Cathay Biotech Inc(688065) investor relations activity record (February 2022)
Securities code: Cathay Biotech Inc(688065) securities abbreviation: Cathay Biotech Inc(688065)
□ specific object research □ analyst meeting
□ media interview □ performance briefing
Investor relations □ press conference □ Roadshow
Activity category
□ site visit
□ others (please specify other activities in words)
On the site of the company on the morning of February 10, 2022
Founder Securities Co.Ltd(601901) , Taixin fund, Chang'an fund, China Shipping fund, Taiping pension
On the site of the company on the afternoon of February 17, 2022
Time, place and China International Capital Corporation Limited(601995) , Wanfang assets, yifangda, Taikang assets, Nanjing Securities Co.Ltd(601990) , name of participating units of Feng capital, Yihe Jiufu investment, Yuhua assets, Shanghai Xingzhi and Zeyuan assets
Property management, CCB insurance asset management, Hebao investment, Harvest Fund, Puyuan assets, Guotai Junan, Huatai Securities Co.Ltd(601688) , Ping An fund, long-term investment, etc
Zang Huiqing, Secretary of the board of directors of a listed company
Personnel name
1. What are the company's existing products and downstream applications?
At present, the company's main products are long-chain dicarboxylic acid and a series of biological long-chain dicarboxylic acid (dc10-dc18), bio amyl diamine and bio Based Polyamide (talon, investor relations e-2260, e-1273, e-3300, e-6300, etc.).
Main contents of the activity (1) long chain dicarboxylic acid: at present, DC12 is mainly used for long-chain polyamide, long-chain polyester, high-grade hot-melt adhesive, etc. dc13 is mainly used for musk-T, hot-melt adhesive, etc. the company also has mixed long-chain dicarboxylic acid products, which are mainly used in the field of rust prevention. The project raised and invested by the company includes 40000 t / a biological sebacic acid. Traditionally, sebacic acid is produced by chemical method with castor oil as raw material, and the capacity of China National Chemical Engineering Co.Ltd(601117) sebacic acid exceeds 100000 tons. After years of research and development, the industrialization technology of the company has passed the pilot test and large-scale production device verification, and the product quality is better than the chemical method products on the market. The application fields of sebacic acid include polyamide, antirust, plasticizer, etc. some customers coincide with the customers of DC12.
(2) Bio amyl diamine is mainly used to produce bio based polyamide. Bio based polyamide has a wide range of downstream applications. Polyamide products mainly include spinning and engineering materials. Spinning is subdivided into civilian silk, industrial yarn and so on. For example, the field of civilian silk is mainly PA56 and PA510 products. It can be applied to seamless underwear, using the characteristics of moisture absorption, sweat perspiration and skin affinity. It is applied to sports series clothing (such as yoga clothes), and the use of fluidity to make ultra-thin silk used in the beauty market mask. Industrial silk should be used in tire cord fabric, airbag silk, fishing line and other fields; Engineering materials are more widely used. For example, polyamide modified products are used in automobile (cylinder head, support, etc.), electronic and electrical, machinery, transportation and other fields. After pulling the film, they are used for food packaging, injection molding into ribbons, etc. Bio based thermoplastic fiber reinforced plastics are prepared from bio based polyamide, glass fiber and carbon fiber. Plastics are used to replace steel and thermoplastics are used to replace non recyclable thermosetting materials. They are applied to clean energy equipment such as wind power / photovoltaic, lightweight and other needs. They are applied to many composite downstream industries such as new energy vehicles, high-speed railways, containers and other transportation facilities, comprehensive flame retardant and thermal insulation building materials and so on.
2. The construction of Shanxi R & D center?
At present, Shanxi Research Institute is under construction and is planned to be put into use in the second half of this year. The selection and ordering of R & D equipment and platform design have been basically completed. At the same time, the company plans to build a R & D platform combining R & D, pilot test and factory in Shanxi. 3. At present, can biological method greatly replace chemical method?
Theoretically speaking, biological method can replace most chemical production, but at present, not all products manufactured by biological method have cost advantages.
At present, most of the products produced by chemical method have been very mature in cost and technology. They can be manufactured at low cost by using the raw materials of petroleum cracking, and their characteristics have been widely developed and applied in the market. In this case, from the perspective of cost, biological method is not superior to chemical method. Therefore, it will be more competitive to choose products with high added value and difficult to synthesize by chemical method.
Due to the completely different production routes between biological method and chemical method, biological method often has significant cost advantages for products with complex chemical process and high cost; Or the quality problems of chemical products are often significantly improved in biological products. Examples include dodecanedioic acid and sebacic acid. At present, the quality of sebacic acid produced by Cathay Biotech Inc(688065) method is obviously better than that of chemical method in terms of specific impurity content and color. The successful substitution of biological products for chemical products in the market also proves the cost advantage of biological products.
At present, only the industrialization process of pentamine and biological process have not been reported.
4. What is the difference between the company's fermentation technology and traditional fermentation technology?
The company's biological manufacturing process by means of synthetic biology is also very different from traditional fermentation. By means of synthetic biology, the company develops microbial metabolic pathway and constructs high-efficiency engineering bacteria to transform and modify specific target genes of biological genome, so as to achieve the purpose of transforming microbial metabolic pathway and directly affect the cost of product fermentation and transformation; The automatic and intelligent control system of microbial fermentation process developed by the company plays an important role in improving the efficiency of biological transformation. At the same time, it also reflects its unique advantages of process analysis and intelligent control in the process of industrial amplification, so as to realize the intelligent and efficient operation of biological manufacturing process; The company's separation and purification technology of biotransformation / fermentation system aims to obtain high-quality products from complex biological fermentation system and improve the extraction and purification efficiency of products; Through the combination of four core technologies, while reducing the product cost, the product quality and performance are also continuously improved.
5. What is the impact of the gradual localization of adiponitrile on the company's polyamide products?
The gradual localization of adiponitrile is beneficial to the long-term development of high-end nylon industry.
In the past, due to the limited supply of raw material adiponitrile and price fluctuation, the application of PA66 was replaced by PA6 or other materials in some fields. When the supply of adiponitrile is guaranteed and stabilized to a reasonable price, the application of PA66 should be more extensive, which can better reflect the application value of PA66 material itself, and the application of the whole nylon product will be expanded accordingly.
Polyamide products of the company have the characteristics of bio based green and low carbon, which PA66 does not have. The company's products include a series of products with low melting point, medium melting point and high melting point, as well as products with medium and long chain and long chain polyamide. PA66 is only replaced by some application fields of one brand.
6. Will the cold weather in Wusu affect the factory production?
The low temperature environment in winter will have a certain impact on the project progress in the construction process. After the completion of the construction period, the production equipment and production capacity in the normal production process will generally not be affected by the temperature.
7. Environmental protection certification of the company's products?
The bio based content of bio based glutamine and bio based polyamide products of the company has been analyzed and verified by a third-party laboratory using ASTM 6866 method, and has obtained beta certification and din certification. The renewable carbon content of bio amyl diamine is 100%, the renewable carbon content of bio polyamide 56 is 47%, and the renewable carbon content of polyamide 510 is 100%. The carbon emission per production unit of bio Based Polyamide 56 is more than half that of traditional nylon 6 and nylon 66. As a basic material that can be widely used in textile, automobile, electronic and electrical appliances, construction, aviation and other fields, the large-scale production and popularization of bio based polyamide materials will effectively reduce the use of fossil raw materials (such as oil) and reduce carbon emissions.
8. What are the main considerations for the company to build production bases in Xinjiang and Shanxi?
The company's production base is located in Xinjiang, mainly considering the advantages of rich and competitive resources such as raw materials and energy in the local and surrounding areas. The new production base is located in Shanxi, mainly considering the conditions of local energy, raw materials, supporting infrastructure, R & D, downstream industrial chain and the government's support for the synthetic biological industry.
9. What is the source of the company's corn raw materials?
The company purchases corn at the market price from suppliers dominated by local farmers in Xinjiang. In the long run, the company plans to use international low-cost crops as industrial raw materials in Shanxi.
The company will strengthen the internal control of the enterprise and formulate the procurement plan according to the production demand and the market trend of bulk materials. At the same time, in the process of large-scale production, through continuous new technology development and upgrading, continuously optimize the production process, and introduce digital and intelligent management methods to further strengthen the cost advantage.
10. The company is rich in bio based polyamide products. Are there any main products? Based on the self-produced bio amyl diamine, the company can synthesize a series of bio based polyamide products through organic combination with different dicarboxylic acids. The product series can include polyamide with melting point of 130 ℃ ~ 300 ℃, or polyamide products with different bio based content.
At present, the company's main products and brands include:
(I) Tyrone series products: used in the spinning field, mainly pa56 and pa510. It has the characteristics of good moisture absorption and emission, high oxygen index and low-temperature dyeing, and has advantages in the field of spinning clothing.
(II) ecovent series products: used in the field of engineering materials. With its excellent properties such as high strength, high heat resistance and dimensional stability, it can be used in automobiles, electronic and electrical structural parts, wind power generation, etc.
Brand e-1273: melting point 257 ℃, stable color, high strength, high elongation, excellent flame retardancy and good processability. It can replace the application of nylon 66 in ties, industrial wires, heat insulation strips, automobile interior and exterior decoration and related structural parts.
Brand e-2260: melting point 272 ℃, moisture absorption is equivalent to PA66, flame retardancy is better, and temperature resistance is better than nylon 66. It can replace nylon 66 in electronic and electrical connectors, automobile engine surroundings and other related applications.
Brand e-6300: melting point 299 ℃. It is a high-temperature resistant material. It has good creep resistance, dimensional stability and high chemical resistance at high temperature. It has better cost performance than nylon 66 and high-temperature nylon of traditional hexanediamine series.
Brand e-3100: melting point 217 degrees, low moisture absorption, excellent chemical resistance, FDA food contact material test, suitable for precision injection molding structural parts, mobile phone / 3C and other product parts in automobile and electronic industry.
There are other brands of products.
The company has mastered the key technology of bio based polyamide, and the key monomers are produced independently. A series of bio based polyamide products can be produced by the combination of glutamine and different dicarboxylic acids.
11. What means does the company use to protect its core technology?
In the process of intellectual property rights protection for more than ten years, the company has accumulated a lot of experience and lessons in intellectual property protection, trained an experienced intellectual property and legal team, and formed a set of intellectual property protection system including patent, trade secret, software and hardware protection.
The company carries out all-round and multi-level protection of technology by means of trade secrets and patents. The technology, formula, equipment selection and specific parameters of production process in patents that are easy to be copied and difficult to protect their rights are mostly protected by means of technical secrets; For other core technologies, the company converts them into patents to form a patent pool.
At the same time, the combination of software and hardware security measures shall be taken in the aspects of strain management, data storage, process flow and it internal control to prevent the leakage of core technical secrets.
