The foreign epidemic continues to spread, and international crude oil prices fluctuate; in the domestic market, “power rationing” and “dual control” policies are implemented, and the epidemic rebounds at multiple points… Facing the complex and ever-changing domestic and foreign market environments, how are the operating conditions of chemical fiber companies? ? Recently, many listed companies in the chemical fiber and new materials sectors have successively released third-quarter performance reports. Their operating performance is a powerful reflection of the overall development of the industry.
In the first half of this year, thanks to the effective control of the epidemic in my country and the improvement of downstream terminal market demand, the polyester filament market is booming and product prices have continued to grow. In the third quarter, the prices of crude oil, PX and other raw materials in the upstream of polyester rose sharply, but the recovery of downstream demand was limited, and the increase in the sales price of end products was not as high as the increase in the price of upstream raw materials. The prosperity of all links in the “crude oil-PX-PTA-polyester fiber” industrial chain declined in the third quarter from the previous quarter.
What is particularly noteworthy is that in the third quarter, despite the decline in market sentiment index, large leading companies pursuing the “refining and chemical integration” development model once again demonstrated strong performance. Profitability.
Hengli Petrochemical
Revenue of 151.489 billion yuan and attributable net profit of 12.712 billion yuan
The third quarterly report of Hengli Petrochemical Co., Ltd. shows that in the first three quarters, the company achieved operating income of 151.489 billion yuan, a year-on-year increase of 46.6%, and achieved net profit attributable to shareholders of the listed company (hereinafter referred to as ” Attributable net profit”) was 12.712 billion yuan, a year-on-year increase of 28.46%.
Specifically, during the period, its refining product sales were 20.1681 million tons, with operating income of 85.959 billion yuan; PTA product sales were 8.8606 million tons, with operating income of 35.569 billion yuan yuan; sales volume of new material products was 2.2791 million tons, and operating income was 19.518 billion yuan. Its new material products include new polyester materials, engineering plastics, functional films and degradable new materials.
At present, Hengli Petrochemical has formed a “big chemical” platform of “refining + ethylene + coalification”, with an annual output of 4.5 million tons of PX and 1.2 million tons of pure benzene. , 11.6 million tons of PTA, 1.8 million tons of fiber-grade ethylene glycol, 850,000 tons of polypropylene and other production scales, and has outstanding competitive advantages in the field of upstream chemical materials.
At the same time, Hengli Petrochemical continues to invest in the field of new chemical materials. Over a period of time, the company has launched an 800,000 tons/year functional polyester film project, a 450,000 tons/year PBS biodegradable plastics project, and a 1.5 million tons/year civilian silk project. Its new production capacity may be put into production in batches starting in 2022, which is expected to inject new growth momentum into the company’s performance.
Rongsheng Petrochemical
Revenue of 129.357 billion yuan and attributable net profit of 10.122 billion yuan
The third quarterly report of Rongsheng Petrochemical Co., Ltd. shows that in the first three quarters, the company achieved operating income of 129.357 billion yuan, a year-on-year increase of 66.66%, and attributable net profit of 10.122 billion yuan, a year-on-year increase of 79.08%. Zhang Jiexi, an analyst at Tianfeng Securities, pointed out that the main reason why Rongsheng Petrochemical’s net profit increased significantly in the first three quarters was because after the first phase of the Zhejiang Petrochemical project it invested in was put into operation, the production of each device was progressing smoothly and the benefits were obvious.
According to the company’s recent announcement, the second phase of the Zhejiang Petrochemical Refining and Chemical Project has obtained a crude oil non-state trade import allowance of 12 million tons in 2021. In this regard, Zhang Fiexi said that the acquisition of imported crude oil quotas is expected to support Zhejiang Petrochemical Phase II to continue to increase profits for Rongsheng Petrochemical in the fourth quarter.
Hengyi Petrochemical
Revenue of 96.691 billion yuan and attributable net profit of 3.083 billion yuan
Hengyi The third quarter report of Petrochemical Co., Ltd. shows that in the first three quarters, the company achieved operating income of 96.691 billion yuan, a year-on-year increase of 57.68%, and attributable net profit of 3.083 billion yuan, a year-on-year increase of 0.85%. Hengyi Petrochemical has now formed an industrial layout of “one drop of oil, two threads” and a “polyester + nylon” dual-fiber drive model. During the period, the company’s various products were produced and sold smoothly, fully demonstrating its full industry chain advantages and international operation advantages of balanced “columnar” integration of upstream and downstream.
A research report from Guohai Securities pointed out that in the first three quarters, Hengyi Petrochemical’s revenue achieved rapid growth. On the one hand, it benefited from its Fujian Yijin new functional fiber project with an annual output of 566,000 tons and Yiyi. Shengxin Materials’ annual 6 million tons PTA project has been partially put into operation, and new production capacity has been gradually released and contributed incrementally; on the other hand, affected by factors such as the cost push of oil prices in the third quarter and the tightening of production capacity supply, chemical product prices have risen.
In terms of projects, currently, Hengyi Petrochemical’s technological transformation project with an annual output of 500,000 tons of new functional fibers and its annual output of 1.1 million tons of new environmentally friendly differentiated fiber projects are progressing steadily. Brunei Refining and Chemical Co., Ltd. The second phase of the project is also progressing in an orderly manner. Among them, the Brunei Refining and Chemical Phase II project mainly includes four parts: “refining, aromatics, ethylene, and polyester”, which will form 14 million tons/year of oil refining, 2 million tons/year of paraxylene, and 2.5 million tons/year of downstream PTA. , 1 million tons/year PET, 1.65 million tons/year ethylene and downstream deep processing scale. Compared with the first phase, the proportion of chemicals in the second phase of the project will be significantly increased.
Tongkun Group Co., Ltd.
Revenue of 50.348 billion yuan and attributable net profit of 6.161 billion yuan
Tongkun Group Co., Ltd. third quarter report It shows that in the first three quarters, the company achieved operating income of 50.348 billion yuan, a year-on-year increase of 53.41%, and attributable net profit of 6.161 billion yuan, a year-on-year increase of 242.67%.
Tongkun is also one of the investors in the Zhejiang Petrochemical Project. An analyst from Guohai Securities pointed out that Tongkun Co., Ltd.’s performance in the first three quarters achieved rapid growth. On the one hand, it benefited from the full operation of the first phase of the Zhejiang Petrochemical Project and the product boom.��, the profitability has been enhanced, contributing to the company’s substantial investment income; on the other hand, benefiting from the recovery in terminal demand, the sales volume of the company’s core product polyester filament in the first three quarters has increased year-on-year.
According to the relevant person in charge of Tongkun Stock on the investor platform, in the third quarter, the Zhejiang Petrochemical refining and chemical project contributed approximately 1.28 billion yuan to the company’s revenue.
In addition, when talking about the impact of the “power rationing” policy on the polyester industry, an industry insider said that there are certain differences in the implementation of various provinces, but overall, within a certain period of time, due to the Some units have stopped production, causing polyester filament prices to rise rapidly. Throughout the fourth quarter, the polyester filament market may continue the boom situation in the first half of the year. </p
