Recently, Meirui New Materials announced that Meirui New Materials will be surveyed by several institutions from April 26 to 27, 2023.
Question 1: What is the progress of the company's TPU expansion project and Henan project?
Answer: Both projects are under normal construction according to the construction plan. The main structure of the project with an annual output of 200,000 tons of elastomer integration has been completed, and the construction of the enclosure system and the installation of equipment and pipelines are underway; the Henan project The procedures required for the construction have been completed, the procurement of main equipment has been basically completed, the foundation compaction, pile foundation and pipe network construction have been completed, and the next step of construction work is being carried out.
Question 2: What is the reason for the increase in gross profit margin in the first quarter of 2023?
Answer: The main reason is that the sales of the special TPU business improved year-on-year, which drove the company's gross profit margin to increase.
Question 3: How much general-purpose and special-purpose TPU account for in the production capacity construction of the 200,000-ton project?
Answer: TPU products of different grades can be produced on the same line, and the adjustment of the production category is relatively flexible. After the project is put into production, production will be arranged according to the downstream orders.
Question 4: How to digest the new TPU capacity in the future?
Answer: The production capacity will be gradually released according to market conditions. In terms of sales channels, on the basis of consolidating existing customers and channels, the company will continue to carry out horizontal industry expansion and new product market development, and reserve market resources for the company's future new production capacity; in terms of R&D and innovation, the company will further increase R&D investment is oriented towards discovering, strengthening and ensuring the current and future needs and expectations of customers, and carries out targeted product research and development and technical reserves for the market, continuously improves the performance of existing products and continues to launch high-tech products that meet the needs of the market and customers .
In addition, after the completion of the project, the company's TPU production capacity will be further increased, forming a scale advantage, which will help resist the risk of raw material price fluctuations.
Q5: Please introduce PUR and PUD business?
Answer: PUR and PUD are further explorations of the company in the field of new polyurethane materials. Both are environmentally friendly adhesives. Solvent, mainly used in furniture edge banding glue, electronic glue, textile glue, automobile potting glue and other applications; PUD can use water instead of organic solvent as the dispersion medium, no pollution, widely used in shoe materials, clothing, woodworking, paint and automobiles, etc. industry. At present, the above-mentioned products do not account for a large proportion of the company's business.
Question 6: Where are the barriers to entering the HDI field?
Answer: The first is the certainty of the process. The production of HDI requires a certain amount of technical precipitation to ensure the certainty of the production process. In addition, engineering the production technology��Ability and good teamwork are also indispensable elements.
Q7: Where do you plan to purchase hexamethylenediamine?
Answer: When choosing a supplier, the company will comprehensively consider factors such as the company's overall strength, product quality, sales price, and supply stability. For the same kind of raw materials, the company generally establishes primary and secondary suppliers, which is conducive to the safety and stability of the company's supply chain.
Question 8: How do you see the market demand for HDI in the future?
Answer: The market is always changing dynamically, and we will not look at the problem with a fixed market. Technological progress will endow new material products with more excellent performance. At the same time, with the continuous breakthrough of localization of upstream raw materials, the cost of new material products will be reduced. Higher performance and lower cost will endow new material products with new application areas, and drive further growth in the stock market, market demand will further expand, and supply will create demand.
Question 9: Henan project invested 1.5 billion yuan, how to solve the funds?
Answer: The Henan project is implemented by the company's holding subsidiary Meirui Technology (Henan) Co., Ltd. The registered capital of 500 million yuan has been fully paid in place, and the remaining 1 billion yuan is sourced from bank loans. A bank loan of 100 million yuan has been approved.
Q10: How to distribute HDI monomer and trimer capacity?
Answer: Different downstream application fields have different requirements for HDI. Car paint generally uses HDI trimer, and TPU generally uses HDI monomer. In the future, arrangements will be made according to market demand.
Question 11: In addition to meeting the company's TPU production, is there any surplus for HDI?
Answer: HDI is one of the main raw materials for the production of special TPU. In the future, some of the company's HDI products will be used for its own use and some will be sold externally.
Q12: Please introduce CHDI and PPDI products?
Answer: CHDI and PPDI are special isocyanates, only a few manufacturers in the world can carry out industrial production, and the products have high added value. In addition to the characteristics of non-yellowing and strong weather resistance of aliphatic isocyanate, CHDI's elasticity is 20-30% higher than that of traditional isocyanate. It is mainly used in high-end automotive paint, wood paint, leather surface finishing agent, elastic and durable Grinding materials and other high-end fields. The molecular structure of PPDI is symmetrical. The elastomer made of it has good physical and mechanical properties, excellent elasticity, low compression set after elevated temperature, and better wear resistance, fatigue resistance, heat and humidity resistance, and solvent resistance than MDI/TDI. At present, due to the high price, it is mainly used in the production of high-end TPU, such as military aerospace, high-end automobile shock absorbers, oil drilling equipment seals, coal mine coal preparation conveyor belts, polyurethane tires, etc.
Q13: Why is the company's income tax expense so low in 2022?
Answer: Mainly due to enjoying preferential tax policies. On September 27, 2022, the State Administration of Taxation issued the "Operational Guidelines for the One-off Pre-tax Deduction and 100% Super Deduction Policy for High-tech Enterprises Purchasing Equipment and Appliances". Newly purchased equipment and appliances during the period of March 31 are allowed to be deducted in full for the year when calculating taxable income, and 100% of the pre-tax deduction is allowed. The company complies with the guidelines and enjoys this tax preference.
Mainrui New Material's main business: focus on R&D, production, sales and technical services of TPU.
Meirui New Material's 2023 first quarter report shows that the company's main operating income is 318 million yuan, a year-on-year decrease of 18.78%; , an increase of 23.13% year-on-year; the debt ratio was 44.09%, investment income was 1.6849 million yuan, financial expenses were -384,500 yuan, and the gross profit margin was 18.15%.
;, HELVETICA; font-size: 14px;">Answer: Mainly due to the enjoyment of preferential tax policies. The State Administration of Taxation issued on September 27, 2022 "One-time pre-tax deduction of corporate income tax for high-tech enterprises purchasing equipment and appliances and 100 According to the "Operation Guidelines for the Superimposed Deduction Policy", new equipment and appliances purchased by high-tech enterprises between October 1, 2022 and December 31, 2022 are allowed to be deducted in full for the current year when calculating taxable income, and 100% super deduction is allowed before tax, and the company complies with the guidelines and enjoys this tax preference.Mainrui New Material's main business: focus on R&D, production, sales and technical services of TPU.
Meirui New Material's 2023 first quarter report shows that the company's main operating income is 318 million yuan, a year-on-year decrease of 18.78%; , an increase of 23.13% year-on-year; the debt ratio was 44.09%, investment income was 1.6849 million yuan, financial expenses were -384,500 yuan, and the gross profit margin was 18.15%.
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