Recently, Wind (Wind Information Technology Co., Ltd.), a well-known financial data and analysis tool service provider, released the “Market Value of Chinese Listed Enterprises 500” for the first quarter of 2021. Strong” list.
The list shows that as of March 31, there were 11 companies with a market value exceeding 1 trillion yuan, and the number was the same as at the end of 2020. Tencent Holdings, Alibaba, and Kweichow Moutai ranked among the top three. Among them, 6 chemical fiber companies are on the list, with Hengli Petrochemical becoming the market value king of chemical fiber companies with a market value of 206.5 billion yuan.
6 chemical fiber companies are on the list of China’s top 500 listed companies in the first quarter of 2021:
Analysisofchemicalfibercompaniesonthelist
Firstquarterof2021Inthelistof”Top500ChineseListedCompaniesbyMarketValue”, there are 6 chemical fiber companies on the list. Among them, Hengli Petrochemical and Rongsheng Petrochemical have a market value of over 100 billion yuan, ranking in the top 100 respectively. Hengli Petrochemical is a listed chemical fiber company. The market capitalization king, with a market capitalization of 206.5 billion yuan; the rankings of 6 chemical fiber companies have increased compared with the end of last year, among which Dongfang Shenghong has the largest increase in ranking among the companies on the list, rising by 134 places.
Hengli Petrochemical
As the world’s leading private petrochemical enterprise, Hengli Petrochemical relies on The cost reduction brought by the advantages of scale and the synergistic effects brought by the integrated industry have led the company in all major financial indicators such as product cost per ton, gross profit per ton, and sales gross profit margin, and are favored by the market. In just four years from its backdoor listing in 2016 to 2020, it has achieved a huge breakthrough from a market value of less than 40 billion to a market value of over 200 billion.
Faced with the complex and changeable external operating environment since 2020, Hengli Petrochemical has relied on the world’s leading integrated refining and chemical production capacity advantages and the perfect integration of upstream, midstream and downstream With the layout of the entire petrochemical industry chain, profitability has exploded against the trend. As of the first three quarters of 2020, the company has achieved operating income of 103.334 billion yuan, a year-on-year increase of 35.38%; net profit attributable to shareholders of listed companies has been 9.896 billion yuan, a year-on-year increase of 45.16%; in the third quarter, single-quarter profit also exceeded 4 billion yuan for the first time. Hit another record high.
Rongsheng Petrochemical
On January 29, Rongsheng Petrochemical released a performance forecast, predicting net profit attributable to its parent company in 2020 of 7.1 billion to 7.6 billion yuan, a year-on-year increase of 221.72% to 244.38%. Rongsheng Petrochemical stated that during the reporting period, the company’s year-on-year performance increased significantly, mainly due to the smooth progress of the production of each device and the start-up load after the first phase of the “40 million tons refining and chemical integration project” of its holding subsidiary Zhejiang Petrochemical Co., Ltd. Steady improvement and obvious benefits.
Guosheng Securities research report pointed out that in the context of the sharp drop in oil prices in the first half of 2020, the company showed stronger profitability than traditional refining and chemical companies, and the company’s comprehensive profit The capabilities are at the forefront of domestic peers. The company’s net profits attributable to parent companies from 2020 to 2022 are expected to be 7.607 billion yuan, 12.160 billion yuan, and 16.356 billion yuan respectively, and the EPS are 1.13 yuan, 1.80 yuan, and 2.42 yuan respectively, corresponding to PEs of 30.2 times, 18.9 times, and 14.1 times.
Dongfang Shenghong
The vertical integration of the industrial chain will be carried out in 2019, and the refining and chemical integration project is expected to be put into operation at the end of 2021. By then, the “crude oil refining-PX/ethylene glycol-PTA-polyester-chemical fiber” industrial chain will be opened up, and its core competitiveness will be , overall profitability and risk resistance capabilities have been improved.
The company’s refining project has the largest single-line production capacity in China, with a designed production capacity of “16 million tons of crude oil processing per year, 2.8 million tons of PX per year, and ethylene and downstream derivatives per year.” 1.1 million tons”. According to the calculation of profitability of 5-25 million tons/year refineries by Sinopec Engineering & Construction Co., Ltd., an authoritative organization in the industry, the 15-18 million tons/year range represents the low point of unit capacity investment, unit cost, profit per ton of oil, and projects. The high point of investment internal rate of return, combined with investment, cost and efficiency, the 15-18 million tons/year scale range is the optimal economic scale of the refinery, so theoretically the unit cost of the company’s refining projects is better than that of Hengli Refining Phase I and Zhejiang Petrochemical Phase I. The expected operating load of the refining and chemical project in 2022 and 2023 will be 80% and 100% respectively, which will contribute 3.703 billion yuan and 6.111 billion yuan in net profit to the company respectively.
Huafeng Chemical
According to Huafeng Chemical’s latest performance forecast for 2020, performance is expected to rise in the same direction. During the reporting period, the net profit attributable to shareholders of listed companies ranged from RMB 2 billion to RMB 2.5 billion, an increase of 8.61% to 35.76% over the same period last year.
In 2020, the company actively carried out epidemic prevention and control work, worked hard to overcome the adverse effects of the epidemic, and carried out various tasks around the established development strategy and annual operating policies. , the company’s new production capacity of spandex and adipic acid was successfully released. As the epidemic has been effectively controlled and downstream demand has recovered, the company has seized market opportunities and responded accurately. Production and operations have shown a good development trend. The production and sales of the main products spandex and adipic acid have increased significantly compared with the same period last year, and the company’s overall operating income has further improved. Improvement; by deeply exploring internal management efficiency and improving quality and efficiency, the unit cost of the company’s main products has decreased compared with the same period last year, and the overall gross profit margin has increased, ensuring the company’s annual operating goals are achieved, and profitability has increased year-on-year. .
Hengyi Petrochemical
According to the third quarter report of Hengyi Petrochemical in 2020, revenue in the first three quarters was 61.321 billion. The net profit attributable to the parent company was 3.057 billion yuan, a year-on-year increase of 38.09%. Both net profit and non-net profit increased significantly.
Today, Hengyi Petrochemical Ginseng Holdings’ PTA production capacity has reached 5.65 million tons, and its own equity production capacity is 2.92 million tons, ranking first in the country; PET production capacity is 2.10 million tons 10,000 tons, ranking first in the country; the first company to cooperate with Sinopec to build the world’s largest single CPL production capacity of 200,000 tons; the comprehensive production capacity of the industrial chain has ranked first in the domestic chemical fiber manufacturing industry for five consecutive years. The company’s asset size and operating income have achieved rapid growth with an average annual compound growth rate of more than 50%.
Tongkun Shares
Tongkun Co., Ltd. is a large-scale joint-stock listed company that invests in petroleum refining and manufactures PTA, polyester and polyester fiber as its main business, with total assets of more than 40 billion yuan. In May 2011, Tongkun Co., Ltd. successfully entered the capital market.
Contributing to annual profits, some chemical fiber projects will be put into production at the end of 2020. The increase in operating rates is expected to promote the continued rise in Tongkun’s earnings in 2021. At the same time, Tongkun Co., Ltd. still has some construction or planning projects that have not yet been put into production, such as the second phase of Zhejiang Petrochemical Project, Yangkou Port (PTA and filament) project, Muyang (polyester industry chain) project and Hengxiang Watch Activity and spinning oil projects are expected to be gradually put into production in 2021 and beyond, and Tongkun Co., Ltd.’s profitability is expected to continue to grow.
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