At the beginning of the Year of the Tiger, the large-scale leading polyester companies in the chemical fiber market have shown great strength.
On the one hand, performance forecasts for last year’s A-share listed companies in the chemical fiber sector have been released one after another. The attributable net profit of the “leading” polyester companies has shown a rapid growth trend, and the year-on-year increase in the attributable net profit of some companies even exceeded 150%.
On the other hand, a year’s plan begins in the spring. The expansion route that leading polyester companies have insisted on in recent years is still in progress. Recently, a number of new energy and new material projects with large investment amounts and high technical levels have been announced. Construction has started or relevant approvals have been passed.
“Chinese chemical fiber giants are leading the development trend of the global polyester market. Especially as my country’s multiple private refining and chemical projects continue to operate stably, the comprehensive competitiveness and voice of my country’s chemical fiber companies in the world have steadily improved. At the same time, small and medium-sized enterprises insist on Specializing in new development routes has also formed its own competitive advantage.” An industry insider told reporters.
Large-scale refining and chemical integration projects are the “kings of attracting money”
Annual sales of tens of billions or even more than 100 billion yuan per year; attributable net profit reaches billions or even tens of billions of yuan; investment in new projects reaching billions of yuan is “routine”; the total number of employees is Ten thousand or even twenty to thirty thousand; products cover a long industrial chain from petroleum to polyester fiber, and even to weaving…
As the “first echelon” polyester giants, their strong comprehensive competitiveness is obvious to all in the industry, and has been once again confirmed by the brilliant performance data.
The 2021 performance forecast released by Rongsheng Petrochemical Co., Ltd. shows that during the period, the company’s net profit attributable to shareholders of listed companies is expected to be 12.5 billion to 13.3 billion yuan, a year-on-year increase of 71.03% to 81.98%.
Rongsheng Petrochemical stated that the petrochemical industry, as one of the important pillar industries of the national economy, provides important support and guarantee for my country to build a manufacturing power. During the period, the company relied on the extra-large “less oil, more chemical” refining and chemical integrated unit to optimize energy utilization, reduce unit product emissions, and achieve green and low-carbon development. After the “40 million tons refining and chemical integration project” of Zhejiang Petrochemical Co., Ltd., a holding subsidiary, was put into operation, the production of each device has progressed smoothly, the operating load has steadily increased, and the benefits have been released significantly.
It is worth noting that in January this year, the refining, aromatics, ethylene and downstream chemical units of the second phase of the Zhejiang Petrochemical Project were fully put into trial operation and the entire process was completed. After the second phase of the project is put into operation, Zhejiang Petrochemical will add 20 million tons/year of refining capacity, 6.6 million tons/year of aromatics and 1.4 million tons/year of ethylene production capacity.
An analyst from China International Finance Securities pointed out that the contribution of the Zhejiang Petrochemical Phase I project to Rongsheng Petrochemical’s performance has been continuously verified, and most of its performance in 2021 comes from the contribution of the Zhejiang Petrochemical Phase I project. After the Zhejiang Petrochemical Phase II project is fully put into operation, it is expected to gradually release its performance from 2022 to 2023. Therefore, it is expected that Rongsheng Petrochemical’s performance from 2022 to 2023 will maintain high growth with high certainty.
The 2021 performance forecast of Tongkun Group Co., Ltd. shows that the company is expected to achieve a net profit attributable to shareholders of listed companies of 7.2 billion to 8 billion yuan in 2021, a year-on-year increase of 152.94% to 181.04%.
Tongkun Group said that during the period, the concentration of the polyester filament industry continued to increase, the prosperity gradually recovered, downstream textile terminal consumption continued to recover, and the company’s differentiated, functional and other high value-added fiber products expanded its production capacity. At the same time, the production of various units of the Zhejiang Petrochemical Refining and Chemical Integration Project in which the company has a stake is progressing smoothly, the operating load has steadily increased, and the economic benefits have been significant, which has greatly improved the company’s overall profitability.
According to statistics from the China Chemical Fiber Industry Association, in 2021, the polyester industry contributed approximately 40% of the total profits of the chemical fiber industry.
An industry insider told reporters: “The ‘top’ polyester companies currently highlight a prominent competitive feature, which is the in-depth promotion of refining and chemical integration projects, opening up the entire industry chain, very strong profitability, and contributing huge amounts to the company. Profits. The performance forecasts of companies such as Rongsheng and Tongkun in 2021 have achieved substantial growth, which once again confirms this point.”
Another industry insider pointed out: “At the beginning of 2021, WTI oil price was about US$48/barrel, and rose to a high of US$85/barrel in late October. Due to multiple factors such as the surge in international crude oil prices and the recovery of demand in the textile downstream market, Support, polyester product prices did have two rounds of significant increases, one from January to February, and the other from late September to late October. The rise in product prices has indeed increased the demand for polyester companies to a certain extent. Profits, however, the huge growth in profits of leading companies mainly relies on the contribution of refining and chemical projects.”
New energy and new material projects become “hot cakes”
In addition to further promoting the refining and chemical integration project, the polyester giants have also begun to put a new label on them, that is, under the background of the national “double carbon” strategy, they have begun to target new energy, new materials and other directions, and invest heavily in new projects.
On February 8, Hengli (Dalian Changxing Island) Polyester Technology Industrial Park announced the start of construction. The industrial park will be constructed in three phases. The first phase of the project started this time, with a total investment of 26 billion yuan, will focus on the construction of 2.6 million tons/year functional polyester and 1.6 million tons/year high-performance resin projects, and will be equipped with��
“Compared with conventional polyester (PET) chips, the price of PBT chips is higher.” The relevant person in charge of Xingsheng New Materials told reporters that in 2021, the price of ordinary polyester chips will be around 7,000 yuan/ton, and the price is low The price point is around 4,000 yuan/ton, while the high price of PBT slices reaches 24,000 yuan/ton, and the low price is also around 14,000 yuan/ton. Even the normal price can reach about 18,000 yuan/ton.
It is worth pointing out that Xingsheng New Materials is also the first in the world to build a continuous polymerization melt direct spinning PBT fiber production line. This project is a national encouraged project and a national high-tech project during my country’s “12th Five-Year Plan” and “13th Five-Year Plan” . The project currently includes two sets of spinning production lines. The first set has an annual production capacity of 40,000 tons, and the second set has an annual production capacity of 60,000 tons. The total annual production capacity reaches 100,000 tons. At the same time, the company is also equipped with texturing machines that can produce DTY series products of PBT fiber.
“PBT fiber adopts polyester melt direct spinning process, which has the advantages of short process flow and low energy consumption. Our company has exclusive patented technology and is an important production base of domestic PBT long fiber and short fiber.” said the person in charge.
The reporter learned that since last year, although my country’s overall PBT market has been affected by factors such as rising prices of raw material BDO and shortage of BDO supply caused by the booming spandex market, the business of Xingsheng New Materials is generally good.
“From the perspective of application fields, PBT slices are widely used in the industrial field. For example, they can be used for optical cable sheaths. They can also be used in engineering plastics after adding flame retardant materials and glass fibers through a modification process. From a long-term perspective, the PBT field The market prospects are good.” said the person in charge.
The reporter also learned that some small and medium-sized polyester companies are targeting the field of recycling, using waste polyester bottles or waste textiles as raw materials to develop and produce recycled polyester fibers with typical green and environmentally friendly characteristics, realizing “turning waste into treasure” “. Due to the current turbulent wave of green development, the high-quality products of such companies are especially popular with internationally renowned sports brands.
“The big guys are in the ‘first echelon’, and they are all working hard to develop and lead the direction of the market. Overall, the competition in the polyester market is still very fierce. In this situation, the growth of small and medium-sized enterprises The pressure of competition is relatively high, so we should more firmly adhere to the development route of “specialization, specialization and innovation”, lock in certain subdivisions in which we are good at, and seek and persist in unique ways of operation and development. Only in this way can we win in the fierce market competition. Their own ‘piece of the pie’. And those small and medium-sized enterprises that stick to old rules, have popular products, and have limited innovation capabilities will face increasing pressure to survive.” said the person in charge of a polyester company.
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