Analysis of China's Energy and Chemical Industry: Sinopec Yaoyao PetroChina

【Market analysis of chemical machinery equipment network ]
 

Comparison of China's energy and chemical companies, PetroChina VS Sinopec
 

——Sinopec’s revenue has always surpassed PetroChina
 

From the perspective of operating income, Sinopec's operating income has always been higher than that of PetroChina.
Specifically, in the face of the complex and severe situation of frequent oil price fluctuations, intensified competition in the domestic oil and gas market, and obvious rise in risk challenges, PetroChina adheres to the principle of steady development and high-quality development requirements, optimizes production organization and structural adjustment, deepens reform and innovation, and strengthens risk prevention.
We will vigorously implement increase revenue, reduce expenditure, reduce costs and increase efficiency, maintain steady growth in major production indicators, and meet expectations.
In 2019, the group achieved operating income of RMB 2.
52 trillion, an increase of 6.
0% over the same period of the previous year, and the net profit attributable to shareholders of the parent company was RMB 45.
682 billion, a decrease of 13.
9% over the same period of the previous year; financial status remained stable; cash flow In good condition, free cash flow continues to be positive.
Combined with the first three quarters of 2020, the company's main economic indicators have developed well.

 

　　Sinopec also faced problems such as wide fluctuations in oil prices and concentrated release of new refining and chemical production capacity.
In 2019, the company realized revenue and other operating income of 2.
97 trillion yuan, a year-on-year increase of 2.
6%; realized operating income of 86.
2 billion yuan, a year-on-year increase of 4.
8 %; The profit attributable to the company's shareholders is 57.
5 billion yuan.
The company's cash flow is stable and the financial situation is sound.

　　——Sinopec’s net profit is far from that of PetroChina in recent years
 

　　In terms of net profit, except for the net profit of PetroChina surpassing Sinopec in 2015, Sinopec far surpassed PetroChina in the rest of the year.
Specifically, PetroChina’s net profit in 2019 reached 45.
677 billion yuan, while Sinopec’s reached 57.
591 billion yuan.
In the first three quarters of 2020, Sinopec achieved a net profit of 23.
507 billion yuan, far exceeding the 10.
64 billion yuan of PetroChina.

　　——The gross profit margin is maintained between 20%-25%
 

　　From the perspective of gross profit margin, the gross profit margin of PetroChina and Sinopec will remain between 20%-25% in 2015-2020.
From the perspective of the company alone, PetroChina dropped from 24.
63% in 2015 to 21.
41% in 2017, then increased by 22.
49% in 2018, and then fell to 18.
4% in the first three quarters of 2020.
For Sinopec, it dropped from 2016 to 16.
09% in 2019, and then rose to 18.
42% in the first three quarters of 2020.

　　——Sinopec and PetroChina both raised financing in 2019
 

　　From the perspective of asset-liability ratios, both PetroChina and Sinopec are maintained at 40%-60%, which is at a moderate stage; this indicates that the creditors are less risky and the financial pressure on the company has been eased.
However, in 2019, the asset-liability ratios of Sinopec and PetroChina have shown a substantial increase.
PetroChina rose from 42% to 47.
15%, an increase of 5.
15 percentage points; while Sinopec increased from 46.
14% to 50.
04, an increase of 3.
9 percentage points.
In the first three quarters of 2020, PetroChina's asset-liability ratio fell to 46.
97%, but Sinopec continued to rise to 51.
67%.
But overall, PetroChina and Sinopec have better asset structures and good debt solvency.

　　——Development of China Petrochemical Products
 

　　In terms of refining and chemical business, PetroChina will focus on high-quality development, actively promote structural adjustment and technological innovation, and accelerate the pace of transformation and upgrading.
Guided by market demand, we will tilt resources and allocate processing routes to enterprises with good efficiency.
Pay close attention to benchmarking management, strengthen cost control, and continuously improve technical and economic indicators.
According to the technical characteristics of the device, optimize the crude oil resource pool and reduce the cost of raw materials.
Enhance the competitiveness of the basic chemical market and vigorously develop refined and characteristic fine chemical products.
Advance the construction of key projects in an orderly manner.
In 2019, affected by the slowdown in macroeconomic growth, the tightening of the trade environment, and the increase in domestic production capacity, the chemical product market generally showed a downward trend.
The prices of most chemical products fell compared with the same period last year, and the profit margin of the chemical business narrowed.
In 2019, the refining and chemical segment achieved operating income of RMB 902.
279 billion, a decrease of 0.
9% from RMB 911.
224 billion in 2018.
This was mainly due to the comprehensive impact of the sales and price changes of refining and chemical products and the company's promotion of internal price marketization.

 

　　In 2019, PetroChina actively implemented oil reduction and enhancement, and actively promoted the transformation and upgrading of refining and chemical industry.
Formulate and implement a high-quality development plan for the refining and chemical business, strengthen the safe, stable and efficient operation of the equipment, optimize the allocation of resources, and scientifically arrange the processing load.
The results of fuel reduction and enhancement were initially evident, the product structure continued to be optimized, the output of high value-added products increased significantly, and the output of jet fuel and high-grade gasoline achieved double-digit growth.
Intensified benchmarking management, and 24 technical and economic indicators improved year-on-year.
In 2019, PetroChina processed 1228.
4 million barrels of crude oil, an increase of 4.
1% over the same period of the previous year, of which 684.
8 million barrels of crude oil produced by the exploration and production business of the Group, accounting for 55.
7%, produced a good synergistic effect; produced refined oil 117.
91 million tons, an increase of 6.
0% over the same period last year; production of ethylene was 5.
863 million tons, an increase of 5.
3% over the same period last year.
North China Petrochemical's oil refining transformation project was put into operation, and the construction of major projects such as the integration of Guangdong Petrochemical's refining and chemical industry, Tarim and Changqing ethane to ethylene, and the structural adjustment of Daqing Petrochemical progressed in an orderly manner.

　　——Development of Sinopec's chemical products
 

　　In 2019, Sinopec adheres to the development concept of "Basic +", accelerates the construction of advantages and capacity, and optimizes the industrial layout.
Continue to deepen the adjustment of raw material structure, increase product yield, and reduce raw material costs; deepen product structure adjustment, close the combination of production, marketing, research and use, vigorously promote the development and promotion of new products, and increase the proportion of new products and raw materials; deepen the adjustment of the device structure and strengthen the device And the dynamic optimization of the product chain, reasonable arrangement of equipment load and production scheduling according to market demand.
The annual output of ethylene in 2019 was 12.
49 million tons, a year-on-year increase of 8.
5%, the differentiation rate of synthetic fibers reached 90%, and the proportion of new synthetic resin products and materials reached 65.
3%.
At the same time, we will deepen fine marketing and precise services, and increase market development efforts.
In 2019, the total business volume of chemical products was 89.
5 million tons, a year-on-year increase of 3.
3%, achieving full production and sales.

 

　　In the first half of 2020, Sinopec deepened the adjustment of raw material structure and continuously reduced the cost of raw materials; gave full play to its industrial advantages, extended the industrial chain, and increased the production of medical and health raw materials; optimized product structure, rationally arranged equipment load and production scheduling according to market demand, and increased the proportion of high value-added products , The proportion of new synthetic resin products and raw materials reached 67.
9%, and the proportion of high value-added synthetic rubber products reached 31.
2%; accelerated production capacity construction, and a number of key projects were actively promoted.
In the first half of the year, the output of ethylene was 5.
78 million tons.
At the same time, actively explore the market, improve the level of fine marketing and precise service, actively promote the application of petrochemical e-commerce platform and intelligent logistics construction, and enhance the profitability of the industrial chain.
In the first half of 2020, the total volume of chemical products will be 40.
09 million tons.

　　For more data, please refer to Qianzhan Industry Research Institute "China Energy and Chemical Industry Development Prospect Forecast and Investment Strategic Planning Analysis Report".
At the same time, Qianzhan Industry Research Institute also provides industrial big data, industrial planning, industrial declaration, industrial park planning, industrial investment promotion, etc.
solution.

 

　　Original title: Analysis of the competitive landscape of China's energy and chemical industry enterprises in 2020, Sinopec Yaoyao PetroChina [Photos]