As the semi-annual report disclosure begins, the “mysterious veil” of many listed companies’ 2021 half-year results has been unveiled.
In the field of polyester, thanks to the rebound in oil prices and the control of the epidemic, many listed companies have achieved very good performance. Especially on July 7, the announcement of Dongfang Shenghong’s first-half profit increase of 1645.02%-1803.65% in the same period shocked the public.
A list of the performance forecasts of five listed polyester companies in the first half of the year
Dongfang Shenghong: Net profit increased by 1645.02%-1803.65% compared with the same period last year
On July 7, Dongfang Shenghong released the “2021 Semi-annual Performance Forecast”. In the first half of 2021, the company expects to achieve a net profit attributable to shareholders of listed companies of 1.1-1.2 billion yuan, an increase of 1645.02%-1803.65% compared with the same period last year; it is expected that Basic earnings per share are 0.23 yuan/share-0.25 yuan/share.
According to the company announcement, in the first quarter of 2021, the company achieved a net profit attributable to its parent company of 601 million yuan; in the second quarter of 2021, the company is expected to achieve a net profit attributable to its parent company of 499 yuan to 599 million yuan. yuan, a year-on-year increase of 692.06%-850.79%, and a month-on-month decrease of 0.33%-16.97%. The company’s performance in the second quarter rebounded sharply year-on-year. On the one hand, due to the improvement in terminal demand for chemical fiber and the increase in crude oil prices, the industry entered a recovery cycle, and the chemical fiber boom rose sharply; on the other hand, due to the company’s Hong Kong Fiber 200,000 tons/year in the second half of 2020 The differentiated functional chemical fiber project and the Zhonglu Technology 60,000 tons/year PET recycled fiber project were put into production, contributing to incremental profits compared with last year.
Hengli Petrochemical: Net profit in the first half of the year is expected to be 8.5 billion
On July 1, Hengli Petrochemical released a half-year performance forecast stating that it expected to achieve a net profit of about 8.5 billion yuan, an increase of about 2.983 billion yuan compared with the same period last year, a year-on-year increase of about 54.07%.
Hengli Petrochemical said: Driven by favorable factors such as oil price costs, rebounding domestic and foreign demand, and tightening production capacity supply, The price of domestic chemical products has been rising, the price difference has improved significantly, the company’s equipment is operating stably at full load, the synergy effect of refining + coal chemicals is significant, and the company’s profitability has increased significantly in the first half of 2021. Recently, Hengli Petrochemical’s downstream end-use consumption has continued to recover, the industry’s prosperity has picked up steadily, and the profitability of consumer yarns, industrial yarns, etc. has gradually recovered, especially for strong varieties such as polyester films and degradable plastics that have strong demand and tight supply. Maintain high spread levels.
Rongsheng Petrochemical: Net profit was 6.566 billion yuan, an increase of 104.69% over the same period last year
Recently, Rongsheng Petrochemical released a performance forecast stating that the net profit attributable to shareholders of the listed company was 6.566 billion yuan, an increase of 104.69% over the same period last year.
During the reporting period, after the “40 million tons refining and chemical integration project” of Zhejiang Petrochemical Co., Ltd., a subsidiary of Rongsheng Petrochemical, was put into operation, the production of each device was progressing smoothly, and the operating load was Steady improvement and obvious benefits. On the other hand, affected by the economic recovery, the industry boom continues to improve, the profitability of some products of Rongsheng Petrochemical has been restored, and the price difference between raw materials and products has widened.
Tongkun Shares: Net profit increased by 305%-320% over the same period last year
Recently , Tongkun Co., Ltd. issued a performance forecast stating that the net profit attributable to shareholders of listed companies ranged from 4.10 million yuan to 4.25 million yuan, an increase of 305%-320% over the same period last year.
During the reporting period, the concentration of the polyester filament industry continued to increase, the prosperity gradually recovered, downstream textile terminal consumption continued to recover, and Tongkun Co., Ltd. added value such as differentiation and functionality. Higher fiber product production capacity expansion; after the “40 million tons refining and chemical integration project” of Zhejiang Petrochemical Co., Ltd., a joint-stock company of Tongkun Co., Ltd., was put into operation, the production of each device is progressing smoothly, the operating load is gradually increasing, the economic benefits are significant, and the overall profit is Capacity has increased significantly compared with the same period last year.
Xinfengming Group: Net profit increased from 549% to 574% compared with the same period last year
Xinfengming Group disclosed its performance forecast for the first half of 2021 on the evening of July 13. During the reporting period, it achieved a net profit attributable to shareholders of listed companies of 1.3 billion to 1.35 billion yuan, an increase compared with the same period last year. 1.099 billion yuan to 1.149 billion yuan, an increase of 549% to 574%.
During the reporting period, the concentration of the polyester filament industry continued to increase, downstream textile demand maintained steady growth, and the company’s overall profitability increased significantly compared with the same period last year. The financial report shows that between 2011 and 2020, Xinfengming’s operating income increased from 11.842 billion yuan to 36.984 billion yuan, an increase of 212%. From 2017 to 2019, as PTA-polyester filament was in a boom cycle as a whole and the company’s production capacity continued to expand, net profit remained at a good level. In 2019, the net profit attributable to the parent company was 1.355 billion yuan. In 2020, due to the impact of domestic and foreign public health events on terminal demand and the impact on production and circulation links, the company’s performance was affected to a certain extent. In 2020, it achieved a net profit of 603 million yuan attributable to shareholders of the listed company. In the first quarter of 2021, as domestic and foreign terminal demand rebounded and rising oil prices drove industry prosperity, the company achieved a net profit of 497 million yuan attributable to shareholders of listed companies.
Terminal demand is likely to pick up
Polyester faucets firmly grasp the new share of future market demand
According to industry sources, in the economyAgainst the background of economic recovery and the accelerated implementation of vaccines, international oil prices will maintain a stable upward trend, terminal demand will most likely continue to pick up following the pace of economic recovery, industry prosperity will continue to repair in the upward cycle, and filament prices will be in 2021- It will maintain a steady upward trend in 2022. From the perspective of the recovery cycle, there are two main aspects: one aspect is the recovery to the same period before the epidemic in 2019; the other aspect is the compound growth rate of terminal demand entering the inventory replenishment cycle. The two aspects are added together to obtain the future polyester filament yarn. room for growth in terminal demand.
As of the end of 2020, my country’s polyester filament output was 36.63 million tons, a year-on-year increase of 3.65%. From 2016 to 2019, the growth rate of polyester filament output remained above 5%. Since polyester filament exports only account for about 6% of production, the filament produced in my country is mainly supplied for domestic use. In 2020, due to the epidemic, the demand for end-use textile and clothing decreased, and the growth rate of filament demand fell back. Experts believe that judging from the data from 2013 to 2018, in the next three years, the demand for polyester filament will match that of downstream textile and apparel. After the epidemic factors are repaired, the year-on-year growth rate of demand is expected to rebound to more than 5%.
In fact, in the past two years, one of the biggest features highlighted by the competition in my country’s polyester industry is that large leading enterprises have deeply implemented the integrated refining and chemical development model, and private refineries have Put into production one after another. Although this year has been affected by the epidemic, the company’s strategic thinking is clear, and project commissioning and new project construction are proceeding at full speed.
Polyester industry insiders said: “With the release of PX production capacity in private refining projects, large leaders are focusing on building ‘crude oil-aromatics (PX) and olefins-PTA and MEG The deeply integrated development model of “polyester-spinning-texturing” continues to achieve high-quality and efficient large-scale production, reduce costs, and enhance overall risk resistance. Moreover, relying on the advantages of integration, leading companies are also constantly expanding. It is hoped to seize the new share of future market demand. At the same time, with the gradual withdrawal of old small and medium-sized production capacity in the polyester market, the market share of ‘head’ companies continues to increase, and the degree of centralization of the polyester market further increases. ”</p
