On December 12, China International Engineering Consulting Co., Ltd. led an expert group to hold a feasibility study review meeting for the second phase of the petrochemical polyester integration project of Jiangsu Jiatong Energy Co., Ltd. in Nantong.
The first phase of the Tongkun (Yangkou Port) polyester integration project is under construction in full swing and is expected to achieve trial production in June next year. The second-phase project feasibility study review meeting can not only help the project further improve and improve the design plan, but also point out the correct direction for the next step of project approval, design, and construction.
Jiangsu Jiatong Energy Co., Ltd. was established by Tongkun Group Co., Ltd. in Yangkou Port Economic Development Zone, Nantong City, Jiangsu Province in March 2019 The large-scale green intelligent polyester integration project invested and established has a registered capital of 1 million yuan and a total investment of 22 billion yuan. It is a major provincial project in Jiangsu Province in 2020, covering an area of approximately 2,012 acres. It is mainly engaged in the research and development, production and sales of petrochemical PTA, polyester, and functional fibers.
The second phase of the petrochemical polyester integration project of Jiangsu Jiatong Energy Co., Ltd. is based on the first phase project of Tongkun Group, with an additional investment of 12 billion yuan and an annual output of 2.5 million yuan. tons of PTA, 1.8 million tons of multi-functional sheets, 1.2 million tons of functional staple fibers, 20,000 tons of plasticizers, and 7,000 tons of acetaldehyde petrochemical polyester integrated projects. The project introduces advanced PTA process technology and SSP solid phase tackification technology. , as well as technologically leading large-capacity functional short fiber technology, to create a new manufacturing project that integrates intelligence, green, environmental protection, low carbon and safety.
The Tongkun (Yangkou Port) polyester integration project is invested and constructed by Zhejiang Tongkun Group. The total investment of the project is 20 billion yuan, with an annual output of 5 million tons of PTA and 2.4 million tons of PTA. The new functional fiber is the second petrochemical polyester integrated base built by Tongkun Group based on the construction of the base in Jiaxing Port Area.
The PTA technology of this project is planned to adopt the world’s most advanced INVISTA DuPont P8+ technology. This technology has the lowest energy consumption, the most advanced technology and the fastest operation in the global industry. The best PTA production technology for safety and emission control.
Public information shows that Tongkun Co., Ltd. focuses on the production and sales of polyester filament, as well as the production of PTA, one of the main raw materials of polyester filament. The company’s main products include four series of polyester POY, polyester FDY, polyester DTY, and polyester composite yarn with more than one thousand varieties, covering the entire range of polyester filament products. It is known as the “Wal-Mart among polyester filament companies” in the industry. say.
On the basis of the successive commissioning of refining and chemical projects, in the past two years, the chemical fiber industry, represented by large polyester companies, has begun a new round of investment in PTA projects. At the same time, a A batch of new polyester and polyester projects were announced to be put into production, and a batch of new polyester and polyester and new material projects were announced to be launched.
An industry insider also analyzed and pointed out: “At this stage, large polyester groups are very hard-working. From the overall situation of the polyester industry chain, as competition moves towards the integration of the industry chain In order to promote the depth of chemicalization, several large polyester groups are accelerating the “horse race” through various forms, and continue to extend the industrial chain upwards to enhance the comprehensive competitiveness of the entire industry chain. This trend will also accelerate the redevelopment of the entire polyester industry. Integration.”
Since last year, Tongkun Group has continued to deepen its development and actively expanded its strategic layout. Multiple projects have been launched intensively, and new projects have been started in many places. As of the end of 2019, the company has an annual production capacity of 4.2 million tons of PTA, a polymerization capacity of 6.4 million tons/year, and a filament production capacity of 6.9 million tons/year. The domestic market share is about 18%, and the international market share is about 12%. It has a large market say.
Currently, the company also has the Hengchao intelligent super-simulation fiber project with an annual output of 500,000 tons and the polyester integration project of Rudong Yangkou Port in Nantong, Jiangsu with an annual output of 5 million tons of PTA and 2.4 million tons. The polyester spinning project is under construction. It is expected that the company’s polyester filament production capacity will reach 9.8 million tons/year by 2023, continuously consolidating its competitive advantage in the market.
Dongxing Securities analyst Luo Siwei said that in addition to its advantages in financial strength and equipment technology, Tongkun also has a leading advantage over small and medium-sized enterprises in terms of operation and management. First of all, because the company has a complete range of filament products and the largest scale, it is the most trusted supplier for many downstream textile companies and traders. Over the years, the company has always adhered to the cash-on-hand operating method, with almost no accounts receivable, effectively reducing the occupation of funds. The proportion of accounts receivable in operating income has continued to decline in the past few years, with only 0.52% in 2019. For weaving companies in the downstream industry that are relatively fragmented, Tongkun Co., Ltd. has a strong say.
Due to the stable downstream customers and the continuous improvement of the company’s market share, Tongkun has always maintained a high operating rate, even in the second quarter of this year under the influence of the epidemic, The company’s actual production and sales rate still exceeds 100%, and it continues to seize market share. Under adverse circumstances, higher capacity utilization reflects the company’s higher management level and industry status. Tongkun Co., Ltd.’s annual report data also shows that, except for some of the new production capacity put into operation in 2019, the company’s rest of the filament production capacity has basically exceeded 100% annual operating rate, and the capacity utilization rate of some factories has even reached more than 140%.
Luo SiWei believes that as the largest polyester pre-oriented yarn POY manufacturer in China, Tongkun Co., Ltd. has an extremely significant cost advantage in the field of POY filament production. The company’s product strategy is also focused on general-purpose products with the highest demand, which is different from several other leading domestic polyester companies that adopt differentiated competition strategies and focus on the production of FDY and DTY.
Since 2015, the company’s POY filament products have always been at the leading level in the industry. After the second phase of Jiaxing Petrochemical was put into production in 2019, the company’s polyester filament upstream raw materials were matched, and the gross profit margin increased again. steps.
The polyester industry is a labor-intensive industry. Leading companies often have more than 10,000 employees, while small and medium-sized enterprises often have thousands of employees. This requires a lot of personnel management capabilities. High requirements. In terms of labor costs alone, the company’s labor cost per ton of polyester yarn is around 150 yuan/ton, which is relatively low in the polyester filament industry.
In the future, the economic situation at home and abroad will remain complex and severe, and the contradiction between supply and demand in the chemical fiber industry will become prominent. No matter what the chemical fiber market is like, the polyester “big guys” will be busy next. In order to gain greater advantages and not miss opportunities in the future, the expansion of multiple sub-sectors represented by leading companies continues. Private refining and chemical projects invested by large polyester companies in the past few years have been put into production one after another, and a number of polyester and polyester projects have been put into operation. , PTA project was put into operation, and the “head effect” of the industry was obvious.
Currently, the domestic polyester industry has formed eight companies including Hengli, Rongsheng, Tongkun, Hengyi, Shenghong, Xinfengming, Sanfangxiang and Sinopec. The industry structure is dominated by enterprises (groups) and supplemented by a number of small and medium-sized enterprises.
In the next 2 to 3 years, the expansion of the domestic polyester industry chain will be reflected in improving the industry chain and pursuing economies of scale, thereby enhancing comprehensive competitiveness and risk resistance. </p
