The world's first set of 1.1 million ton MDI singl

2022-07-24
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Crazy pull up nearly 7%! The world's first 1.1 million ton MDI single unit has been put into production

crazy increase of nearly 7%! The world's first 1.1 million ton MDI single unit has been put into production

february 26, 2021

Wanhua chemical (or "the company") rose 6.74% to 137.5 yuan at the beginning of trading on the 25th. On February 25, the company issued the announcement on the completion of capacity expansion and technical transformation of MDI device in Yantai Industrial Park. The MDI unit of Wanhua chemical Yantai Industrial Park has an original capacity of 600000 tons/year. Through technical transformation, the company recently completed the technical transformation and capacity expansion coating from 600000 tons/year to 1.1 million tons/year. The project obtained the project filing Certificate in june2019, and has just started in China. In February, 2021, the cumulative investment is RMB 284million

Wanhua MDI has a global production capacity of 2.6 million tons, accounting for 28% of the global market. The Yantai MDI unit of the company for this technical transformation and expansion belongs to the isocyanate integrated capacity expansion technical transformation project publicized in the 2018 environmental impact assessment, which is the latest generation of technology. Compared with the competitors, the capacity of a single unit is only about 400000 T/A. the expanded unit of the company is the first unit in the world that has successfully achieved a single unit capacity of 110 T/A. We should also pay attention to regularly checking and maintaining the main engine, oil source and control system

the total investment of the project is 3.562 billion yuan. The construction contents include MDI device (capacity expansion from 600000 tons/year to 1.1 million tons/year), HDI and its adduct device (HDI 30000 tons/year, HDI adduct 20000 tons/year), ADI device (HMDA and hmdi from 10000 tons/year to 2 million tons/year to change the function of the experimental machine according to the spring; IPDI from 15000 tons/year to 30000 tons/year) Aniline Unit (nitric acid unit 360000 T/A; nitrobenzene unit 48+240000 T/A; Aniline Unit 36+180000 T/a), hydrogen chloride oxidation unit (240000 T/a), HCl gas hydrochloric acid analysis unit (226000 T/a) and supporting utilities and auxiliary facilities. After the company's Yantai MDI device 500000 T/a technical transformation project is put into operation, the global production capacity will reach 2.6 million tons, accounting for 28% of the market, further consolidating the leading position in the polyurethane industry

the lower investment intensity than expected brings about the expansion of cost advantage

the investment in MDI main devices of the MDI device capacity expansion and technical transformation project of Yantai Industrial Park is only 284million yuan, including the overall investment in supporting projects is also less than 3.562 billion yuan. According to the two investment amounts, the investment amount of the company's 500000 T/a capacity is only 70million yuan/10000 tons

reviewing the vertical comparison of the company's history, the investment amount of 10000 tons of new capacity in Yantai old factory and Ningbo is about 100million yuan/10000 tons. The investment intensity of technological transformation and capacity expansion is further reduced, bringing lower costs

by horizontal comparison, the investment intensity of domestic production capacity of covestro, BASF and Huntsman is basically more than 100million yuan/10000 tons, of which the investment amount of 10000 tons of new production capacity of Chongqing BASF and expanded production capacity of Shanghai Huntsman is about 200million yuan/10000 tons. It can be seen that the company has expanded MDI capacity with very low investment, shortening the cycle of return on investment

after the capacity expansion, the cost per ton of Yantai MDI production capacity may decrease by 495 yuan/ton. According to the EIA report, the MDI cost of metal fatigue tester symbol interpretation is calculated. The new capacity expansion of Wanhua is expected to reduce the depreciation cost and repair cost of Yantai MDI device. According to the calculation of Huaan chemical, the full cost per ton of Yantai MDI unit is expected to decrease by 495 yuan/ton. The further decline in the cost per ton of Yantai's production capacity continued to stabilize the company's cost advantage in MDI production and enhance safety profits

the net profit of Yantai's expanded MDI capacity is expected to increase by 1.59 billion yuan this year. According to estimates, it is expected that in the next 10 months this year, the newly increased MDI of Wanhua will be about 199400 tons, and the net profit is expected to increase by about 1.59 billion yuan. Assuming that the operating rate of the expanded capacity in 2022 is 88%, the net profit is expected to increase by 3.2 billion yuan

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