万华化学VS科思创,MDI生产成本谁更低?

发布于: 修改于: 雪球转发:5回复:20喜欢:33

提问:为什么说万华化学MDI生产成本比科思创 (Covestro)更低?

答:万华化学的MDI生产成本低于科思创,主要是由于万华化学的MDI产业链中,后向一体化程度更大,包含了能源供应,后向一体化程度更高使得其成本更低。万华化学的聚醚产业链以LPG为源头,经丙烷脱氢、PO/MTBE工序、聚醚合成,最终完成高品质聚醚成品的生产,一体化程度更高,成本更低。
由产业链后向一体化布局的差异可以看出,万华化学的业务布局显得更加宽广,以LPG为源头,不仅可以实现聚醚上游原料的后向一体化,还为丙烯下游布局有更多的选择,包括环氧丙烷联产的MTBE及其下游的PMMA等,丙烯直接下游丙烯酸及下游的丙烯酸酯和SAP,甚至更下游的水性涂料树脂等。

相比之下,科思创更聚焦于产业链的中后端,其产业链后向一体化仅到环氧丙烷环节,而且环氧丙烷也并非完全实现一体化配套,仍需要部分外购环氧丙烷,而环氧丙烷上游的丙烯,以及更上游的乙烯裂解或者丙烷脱氢等上游的原料一体化配套并未涉及。

提示:万华化学并表BC后   MDI产能210万吨、TDI产能55万吨。

从当前业务结构看,科思创与万华化学更具可对标性,但是科思创当前的业务显然并非万华化学发展的终点。万华产品线有更强大的扩张潜力。

$万华化学(SH600309)$ $中国石化(SH600028)$ $恒力股份(SH600346)$ 

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Corduroy2019-06-29 11:02

请问这分析,有没有加入科思创以二氧化碳替代石油原料制造新聚醚多元醇这因素?据报道此可替代原来20%的环氧丙烷的原料消耗。经济性及环境友好远优于原制程,性能与传统工艺的成品无大差异,目前正扩大导入科思创全球产线....... 万华有这方面研究否?

守望半亩园2019-02-11 05:56

学习并转发备存

不买自己公司股2019-02-03 15:43

所以我说Otto拜耳和Friedrich拜耳,不是一个拜耳,

彩虹战弓2019-02-03 15:00

“Otto Bayer, who was not related to the family that founded the Bayer Group, was born in Frankfurt am Main on November 4, 1902. There he began his study of chemistry, which he concluded in 1924 with a doctorate. His tutor was the famous chemist Julius von Braun, who arranged his first job in an industrial facility — at the Cassella Farbwerke of I.G. Farbenindustrie — following Bayer's two-year period as a research assistant.
After Bayer had registered his first research achievements in the field of vat and sulfur dyes and in the lightfastness of dyestuffs, he was unexpectedly appointed to the management of the department in 1931. This was followed only two years later by another surprising career move of major significance: he was transferred to Bayer in Leverkusen, where he became head of the Central Scientific Laboratory. Although Otto Bayer was only 32 years old at the time and the youngest member of the team, he soon succeeded in making a name for himself.
In Leverkusen he was exposed to completely new fields of research, such as rubber chemistry, pharmaceutical research and crop protection. Otto Bayer's greatest achievement was ultimately the invention of polyurethane chemistry. The principle of polyaddition using diisocyanates is based on his research, yet at first, his closest colleagues were very skeptical. Although the production of macromolecular structures was already a line of research that held promise for the future, Otto Bayer's basic idea of mixing small volumes of chemical substances together to obtain dry foam materials was seen as unrealistic. But after numerous technical difficulties, Bayer eventually succeeded in synthesizing polyurethane foam. It was to take 10 more years of development work before customized materials could be manufactured on the basis of his invention.
Otto Bayer influenced the development of this versatile family of plastics for many years until his death at the age of nearly 80. Thanks to the chemical and entrepreneurial achievements of the inventor of polyurethanes, the Bayer Group still holds a large share of the world market for these materials.“
以上来自拜耳网站,拜耳作为IG法本公司分拆出来的公司之一,一直在宣传里说自己是聚氨酯和聚碳酸酯的发明人;现在这部分由科思创继承,所以科思创说自己是聚氨酯和聚碳酸酯的发明人,从法律上来说,这样的说法并没有问题。

不买自己公司股2019-02-03 08:37

1863年创建拜耳公司的人叫弗里德里希-拜耳,1937年,德国人Otto Bayer(当时此人与拜耳公司以及创始人都没关系)发明聚合物叫聚氨酯,这种聚合物中包含很多酰胺基,因此把它称为聚氨基甲酸酯,简称聚氨酯。奥托拜耳逝世时立遗嘱成立的化工界大奖Otto Bayer Award一开始也跟拜耳公司没关系,但是现在应该是由拜耳公司在运营。
德国人希尔曼-希耐尔1953在拜耳公司发明聚碳酸酯。现在的科思创和朗盛化学都是bayer分拆出来的。这都没错。

彩虹战弓2019-02-03 02:43

你是怎么查证的?科思创是拜耳化工分立出来的上市公司。理论上来说,现在的拜耳继承了医药也就是阿斯匹林和海洛因的发明,聚氨酯和聚碳酸酯部分当然是被科思创继承了。

人人S财神2019-02-03 02:38

36是估值中枢。高到45,低到28。主要看盈利,还有盈利的可持续性

旭川雪山2019-02-02 23:24

工业原料寡头企业都是相似的套路,有时候toB比toC好做。

人人S财神2019-02-02 23:22

原料,成本,产能 和 售价

iAm22-2019-02-02 21:54

有时候万华价格并不好