Fabric Products,Fabric Information,Fabric Factories,Fabric Suppliers Fabric News The polyester filament boom continues to recover, and Xinfengming’s total operating income in 2019 exceeded 34.1 billion!

The polyester filament boom continues to recover, and Xinfengming’s total operating income in 2019 exceeded 34.1 billion!



News from First Textile Network on March 27 (reported by reporter martin): Xin Fengming Group Co., Ltd. (hereinafter referred to as “Xin Fengming”) released its 2019 annual report on March 26. Durin…

News from First Textile Network on March 27 (reported by reporter martin): Xin Fengming Group Co., Ltd. (hereinafter referred to as “Xin Fengming”) released its 2019 annual report on March 26. During the reporting period, the company achieved business Total revenue was 34.15 billion, a year-on-year increase of 4.6%; net profit attributable to owners of the parent company was 1.35 billion, a year-on-year decrease of 4.8%, and the decline was narrower than last year; earnings per share was 1.13 yuan. During the reporting period, the company’s gross profit margin was 8.5%, a decrease of 0.6 percentage points from the previous year, and the net profit margin was 4%, basically maintaining the previous year’s level.

During the reporting period, Xinfengming’s operating costs were 31.24 billion, a year-on-year increase of 5.2%, which was higher than the 4.6% growth rate of operating income, resulting in a 0.6% drop in gross profit margin. The expense ratio during the period was 4.1%, which was little changed compared with last year. Operating cash flow increased significantly by 86.3% to 1.82 billion. The company’s R&D investment in this period was 680 million, a year-on-year increase of 5.8%.

From the perspective of business structure, “POY” is the main source of Xinfengming’s operating income. “POY” operating income is 20.14 billion, accounting for 66.9% of revenue, and gross The interest rate is 8.9%.

Industry insiders said that in recent years, with the expansion of Xinfengming’s civilian filament production capacity and the gradual recovery of the polyester industry, the company’s performance has been brilliant. According to Xinfengming’s operating data, the average prices of polyester filament POY, FDY, and DTY fell back in 2019, reaching 7,150.63 yuan/ton, 7,720.51 yuan/ton, and 9,019.24 yuan/ton respectively, down 15.64%, 14.33%, and 14.35% year-on-year. %. The price difference narrowed. In 2019, the average price difference of POY, FDY and DTY was 1398.53 yuan/ton, 1968.41 yuan/ton and 3267.14 yuan/ton respectively, down 163.06 yuan/ton, 128.36 yuan/ton and 348.93 yuan/ton year-on-year.

During the reporting period, Xinfengming’s chemical fiber business revenue was 28.926 billion yuan, a year-on-year increase of 7.21%. The total polyester filament production capacity reached 4.3 million tons by the end of the year. Increased yarn production capacity to 600,000 tons to help improve performance.

Minsheng Securities analyst Yang Kan judged that with the launch of new filament and PTA production capacity, Xinfengming’s position in the filament industry will be more stable and costs are expected to decrease. At the same time, raw materials The impact of price fluctuations on Xinfengming is expected to be reduced.

The financial report also shows that as of the end of 2019, Xinfengming has a civilian polyester filament production capacity of 4.3 million tons, and future production capacity is also being steadily advanced. The current expected production capacity is A rate of two sets per year or five sets every two years. It is expected that by the end of 2020, the company will have added approximately 600,000 tons of filament production capacity. As one of the domestic polyester filament manufacturers with an annual production capacity of more than one million tons, the company ranks among the top three in the domestic civilian polyester filament industry.

Currently, Xinfengming is constructing the second phase of a PTA project with an annual output of 2.2 million tons. After the project is put into operation, it will greatly increase the self-sufficiency rate of PTA and can basically achieve the production of PTA raw materials in the short term. Self-sufficient. This project adopts BP’s latest generation PTA process technology, which further improves energy and material consumption levels, and the equipment has obvious advantages as a latecomer.

With the planning and construction of PTA production capacity, Xinfengming will have a relatively vertical and complete supply system from upstream PTA to downstream polyester filament, ensuring the company’s stable supply of raw materials and improving The company’s industrial structure reduces the impact of raw material price fluctuations on the company’s production and operations.

In 2020, Xinfengming will actively promote the construction of the second phase of the PTA project and further consolidate the layout of the upstream industrial chain. The second phase of the PTA project is expected to be put into operation in the third quarter of 2020, by which time the company will basically achieve PTA self-sufficiency. By the end of 2021, Xinfengming’s total polyester filament production capacity is expected to be close to 6 million tons; at the same time, Xinfengming will steadily promote the PTA construction project to ensure a stable supply of raw materials. The company will build itself into one of the most professional fiber suppliers in China and even the world. (First Textile Network martin)

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