On the evening of April 10, Hengli Petrochemical (600346) disclosed a performance forecast. The company expects to achieve a net profit attributable to shareholders of the listed company of about 2.1 billion yuan in the first quarter of 2020, a year-on-year increase of about 315.02%; it is expected to achieve a net profit attributable to listed companies The non-net profit deducted by the company’s shareholders was approximately 2.046 billion yuan, a year-on-year increase of approximately 323.6%.
As for the reason for the expected increase in performance, the company stated that Hengli’s 20 million tons/year integrated refining and chemical project will officially achieve commercial operation in the second quarter of 2019. Driven by the new business pattern of the “crude oil-PX-PTA-polyester” whole industry chain, the company has achieved rapid growth in revenue and significant profitability year-on-year by relying on a refined product operation model that integrates upstream and downstream production capacity. improve.
In fact, since Hengli’s 20 million tons/year refining and chemical integration project was fully put into operation, Hengli Petrochemical has entered a new stage of performance growth. According to the 2019 performance forecast, the company is expected to achieve a net profit of 10.9 billion yuan for the whole year, breaking through the 10 billion yuan mark for the first time, a significant year-on-year increase of 228%, far exceeding the expectations of all parties.
According to industry insiders, except for equipment overhaul or maintenance, the refining and chemical equipment is always in operation. Therefore, during the epidemic, Hengli Petrochemical’s refining and chemical segment still maintained a high-load, high-efficiency, and smooth production and sales operation. , ensuring the supply of important petrochemical raw materials.
At present, the input and start-up of the world’s largest 1.5 million tons/year ethylene project invested and constructed by Hengli Petrochemical has basically been completed. The unit intermodal transportation and system optimization of the entire ethylene unit area are progressing smoothly and are heading towards full capacity. The goal of operation and full production is being accelerated.
Given that more than 98% of the raw materials for this ethylene project are supplied by upstream refining and chemical projects, the ethylene yield of 48% reaches the highest level in the world, maximizing the scale integration advantages of refining and chemical integration. In the future, Hengli’s 1.5 million tons/year ethylene project will produce various high-end chemicals such as ethylene glycol, styrene, polypropylene, high-density polyethylene, and butadiene that are in short supply in China, thereby enhancing the efficiency of Hengli’s refining and chemical projects. Deep processing capabilities and product added value.
In addition, key projects such as Hengli’s 5 million tons/year PTA project, the 1.35 million tons/year multi-functional high-quality new textile material project, and the 200,000 tons/year high-performance automotive industrial yarn technological transformation are also In rapid progress. After all the above-mentioned new projects reach production, Hengli Petrochemical is expected to achieve an output value of 300 billion yuan and profits and taxes of 65 billion yuan. </p
