Pay Attention To The Future Of The Six Leading Polyester Lake, Who Is Better?

On September 23, Jiangsu Federation of industry and Commerce released "2021 top 200 private enterprises in Jiangsu" and "2021 top 100 manufacturing enterprises of Jiangsu private enterprises".

The data shows that the entry threshold of the top 200 private enterprises has reached 5.86 billion yuan; The threshold for the top 100 manufacturing private enterprises to be shortlisted is 7.6 billion yuan.

Meanwhile, on September 23, Zhejiang provincial market supervision bureau and Provincial Federation of industry and Commerce jointly released the list of "top 100 private enterprises in Zhejiang Province in 2021". This year, the entry threshold for Zhejiang's top 100 private enterprises was 14.98 billion yuan, an increase of 25.5% compared with the previous year's 11.94 billion yuan.

Jiangsu and Zhejiang are the main polyester producing areas in China. It can be seen from the figure below that the polyester production capacity of Zhejiang and Jiangsu provinces accounts for 77% of the total polyester production capacity in China.

At present, there are several leading enterprises in Jiangsu and Zhejiang provinces.

"People in the street" often jokingly call Rongsheng and Hengyi "Xiaoshan Shuangxiong", Hengli and Shenghong "Shengze Shuangxiong", and Tongkun group and xinfengming are polyester "masters" located in Tongxiang. Every move and move of the masters can arouse the high concern of domestic polyester "river and lake".

It is estimated that by 2023, the proportion of domestic production capacity of 6 domestic polyester enterprises will exceed 50%!

In the special environment of 2020 and the first half of 2021, in the face of unprecedented challenges, the six leading polyester enterprises in China still have made brilliant achievements.

Through the analysis of the financial performance of the leading polyester enterprises in 2020 and the first half of 2021, we can see that the enterprises with more complete industrial chain will have stronger anti risk ability and more guaranteed profits. Therefore, in recent years, the leading enterprises in the polyester industry have the trend of extending to the upstream industry, such as Hengli refining and chemical integration project with 20 million tons / year refining and chemical integration project, Tongkun and Rongsheng Petrochemical Company holding 40 million tons / year refining and chemical integration project of Zhejiang Petrochemical Company, and Hengyi Petrochemical Brunei PMB petrochemical project. Industrial chain integration is the general trend of polyester enterprises' future development. In the whole industrial chain of crude oil naphtha PX PTA polyester weaving, the fluctuation of crude oil price, the capacity expansion degree of each link, the consumption demand of terminal textile and clothing, monetary policy, exchange rate changes and other factors will affect the profit distribution within the industrial chain. The industrial chain layout through the integration of upstream and downstream will effectively lock in the profits of the entire industrial chain. At the same time, integrated production can guarantee the supply of raw materials, enhance the anti risk ability and profitability of enterprises, and enhance the scale and comprehensive strength of enterprises.

At present, Hengli, Rongsheng and Hengyi are relatively complete in polyester industry chain. Tongkun and xinfengming have a large scale in PTA and polyester end. Shenghong's refining and chemical integration project is also gradually following up. In the future, the whole industrial chain supporting of polyester leading enterprises will continue to improve, and the competitiveness of enterprises will continue to improve.

In addition, the polyester industry in recent years has shown a continuous increase in concentration and obvious advantages in scale. In terms of polyester sector, in recent years, the head enterprises have undertaken most of the polyester production capacity, continuously accelerated the production capacity layout, continuously improved the market share, and continuously enhanced the discourse power of enterprises. Hengli, Hengyi, Rongsheng, Tongkun, xinfengming and Shenghong together account for nearly 50% of the total polyester production capacity. From the later stage of production, there are still many large factories in the head. For example, Hengli Jiangsu Xuanda 1.5 million tons (Hengke phase III project) has been started, 1.2 million tons of Deli phase II project and 1.4 million tons of high-performance industrial silk project are in the planning stage, and will gradually start construction with the approval progress or project implementation conditions; Tongkun, Jiangsu Nantong rudongkou port polyester integration project construction, annual output of 5 million tons of PTA, 2.4 million tons of polyester spinning project has completed the approval work and is in the full construction stage, Jiangsu Shuyang 500 sets of texturing machines, 10000 sets of looms, annual output of 2.4 million tons of filament (staple fiber) project has been successfully started, On June 22, 2021, Tongkun Co., Ltd. and Fujian Fuhua Gulei Petrochemical Co., Ltd. signed the investment agreement on annual output of 2 million tons of polyester fiber project with the Management Committee of guleigang Economic Development Zone in Zhangzhou, Fujian. The project plans to acquire about 1800 mu of planned land for the main plant area, forming a production capacity of 2 million tons of polyester fiber, and building 500 sets of texturing machines and 2000 sets of looms; The polyester project of xinfengming Xinyi industrial base has been officially started. The total investment of the project is 18 billion yuan. Nine sets of international leading melt direct spinning and direct drawing film production lines will be built, with 2.7 million tons of differential fiber distributed. It is planned to be completed and put into operation successively by the end of October 2022.

It is estimated that by 2023, the proportion of domestic production capacity of six domestic polyester enterprises will exceed 50%. As the profitability of polyester industry is greatly affected by the price of raw materials, especially the oil price, some small and medium-sized enterprises are weak in technology, industry supporting facilities are not perfect, and their ability to resist risks is weak. It will be difficult to avoid being eliminated and merged in the process of industry development cycle in the future.