本篇报告我们汇总了海外MDI龙头企业：陶氏化学、巴斯夫、科思创、亨斯迈2019年财报情况。MDI属于高度垄断 型行业，全球MDI的主要产能和核心技术基本掌握在以上四家外企和万华化学手中。本文将从各家海外企业4Q18- 4Q19财报和业绩解读会议中披露的数据出发，对未来三年MDI供需格局进行分析。

金博股份主要从事先进碳基复合材料及产品的研发、生产和销售，公司产 品主要应用于光伏行业的晶硅制造热场系统，2019 年营收占比 96%。公 司 2019 年实现营收 2.40 亿元，同比增 33.4%，净利润 0.78 亿元，同比 增 44.1%，营收/净利润 CAGR（2017-2019 年）分别达 41.6%/55.6%， 2019-2021 年可比公司平均 PE 分别为 52/38/28 倍。

2 月21 日，农村农业部印发了《2020 年全国草地贪夜蛾防控预案》。预案提出，总体目标实现“两个确保”，即确保虫口密度达标区域应防尽防，确保发生区域不大面积成灾。防控处置率90%以上，总体危害损失控制在5%以内。

我们建议重点关注：万华化学、华鲁恒升、龙蟒佰利、宝丰能源、浙江龙盛等化工核心产业链中的龙头公司，以及金发科技、道恩股份、回天新材、蓝晓科技、飞凯材料、恩捷股份、新宙邦等在高端科技产业链中能够供应关键化工新材料的代表性公司。

两化农业资产整合打响今年两化协同第一枪，此次整合将种子、农药、化肥三大农业投入品核心资产纳入同一主体，形成我国农业全产业链巨头。我们认为此次整合对提升我国农业竞争力实现农业自主可控有重大意义，并看好协同增效对参与个体的赋能。

Welan gum is used as an additive in the cement system, owing to its low viscosity, which reduces the fluid loss of the composition. It enhances the suspension properties of cement suspensions and is much effective at low concentrations. Welan gum enhances the cement workability when it rapidly hydrates, and the admixture is often used in post-tensioning grout, proportioning underwater concrete, and self-consolidating concrete. China was the major producer of cement with the production of 2,370 million metric ton, in 2018. As per the National Bureau of Statistics of China, the revenue of the construction sector registered a CAGR of 3.75% between 2013-2017 and was valued at CNY 39,765 million in 2017. In 2019, the country’s construction industry is expected to rise by almost 6%. The real estate investment, which includes investments in the residential and commercial sector and office spaces, rose by 11.6% between January-February, in 2019, compared to the same period in the previous year. The robust investment in the property sector was supported by the steady housing prices and an increase in property construction, which would stimulate the usage of cement and enhance the demand for welan gum in the country. The construction industry in the United States continued to expand in 2019, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings. Additionally, other factors, such as Tax Cuts and Jobs Act of 2017 and the hurricane rebuilding in the southeastern region of the United States, contributed to the increasing activities in the construction sector of the country.

Indian economy witnessed a growth of 7.3% in 2018, as compared to 6.7% last year. In the last few years, the GDP growth rate trend of Indian economy has changed from being steady to strong and now to fastest in the world. Indian economic growth is fueled by the upswing in private consumption expenditure in the past few years. It is projected to remain robust and the investment growth is also expected to continue in the coming years. As per the analysis, the non-resilient segment holds the major share of the market, followed by resilient flooring and textiles (carpet and area rugs). The Indian textile industry has a noteworthy presence in both the Indian economy and in the international textile economy. The growth in the disposable income of the middle and lower middle-class sections of the society has led to continuous growth of the demand of textile in India. Home textile usually includes products, such as bedsheets, pillowcases, blankets, terry towels, upholstery, table clothes, carpets, and rugs. India provides a cost-effective model of manufacturing for textile players. As compared to the key competing countries, India has competitive labor cost, power cost, and water cost. The higher finance cost, compared to competing countries, is partially mitigated through various government policies, thus the effective cost of capital becomes comparable.

ncreasing construction activity in the infrastructure sector is the primary driver for the growth of the Indian construction sector. According to the IBEF, India needs infrastructural investments worth INR 50 trillion by 2022, to have sustainable development in the countr y. In India, the infrastructure sector is a key driver for the country’s economy and is highly responsible for propelling the country’s overall development. The Indian government has played an important role in developing world-class infrastructure in the country. Investments from the private sector are expected to show moderate- to-high growth, owing to the factors, such as increased stability in infrastructure projects, corporate deleveraging, and implementation of the Goods and Services Tax (GST). In 2018, the infrastructure sector in India witnessed private equity and venture capital investments worth USD 1.97 billion. The private equity and venture capital investments are expected to surpass USD 65 billion in 2025. In June 2018, the Asian Infrastructure Investment Bank (AIIB) announced its decision to invest USD 200 million in India’s National Investment and Infrastructure Fund (NIIF).