Meirui New Material's 2022 annual performance briefing was held on May 11 at the Panorama Roadshow.
Chairman Wang Renhong, director and general manager Zhang Sheng, independent director Tang Yun, board secretary and chief financial officer Du Yingtao, and sponsor representative Zeng Jun attended the performance briefing and communicated with investors online in real time.
In 2022, the macro-environment at home and abroad is complex and changeable, and my country's economic development is facing the triple pressure of "demand contraction, supply shock, and weakening expectations". Affected by this, the downstream demand for TPU is weak, and the price of superimposed upstream raw materials is at a historically high level. The overall market consumption has slightly decreased compared with 2021, and the company's production and operation are facing multiple challenges. In this regard, the company responded positively, gave full play to the advantages of differentiated technological innovation and the leading role of the brand in the mid-to-high-end market, developed markets and sales channels, and quickly responded to customer needs. The annual operating income was 1.475 billion yuan, a year-on-year increase of 13.66%; The net profit of the parent company was 111 million yuan.
At the performance meeting, the company's chairman Wang Renhong said that the company is currently the only listed company in China whose main business is TPU. In recent years, the company has worked hard to manage and gradually mastered the advanced technology and technology of the industry. Relying on its advantages in product quality, technological innovation, and differentiated services, it has established a relatively good reputation in the TPU industry and achieved partial import substitution. It has established obvious competitive advantages in some subdivided fields.
It is reported that in the face of the sluggish downstream market, last year, on the basis of consolidating existing customers, the company gave full play to the leading role of benchmark customers and constantly sought cooperation opportunities with new customers. Among them, the special TPU business has grown rapidly, forming a good market reputation and occupying a certain market share. At the same time, the company is also constantly developing differentiated new polyurethane materials to meet the needs of different customers and strive to make continuous breakthroughs in new fields. In addition, the company's charging pile cable materials have completed the supplier system certification of some domestic brand manufacturers, which is expected to bring further room for growth for the company. The differentiated high-quality products have further enhanced the company's brand status. In 2022, the company was selected into the list of high-end brand cultivation enterprises in Shandong Province.
In terms of project construction, the first phase of the polyurethane new material industrial park project in Hebi, Henan Province has started construction in the fourth quarter of last year. The project will build an annual output of 120,000 tons of special isocyanate integration and supporting public and auxiliary projects, aiming to meet the needs of end customers. An integrated solution for upstream monomers and downstream materials. Zhang Sheng, director and general manager of the company, said that the special isocyanate to be produced in the Henan project has the advantages of non-yellowing and easy storage. The polyurethane products produced with it as raw materials have higher elasticity and wear resistance. Yellowing spandex, high-performance TPU and other fields are widely used, whether it is used for the production of special TPU or sold abroad, it has a good market prospect.
Zhang Sheng also pointed out that the procedures required for the current project construction have been completed, the procurement of major 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.
It is worth mentioning that, in order to ensure the smooth sales of products after the project is put into operation, Henan Company has already started the relevant work of market reserve. Du Yingtao, secretary of the company's board of directors and chief financial officer, revealed at the performance meeting that the company has established a sales team and had preliminary contact with some potential customers. The person in charge of the sales team once worked in a multinational chemical company and has profound resources and experience in related industries. The company is confident that the product sales will be realized smoothly after the project is put into production.
Talking about the digestion of production capacity that investors are concerned about, Du Yingtao said that 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 improved, forming a scale advantage, which will help resist the risk of raw material price fluctuations.
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