Against The Potential To Achieve "A Good Start", Chemical Fiber Leading Enterprises Rely On What To Give Up The First Quarter Outstanding Answer?

Editor's note: the global epidemic is still spreading, and market sentiment is more pessimistic. The demand for downstream retail market continues to be weak. Many remanufacturing enterprises have insufficient supply of raw materials, and the fabric enterprises in the middle reaches are short of orders, and some foreign trade orders have been cancelled. A series of severe challenges brought by the new crown pneumonia epidemic to China's textile and chemical fiber industry are still continuing.

But even in the face of such a complex and uncertain external development environment, some leading enterprises of chemical fiber industry have achieved relatively stable development in the first quarter, and the performance of enterprises has even reached a high growth trend. They have handed over a good answer to "one hand grasp epidemic prevention and control, one hand grasp enterprise production" and "wear masks to seek development".

Behind this year's achievements, it means much harder and harder than before. This has further strengthened the confidence of our chemical fiber industry to continue to seek development. On the other hand, it has also objectively demonstrated the enhancement of the development of the chemical fiber industry.

Heng Yi petrochemical

Industrial chain integration and scale benefit highlights

In the first quarter, under the epidemic situation, the international crude oil prices plummeted, and the downward trend of price fell downward. The price of the corresponding products in the polyester industry chain also fell sharply. During the period, the price of WTI crude oil, PX and PTA fell by 60.24%, 41.73% and 33.53% respectively, and the price of polyester products in China was also low. At the same time, in March, the comprehensive starting rate of looms in Jiangsu and Zhejiang provinces was about 56.4%, and the weaving industry's operating rate was still insufficient. Upstream polyester enterprises are facing different levels of inventory pressure.

Taking PTA as an example, according to the relevant calculations, China's PTA supply reached 11 million 360 thousand tons in the first quarter, while the demand was 9 million 670 thousand tons, and the storage volume was 1 million 690 thousand tons, much higher than the same period in previous years. "In the first quarter, the average processing cost of PTA in China was about 537 yuan / ton, basically at the margin of profit and loss. However, there are still differences in the situation of enterprises of different sizes. The PTA equipment with annual capacity of over 2 million tons still has room for profit, but the PTA device with annual capacity below 1 million tons is not optimistic, and some are even at a loss. An insider introduced.

However, in such a big situation, Hengyi Petrochemical recently released the first quarter earnings forecast is very eye-catching. In the first quarter, Hengyi Petrochemical is expected to achieve net profit of 650 million yuan ~8 billion yuan, an increase of 53.52%~88.95% over the same period.

As a leading enterprise in PTA and polyester industry chain, Hengyi petrochemical company can withstand pressure in the first quarter, and the growth of its performance is due to its own "internal strength" and the support of Hangzhou Xiaoshan government's series of preferential policies.

In terms of upstream raw materials, Hengyi Brunei refining and chemical project has been put into operation in the past, and has maintained stable and high load operation since its commissioning. Its production and marketing are smooth, and its technical and policy advantages are obvious. Hengyi Brunei refinery project used crude oil procurement convenience, smooth sales of finished oil, and implemented a low inventory management strategy and crude oil CIF settlement mode, which to a certain extent, evaded the risk of crude oil price fluctuations.

In the first quarter of PTA and polyester plate, Hengyi Petrochemical Co., Ltd. has made full use of its endogenous power and production and operation advantages, and has taken a series of effective measures to expand production and quality of the polyester plate, upgrade the PTA business, upgrade production technology and technology, increase the application of intelligence and big data, and further improve the efficiency of production and operation. The company also increased investment in technology research and development, so that the proportion of differentiated products, added value of products and profitability of products have been improved. Moreover, as the upstream raw material supply of PTA and polyester products is loose, the market share of Hengyi Petrochemical continues to grow, the bargaining power of products is enhanced, the gross profit margin has been raised, and the device has maintained high load continuously, and the production and sales volume has increased year by year, making Hengyi Petrochemical's large-scale production advantages more obvious.

This reporter has learned that the PX produced by Hengyi Brunei refining and chemical project has begun to support supply in Hainan's PTA production plant this year. The effect of Hengyi Petrochemical's integration of industrial chain development is gradually emerging.

In addition, the local government of Xiaoshan has taken many measures, such as reducing electricity charges, reducing social security expenditure, exempting bridge toll from logistics and transportation, and issuing special epidemic prevention loans, thus effectively reducing the operating costs of enterprises.

"The impact of the epidemic on China's economic development is short-term, and the difficulties faced by enterprises are also temporary. Next, Hengyi group will strive to complete the annual target and task. Talking about the next development ideas of Hengyi group. Qiu Jianlin, chairman of Hengyi group, said that during the year, Hengyi group will continue to adhere to the development idea of "internal strong headquarters and extension base", vigorously promote Brunei's two phase project and domestic established project construction, and launch a charge to the "three five" target, and strive to achieve 500 billion yuan in industrial output value in 2024, and become the world's 500 force. At the same time, according to the development mode of "headquarters + research + base" Trinity, Hengyi group will accelerate the construction of China's chemical fiber industry internet platform, build Hengyi international headquarters center and global innovation center, build Xiaoshan Yilong chemical fiber new material demonstration base, and create the Hangzhou model of high and new, intelligent, branding and integration of chemical fiber industry, providing a global chemical fiber product. Station value-added service.

Jilin chemical fibre

External sales to reduce costs and ensure performance growth

In the first quarter, Jilin chemical fiber group focused on fighting epidemic situation, preventing risks, reducing costs and ensuring operation. In the first quarter, the group achieved a total industrial output value of 2 billion 837 million yuan, an increase of 0.6% over the same period last year, and achieved 26.7% of the annual target. The output reached 136 thousand tons, an increase of 10% over the same period last year. The direct export of fiber was 24 thousand tons, an increase of 77% over the same period last year, and the foreign exchange earning rate was 63 million 580 thousand US dollars, an increase of 28% over the same period last year.

Reporters learned that, as a large chemical fiber enterprises, Jilin chemical fiber group, all fiber plates during the Spring Festival to achieve continuous production. In the early days of the outbreak, in the face of the difficulties of domestic logistics disruption, the company adopted a combination of road transportation and railway transportation in accordance with the road conditions and resumption of the downstream customers' area, so as to get through the logistics links, so that the company could resume product delivery during the Spring Festival, and the daily delivery volume reached 1200 tons. The production lines are also rapidly adjusted according to the sales order situation, reasonably distributing the layout of the products for internal and external sales, so as to ensure timely completion of foreign orders and early shipment.

Fan Tongwei, deputy manager of Jilin chemical fiber group logistics center, introduced the company's total shipment of 22 thousand tons in February. In March, the outbreak of outbreaks in foreign countries, the company took advantage of the national highway free access policy during the epidemic period, opened up the logistics of motor transport, completed the order sent to foreign countries, export shipments reached a record high.

At the same time, by solving the difficulties of logistics and sales, Jilin chemical fiber group also promotes the linkage of industry chain enterprises to resume production. Through many measures, the sales volume of the group's 4 categories of fiber reached the expected target in the first quarter.

In the first quarter of the man-made silk board, Jilin chemical fiber group continued to carry out the "three full management, promote four projects, reduce costs and increase efficiency", and export volume grew by 16.6% year-on-year. The regenerated cellulose short fiber plate increased the spinning speed by 38% and the average daily output reached 227 tons by implementing the "short process, full cycle, efficiency and cost reduction". Especially in the face of the rapid increase in demand for non-woven fabrics in the market during the epidemic prevention and control period, the company seized the opportunity to actively adjust the production line and promptly switch to non-woven fabrics, thus creating better economic benefits.

In the acrylic fiber plate, Jilin chemical fiber group actively adjusts product structure, and promotes differential product upgrading and market promotion. The market share of anti pilling fiber was 80%, and the performance of new products such as fine denier and Chinese velvet fibers continued to improve. In the first quarter, the export volume of acrylic fiber increased by 17% over the same period, of which the export volume of high-strength acrylic fiber reached 8500 tons.

In the bamboo fiber plate, the company fully exerts the antibacterial and bacteriostasis characteristics of the products, and enlarges the development and popularization of the two differential products, so that the products can be effectively expanded in the fields of shirts, bedding, color spinning, towel quilts, non-woven fabrics and sanitary materials. In the first quarter, the sales of bamboo fiber from Jilin chemical fiber group reached nearly 10000 tons, an increase of 9% over the same period last year.

What is particularly gratifying is that the substantial growth of carbon fiber sales has become a new driving force for the growth of Jilin chemical fiber group in the first quarter. Jilin chemical fiber group is the largest producer of carbon fiber precursor in China. In the first quarter, the company increased speed and production on the one hand. On the other hand, it strengthened the application expansion. Through the original liquid production capacity expansion, transformation and optimization of spinning process parameters, the production capacity of carbon fiber precursor increased by 63% compared with the same period last year, and sales volume was 3126 tons, an increase of 29% over the same period last year.

Meanwhile, in the first quarter, the small tow carbon fiber of Jilin chemical fiber group was successfully applied to the field of surface decoration cloth, and the sales of large wire strand carbon fiber reached 997 tons, up by 233% over the same period last year.

It is understood that Jilin chemical fiber group's listed company, Jilin chemical fiber Limited by Share Ltd currently holds 18% stake in Jilin Jinggong Carbon Fiber Co., Ltd. According to the announcement issued by Jilin Jinggong large shareholder Jinggong technology recently, in 2019, Jilin Jinggong realized its main business income of 254 million 850 thousand yuan (Unaudited).

In April 3rd, Jinggong technology announced that it would sign the contract for the production of large tow carbon fiber production line with Jilin Jinggong. The target item is 1 sets of large tow carbon fiber production line, including wire laying machine, humidification station, preoxygenation furnace group, high and low temperature furnace, wire winding machine, etc. the contract amount is 183 million yuan, and the production line is expected to be driven by the end of July this year. If the line goes into operation smoothly, Jilin's fine tow carbon fiber production capacity will expand in the second half of this year, which means that the large tow carbon fiber of Jilin chemical fiber group will still have room for market growth.

It is also understood that in the first quarter, in terms of cost reduction, Jilin chemical fiber group strengthened the whole element optimization of human, machine, material, law and ring in the interior. It challenged the "limit type" cost reduction, carried out activities such as ECRS, "saving 1% for everyone, and reducing the cost by 10%" and so on, so that the unit manufacturing cost of the 4 plates decreased and the total cost decreased by 3% compared with the same period last year.

Optical composite

Carbon fiber products and civilian products orders "two lines in progress"

Compared with the huge market pressure caused by the large scale closure of retail stores and other factors, the downstream market of strategic materials carbon fiber has been relatively small since the beginning of this year. According to the relevant statistics, at present, the proportion of sports equipment accounts for about 45% of China's carbon fiber application market. The proportion of wind power blades is about 22.6%, and the proportion of aviation and aerospace accounts for about 3.2%.

An industry insider said that in the downstream application market of polyester, nylon and other products, the retail market accounted for the proportion of clothing and apparel, home textiles and so on, and the two retail markets had been greatly affected during the epidemic. In contrast, the downstream market of carbon fiber is less affected by the epidemic.

Weihai Guang Wei composite material Limited by Share Ltd (hereinafter referred to as "Guang Wei composite") is one of the leading domestic carbon fiber enterprises. In this year's market environment, the development is still very robust. In March 31st, Guang Wei composite disclosed its first quarter earnings announcement. During the period, the company expects its net profit attributable to shareholders of listed companies to be 158 million yuan ~1.74 billion yuan. In the announcement, Guang Wei complex pointed out that in the first quarter, the company strictly implemented the regulations of the epidemic command headquarters of Shandong and Weihai on resuming and resuming production, implemented the main responsibility of epidemic prevention and control and production safety, actively organized production and delivered in a timely manner, and maintained stable growth in carbon fiber (including fabric) business; wind power carbon beam business was affected by the global epidemic situation, and some orders were postponed, and the results were up to date. The same period was flat in the same period.

The wind power carbon beam products of Guang Wei are mainly exported. Vestas, the giant of international wind power technology, is an important customer and has a global supply chain system. In 2020, the target customers of light wind composite carbon beam business were mainly in Asia, Central America and Europe.

Does the global epidemic continue to affect the wind power carbon beam business? Regarding this, Wang Wenyi, executive deputy general manager of Guang Wei complex, said that as of the end of March, the company's operation rate of carbon beam business of wind power was 100%, of which more orders were for the supply of carbon beams to supporting enterprises of major customers, Vestas. Due to the impact of the outbreak of the European associated production enterprises in Vestas, the company's orders for products supplied to Europe have not been affected at the moment. "From the accounting point of view, the European wind power carbon beam orders account for about 5.5% of the company's annual revenue, and 2.5% of the goods have been issued. In the company's wind power carbon beam orders, there is a large proportion from the Central American region. The delivery of this part of the order will be further evaluated according to the development of the epidemic. Wang Wenyi said.

It is worth noting that the current revenue structure of Guang Wei complex has shown a "go hand in hand" situation between civilian products and military products. In its total revenue of 1 billion 715 million yuan in 2019, the sales revenue of carbon fiber and fabric business was 798 million yuan, up 32.33% over the same period last year. The sales of wind power carbon beam business reached 673 million yuan, up 29.24% from the same period last year.

In April 3rd, Guang Wei complex announced that a wholly owned subsidiary, Weihai development Fiber Co., Ltd. and its customer A signed two "arms and equipment matching products ordering contract", the contract subject is carbon fiber and fabric, the total contract amount is 997 million 726 thousand and 200 yuan, and the contract performance period is this year. The annual contract amount (after tax) calculated by Guang Wei complex and customer A is 24.79% higher than the same period last year. The "military revenue order" will have a positive impact on the annual performance of 2020.

Wang Tianyi and Luo Nan, an Orient Securities analyst, pointed out that the R & D, verification and batch production progress of all kinds of fiber products of the composite products are expected to continue to grow rapidly for a long time.

It is also worth noting that in recent years, due to the rapid development of the wind power carbon beam business of Guang Wei composite materials, the rapid progress in production and industrialization of domestic carbon fiber enterprises and the growth of large tow product sales have been stimulated, and the development expectation of the domestic market for the large wire bundles carbon fiber products has been enhanced, so that China's carbon fiber industry is in big tow collar. The domain gradually presents the benign effect of "demand driven production".

The overseas procurement of carbon fiber used in the wind power carbon beam business of Guang Wei composite materials has been partly purchased from mainland manufacturers since last year. In 2019, Jilin Jinggong was its third largest supplier, with a procurement volume of about 90 million yuan. In the first quarter of this year, the sales volume of large fiber bundle carbon fiber in Jilin chemical fiber group increased by 233% over the same period.

"In fact, until 2016, the first of its kind to develop wind power carbon beam products in the global market, few people in China have much concern or in-depth understanding of the market prospect of large wire bundles carbon fiber. But over the past few years, the performance of Guang Wei composite material in the field of wind power carbon beam is obvious to all. Under its driving effect, large wire bundled carbon fiber has become a new investment hotspot in the domestic carbon fiber market. Since this year, Shanghai petrochemical and Lanzhou LAN-STAR fibers have announced the new large tow carbon fiber project. At present, although we are not sure what the impact of the epidemic will last until now, we can confirm that the impact of the epidemic on the development of the industry is only temporary. We also have confidence in the future of the tow carbon fiber in the civilian market. It can be said that with the innovation and expansion of the downstream application market, the further expansion of the overall capacity scale and the demonstration and driving effect of leading enterprises, China's carbon fiber industry will increasingly show the vigorous vitality of the strategic material industry. An insider told reporters this.