In recent years, as the leading factories in the domestic polyester industry have accelerated the pace of production capacity, the concentration of production capacity in the polyester industry has also gradually increased. According to statistical data, as of the end of 2020, Hengyi, Tongkun, Xinfengming, and Hengli The six major factories, Shenghong and Rongsheng, have a total polyester production capacity of 25.88 million tons per year, accounting for more than 40% of the total domestic polyester production capacity.
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, of which polyester filament accounts for the largest proportion. Since the epidemic in the first half of the year, polyester filament and even the entire polyester industry have faced unprecedented difficulties. Repeated epidemics at home and abroad have caused terminal textile demand to plummet. However, domestic production enterprises are still expanding their capacity. The contradiction between supply and demand of polyester filament has become prominent and prices have fallen. to low. Subsequently, as crude oil prices increased, the cost end of the industry chain was well assisted. In the first half of 2022, the main listed companies in the polyester industry, namely the leading polyester filament companies, still achieved good results.
Recently, listed companies have successively released their 2022 semi-annual reports. There are six leading companies in the polyester polyester (civilian) industry, including Rongsheng Petrochemical (002493), Hengli Petrochemical (600346), Tongkun Co., Ltd. (601233) ), Xinfengming (603225), Hengyi Petrochemical (000703), Dongfang Shenghong (000301). Let’s take a brief look at the performance of these six companies.
Listed companies in the polyester-polyester industry
Main accounting data and financial indicators for the first half of 2022,
In terms of operating income in the first half of 2022, except for Tongkun, which declined slightly year-on-year, the other five companies all increased year-on-year, especially Rongsheng, which had the largest increase, up to about 75%. The main reason for the increase in operating income is that due to the continued rise in crude oil prices in the first half of 2022, the average prices of various products in the polyester industry chain in the first half of the year were compared with 2021. Except for MEG, which fell slightly year-on-year, the other products all increased significantly; in addition, the company The launch of new production capacity has also contributed to a certain amount of operating income. For example, Tongkun, Xinfengming, Hengyi, and Hengli have all put polyester plants into production. Among them, the slight year-on-year decline in Tongkun’s turnover in the first half of the year was mainly affected by the substantial increase in inventory amount, while the larger increase in Rongsheng’s turnover was partly due to the decrease in inventory amount. Among the six leading companies, except for the decline in the inventory amount of Rongsheng, the rest all showed significant growth, which affected the operating income of each company to a certain extent.
In recent years, four major private refining and chemical projects, mainly Hengli Group, Rongsheng Holdings, Hengyi Group, Tongkun Group, and Shenghong Group, have been gradually put into operation in recent years, and their scale advantages and economic benefits have gradually emerged. According to the editor’s understanding, the total operating income on the list has grown from a few years to nearly one trillion, and the growth rate is really impressive! In the future, under the background of survival of the fittest in the global oil refining industry, the advantages of these integrated enterprises will become more prominent.
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