Since August, listed companies have entered a period of intensive disclosure of interim reports, and several major private polyester leaders in the textile and chemical fiber industry have also released interim reports. Judging from the data disclosed in the interim report, the six polyester giants Tongkun, Xinfengming, Rongsheng, Hengli, Hengyi and Shenghong have all achieved profits without exception, and the specific figures are extremely “dazzling”.
Polyester filament is the largest and most widely used variety among textile chemical fiber raw materials. China produces more than 50 million tons of chemical fibers every year. Among them, polyester filament accounts for the largest proportion. Recently, the China Textile and Apparel Federation held a mid-year economic operation analysis meeting. At the meeting, Chen Xiaoqian, an analyst at the China Textile Federation Industrial Economics Research Institute, analyzed the total profit structure of the textile industry in the first half of 2021. He pointed out that the total profit of the textile industry in the first half of the year was 107.89 billion yuan. , of which the total profit of the chemical fiber industry was 32.66 billion yuan, accounting for 30.3%, ranking first among all industries.
The interim report data of the six major polyester giants also indirectly echo the conclusion of the above statistical analysis.
Looking at the development of today’s textile and chemical fiber industry, the leading trend in the industry chain has been highlighted. The competition pattern of the domestic polyester industry chain has initially taken shape. The traditional competition situation is Transforming into a new competition model, what characteristics do each of the six major listed companies present in their interim reports, and what mysteries do they contain?
Sheng Hong
Profit increased by 1720.30%, a stunning success
If you don’t look at the total profit and only look at the growth rate, Shenghong will undoubtedly be the best.
On August 24, Jiangsu Oriental Shenghong Co., Ltd. (Oriental Shenghong is a listed company under Shenghong Holding Group) Disclosing the 2021 semi-annual report, during the reporting period, the company achieved operating income of 15.690 billion yuan, a year-on-year increase of 65.43%; net profit attributable to shareholders of listed companies was 1.147 billion yuan, a year-on-year increase of 1720.30%.
Among them, in terms of industries, the chemical fiber sector achieved operating income of 9.245 billion yuan, accounting for 58.92% of operating income, an increase of 41.49% compared with the same period last year, and the petrochemical sector achieved operating income of 3.047 billion yuan. Accounting for 19.42% of operating income, an increase of 135.03% compared with the same period last year. The thermal power segment achieved operating income of 430 million yuan, accounting for 2.74% of operating income, an increase of 45.66% compared with the same period last year.
From a product perspective, Shenghong’s DTY, PTA and POY are undoubtedly the biggest support for its main business. DTY accounts for 32.71% of operating income, PTA accounts for 19.42% of operating income, POY accounts for 13.50% of operating income, the remaining FDY accounts for 9.86%, polyester products such as chips account for 2.84%, and thermoelectricity accounts for 2.74% .
Dongfang Shenghong explained several sectors with rapid growth: the operating income of the chemical fiber business increased by 41.49% compared with the same period last year, mainly due to the impact of the epidemic in the same period last year, sales were blocked, and the polyester filament market This was due to better market conditions; petrochemical business operating income increased by 135.03% compared with the same period last year, mainly due to the commissioning of new production capacity of Honggang Petrochemical; thermal power business operating income increased by 45.66% compared with the same period last year, mainly due to the impact of the epidemic in the same period last year , due to the decrease in steam sales revenue.
Dongfang Shenghong’s outstanding profit growth is undoubtedly due to comprehensive factors such as the investment layout of several major refining and PTA projects after its listing in 2018, the release of production capacity, and the improvement of the industrial chain. In fact, after the outbreak of the epidemic in 2020, the profits of the entire PTA industry plummeted. In the third quarter of 2020, Dongfang Shenghong’s net profit attributable to the parent company fell by 80.2% year-on-year. In the fourth quarter of 2020, textile foreign trade orders returned, and the chemical fiber industry began to recover. After the Spring Festival, with the promotion of vaccines, downstream expectations are generally optimistic, and the industry prosperity has recovered significantly. In the first quarter of 2021, Dongfang Shenghong’s product volume and price have increased, and its performance has improved significantly. At present, Dongfang Shenghong has formed a full industrial chain layout based on polyester chemical fiber and “crude oil refining-PX/ethylene glycol-PTA-polyester chemical fiber”. And in the first half of 2021, Oriental Shenghong accelerated the construction of Shenghong’s 16 million tons refining and chemical integration project, actively promoted the coordinated and balanced development of various major business segments, vigorously expanded upstream and downstream integrated advanced production capacity, and accelerated the creation of an internationally competitive company. With a strong new chemical material production and research and development base, it will promote the company to become a world-class petrochemical enterprise. Dongfang Shenghong will become the third largest private refining and chemical enterprise after Hengli Petrochemical and Rongsheng Petrochemical. It is foreseeable that with the commissioning of the Dongfang Shenghong Refining and Chemical Integration Project, the company’s revenue and gross profit structure will continue to be adjusted based on the 2021 interim report. In the future, the refining and chemical business is expected to become the company’s largest source of performance after 2022.
Rongsheng
Full industry chain The advantages continue to show
The king’s position is difficult to shake
From the perspective of total operating income, total profit and their respective year-on-year growth rates, it is relatively In comparison, Rongsheng seems to have not won the “single championship”, but in fact, Rongsheng, which seems to be firmly in second place, has always occupied the absolute position in the “aromatics-polyester industry chain”tp://pic.168tex.com/Upload/News/image/2021/08/31/20210831095559816008.png”>
Tongkun
The highlight moment of the polyester filament “Wal-Mart”
The current private polyester giants seem to have formed two groups. Category development tracks, the first category focuses on developing the upstream refining and chemical layout and vigorously develops refining and chemical integration projects; the second category focuses on the polyester industry and adheres to the main business to become refined and stronger. Tongkun has always been the second A typical representative of this category, but in recent years, it has also begun to develop the layout of the entire industry chain.
On August 18, Tong Kunming Shares released its 2021 semi-annual report. The report shows that in the first half of 2021, the company achieved operating income of 30.186 billion yuan, a year-on-year increase of 41.43% in the first half of 2020; it achieved a total profit of 4.654 billion yuan, a year-on-year increase of 344.09% in the first half of 2020; The net profit attributable to shareholders of the parent company was 4.134 billion yuan, an increase of 309.57% compared with the first half of 2020; the basic earnings per share was 1.82 yuan, an increase of 230.91% compared with the first half of 2020. Although compared with the six giants, Tong Kun’s growth rate ranking is relatively middle, but this achievement is already a “highlight moment” for Tongkun in recent years. It is worth noting that in terms of gross profit margin, Tongkun’s gross profit margin in the first half of 2021 was 7.0%. An increase of nearly 13 percentage points from -5.7% in the same period last year. The report pointed out that it was mainly due to the expansion of price differences caused by the rebound in filament yarn business.
In addition, in order to improve the polyester industry chain, increase the number of anti- Risk capabilities to achieve high quality and sustainable growth. In the context of large-scale refining and chemical industry, Tongkun acquired 20% equity of Zhejiang Petrochemical, corresponding to 1.6 million tons of PX production capacity and 740,000 tons of MEG production capacity. With the commissioning of the second phase of Zhejiang Petrochemical, Tongkun Kun has completed the last piece of the polyester industry chain, greatly reducing the company’s external dependence on raw materials, improving profitability and enhancing its ability to resist risks. In the first half of 2021, the first phase of the Zhejiang Petrochemical Project achieved stable full-load operation, and the second phase of the project It started smoothly and its profitability gradually improved, contributing 2.275 billion yuan in investment income to the company, which is more than half of the profit.
Of course, the improvement of the industrial chain is more about competitiveness and risk resistance. After all, for the company with the largest polyester filament output in the world, the ability to resist risks has obviously become a top priority for development. As of the end of 2020, Tongkun has a polyester filament production capacity of 8.3 million tons and a PTA production capacity of 4.2 million tons. It has ranked first in production and sales in the domestic and international markets for more than ten consecutive years. The domestic market share of polyester filament is approximately 20%, ranking first in the world. Accounting for more than 12%. At the same time, Tongkun’s domestic polyester filament layout has also blossomed in recent years. It is expected that as the projects under construction are gradually put into production, Tongkun’s polyester filament production capacity will reach 14.2 million tons, and PTA production capacity will reach 9.2 million tons.
Hengyi
Steady performance growth, stable production and sales
On the evening of August 24, Hengyi Petrochemical released its 2021 semi-annual report. Data show that in the first half of 2021, the company achieved operating income of 60.923 billion yuan, a year-on-year increase of 54.57%, and net profit attributable to shareholders of listed companies of 2.234 billion yuan, a year-on-year increase of 16.95%.
The analysis points out that in 2021, China will take the lead in resuming work and production, domestic demand has recovered significantly, overseas textile and clothing demand has also shown a recovery trend, and clothing consumption demand continues to improve. , coupled with the return of overseas orders brought about by the epidemic in Southeast Asia, the textile and clothing industry chain is booming, and the volume and price of the polyester industry are rising. During the reporting period, the production and sales of the company’s chemical fiber products (including filament, staple fiber, and chips) continued to maintain a growth trend, with production and sales reaching 3.6691 million tons and 3.4775 million tons respectively, a year-on-year increase of 23.54% and 40.79%. Among them, polyester yarn achieved operating income of 18.327 billion, a year-on-year increase of 57.91%, and a gross profit margin of 15.55%, a year-on-year increase of 2.38%. Refining products achieved operating income of 10.373 billion, a year-on-year increase of 14.67%, and chemical products achieved operating income of 2.036 billion, a year-on-year increase of 32.06%. It is worth noting that Hengyi’s PTA production capacity has always ranked first in the world, with a total holding and equity-holding PTA production capacity of approximately 16 million tons per year.
Xin Fengming
Is expected to become the industry dark horse of the year
Among the six listed leading private companies, Xinfengming is the youngest. However, judging from the interim report data for the first half of this year, the performance is extremely eye-catching, with profit growth as high as 561.2%
Xin Fengming (603225) on August 17 The semi-annual report was disclosed in the evening. The company achieved operating income of 23.681 billion yuan in the first half of 2021, a year-on-year increase of 74.57%; net profit was 1.324 billion yuan, a year-on-year increase of 561.2%. Polyester filament is the main source of Xinfengming’s operating income and gross profit. It is reported that as of now, the company has a civilian polyester filament production capacity of 6 million tons, and the future production capacity is also steadily advancing.
Xinfengming has always had clear expansion plans in the fields of polyester filament and PTA, and the construction of new production capacity is very impressive. At present, Xinfengming’s domestic market share of polyester filament is close to 10%. In 2021, Xinfengming plans to launch a polyester filament production capacity of 300,000 tons in the Huzhou production base and a polyester filament production capacity of 600,000 tons in the Dushan Port production base. , from 2022 to 2023, the company will successively invest a total of 1 million tons of polyester filament production capacity. It is expected that by the end of 2023, Xinfengming’s polyester filament production capacity will reach 7 million tons.
�With a total production capacity of 1 million tons of polyester filament, Xinfengming’s polyester filament production capacity is expected to reach 7 million tons by the end of 2023. </p
