PTA in the annual report of the hottest polyester

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Annual reports of polyester and polyester listed companies: PTA has changed from a drag to a "savior"

looking at the 2015 annual reports of the five polyester and polyester civil silk listed companies, only Hengyi Petrochemical's revenue increased, while the revenue of Rongsheng petrochemical, Tongkun group, Huaxi shares and Chunhui shares declined to a certain extent, but the net profits of these five companies increased

since 2016, the polyester and polyester industry has still faced certain pressures and challenges. Facing the increasingly severe market competition, polyester enterprises should resolve the cost pressure by accelerating the upgrading of technical equipment and strengthening research and development, take a long-term view of development, implement the functionality of products, and improve the competitiveness of enterprises with strength and efforts

the weak market pulled down the enterprise's revenue

in 2015, Rongsheng Petrochemical achieved a revenue of about 28.746 billion yuan, a decrease of 9.64% over the same period last year; Tongkun group achieved a revenue of about 21.754 billion yuan, a decrease of 13.31% over the same period last year; West China achieved a revenue of about 2.013 billion yuan, a decrease of 2.58% over the same period last year; Chunhui achieved a revenue of about 663million yuan, a decrease of 36.67% over the same period last year

the main reason for the decrease in the revenue of polyester enterprises is the decrease in the revenue of their polyester products

for example, Tongkun's Polyester drafting yarn products achieved a revenue of about 4.165 billion yuan, a year-on-year decrease of 16.35%; The revenue of polyester textured yarn was about 2.963 billion yuan, a year-on-year decrease of 7.07; The revenue of polyester pre oriented yarn was about 12.07 billion yuan, a year-on-year decrease of 18 It is related to the cutting method and rolling direction of the specimen 53; The revenue of composite wire was about 339 million yuan, a year-on-year decrease of 14.02%. Huaxi polyester staple fiber achieved a revenue of about 1.751 billion yuan, a year-on-year decrease of 10.10%. Chunhui polyester fiber achieved a revenue of about 510million yuan, a year-on-year decrease of 38.87%

the decrease in the revenue of polyester products of listed companies is not unrelated to the market of polyester in 2015

2015 is undoubtedly a difficult year for the polyester industry. Under the background of phased and structural overcapacity of polyester, the product demand also showed a downturn, and the polyester market as a whole showed a downward trend. At the same time, since the middle and late May of 2015, the international oil price has entered the bottom again. The sharp fall of the international oil price has had a significant impact on the polyester market, and the prices of polyester chips, polyester filaments, polyester staple fibers and other products have also continued to fall

although the reduction of oil price has made polyester factories obtain cheaper raw materials and reduced the production cost of polyester, the low international oil price usually means that the economy is weak and the demand is weakened, which intensifies the embarrassment of phased and structural overcapacity in the polyester industry, and on the contrary, leads to the decline of industrial profitability

according to statistics, the prices of polyester staple fiber, polyester POY, DTY and FDY in 2015 decreased from 7522 yuan/ton, 7916.67 yuan/ton, 10020 yuan/ton and 7730 yuan/ton at the beginning of the year, respectively. Therefore, the processing method of thermoplastic engineering plastics can be used for molding processing, which fell to 6344 yuan/ton, 6083.64 yuan/ton, 7742 yuan/ton and 6551.11 yuan/ton at the end of the year, with year-on-year decreases of 14.48%, 23.15%, 22.73% and 15.25% respectively

the sharp decline in prices means the decline in industry profits. Taking conventional varieties as an example, the average gross profit of poy150d/48f is -100.38 yuan/ton, which is 143.97% lower than that of municipal, quality inspection, chemical and plastic pipe consumption enterprises; The average gross profit of fdy150d/96f was 44.53 yuan/ton, a year-on-year decrease of 86.96%. Among them, the overall profit of POY industry is the most difficult. The melt cost of POY itself remained at about 5700 yuan/ton, and the sharp decline in price made many enterprises on the edge of profit and loss, or even loss

the decline of product prices has not only affected the profitability of polyester "leading" enterprises, but also eliminated some poorly managed polyester enterprises such as Minghui due to heavy financial pressure and product lack of advantages

the contradiction between supply and demand of PTA eased and improved enterprise profits

although the decline in the price of polyester and polyester products lowered the profit level of listed enterprises, the market of PTA, the raw material upstream of polyester, changed in 2015, which has improved the profits of enterprises to a certain extent

in 2015, Hengyi Petrochemical's net profit attributable to the shareholders of the listed company was about 197 million yuan, an increase of 155.79% over the same period last year; Rongsheng Petrochemical's net profit attributable to the shareholders of the listed company was about 369 million yuan, an increase of 206.28% over the same period last year; Tongkun group's net profit attributable to shareholders of listed companies was about 115million yuan, an increase of 3.0% over the same period last year; The net profit attributable to the shareholders of the listed company of Huaxi shares was about 84.3732 million yuan, an increase of 55.13% over the same period last year; Chunhui's net profit attributable to shareholders of the listed company was about 15.5337 million yuan, an increase of 107.34% over the same period last year

most of these enterprises said that the main reasons for their profits were the improvement of PTA supply and demand and the recovery of downstream demand, as well as the rise in the gross profit margin of PTA products. For example, in 2015, among the polyester products of Tongkun shares, only PTA's revenue increased year-on-year, and its PTA achieved a revenue of 73.8642 million yuan, an increase of 135.75% year-on-year

this is related to the unique market of PTA in 2015. At the beginning of 2015, PTA prices continued to decline due to the continuous low operation of international crude oil prices. However, with the shutdown and liquidation of 3.3 million tons/year production capacity of Far East petrochemical in March 2015, and the explosion of Gulei aromatics device during the Qingming Festival, the serious oversupply of PTA products was alleviated to a certain extent, and the pattern of PTA Market after April 2015 was completely changed

according to statistics, the PTA capacity shut down in China in 2015 was 7.08 million tons. Including Yisheng, the largest PTA manufacturer in China, also stopped its 600000 T/a unit in Ningbo. In 2015, the operating rate of PTA device was about 75%, and the sales volume increased by 6% year-on-year. Although PTA prices have not significantly improved due to the impact of costs, the profit level of PTA industry increased significantly in the fourth quarter, which also enabled enterprises to turn losses into profits periodically

focus on differentiation to improve anti risk ability

looking at the annual reports of listed enterprises as shown in Figure 1, it can be found that "leading" enterprises attach the most importance to the research and development of differentiated products and technologies in improving their core competitiveness

for example, Tongkun's technology R & D project "complete set of technology and series of new product development of differential polyester filament with an annual output of 400000 tons" won the second prize of national science and Technology Progress Award and the first prize of science and technology progress award of China Textile Industry Federation. At the same time, most of the key equipment in Tongkun is imported from Germany and Japan, reaching the world-class equipment level. Excellent equipment provides a strong guarantee for the company's new product development, the improvement of product differentiation ratio, and technological innovation

Tongkun has further improved the production capacity of differentiated and functional fibers through the implementation of filament construction projects such as humon phase I, Hengteng phase II and Hengrui Jiadan park

Tongkun group said that in the future, the company will further improve the product differentiation rate and expand the polyester filament production capacity, maintain a steady increase in the market share of products, and continue to consolidate its competitive position in the market

products such as Spunlaced and fluorescent whitening independently developed by West China have successfully entered the high-end markets in Europe and the United States. It will also cooperate with universities and scientific research institutes to further develop new types of special fibers

these listed companies in the polyester industry and some enterprises that attach importance to fiber variety, quality and brand development have implemented the R & D strategy of differentiated products, effectively avoiding the "price war" of conventional products to a certain extent, showing strong risk resistance and profitability

expand the industrial chain and enhance the comprehensive competitiveness

in addition to paying attention to products, the "leading" enterprises also attach great importance to the extension of the industrial chain. For example, the Jiaxing petrochemical project of Tongkun group expanding to PTA industry. Jiaxing Petrochemical phase I project has an annual output of 800000 tons of PTA, and phase II project has an annual output of 1.2 million tons of PTA. Phase I project has been completed and put into trial production at the end of 2012

the production of Jiaxing petrochemical project has formed a one-stop production and sales pattern of "PTA polyester spinning texturing" in Tongkun, which not only enhances the overall comprehensive strength of the enterprise, but also has a stronger cost advantage compared with other polyester filament enterprises that purchase PTA from Jiaxing petrochemical, a wholly-owned subsidiary, due to its short transportation distance, low cost and stable supply

Hengyi Petrochemical is also actively promoting the Sinopec aromatics project of Ningbo Zhongjin petrochemical, a wholly-owned subsidiary. In January 2015, Rongsheng Petrochemical announced that it would expand the production scale of Sinopec's 900000 T/a aromatics project to 2million T/A. The total investment of the project is 10.57 billion yuan. After the implementation of the project, the average annual net profit is expected to reach 1.043 billion yuan

at present, the production unit of aromatics project has been installed and has entered the commissioning stage. Hengyi Petrochemical said that the technology adopted in the project is advanced and reliable, the overall process flow and system configuration are economical, reasonable and feasible, the optimization of resource utilization is achieved, the circular economy is realized, the pollutant emission is reduced, the project construction investment is saved as much as possible, the product cost of the project is reduced as much as possible, and the competitiveness of the project is improved. After the project is completed and put into operation, it will further optimize and upgrade the product structure and improve the added value of products

meanwhile, Rongsheng petrochemical, Juhua Group and Tongkun group plan to develop the petrochemical industry in Zhoushan, Zhejiang, and continue to extend to upstream refining and chemical projects. The first phase of the project is a 15million ton/year oil refining project, and the second phase is a 25million ton/year petroleum refining and petrochemical project, with supporting chemical plants

for the upward expansion of the industrial chain, listed companies can optimize the company's industrial structure, ensure a stable supply of raw materials, further reduce the cost of main business, consolidate the competitive advantage of the company's products, and enhance the company's comprehensive strength and core competitiveness

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