Polyester Polyester Industry Is Still Facing Some Pressure And Challenges.

A comprehensive survey of 5 families

The annual report of civil silk companies listed in 2015 showed only the growth of Hengyi Petrochemical's revenue. The revenue of Rongsheng petrochemical, Tong Kun group, Huaxi stock and Chunhui shares fell to a certain extent, but the net profits of these 5 enterprises increased. The 4 companies had a certain decline.

Since 2016, polyester polyester industry is still facing some pressure and challenges.

In the face of increasingly severe

Competition, polyester enterprises should speed up the upgrading of technology and equipment, strengthen research and development and other means to solve the cost pressure, the development vision in the long term, the implementation of product functionality, and so on, with strength and efforts to enhance the competitiveness of enterprises.

Sluggish market slump corporate revenues

In 2015, Rongsheng Petrochemical achieved a revenue of about 28 billion 746 million yuan, down 9.64% from the same period last year. The Tong Kun group achieved a revenue of about 21 billion 754 million yuan, a decrease of 13.31% over the same period last year, and Huaxi shares achieved a revenue of about 2 billion 13 million yuan, a decrease of 2.58% over the same period last year. Chunhui shares achieved a profit of about 663 million yuan, down 36.67% from the same period last year.

The main reason for the decrease in pet business revenue is the reduction in the revenue from its polyester products.

Such as Tong Kun's Polyester drafting yarn

The sales revenue was about 4 billion 165 million yuan, a decrease of 16.35% compared with the same period last year. The Dacron plus wire has achieved a profit of about 2 billion 963 million yuan, a decrease of 7.07 compared with the same period last year. The pet preoriented yarn has achieved a profit of about 12 billion 70 million yuan, a decrease of 18.53 over the same period last year.

Huaxi polyester staple fiber achieved a revenue of about 1 billion 751 million yuan, down 10.10% from the same period last year.

Chunhui shares polyester yarn to achieve revenue of about 510 million yuan, a decrease of 38.87% over the same period last year.

The reduction of polyester products revenue in listed companies is closely related to polyester polyester Market in 2015.

2015 is undoubtedly a tough year for polyester polyester industry.

In the background of polyester production capacity in stages and structural surplus, the demand for products also showed a downturn, and the polyester market overall showed a downward trend.

At the same time, from the middle and late 2015 of 5, international oil prices once again entered the bottom road. The collapse of international oil prices had a significant impact on polyester market, and the prices of polyester chips, polyester filament and polyester staple fiber continued to decline.

Although the reduction of oil prices has made polyester factories get cheaper raw materials, resulting in a decline in the cost of polyester production, but the low international oil price usually means that the economy is weak and the demand is weakening, which has exacerbated the embarrassment of the polyester industry's capacity stage and structural surplus, which has led to a decline in the profitability of the industry.

According to statistics, the price of polyester staple fiber, polyester POY, DTY and FDY respectively decreased from 7522 yuan / ton, 7916.67 yuan / ton, 10020 yuan / ton and 7730 yuan / ton to the end of 2015, respectively, to 6344 yuan / ton at the end of the year, 6083.64 yuan / ton, 7742 yuan / ton, 6551.11 yuan / ton, and the decrease was 14.48%, 23.15%, 22.73%, and 22.73% respectively.

A sharp drop in prices means a decline in profits.

Taking conventional varieties as an example, the average gross profit of POY150D/48F was -100.38 yuan / ton, down 143.97% compared to the same period, and the average gross profit of FDY150D/96F was 44.53 yuan / ton, and 86.96% fell from the same year.

Among them, the overall profitability of the POY industry is the most difficult.

POY itself melt cost is maintained at 5700 yuan / ton, the price descends greatly, make many enterprises are on the edge of profit and loss, even appear deficit.

The low price of products not only affects the profitability of polyester "leading" enterprises, but also some poor polyester enterprises, such as Minghui, have been eliminated because of the pressure of capital and the lack of advantages of their products.

PTA moderated supply and demand to improve profitability

Although the decline of polyester polyester product prices has lowered the profitability of listed companies, the market for raw materials for polyester upstream PTA has changed in 2015, and has improved the profitability of enterprises.

In 2015, the net profit attributable to shareholders of Listed Companies in Hengyi petrochemical company was about 197 million yuan, an increase of 155.79% over the same period last year. The net profit of Rongsheng Petrochemical belonging to shareholders of listed companies was 369 million yuan, an increase of 206.28% over the same period last year. The net profit of the Tong Kun group belonging to shareholders of listed companies was about 115 million yuan, an increase of 3% over the same period last year. The net profit of Huaxi shares belonging to shareholders of listed companies is about 84 million 373 thousand and 200 yuan, up 55.13% over the same period last year. The net profit of Chunhui shares belonging to shareholders of listed companies is about 15 million 533 thousand and 700 yuan, an increase of 107.34% over the same period last year.

Most of these enterprises say that the main reason for the profit of enterprises is the improvement of supply and demand relationship between PTA and downstream demand, and the increase in gross profit margin of PTA products.

For example, in 2015, only PTA's revenue increased in the polyester products of Tong Kun, and its PTA revenue reached 73 million 864 thousand and 200 yuan, an increase of 135.75% over the same period last year.

This is related to PTA's unique market in 2015.

At the beginning of 2015, the price of PTA continued to descend under the influence of continuous low international crude oil prices.

However, with the production and liquidation of the 3 million 300 thousand ton / year capacity of the Far East Petrochemical Company in March 2015 and the explosion of Gure aromatics plant during the Qingming Festival, the situation of 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, in 2015, domestic PTA production capacity was 7 million 80 thousand tons.

Yisheng, the largest PTA producer in China, has also stopped Ningbo's 600 thousand tons / year installation.

In 2015, the PTA plant operating rate was about 75%, and sales increased by 6% over the same period last year.

Although the price of PTA has not been significantly improved by cost, the profitability of the PTA industry has improved significantly in the four quarter, and has also made it profitable for enterprises to achieve profitability.

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Pay attention to differentiation and improve risk tolerance

Looking at the annual reports of listed companies, we can see that leading enterprises are most concerned about the research and development of differentiated products and technologies in enhancing their core competitiveness.

Such as Tung Kun's technology research and development project, "the annual output of 400 thousand tons of differential polyester filament technology and series of new product development" project has won the two prize of national science and technology progress and the first prize of science and technology progress of China Textile Industry Federation.

At the same time, most of the key equipment was imported from Germany and Japan, and reached the international first-class equipment level. Excellent equipment provided a strong guarantee for the company's new product development, product differentiation ratio and technological innovation.

Through the implementation of the Hang Lung phase I, Heng Teng two, Heng Rui Jia Yuan and other filament construction projects, Tong Kun further enhanced the production capacity of differentiated and functional fibers.

Tong Kun group said that the company will further improve the differential rate of products and expand the capacity of polyester filament in the future, maintain the market share of products steadily, and continue to consolidate the competitive edge of the market.

The spunlace, fluorescent whitening and other products developed by Huaxi stock have successfully entered the high-end market in Europe and America.

It will also cooperate with universities and research institutes to further develop new special fibers.

These listed companies and some enterprises that attach importance to fiber varieties, quality and brand development carry out differentiated product research and development strategy, to a certain extent, effectively evade the "price war" of conventional products, showing a strong ability to resist risks and profitability.

Expanding industrial chain and enhancing comprehensive competitiveness

In addition to the importance of products, the "leading" enterprises also attach great importance to the extension of the industrial chain.

Such as the Jiaxing petrochemical project developed by Tong Kun group to PTA industry.

The first phase of Jiaxing petrochemical project is an annual output of 800 thousand tons PTA, and the two phase project is an annual output of 1 million 200 thousand tons PTA. The first phase project was completed and put into trial production at the end of 2012.

The commissioning of Jiaxing petrochemical project has made Tung Kun a production and marketing pattern of "PTA polyester spinning and spinning", which not only enhanced the overall strength of the enterprise, but also because the raw material PTA of Tong Kun purchased from Jiaxing petrochemical, a wholly owned subsidiary, has short pportation distance, low cost and stable supply, and has a stronger cost advantage compared with other PTA outsourcing enterprises.

Hengyi Petrochemical is also actively promoting the Sinopec aromatics project of Sinopec, a wholly owned subsidiary of Sinopec, Ningbo.

In January 2015, Rongsheng Petrochemical announced that the production scale of Sinopec's 900 thousand ton / year aromatics project will be expanded to 2 million tons / year.

The total investment of the project is 10 billion 570 million yuan. After the implementation of the project, the average annual net profit is expected to reach 1 billion 43 million yuan.

At present, the aromatics project production unit has been installed and entered the commissioning stage.

Heng Yi Petrochemical said that the technology adopted by the project is advanced and reliable, and the overall process and system configuration of the project is economical and feasible. It achieves the optimization of resource utilization, realizes the circular economy, reduces pollutant emissions, saves investment in project construction as much as possible, maximizes the cost of project products and improves the competitiveness of the project.

After the project is completed and put into operation, it will further optimize and upgrade the product mix and increase the added value of the product.

At the same time, Rongsheng petrochemical, Juhua Group and Tong Kun group plan to develop petrochemical industry in Zhoushan, Zhejiang, and continue to expand upstream refinery projects.

The first phase of the project is 15 million tons / year oil refining project, the two phase is 25 million tons / year oil refining project, and the corresponding chemical plant.

The expansion of the industrial chain of listed companies can optimize the company's industrial structure, ensure 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.