On July 12, Fortune Chinese released the 2022 Fortune China 500 ranking. Among them, Hengli Petrochemical (64th), Rongsheng Petrochemical (80th), Hengyi Petrochemical (106th), Xinjiang Zhongtai Chemical (222nd), Tongkun Group (231st), Dongfang Shenghong (250th), Anta Sports (259th), Xinfengming (282nd), Oriental International Ventures (289th), Beijing Oriental Yuhong (377th), Huafeng Chemical (419th), Tianhong Textile (439th), Shenzhou More than a dozen related textile companies including International (473rd) and Tangshan Sanyou (488th) were on the list.
After the impact of the epidemic has eased in 2021, the global economy has accelerated its recovery. Among the top 500 companies, companies in the transportation, logistics, warehousing, tourism, hotels, ports, textile and apparel industries that were severely affected by the epidemic in 2020 have a low base. + Post-epidemic recovery will usher in high year-on-year revenue growth in 2021. In addition, commodity prices have risen sharply due to the imbalance between supply and demand, and companies in cyclical industries such as chemicals, petroleum, natural gas, and petrochemicals will also see high year-on-year revenue growth in 2021.
It is reported that Hengli Petrochemical Co., Ltd. has been on the list for six consecutive years, ranking 64th on the list, up 12 places from the previous year.
The continued rise in ranking highlights the company’s stable profitability and clear industry leadership in a volatile environment. In 2021, in the face of the turbulent external market environment, the company gave full play to its ability to resist risks and operate flexibly in the entire industry chain to capture profits, and worked together with “refining + ethylene + new materials” to achieve a steady improvement in operating performance throughout the year. The total operating income was 197.970 billion yuan, a year-on-year increase of 29.92%, and the net profit attributable to shareholders of listed companies was 15.531 billion yuan, a year-on-year increase of 15.37%. Both revenue and profit scale reached new highs.
As the only listing platform of Hengli Group in the polyester chemical fiber industry chain business field, Hengli Petrochemical continues to strengthen its upstream role as a basic support and development platform for the “big chemical” platform with “refining + ethylene + coalification” as the industrial carrier, and is committed to We will lengthen, deepen and refine the chain thickness of the downstream chemical new materials business segment, and realize the “dual cycle” pattern of coordinated development of the “big chemical” platform and the “new materials” business.
Tongkun Group Co., Ltd. ranked 231st this year, rising 19 places compared with last year. In the past year, factors such as global economic recovery and dual control of energy consumption have promoted changes in the supply and demand pattern of commodities. Rising commodity prices have led to increased cost pressure on midstream and downstream manufacturing, consumption and other enterprises. Tongkun has resisted the pressure and continued to pursue a path of steady operation. , in 2021, the company achieved operating income of 59.131 billion yuan, a year-on-year increase of 29.01%, and net profit attributable to the owners of the parent company of 7.332 billion yuan, a year-on-year increase of 158.44%. Both revenue and profits set new records, achieving growth development.
From the analysis of the top ten on the list, almost all polyester companies dominate the list, and all of them have completed the layout of the entire industry chain from a drop of oil to a thread. These companies are experiencing unprecedented driving force.
In recent years, four major private refining and chemical projects, mainly Hengli Group, Rongsheng Holdings, Hengyi Group, Tongkun Group, and Shenghong Group, have been gradually put into operation in recent years, and their scale advantages and economic benefits have gradually emerged. According to the editor’s understanding, the total operating income on the list has gone from less than 500 billion in just a few years to over one trillion today. The growth rate is really impressive!
In the future, under the background of survival of the fittest in the global oil refining industry, the advantages of the integrated layout of China’s private refining and chemical enterprises will be more prominent.
Advanced technology, large scale, low cost
Extremely competitive
The first and second phases of the Zhejiang Petrochemical refining and chemical project in which Rongsheng and Tongkun are shareholders both have a production capacity of 20 million tons. Hengli Group’s refining and chemical project on Changxing Island in Dalian also has a scale of 20 million tons. Hengyi Petrochemical’s planned refining and chemical project in Brunei The first and second phases are 8 million tons and 15 million tons respectively, totaling 23 million tons. Shenghong Refining’s refining project in Lianyungang has also reached 16 million tons.
The scale of these refining and chemical units is world-class. Currently, there are only more than 20 companies with a refining scale of 20 million tons in the world. In China, there are only Sinopec’s Zhenhai Refining (23 million tons) and PetroChina’s Dalian Petrochemical (20.5 million tons). ), private large-scale refining and chemical companies will become among the most competitive refining and chemical companies in the world, and due to the adoption of the most advanced production technology and more reasonable product solutions, profitability will exceed existing production capacity.
Product structure is more reasonable
Paraxylene (PX), the core product of large private refining and chemical companies, currently my country’s PX dependence on foreign countries has reached 60%. The import volume in 2016 exceeded 12 million tons. Currently, in my country’s entire polyester industry chain, PX is in the most short supply and has long been controlled by people. (South Korea, Japan, Singapore, etc.), a large part of the industrial chain profits are retained overseas.
The first phase of Zhejiang Petrochemical has 4 million tons of PX, Hengli Refinery has 4.5 million tons of PX, and Hengyi Brunei Refining has 1.5 million tons of PX. After they are put into operation, they will effectively reduce my country’s dependence on external PX and control the profit points of the entire industry chain in their own hands. .
Compared with domestic refining and chemical companies, these large private refineries try to reduce the output of refined oil and increase the output of chemicals with high added value, thereby effectively avoiding the threat of excess refined oil and ensuring project profitability.
Realize a truly integrated package
Master the profits of the entire industry chain
These large private refining and chemical companies will further enhance the global competitiveness of my country’s polyester industry leader and realize the integrated layout of “crude oil-PX-PTA-polyester”. Rongsheng and Hengyi currently have strong midstream PTA capabilities, so they are actively deploying their upstream refining and downstream polyester filament capabilities; Tongkun has unique downstream filament production capabilities, so they strive to complement their upstream PX and midstream PTA capabilities.
According to research data from China Petroleum and Petrochemical Research Institute, by realizing mutual supply of refining and petrochemical materials, sharing of energy resources and public works, integrated refining and chemical companies can increase the added value of their products by 25% compared with refining companies of the same size, and save money. Construction investment is more than 10% and energy consumption is reduced by about 15%.
At the same time, research shows that private refining sites are located in coastal areas, and companies provide their own crude oil and refined oil terminals. The logistics costs for the entry and exit of raw materials and products are much lower than those of inland refineries.
At present, my country’s chemical fiber industry has reached a critical point where it can fully compete with Europe and the United States. In the next 10 years, a group of leading companies will catch up and surpass overseas chemical powers, and China will also rise to become a world-class chemical fiber power.
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