On the evening of July 14, Rongsheng Petrochemical disclosed its semi-annual performance announcement for 2021, stating that the net profit attributable to shareholders of listed companies in the first half of 2021 is expected to be 6.566 billion yuan, an increase of 104.69% over the same period last year; basic earnings per share 0.65 yuan.
Regarding the improvement of half-year performance, Rongsheng Petrochemical bluntly stated that during the reporting period, its holding subsidiary Zhejiang Petrochemical Co., Ltd. ” After the “40 million tons refining and chemical integration project” was put into operation, the production of each device has progressed smoothly, the operating load has steadily increased, and the benefits have been released significantly. On the other hand, affected by the economic recovery, the industry’s prosperity continues to improve, the profitability of some of the company’s products has been restored, and the price difference between raw materials and products has widened.
Information shows that Rongsheng Petrochemical was formerly known as Rongsheng Chemical Fiber Group Co., Ltd. and was founded in 1989. In November 2010, Rongsheng Petrochemical was listed on the Shenzhen Stock Exchange. Since then, it has gradually developed into a large private enterprise with a market value of about 60 billion as a listed company and hundreds of billions of group assets. The main business includes the research and development, production and sales of various petrochemical and chemical fiber products, mainly including olefins and their downstream products, aromatic hydrocarbons and their downstream products, gasoline, diesel, kerosene, purified terephthalic acid (PTA), polyester (PET) chips , polyester (PET) bottle flakes, polyester pre-oriented yarn (POY), polyester fully drawn yarn (FDY) and polyester elastic yarn (DTY) and other more than 30 categories of products. One of the listed companies with a complete integrated industrial chain of olefins-PTA, MEG-polyester-spinning, film, and bottle flakes.
The main industrial layout of Rongsheng Petrochemical can be divided into three sectors. The first part is the polyester (PET) manufacturing sector in the middle and lower reaches of the industry. PET products can also be divided into chemical fiber, bottle There are three types of sheets and films. The parent company and wholly-owned subsidiaries Rongxiang Chemical Fiber, Shengyuan Chemical Fiber, and Juxing Chemical Fiber mainly produce polyester filaments, Hainan Yisheng and Yishenghua produce polyester slices and bottle flakes, and Yongsheng Technology produces polyester. film. The second part is the PX-PTA manufacturing segment in the middle and upper reaches of the industry, which is mainly produced and sold by Zhongjin Petrochemical and Yisheng subsidiaries. The third part is the refining and chemical integration project, which is invested and constructed by the company’s holding subsidiary Zhejiang Petrochemical Co., Ltd. (hereinafter referred to as “Zhejiang Petrochemical”). The second phase unit has also been put into operation in November 2020. Zhejiang Petrochemical’s integrated refining and chemical products include two major categories: refined oil products and chemical products. It also opens up the company’s process from the most upstream crude oil to chemical fiber products, polyester bottle film products and resin rubber products.
In 2021, the company’s Zhejiang Petrochemical Phase II project, Yisheng New Materials PTA project, Yongsheng Technology polyester film expansion project, Shengyuan Phase II project, etc. are also gradually advancing. The production of the equipment is progressing smoothly, the operating load is steadily increasing, and the benefits are obvious.
The first quarter financial report shows that Rongsheng Petrochemical Company expects the net profit attributable to shareholders of the listed company to be 2.62 billion yuan in the first quarter, an increase of 113.73% over the same period last year; basic per share The income is 0.39 yuan/share.
Generally speaking, Zhejiang Petrochemical is the implementation entity of Rongsheng Petrochemical’s “40 million tons/year refining and chemical integration project” and is also one of the main sources of income for listed companies. As the second phase of the 20 million tons/year unit of Rongsheng Petrochemical’s “40 million tons/year refining and chemical integration project” has been put into operation, it is undoubtedly one of the factors that will increase performance in 2021. </p
