With the outbreak of the epidemic in 2020, polyester filament yarn and even the entire polyester industry are facing unprecedented difficulties. International crude oil continues to bottom out, and repeated epidemics at home and abroad have caused a sharp drop in end-use textile demand. However, domestic production enterprises are still expanding their capacity. The contradiction between supply and demand of polyester filament is highlighted, and the price has fallen to a 30-year low. In the second half of the year, as the demand for textile and apparel orders increased, and with the help of the cost side, polyester filament completed a turnaround in the fourth quarter. In 2020, the main listed companies in the polyester industry, namely the leading polyester filament companies, have the courage to break through difficulties and obstacles and still achieve good results. results.
As shown in the table above, among the 6 major listed companies in the polyester industry in 2020, 4 of them showed positive growth in total operating income, among which Heng Li Petrochemical’s 2020 financial data industry position ranks first. In the sluggish environment last year, Hengli Petrochemical Group struggled to break through the siege, overcome all difficulties, increase risks, refine management, and promote the construction of various projects in an orderly manner, achieving outstanding results. The total operating income in 2020 was 152.373 billion yuan, an increase of 51.19% compared with 2019. The net profit attributable to shareholders of listed companies was 13.462 billion yuan, an increase of 34.28% compared with 2019. The return on net assets was 32.55%. The main reason for the significant increase in the company’s operating income, net profit attributable to shareholders of listed companies, net profit after non-deductions, and net cash flow generated from operating activities is that the 1.5 million tons of ethylene project, PTA-4 project, and PTA-5 project were put into operation in 2020. , the 20 million tons refining and chemical integration project increased production by 5 months compared with 2019, and the increase in trade volume caused a significant increase in the main operating data in 2020.
The total operating income of Tongkun and Shenghong Group in 2020 showed a slight downward trend year-on-year. Affected by the epidemic and the decline in crude oil prices, the income from main businesses such as chemical fiber, petrochemical, etc. reduce. Correspondingly, in the past year, except for Rongsheng Petrochemical, the R&D expenses of the other five listed companies showed a downward trend year-on-year.
The concentration of the industry continues to increase, and the advantages of scale are obvious
In recent years In recent years, as the leading factories in the domestic polyester industry have accelerated the pace of production capacity, the concentration of production capacity in the polyester industry has also gradually increased. According to statistics from Longzhong Information, as of the end of 2020, Hengyi, Tongkun, Xinfengming, The six major factories of Hengli, Shenghong and Rongsheng have a total polyester production capacity of 25.88 million tons per year, accounting for more than 40% of the total domestic polyester production capacity.
These six polyester factories are also the leading companies in the domestic polyester filament industry. With the leading companies, especially Tongkun and Heng Three polyester filament factories, Yiyi and Xinfengming, have been put into large-scale production in the domestic polyester filament industry in recent years. The production capacity concentration of the domestic polyester filament industry is even higher than that of the polyester industry. According to Longzhong data, in 2017, the total CR6 production capacity of the domestic polyester filament industry was 14.1 million tons/year, accounting for 55.64% of the total production capacity of the domestic polyester filament industry. By the end of 2020, the total production capacity of these six factories has reached 21.05 million tons per year, the production capacity ratio has increased to 66.46%, an increase of more than 10% compared with 2017.
Judging from the later production status, there are still many major leading factories. Tongkun is in Nantong Yangkou, Suqian Shuyang, Xinjiang Alar and other places, and Hengyi is in Hangzhou. Xiaoshan, Suqian High-tech Zone and other places, Xinfengming has certain equipment production plans in Jiaxing Pinghu, Xuzhou Xinyi and other places. In the later period, the production capacity of the domestic polyester industry leading enterprises will enter the fast lane of production. It is expected that by 2023, the six major domestic companies will The production capacity of polyester factories will account for more than 50% of the domestic level.
Integrated development of industries and improvement of comprehensive competitiveness
Upgrading and refining With the integration of chemical industry and chemical industry, the pattern of the polyester industry will be reshaped in the next two years. CR6 refers to the proportion of the total production capacity of the top six companies in the polyester industry to the national polyester production capacity. The larger the CR6, the higher the industry concentration. , is the most important indicator for market structure division. The current proportion of CR6 in the domestic polyester and polyester filament industry has been introduced in detail above, and will not be described again.
From the perspective of PTA, the main raw material of polyester, CR6 leading polyester companies all have PTA production capacity distribution. In 2021, the production capacity of CR6 companies will account for approximately 63.69% of the total production capacity. , production capacity will continue to increase in 2023, but the proportion is expected to decline by 1.52%, and the overall proportion will not change much.
In CR6, currently from the perspective of the PX-PTA-MEG-polyester industry chain, Rongsheng Petrochemical and Hengli Petrochemical have relatively complete supporting facilities. It is expected that Tongkun Group will add a large scale to the polyester end in 2023. Tongkun and Shenghong will gradually follow up the MEG and PX supporting facilities. The polyester industry chain supporting facilities in CR6 will continue to be improved, and the company’s competitiveness will continue to improve.
▲A brief analysis of the competitive advantages of major listed companies in the polyester industry
01 Integrated development, comprehensive operational advantages��� Display
As mentioned above, currently domestic leading polyester companies are mostly supporting upstream raw materials to achieve the industrial structure of “one drop of oil, two threads”. In new polyester materials The upper, middle and lower reaches of the entire industry chain have laid out a high-quality and efficient production capacity structure characterized by “large-scale equipment, large-scale production capacity, structural integration, advanced technology, green and environmental protection, and complete supporting facilities” to achieve a unique large-scale refining and chemical The entire industrial chain of PX, PTA, and polyester (PET) production capacity matches the balanced and coordinated development. The integrated development improves the company’s comprehensive operational advantages, strengthens profitability, and also enhances the ability to withstand the risk of operating fluctuations.
02 Innovation and R&D, continuously promoting technological advancement
“Ten During the “Third Five-Year Plan” period, the country further advocates the vigorous development of high-tech fiber industries. The polyester industry continues to maintain steady and healthy development, functionality and differentiation rates continue to improve, and the independent innovation capabilities of the polyester filament industry also continue to improve. In recent years, polyester filament companies have also reduced unit energy consumption, improved production efficiency and product quality, and enhanced product competitiveness by improving the level of green manufacturing and only manufacturing. In recent years, major listed companies have developed moisture-wicking fiber, high-tex fiber, environmentally friendly anti-wrinkle fiber, super-soft fiber, peach skin fine fiber, ultra-fine fiber, memory fiber, bio-based synthetic polymer fiber, and full matting melt. Direct-spun polyester fiber, cationic microfiber, etc. adapt to changes in consumer demand and provide customers with various types of polyester filaments, especially differentiated polyester products. Enterprises have established talent cooperation and training bases to provide continuous impetus for enterprise R&D and innovation. Enterprises not only focus on product innovation, but also optimize production processes and equipment, effectively reduce production costs, strive to promote technological development, and transform into direct production benefits.
03 Advantages of intelligent and efficient management to improve value-added services
Currently, Most of the major listed companies in the ester industry have created an Internet+ model, promoting a development model of “deep integration of the Internet, big data, artificial intelligence and the real economy”, through “machine substitution”, “automatic machine substitution”, and “complete set replacement of single units” , “intelligent exchange for digital” and other methods, gradually transform the development model of enterprises from “demographic dividend” to “technological dividend”. As China’s demographic dividend gradually disappears, polyester and upstream and downstream enterprises are facing the problem of “labor shortage”. As the national poverty alleviation project continues to advance, several provinces with a large number of migrant workers, such as Guizhou, Henan, and Sichuan, have Residents mostly choose local employment. After the Spring Festival every year, the polyester industry will face delays in workers returning to work or a reduction in the number of people returning to work. This phenomenon is mainly reflected in the downstream weaving industry, which is more labor-intensive. Polyester production companies currently use smart workshops. The problem of labor is reduced, and with the help of the integrated application of intelligent manufacturing, Internet, Internet of Things and other technologies, we continue to promote the level of intelligent manufacturing throughout the entire process, fully integrate procurement, production, inventory, sales and other business links, and continue to improve rapid response capabilities.
04 Establish brand value
Enterprise development focuses on brand building. Polyester filament has established a good reputation among the customer base, and many of them have been recognized as “China’s Well-known Trademarks” by the Trademark Office of the State Administration for Industry and Commerce, which is helpful for enterprises to enhance their competitiveness.
05 Regional Advantages
Polyester filament and PTA industry as textile In the midstream industry of the industrial chain, in the process of industrial transfer from developed countries in Europe and the United States, China, India and Southeast Asian countries have taken over most of the chemical fiber production capacity by virtue of their market and labor cost advantages. Domestically, as the advantages of industrial chain integration become more and more apparent, the regional distribution of the polyester filament industry is concentrated in Zhejiang, Jiangsu, and Fujian provinces, and it also shows the characteristics of industrial gradient transfer. At present, the production capacity of major listed companies is mostly distributed in the Yangtze River Delta and Pearl River Delta economic zones. Each production base is adjacent to high-quality ports and has fully equipped terminal facilities. In Jiangsu and Zhejiang areas, there are China Shaoxing Qianqing Textile Raw Materials Market, China Keqiao Textile City, Xiaoshao Chemical fiber market, Shengze chemical fiber market and other professional markets, as well as Haining Maqiao warp knitting base, Zhuji socks industry base, Xucun home textile base, Changxing white cloth base, the polyester filament consumption in the entire Yangtze River Delta region accounts for about 80% of the domestic total. %, the location advantage brings great convenience to the production and sales of chemical fiber products of enterprises. It allows the company to obtain market demand information in time, produce marketable products, and arrange inventory reasonably, thereby improving the market influence of polyester filament enterprises. </p
