英力特 000635

During the reporting period, the company primarily engaged in the production and sales of calcium carbide and its derivative products, polyvinyl chloride (PVC), caustic soda, and specialty resins, as well as the production and sales of electric and thermal power. The main products include PVC, E-PVC, caustic soda, and calcium carbide. The company adopts market-oriented methods such as public bidding and price comparison for raw material and equipment procurement, and combines end-user and trader sales methods. The company maintains a stable supplier and customer base, with key performance drivers including macroeconomic growth, real estate industry conditions, downstream market demand, overall capacity in the chlor-alkali industry, and raw material price fluctuations. Notably, the PVC market remained sluggish, with prices staying low except for a brief rise in May. The caustic soda market was relatively stable, with regional ex-factory prices fluctuating around 2300 RMB/ton. In the first half of 2024, the company significantly increased its production of calcium carbide, PVC, E-PVC, and caustic soda due to the completion of a 300,000-ton calcium carbide technical transformation project, which stabilized calcium carbide supply and allowed production lines to operate at full capacity.

电石是重要的基础化工原料，上游主要为兰炭、白灰及电力，下游主要产品包括：聚氯乙烯（PVC）、1，4－丁二醇（BDO）、醋酸乙烯、氯丁橡胶、石灰氮及其衍生物、溶解乙炔等。2025年上半年，国内电石市场整体呈现低位振荡格局，公司电石生产稳定，产能及开工率略高于行业平均水平。

PVC是世界五大通用树脂之一，下游主要用于管材管件、PVC地板/墙板、型材/门窗、薄膜、鞋及鞋底材料、人造革、电线电缆、壁纸、建筑革、发泡材料、硬质品、软制品等领域。公司属于电石法PVC生产工艺，年生产规模26万吨（含糊树脂4万吨），半年度生产稳定，产能低于行业平均水平，开工率高于行业平均水平。

烧碱是重要的基础化工原料，上游原料及能源主要为原盐、电力，主要应用于氧化铝、化工、造纸、纺织印染、轻工、水处理、医药、石油、军工等方面。公司采用先进的高电流密度自然循环电解槽和煤熔盐降膜蒸发技术，上半年烧碱生产稳定，产量9.84万吨，保持高负荷生产，开工率高于行业平均水平。

公司积极拓展特种树脂生产，同时推动新能源项目建设，寻找符合公司需求的新能源资源，降低用电成本。2024年，公司新能源发电3522.38万度，新能源电力自行消纳。

英力特公司主要从事电石及其系列延伸产品、聚氯乙烯（PVC）、烧碱以及特种树脂的生产和销售。公司在氯碱行业中具备一体化产业链优势，依托西部煤炭资源和自有电力生产，形成了从电石到PVC的完整产业链。报告期内，公司电石产量达到19.16万吨，较上年同期提升245.85%，PVC产量提升50.11%至11.01万吨，显示出显著的生产能力提升。公司采用先进的技术装备，如高电流密度自然循环电解槽和全氟离子交换膜，提高了生产效率并降低了成本。尽管市场环境不佳，公司通过技术改造和管理优化，保持了较高的生产效能。