On the morning of May 22, the groundbreaking ceremony for the polyester project of Xinfengming Xinyi Industrial Base was successfully held. It is understood that the project plans to use internationally advanced large-capacity and flexible polymerization technology to build 9 sets of polymerization devices, an internationally leading melt direct spinning (straight-stretch film) production line, public works and other supporting facilities, and 500 texturing machines. , 10,000 looms, supporting downstream dyeing and finishing and a public thermal energy center, using purified terephthalic acid (PTA) and ethylene glycol (MEG) as the main raw materials, with the aim of forming an annual output of 2.7 million tons of polyester (filament, short yarn fiber, film, slices, etc.) production capacity. The investment amount of the project is 18 billion yuan, and the land area is about 3,650 acres (including 150 acres of supporting commercial and residential land). The project construction will follow the policy of one-time planning and phased implementation to gradually build a high-end textile industrial park. It is planned to be completed and put into production gradually from the end of October 2022. Once completed and put into production, the annual sales revenue will reach 26 billion yuan, with profits and taxes of 2 billion yuan!
Xinfengming is one of the “three giants” in the polyester filament industry. It currently has a polyester filament production capacity of 5.3 million tons and has formed three major production bases: Tongxiang Zhouquan, Huzhou Wuxing and Pinghu Dushan, all located in Zhejiang Province. This investment in the construction of Xinyi Industrial Base is the company’s first deployment of polyester filament and related product production capacity outside Zhejiang Province.
In recent years, benefiting from the increasing concentration of the industry, Xinfengming has developed rapidly in the field of polyester filament and is known as It is the leading enterprise with the strongest growth potential. From 2012 to 2020, Xinfengming’s market share in terms of output increased from 4.13% to 11.78%, ranking first in the industry, and it has maintained a high production capacity utilization rate and high production and sales rate of nearly 100% all year round. With sufficient production and sales, Xinfengming has strong demand for supporting production capacity. This has also become the main driving force for Xinfengming to lay out its Xinyi production base.
Xinfengming’s strategic layout: clear expansion plan
Xinfengming Group Co., Ltd. issued an early announcement stating that the company publicly issued 2.5 billion yuan of convertible corporate bonds. The funds raised from this issuance will be used for Tongxiang Zhongyi Chemical Fiber Co., Ltd.’s annual output of 600,000 tons of intelligent, low-carbon differentiated fiber projects, and Huzhou Zhongyue Chemical Fiber Co., Ltd.’s annual output of 300,000 tons of new functional and differentiated fibers. Material intelligent production line project and Zhejiang Dushan Energy Co., Ltd.’s 2.2 million tons annual green and intelligent PTA project.
It is understood that the land acquisition of 903 acres for the three projects cost a total of nearly 6.1 billion! With the successful launch of the 300,000-ton polyester filament project of Zhongyi Chemical Fiber, a subsidiary of Xinfengming, in April 2020, Xinfengming currently has a production capacity of 4.6 million tons of polyester filament, of which POY products account for about 75% and the remaining 25% for FDY and DTY.
Xinfengming has clear expansion plans in the fields of polyester filament and PTA, and the construction of new production capacity is very impressive!
1. Polyester filament project
Polyester filament production capacity continues to expand, and there is sufficient growth momentum in the future. Polyester filament is the main source of Xinfengming’s operating income and gross profit. At present, Xinfengming’s domestic market share of polyester filament is close to 10%, and it is one of the largest polyester filament manufacturing companies in China. In the second half of 2020, Xinfengming added 300,000 tons of polyester filament production capacity. Xinfengming previously planned to invest 300,000 tons of polyester filament production capacity in the Huzhou production base in 2021, 600,000 tons of polyester filament production capacity in the Pinghu production base, and 600,000 tons of polyester filament production capacity in the Dushan Port production base. It is expected that By the end of 2021, the company’s total polyester filament production capacity will reach 6 million tons.
2.PTA project
Xinfengming is committed to actively improving the upstream industrial chain of polyester filament , Sun Company’s Dushan Energy Phase I 2.2 million-ton PTA project was put into production at the end of October 2019. The second phase of the 2.2 million-ton PTA project was put into operation in October 2020. It adopts BP’s latest generation PTA process technology, and the transportation distance between the PTA production base and the polyester filament production base is short, which saves logistics and transportation costs and improves its energy and material consumption levels. Obviously, it has a strong late-mover advantage. Xinfengming’s PTA production capacity has reached 5 million tons, basically achieving self-sufficiency in PTA, an important raw material for polyester filament.
Wang Zhe, an analyst at CITIC Securities, previously said that with the smooth commissioning of Xinfengming’s two phases of 2.2 million tons of PTA projects each, Xinfengming will extend the industrial chain upward to the PTA link. . Although the PTA segment is currently at a low point due to the industry’s expansion cycle, the company’s PTA production capacity is the latest technology in the industry, and it is expected to form a synergistic support with downstream polyester production in the future, reducing costs by transmitting thermoelectricity to downstream polyester, and in the industry boom There is still a strong competitive advantage at the low point.
Xinfengming expects to maintain a filament production capacity of approximately 600,000 tons per year in the future, and combined with its production status, will promote a total of 4 million in the next three to five years. The planning and construction of PTA production capacity of 100,000 tons will eventually achieve the construction goals of “two 10 million tons” of polyester and PTA.
The advantages of industrial chain integration are becoming increasingly obvious
�The regional distribution of the ester industry is concentrated in Zhejiang, Jiangsu, and Fujian
As market share continues to increase and domestic polyester production capacity continues to grow, a number of leading companies have It is strong and has obvious cost advantages in industrial chain integration. It has begun to accelerate the layout of production capacity. With the concentration of production capacity becoming more and more obvious, the voice of industry leading companies continues to increase.
At present, the domestic polyester industry has formed 7 companies including Hengli, Rongsheng, Tongkun, Hengyi, Shenghong, Xinfengming, Sanfangxiang and Sinopec. The industry structure is dominated by enterprises (groups) and supplemented by a number of small and medium-sized enterprises.
According to Longzhong Information statistics, as of the end of 2020, Hengyi, Tongkun, The total polyester production capacity of leading companies such as Xinfengming, Hengli, Shenghong and Rongsheng is 25.88 million tons per year, accounting for more than 40% of the total domestic polyester production capacity. The following table shows the supporting equipment of the six major factories in the polyester industry.
Judging from the later production status, there are still many large-scale head factories. Tongkun is located in Nantong Yangkou, Suqian Shuyang, Xinjiang Alar and other places. , Hengyi has certain equipment production plans in Xiaoshan, Suqian High-tech Zone in Hangzhou, and Xinfengming in Pinghu, Jiaxing, Xinyi, Xuzhou, etc. In the later period, the production capacity of the leading domestic polyester industry enterprises will enter the fast lane of production, and it is expected that by 2023 By 2020, the production capacity of the top six domestic polyester factories will exceed 50% of the domestic level. As the advantages of industrial chain integration become more and more obvious, the regional distribution of the polyester industry is concentrated in Zhejiang Province, Jiangsu Province, and Fujian Province, and it also shows the characteristics of industrial gradient transfer.
</p
