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宇新股份(002986):新股询价报告

Yuxin Co., Ltd. (002986): IPO Quotation Report

華鑫證券 ·  Apr 16, 2020 12:00  · Researches

Company profile

Since its establishment, the company has been committed to process R&D, production and sales of organic chemical products using LPG as a raw material. Through its wholly-owned subsidiary Yuxin Chemical, the company has successively built and put into operation a number of LPG deep-processing product production facilities in the Huizhou Daya Bay National Economic and Technological Development Zone Petrochemical Industrial Park, creating an industrial chain with circular economy advantages. During the reporting period, the company's main products were iso-octane, methyl tert-butyl ether, and butyl acetate produced from isobutane, isobutene, and butene in LPG as raw materials. At the same time, the company also produced and sold a small amount of isopropanol, methyl acetate and other products using raw materials such as propane and propylene in LPG, and sold by-products such as pentane foaming agents to the outside world.

Company highlights

(1) The company established the “Green Solvent Engineering Technology Center” with the Huizhou Research Institute of Sun Yat-sen University, and established the “Engineering Technology Research Center for the Efficient Conversion and Application of Carbon and Tetrahydrocarbons” certified by the Guangdong Provincial Department of Science and Technology. With strong technological research and development and innovation capabilities, the company incorporates independent innovative components into the process technology of each set of production equipment, and continuously optimizes and upgrades, so that the process technology, operation level, and energy consumption of each set of production equipment remain in the leading position in the industry. In the process of development, the company has continuously improved the LPG deep processing industry chain, enriched the product structure, and created a closed-loop circular economy production process route.

(2) The production plant of Yuxin Chemical, a subsidiary of the company, is located in the Daya Bay petrochemical area of Huizhou, close to CNOOC Shell and CNOOC Huizhou Petrochemical, thus providing sufficient and convenient sources of LPG raw materials for the production of the company's products. The company's LPG deep-processing product production plant is located in Daya Bay Petrochemical District, Huizhou City, Guangdong Province, close to CNOOC Shell and CNOOC Huizhou Petrochemical. All LPG purchased by the company from the above two companies is transported directly through pipelines. The supply is stable and reliable, eliminating transportation costs.

(2) The company's production facility is located in the petrochemical district of Daya Bay, Huizhou City, Guangdong Province, close to the most economically developed regions in South China such as Shenzhen and Dongguan. About 80% of the iso-octane, methyl tert-butyl ether and other products produced by the company can be sold nearby in Shenzhen and Dongguan. Competitive pressure is low and the market price advantage is obvious, so the company has gained natural customer resources and sales channel advantages. The company's production base is located in the Daya Bay petrochemical district of Huizhou City, Guangdong Province. It is one of the seven major petrochemical industry clusters in China. The industrial park is adjacent to Shenzhen and is located at the core of the Pearl River Delta and South China regions. It has complete industrial chain support and is close to the main demand market for domestic chemical products.

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