Dye Industry Listed Companies 2018 Annual Report: Who Has Achieved This Wave Of Bull Market?

After bottoming in 2016 and resumption in 2017, China's dyestuff industry returned to the bull market in 2018, and factories supported low inventory support to achieve the normal price increase in the off-season. In April 2018, a large number of large dyestuff production enterprises in Northern Jiangsu entered into long-term parking rectification, and the market supply and demand pattern was abrupt. With the support of upstream raw materials, the dyestuff market showed a trend of "high season and light season".

One

Intercontinental stock

Average selling price increased significantly

Overall operation steadily and steadily

The annual report shows that Limited by Share Ltd operating in Zhejiang has reached 6 billion 421 million yuan in 2018, an increase of 6.01% over the same period last year. Net profit attributable to shareholders of listed companies was 1 billion 337 million yuan, an increase of 42.98% over the same period last year. According to the announcement, the total assets of intercontinental shares were 9 billion 844 million yuan, an increase of 9.63% over the current reporting period.

The company said that the state's environmental protection policy continued to tighten. Some of the dye and intermediate manufacturers of the company stopped production and production due to environmental protection and safety problems. The supply of the dyes contracted, resulting in a decline in the sales of the main products during the reporting period. However, the average sales price rose more significantly than the same period last year, resulting in a slight increase in the company's operating income and a substantial increase in net profit over the same period last year.

At present, the Jiangsu expedition Chemical Co., Ltd. and Jiangsu Ming Sheng Chemical Co., Ltd. have resumed production and gradually resumed production capacity. Ming Sheng chemical and expedition, due to a long shutdown in 2018, is a drag on the company's profits. Its net profit in 2017 is 14 million yuan and 77 million yuan respectively. In the future, with the progress of the resumption of production, the company's net profit is expected to increase significantly.

Editor's comment: in the past decade, the company has been implementing the development strategy of extending the industrial chain upward. By filling in the gaps and improving the industrial chain, the influence of the price fluctuation of dye intermediates on the operation of the company will be avoided, so as to reduce the company's production costs and production risks and ensure the steady growth of the dye industry's revenue. Therefore, even in the middle of 2018, the effect of the closure of the shares was limited.

From the current decentralized and active supply situation, the pressure of environmental protection is still not substantially relaxed, and the industry looks at the price of dyestuff in 2019. I believe that intercontinental shares will receive more ideal spancripts in 2019.

Two

Zhejiang Longsheng

Enterprises have the advantage of first mover advantage.

There is still room for improvement in the future.

Although the Zhejiang Longsheng group Limited by Share Ltd has not officially released its 2018 annual report, it can be seen from its recently released performance announcement that last year, Zhejiang Longsheng can be followed by the wind. The announcement shows that the company expects net profit of 4 billion to 4 billion 200 million yuan attributable to shareholders of Listed Companies in 2018, an increase of 1 billion 526 million yuan to 1 billion 726 million yuan compared with the same period last year, an increase of 61.69% to 69.78% over the same period.

Zhejiang Longsheng said that the price of intermediate products in the main business of the company increased considerably compared with the same period in 2017, mainly due to the higher industry barriers and the further improvement of market concentration. At the same time, the price of dyestuff products has increased considerably compared with the same period in 2017. The main reason is that some small and medium-sized enterprises stop production and limit production due to environmental protection and safety problems, which directly lead to the shortage of dye supply.

According to the announcement, Zhejiang Longsheng has focused on the global layout in recent years. The domestic sales provinces mainly focus on traditional chemical industry provinces such as Zhejiang, Jiangsu, Shandong, Fujian and so on. Foreign countries include Germany, the United States, Brazil, South Korea, Vietnam, Turkey, Pakistan and so on. Through the reorganization of Germany's Emerald, the company obtained the original patent, realized the profit after the bankruptcy of the storm, and subsequently acquired the US chemical manufacturing company, which further enhanced the company's low cost advantage in obtaining overseas capital, technology, marketing and service channels in a short time.

Editor's comment: as the leader of the industry, Zhejiang Longsheng has extended from dyes, auxiliaries and other single dye products to resorcinol and other related chemical intermediates, which has a strong control over the upstream raw material supply of dye supply chain. In addition, the company has several provincial-level technology, R & D centers and nearly 1900 patents, disperse dyes and water-saving projects and a series of high salt and high COD wastewater treatment key technologies, dye matching intermediate projects green cleaning new technology, so that the company compared with the same industry companies have cost and environmental advantages, I believe there will be much room for improvement in the future.

Three

Haixiang pharmaceuticals

Brand influence enhancement

Achieve steady growth in performance

The Zhejiang Haixiang pharmaceutical Limited by Share Ltd, which joined the two main industries, achieved operating income of 2 billion 719 million yuan in 2018, an increase of 17.74% over the same period last year. Net profit of 605 million yuan, an increase of 76.79% over the same period. Among them, the dye and dye intermediates rise in price, dye plate sales revenue of 1 billion 250 million yuan, an increase of 23.51% over the same period, net profit of 406 million yuan, an increase of 89.82% over the same period last year.

At the same time, the company expects that the net profit attributable to shareholders of Listed Companies in 2019 1~3 will be between 160 million yuan and 182 million yuan, up 257.39% to 306.54% over the same period.

Due to the continuous fermentation of "environmental storm" in 2018, a number of policies on environmental rectification, upgrading and relocation involving chemical industrial parks have been launched, and a large number of dyes and related intermediates have been shut down.

In the face of unfavorable situation, the company became the first dye enterprise certified by "made in Zhejiang". It has passed the certification standard of global organic textile chemicals (GOTS 5), the blue label system of Bluesign blue label system, and the active blue KN-R has won the title of national manufacturing champion and national stealth champion product, and its brand influence has been further enhanced. In addition, Taizhou Qianxin new dyestuff project has started construction and is progressing smoothly, and the product sequence will be enriched after the project is released.

Editor's comment: in 2018, Haixiang pharmaceutical company achieved steady growth through new product expansion and capacity expansion. In the context of tighter environmental protection, the company's product price increases elasticity.

At present, the company's active brilliant blue KN-R is in the leading position in the field of dyestuffs, with absolute discourse right and stable downstream customers, which will help to improve the company's ability to deal with market risk, and also help to expand the competitive advantage of the company in the high-end dyestuff division and improve the market share.

Four

Asia bond

Serious shortage of work throughout the year

Net profit fell significantly

In 2018, it was difficult for Jiangsu's Limited by Share Ltd. According to the company's 2018 performance forecast, the net profit of the group is expected to decrease by 315 million yuan over the previous year, down by 63% over the same period last year.

In addition, net profit after deducting non recurring gains and losses attributable to shareholders of listed companies decreased by 287 million yuan compared with the same period last year, a decrease of about 59% compared with the same period last year. Net profit after deducting non recurring gains and losses attributable to shareholders of listed companies decreased by 287 million yuan compared with the same period last year (restated data), a decrease of 59% compared to the same period last year.

According to the state of Asian bond, the serious shortage of annual operating rate, the decline in sales revenue and the increase in production costs were a major factor leading to a year-on-year decline in the company's performance in 2018. Meanwhile, according to the results of the impairment test on assets related to goodwill at the end of the company, the company's estimated impairment loss of goodwill assets was about 97 million yuan. Affected by the above two factors, the net profit of the company declined significantly throughout the year.

The company is expected to achieve the recovery standard in the first quarter of 2019. After the rectification is completed, the company will start the application process for resumption of production, but it is not yet certain the exact time to resume production.

Editor's comment: in 2016, all the production bases of the base were concentrated in the chemical industrial park of Lianyungang. The utilization rate of internal resources was greatly improved, and the scale advantage and market leading position of the products were achieved. But unexpectedly, in 2018, the long shutdown of the chemical industry park in the north of Jiangsu Province caused a heavy blow to the state. However, the industry generally believes that the most difficult period of the state of Asia shares has passed, and the progress of the resumption of production in Northern Jiangsu is expected to accelerate. I believe that in the future, the development of Jiangsu Ya Bang will continue steadily.

Five

anoky

Continuous operation and management

Future capacity expansion

According to the 2018 earnings report, Anor realized its operating income of 1 billion 160 million yuan, down 12.98% from the same period last year, and operating profit of 179 million yuan, an increase of 59.06% over the same period last year. Net profit attributable to shareholders of listed companies was 138 million yuan, an increase of 62.89% over the same period last year.

During the reporting period, its gross profit margin increased by 7.62 percentage points over the same period last year, increasing its gross profit margin by 88 million 380 thousand yuan. Anso believes that the increase in gross profit margin during the reporting period was mainly due to the company's continuous efforts to promote R & D, marketing, production and operation management, and further improve the gross margin of product business. Second, the intermediate project of the company has been gradually produced, stabilizing the supply of raw materials, reducing the cost of raw materials, and increasing the gross profit margin of products. Once again, the dye industry is affected by the state's environmental protection and supply side reform, the company's product sales price rises, and the corresponding product gross profit margin is increased accordingly.

Up to now, anno has formed the existing capacity of 7000 tons of dye filter cake, 36 thousand tons of disperse dyes, 10 thousand tons of reactive dyes and 10 thousand tons of auxiliaries. In addition, the first stage project of "Yantai's annual production of 30 thousand tons of dyestuff intermediates" has been completed and 12000 tons of disperse dye intermediates have been put into operation.

In addition, it is noteworthy that in June 2018, Anor raised its own capital to invest in the establishment of a wholly owned subsidiary, Shandong anoits Fine Chemical Co., Ltd., to carry out the project of producing an annual output of not less than 50 thousand tons of dyestuff and related intermediates, and the project is being actively promoted.

Editor's comment: capacity expansion is smooth and there will still be room for future. The growth of anoits is due to the development of diversified dyes in the dyestuff industry, digital dyestuffs, environmental protection and new materials.

In addition, anoits's market positioning for dyestuff products is a comprehensive dyeing and finishing solution provider for new textile fabrics and special needs. It not only provides customers with special dyestuff products that meet specific needs, but also provides customers with matching printing and dyeing processes and technical solutions. In the future, as multiple layout projects continue to come down, it will provide strong support for anuno's economic growth.