture due to its excellent weather resistance, mechanical properties and high temperature resistance. Due to the high technical threshold, the domestic ASA high rubber powder production capacity is relatively small, and the international products are Ineos, Saudi Basic Industries, Japan UMG, South Korea Kumho, South Korea LG, etc.
2) biodegradable materials business
biodegradable materials business is a project under construction and research by the company at present, and as of the disclosure date of this report, it has not achieved large-scale production and sales. PBAT and PLA are one of the most widely used degradable materials at present. PBAT can be mixed with PLA or other degradable materials to make biodegradable products such as shopping bags, express packaging bags, agricultural films, lunch boxes, cutlery, straws and so on. At the beginning of 22, the National Development and Reform Commission and the Ministry of Ecology and Environment jointly issued the "Opinions on Further Strengthening the Control of Plastic Pollution", with the main goal of defining the implementation of three nodes in 22, 222 and 225, so as to ensure that the use of plastic products is greatly reduced.
①PBAT: the PBAT project with an annual output of 6, tons under construction is currently in the commissioning stage, and the commissioning work is expected to be carried out in April and may 222. After it is completed and put into production, the company will add 6, tons of PBAT products. PBAT products are greatly influenced by the price fluctuation of BDO (butanediol), one of the main raw materials, and the implementation of policies. In the future, with the continuous improvement of the industrial chain, the continuous promotion of national and local plastic ban policies and the enhancement of people's awareness of environmental protection, it is believed that the industry will develop rapidly.
② PLA: PLA products are the company's research business. In the second half of 219, the company started the technical development of one-step synthesis of PLA, and in 22, it achieved the success of the pilot test. In July, 221, the product was successfully tested in the company's 1-ton pilot line. Two-step method (lactide process) is also being developed by PLA company, which is currently in the pilot stage. Although the molecular weight and appearance of PLA produced by the company's one-step process are different from those produced by the two-step process, it has obvious cost advantages, and the related performance indexes fully meet the requirements of downstream membrane bags and other products after testing and modified film blowing tests. However, food certification is still needed in the fields of lunch boxes, tableware, knives and forks, straws and so on. The company will implement a 1,-ton scale project in due course, and there may be some technical uncertainty in the process of amplification. Investors are advised to pay attention to the above two risks.
(2) Industry situation of the company
1) Plastic additives
According to the Guidelines for Industry Classification of Listed Companies (revised edition in 212) (Announcement No.21231 of the CSRC), the company's plastic additives business belongs to "C26 chemical raw materials and chemical products manufacturing industry of C manufacturing industry"; According to the National Economic Industry Classification (GB/T4754-217), the company's main business belongs to "C2661 chemical reagents and additives manufacturing for C266 special chemical products manufacturing for C266 chemical products manufacturing for C manufacturing".
plastic products are widely used in the fields of electronics, electrical appliances, agriculture, medicine, chemical industry and daily life because of their wide range of raw materials, easy processing and molding, low price and good quality, and excellent physical and chemical properties. With the progress of technology, the varieties and specifications of plastic products are increasing day by day, and the application scope is expanding day by day. It has become the fourth largest industrial basic material after wood, steel and cement. The wide application of plastics can not be separated from the use of plastic additives to improve or improve the performance, so as to produce plastic products that meet various application requirements. Plastic additives determine the feasibility and scope of application of plastics to a certain extent, and the quality and quality of additives directly determine the quality of plastic products.
①PVC auxiliaries: As one of the leading enterprises in the PVC auxiliaries industry, the company has been deeply involved in this field for more than 2 years and has obvious competitive advantages. By the end of the reporting period, the company's comprehensive production capacity had reached 18, tons, including 7, tons of ACR products, 7, tons of MBS products (including 2, tons/year newly added at the end of December 221) and 4, tons of MC products (including 4, tons/year of the second phase of MC impact modifier project), and the comprehensive production capacity of products was in the forefront of the industry.
industry competition pattern: PVC additives industry belongs to the mature stage of development. The main domestic competitors of ACR products are Nikko Chemical, Shandong Donglin, etc. The company's ACR products are mainly used in products such as pipes/profiles, floor wallboard, sheets, foam boards, etc., and the market share in the fields of pipes/profiles and floor wallboard is in the leading position in the industry; MBS products have relatively high requirements on production technology and technology, and the main competitors are Japanese and Korean enterprises at present. MC products are substitutes for CPE, with the current production capacity of 4, tons/year, and there are many domestic manufacturers. In recent years, with the tightening of national safety and environmental protection supervision, industry integration is intensifying, and market share is concentrated in the head enterprises. In the ACR field, the company insists on scientific and technological innovation, optimizes existing products, continues to enrich product categories, and adopts differentiated competition strategies to enhance product market share; In the field of MBS, benchmark foreign enterprises, strive to further improve product quality and performance, and seize the market share of foreign enterprises; In the field of MC products, make good use of the existing production capacity, give full play to its role in supporting other products, and improve the profitability of products.
② Engineering plastic additives: After continuous scientific research and innovation, the company will expand from the field of PVC additives to the field of engineering plastic additives. In the fourth quarter of 221, the company made technical transformation by using the existing MBS production line, and quickly had the production capacity of 3, tons of engineering plastic additives per year to deepen the plastic additives industry. Compared with the company's PVC additives, the engineering plastics additives have relatively high technical threshold and high added value. The main downstream areas of the products are automobiles, household appliances, electronic appliances, machinery, construction and so on.
industry competition pattern: the related products of engineering plastics additives developed by the company mainly include PC/ABS toughening modifier (MBS GM series products), ABS high rubber powder and ASA high rubber powder, and mainly imported in China. PC/ABS toughening modifiers are mainly imported from Japan Zhong Yuan, the United States Dow, South Korea LG, etc., and the domestic market demand is about 3,-5, tons. At present, companies of this kind of products have achieved small batch sales; ABS high rubber powder is mainly imported from South Korea, such as Kumho and BASF, and the domestic market demand is about 3,-4, tons. ASA high rubber powder mainly comes from Ineos, Saudi Basic Industries, UMG of Japan, Kumho of South Korea and LG of South Korea, and the domestic potential market demand is about 1, tons.
2) degradable polymer materials
According to the Guidelines for Industry Classification of Listed Companies (revised edition in 212) (Announcement No.21231 of CSRC), the company's main business belongs to "C26 chemical raw materials and chemical products manufacturing in C manufacturing industry"; According to the National Economic Industry Classification (GB/T4754-217), the company's main business belongs to "C2651 primary plastic and synthetic resin manufacturing of C266 chemical raw materials and C265 synthetic materials in C manufacturing industry".
Developing degradable plastics to replace traditional plastic products is one of the effective ways to solve the "white pollution", and the degradable plastic variety PBAT/PLA is one of the most widely used degradable materials at present. PBAT is mixed with PLA and other degradable materials, and can be made into shopping bags, express packaging bags, agricultural films, lunch boxes, tableware, knives and forks, straws and so on. In the field of white pollution consumption, the state officially launched the "plastic ban order". On January 19, 22, the Ministry of Environment issued the "Opinions on Further Strengthening the Control of Plastic Pollution", and implemented the plastic ban measures step by step to ensure that the use of plastic products was greatly reduced; Various provinces and cities have also issued relevant supporting documents, and carried out work related to plastic ban in related fields and at corresponding time points. In compliance with the requirements of the national plastic ban policy, the company arranged ahead of schedule and intervened in the field of biodegradable materials. In March 22, it decided to invest in the PBAT project with an annual output of 6, tons of degradable polymer materials. At present, the project is nearing completion and is being debugged. Secondly, the bio-based degradation material PLA was researched and developed, and the pilot test was successfully completed in July 221. The expansion of new products and new fields and continuous innovation are conducive to the sustained and healthy development of the company.