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Time：18months ago
Source：马后炮化工、聚烯烃人、流程工业
hengli Petrochemical disclosed the company's 2022 annual report and 2023 quarterly report simultaneously on the evening of April 27, 2023. In 2022, the company achieved operating income of 222.324 billion yuan, net profit of 2.318 billion yuan, and net operating cash flow of 25.954 billion yuan. Hengli Petrochemical's first quarter report of 2023 shows that in the first quarter of 2023, it achieved operating income of 56.144 billion yuan and net profit of 1.02 billion yuan. The single-quarter performance turned from loss to profit compared with the fourth quarter of last year, and the performance margin improved significantly, exceeding market expectations. Hengli Petrochemical's main business includes the production, research and development and sales of PX, acetic acid, PTA, ethylene glycol, polyester chips, PBS/PBAT biodegradable new materials involved in the whole industry chain of refining, petrochemical and polyester new materials. It is the first listed company in the industry to realize the integration of new chemical materials in the whole industrial chain of "crude oil-aromatics, olefins-PTA, ethylene glycol-polyester new materials.
Hengli Petrochemical aims at the new application direction and new market of polyester and polyester-like new products downstream of aromatics and fine chemicals and special new materials downstream of olefins, consolidates the advantages of traditional market, focuses on the breakthrough fields of new materials, and focuses on building PBS/PBAT degradable materials, functional polyester materials, high-performance resin materials, high-end fiber materials, new energy materials, etc. To build a platform-based chemical new materials research and development and manufacturing of the whole industry chain leading enterprises. In view of the operating situation in the first quarter of this year, Hengli Petrochemical said that in January and February this year, the industry still continued the triple pressure of "demand contraction, supply shock, and expected weakening", superimposed on the Spring Festival holiday factors, the industry recovery was slightly lower than expected, and the enterprise operation was in a weak state of break-even. However, after entering March, as the Central Economic Work Conference established the general tone of adhering to the work of seeking progress while maintaining stability, market confidence was rapidly boosted, the overall economic operation improved, and the industry demand quickly bottomed out and rebounded, which strongly supported the company's first quarter of this year. The performance improved significantly from the previous quarter. The company's monthly profit in March reached 1 billion yuan, and the performance repair was very obvious. It is worth mentioning that the 1.6 million tons/year high-performance resin, 300000 tons/year adipic acid and 600000 tons/year BDO projects under construction in Changxing Island Base of Hengli Petrochemical will be completed and put into operation in the middle of this year. The 800000 tons/year functional film and plastic projects under construction in Fenhu Base have been put into operation in the first quarter of this year, and the 1.6 billion square meters/year lithium battery diaphragm project will also be put into operation in May this year. At the same time, Hengli Petrochemical is actively seeking a breakthrough in the upstream to build a "one drop of oil to all things" Hengli ecosystem to accumulate strength and lay a solid foundation. Some analysts believe that with the continuous development of the national steady growth policy and the continuous recovery of industry demand, coupled with the accelerated production and efficiency of various fine chemical and new material projects under construction, Hengli Petrochemical's profitability is expected to be greatly improved in 2023. on the evening of April 20, 2023, Oriental Shenghong released its first quarter report in 2023. In the first quarter of 2023, the company achieved revenue of 29.534 billion yuan, 114.44 percent YoY, 72.57 percent YoY, and net profit of 0.717 billion yuan, 4.75 percent YoY, 169.68 percent YoY. The company's earnings improved in the first quarter month-on-month due to the gradual release of benefits after the 16 million-ton/year refining project was fully put into operation at the end of 2022."Refining + polyester + new materials" product matrix
● Upstream end: The company has 2.4 million tons/year methanol-to-olefin (MTO) and 700000 tons/year PDH. The 16 million tons/year refining and chemical integration project will be fully put into operation in December 2022, realizing full coverage of the three olefin production process routes of "oil, coal and gas", with strong flexibility in raw material selection and reducing the risk of cycle fluctuation.● Downstream end: The company relies on the upstream raw material platform to build a polyester and new energy and new material industry chain. the company now has 3.9 million tons/year PTA, 3.1 million tons/year to high-end DTY-based differential fiber (including more than 300000 tons/year recycled fiber), the company is under construction and planning 2.4 million tons/year PTA phase III project, polyester filament is planned to form 4 million tons by the end of 2023, the medium-term to 5 million tons. Dongfang Shenghong Existing Main Product Capacity
relying on Sirbon, the company now has 780000 tons/year acrylonitrile, 300000 tons/year EVA (photovoltaic grade 216000 tons or more), 255000 tons/year MMA and 300000 tons/year ethylene oxide (EO) production capacity. It is the world's largest photovoltaic EVA enterprise and the largest acrylonitrile production enterprise in China. The company to build photovoltaic film raw material production base, actively promote the "million tons of EVA" strategic objectives, while planning to build 300000 tons/year POE and 200000 tons/year alpha olefin industrialization plant. In addition, the company's other new materials projects include:1. Ultra-high molecular weight polyethylene project: The 20000-ton/year ultra-high molecular weight polyethylene project in Sirbang will be put into production by the end of 2022;2. Ethylene glycol + phenol/acetone project: Shenghong Refinery 2# ethylene glycol + phenol/acetone project, including 10/900000 tons/year ethylene glycol plant and 40/250000 tons/year phenol/acetone plant, put into production in March 2023;3.POSM and Polyol Project: Hongwei Chemical POSM and Polyol Project, including 508000 tons/year ethylbenzene unit, 20/450000 tons/year POSM unit, 112500 tons/year PPG unit and 25000 tons/year POP unit, has started construction at present;4. Degradable Plastics Project: Hongke New Materials Degradable Materials Project (Phase I), including 340000 tons/year maleic anhydride device, 300000 tons/year BDO device and 180000 tons/year PBAT device, is still in the early stage of the project as of the end of the 2022 annual report;5. Lithium iron phosphate project: Higgs new energy supporting raw materials and iron phosphate, lithium iron phosphate new energy materials project, including 1.8 million tons/year mineral processing device, 500000 tons/year iron phosphate device, 300000 tons/year lithium iron phosphate device, etc., as of the end of the 2022 annual report is still in the early stage of the project. Main New Material Projects of Dongfang Shenghong on the evening of April 25, Hengyi Petrochemical disclosed its first quarterly report in 2023. The company achieved operating income of 28.381 billion yuan in the first quarter, net profit attributable to shareholders of listed companies of 34.8463 million yuan, a sharp increase of 101.45 from the previous month, and total assets of 107.233 billion yuan. The owner's equity of shareholders of the company is 24.595 billion yuan. Industry analysts said that since 2023, Hengyi Petrochemical upstream and downstream sectors have shown signs of improvement. Upstream refining sector, refined oil and chemicals spreads are stronger month-on-month, pushing the overseas refining sector earnings pivot up, including the Singapore market gasoline first quarter average cracking spread increased by 194.32 percent month-on-month, PX, pure benzene first quarter average spread increased by 25.44 percent, 67.95 percent month-on-month. Downstream polyester plate, with the domestic economic growth rate stabilized and rebounded, downstream clothing, home textiles, tourism and other fields of demand gradually recovered, driving the polyester plate boom rebound. In addition, the price of polyester filament rose moderately in the first quarter, and the cost transmission mechanism of the industrial chain was gradually smooth.
Cinda Securities said in the research report, the domestic side, with the epidemic after the gradual recovery of social production and life, the willingness of residents to continue to rise, polyester filament inventory de-industrialization is obvious, the industry boom or will be in the upward stage, is expected to drive the company's polyester business bottoming out. In March 2023, domestic textile clothing consumption increased by 17.7 year-on-year, the operating rate of weaving machines rebounded to 64% in March, the average inventory of polyester filaments in March was 23 days, down 17% year-on-year, and the downstream and terminal demand for filaments continued to pick up. Overseas, from the supply side, from 2020 to 2023, affected by the epidemic and energy structure transformation, Southeast Asia and Australia have nearly 35 million tons of refined energy out of the market, and the future of Southeast Asia's new capacity supply is insufficient, capacity supply or shrinking. According to the latest forecast of the International Monetary Fund (IMF) this year, the average GDP growth rate of the six ASEAN countries in 2023 will reach 4.5, which is significantly higher than the world average. With the gradual recovery of the domestic economy and the recovery of the refined oil market in Southeast Asia, the company's domestic polyester business is expected to bottom out, overseas refining business earnings upward, the company's performance may usher in repair. Guohai Securities analysis pointed out that with the full liberalization of epidemic prevention and control and the introduction of policies such as the protection of buildings, will effectively promote the demand for clothing and home textiles, and drive the upstream filament business climate gradually repair. Entering 2023, Southeast Asia gasoline spreads improved significantly month-on-month, with the repair of refined oil cracking spreads, the company's Brunei refining project earnings are expected to be repaired. At the same time, the company is actively promoting the second phase of the Brunei project. At present, the project has obtained the preliminary approval letter from the Brunei government, and the funds need to be approved by the relevant departments of China. According to the project plan, the construction of embankment reclamation is being carried out in an orderly manner. With the gradual landing of Brunei Phase II, the company will further increase its market share and increase its profits; at the same time, the new "olefin-polyolefin" industrial chain will help the company to further improve the integration and scale advantages of the industrial chain, and enhance the company's sustainable profitability and anti-risk ability. in 2022, Rongsheng Petrochemical achieved operating income of 289.095 billion billion yuan, up 57.91 percent year-on-year, while net profit attributable to its parent company was 3.34 billion billion yuan, down 74.76 percent year-on-year. In the first quarter of 2023, revenue was $69.721 billion, up 1.63 percent year-on-year, and net profit attributable to the parent company was $1.468 billion, down 147.11 percent year-on-year.1, cost pressure weakened, Zhejiang Petrochemical profitability is expected to repair. Crude oil prices are running at a high level in 2022, and Zhejiang Petrochemical's performance is under short-term pressure, achieving a net profit of 6.052 billion yuan, a year-on-year decrease of 72.86. According to wind statistics, the average price of Brent crude oil in 2022 is 99.16 US dollars/barrel, a year-on-year increase of 39.87. Since 2023, the average price has been 83.83 US dollars/barrel, a year-on-year decrease of 14.42. In 2022, Zhejiang Petrochemical (Phase II) will be fully put into operation, with an additional 20 million tons/year refining capacity, 6.6 million tons/year aromatics and 1.4 million tons/year ethylene production capacity. Zhejiang Petrochemical's 40 million tons/year refining and chemical integration project will become the world The largest single-scale refining and chemical integration project. With crude oil prices down, cost pressures weakened, Zhejiang Petrochemical's performance ushered in an upward inflection point.2, new materials product matrix continues to enrich, the company's growth space is broad. Since 2022, the company has added 1.4 million tons/year of ethylene, 260000 tons of polycarbonate, 60000 tons of soluble styrene-butadiene rubber and 380000 tons/year of polyether. At the same time, the company has deployed a number of new energy and new material products such as EVA, DMC, PC and ABS in the field of new energy and high-end materials. In the future, with the smooth progress of the 3# ethylene downstream chemicals project, high-performance resin project and high-end new materials project, the products and production capacity of new energy materials, renewable plastics, special synthetic materials and high-end synthetic materials will continue to expand, and the transformation of new materials will enter the stage of accelerated development.3, the introduction of war to Saudi Aramco, resource sharing to help the industry take off. On March 27, the controlling shareholder Rongsheng Holdings and AOC signed the Share Purchase and Sales Agreement, intending to transfer 1,012,552,501 shares to AOC Agreement at a transfer price of 24.30 yuan per share. At the same time, the company and its subsidiary holding company signed a package of cooperation agreements with Saudi Aramco and its related parties, such as crude oil purchase agreement, ATS framework agreement, raw material supply framework contract, chemical framework agreement, refining and chemical products framework agreement, crude oil storage framework agreement and technology sharing framework agreement. Saudi Aramco took a stake in Rongsheng Petrochemical at a high premium, It reflects the global investment value of refining and chemical integration enterprises. The signing of relevant strategic cooperation agreements will, on the one hand, help Zhejiang Petrochemical to achieve a stable supply of high-quality raw materials, on the other hand, it is expected to expand the overseas sales channels of its chemical products and ensure the stability of the petrochemical industry chain. The strategic cooperation between Zhejiang Petrochemical and Saudi Aramco is expected to help it achieve a leap-forward transformation from a domestic petrochemical giant to an international petrochemical giant. Source: hindsight chemicals, polyolefins, process industries* Disclaimer: the content contained in the Internet, WeChat public number and other public channels, we maintain a neutral attitude to the views in the article. This article is for reference only, exchange. The copyright of the reprinted manuscript belongs to the original author and organization. If there is infringement, please contact Huayi World Customer Service to delete it.
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