Wanhua Chemical (600309) disclosed its first quarter report on April 10, achieving revenue of 31.312 billion yuan, a year-on-year increase of 104.08%; net profit of 6.621 billion yuan, a year-on-year increase of 380.82%.
Among them, the total revenue of the three major series of polyurethane, petrochemicals, fine chemicals and new materials reached 28.834 billion yuan, accounting for 92.09% of the total revenue. The operating income of the polyurethane segment was 13.758 billion yuan, the operating income of the petrochemical segment was 12.060 billion yuan, and the operating income of the fine chemicals and new materials segment was 3.017 billion yuan.
In the first quarter of 2021, Wanhua Chemical’s polyurethane series showed both sales and price increases, but the month-on-month increase was not significant. The output was 958,000 tons (a month-on-month increase of 6%), and the sales volume was 924,000 tons. (a month-on-month increase of 5%), sales revenue was 13.75 billion yuan (a month-on-month increase of 9%), and the average sales price was 14,884 yuan (a month-on-month increase of 4%). It is expected that in 2021Q2, Wanhua Chemical’s polyurethane output and sales will increase to a certain extent (generally the second quarter is the peak season of the year), and the average sales price will remain stable or slightly decrease.
With the ethylene project put into operation at the end of 2020, the output of Wanhua Petrochemical series products increased significantly in 2021Q1, with output of 863,000 tons (a month-on-month increase of 62%) and sales of 2.349 million tons ( A month-on-month increase of 24%, including the sales of some petrochemical raw materials), sales revenue of 12.06 billion (a month-on-month increase of 68%), and an average sales price of 5,132 yuan (a month-on-month increase of 35%). It is expected that the output of the petrochemical series will continue to grow in 2021Q2, and the average sales price will continue to rise (the proportion of C2 petrochemical products will increase).
The output and sales volume of the fine chemicals series in 2021Q1 decreased slightly, with output of 175,000 tons (down 3% month-on-month) and sales of 164,000 tons (down 5% month-on-month), but the average sales Prices have risen sharply, with the average sales price of 18,341 yuan, a 25% month-on-month increase, and sales revenue of 3.02 billion (a month-on-month increase of 19%). Except for a certain decline in Q1 and Q2 of 2020 due to the epidemic, the sales revenue of the fine chemicals series has continued to grow. . 2021Q2 is the peak sales season for chemical products. It is expected that the revenue and sales volume of the fine chemicals series will continue to grow, and the average sales price is also expected to continue to rise.
During the reporting period, the price of raw material pure benzene increased by 8%, and the price of coal increased by 28.7%. The average production cost of polyurethane in 2020 is 6,740 yuan/ton, of which raw materials account for 68.8%. Based on the average cost in 2020, the cost composition of polyurethane products is roughly as follows: raw materials 68.7%, labor 5.9%, depreciation 10.2%, energy 11.6%, others 3.7%, totaling 100%, 7,300 yuan. </p
