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The performance disclosure for the first quarter of 2020 is coming to an end.
As of now, more than 200 chemical companies among A-share listed companies have released their first quarterly reports
.
From the perspective of operating income, only 4 chemical sub-sectors maintained year-on-year growth in the first quarter, namely, the titanium dioxide industry increased by 17.
76%, the synthetic resin industry increased by 10.
86%, the carbon fiber industry increased by 8.
73%, and the food and feed additive industry increased by 7.
64%
.
From the perspective of net profit attributable to the parent, only 5 chemical sub-sectors had positive year-on-year growth rates in the first quarter, namely potash fertilizers up 674.
66%, membrane materials up 90.
89%, titanium dioxide up 42.
69%, carbon fiber up 8.
86%, and tires up 1.
47%.
%
.
The industry generally believes that the unsatisfactory performance of the chemical sector in the first quarter is mainly affected by the economic cycle and the impact of the epidemic, and the prosperity of traditional bulk products is in a downward trend
.
According to industry analysts, the chemical industry is currently facing three major risks: first, sharp fluctuations in international crude oil prices; second, sluggish demand for chemicals caused by the spread of the global epidemic; third, the progress of downstream enterprises' resumption of production is lower than expected
.
Regarding the investment opportunities in the basic chemical industry in the future, Zhou Zheng, chief analyst of the basic chemical industry of China Merchants Securities, believes that we should pay attention to leading companies with both "quantity" and "price" and the leaders of sub-sectors with rapid growth in performance
.
The performance disclosure for the first quarter of 2020 is coming to an end.
As of now, more than 200 chemical companies among A-share listed companies have released their first quarterly reports
.
From the perspective of operating income, only 4 chemical sub-sectors maintained year-on-year growth in the first quarter, namely, the titanium dioxide industry increased by 17.
76%, the synthetic resin industry increased by 10.
86%, the carbon fiber industry increased by 8.
73%, and the food and feed additive industry increased by 7.
64%
.
From the perspective of net profit attributable to the parent, only 5 chemical sub-sectors had positive year-on-year growth rates in the first quarter, namely potash fertilizers up 674.
66%, membrane materials up 90.
89%, titanium dioxide up 42.
69%, carbon fiber up 8.
86%, and tires up 1.
47%.
%
.
Eight sub-sectors, including polyester, viscose, nylon, nitrogen fertilizer, civilian explosives, and soda ash, had negative net profits
.
At the same time, the industry's asset-liability ratio fell to the lowest level in 10 years, and operating cash flow declined significantly year-on-year, basically matching the net profit
.
The industry generally believes that the unsatisfactory performance of the chemical sector in the first quarter is mainly affected by the economic cycle and the impact of the epidemic, and the prosperity of traditional bulk products is in a downward trend
.
This is also supported by downstream and supply-related data
.
In terms of downstream demand, the newly started real estate area from January to February this year decreased by 44.
9% year-on-year, and the growth rate dropped by 53.
4 percentage points; the national automobile production fell by 46.
1% year-on-year; clothing retail sales decreased by 36.
2% year-on-year, further bottoming out
.
On the supply side, fixed asset investment in the chemical industry has shrunk.
From January to March, the completion of fixed asset investment in chemical raw materials and chemical manufacturing has decreased by 30.
8% year-on-year
.
Affected by the decline in performance, the proportion of public funds holding heavy positions in chemical stocks has also decreased
.
According to industry analysts, the chemical industry is currently facing three major risks: first, sharp fluctuations in international crude oil prices; second, sluggish demand for chemicals caused by the spread of the global epidemic; third, the progress of downstream enterprises' resumption of production is lower than expected
.
Since the prices of most chemical products are located in the bottom area, there is not much room for future decline.
At present, the main core contradiction is insufficient demand
.
With the gradual resumption of work and production by industrial chain companies in the later stage, the impact of the epidemic on domestic demand has gradually weakened, but the intensification of overseas epidemics has a greater impact on domestic chemical companies with a high proportion of export revenue
.
Regarding the investment opportunities in the basic chemical industry in the future, Zhou Zheng, chief analyst of the basic chemical industry of China Merchants Securities, believes that we should pay attention to leading companies with both "quantity" and "price" and the leaders of sub-sectors with rapid growth in performance
.
The main line is divided into two, one is the low-valued white horse stocks with prices at the bottom area and new production capacity will continue to be put in the future; the second is the sub-industry leader with continuous increase in sales volume and high performance growth driven by the continuous expansion of production capacity
.
The performance disclosure for the first quarter of 2020 is coming to an end.
As of now, more than 200 chemical companies among A-share listed companies have released their first quarterly reports
.
Published data shows that due to the low prosperity of bulk chemical products and the impact of the new crown pneumonia epidemic, the listed companies in the chemical industry achieved a cumulative operating income of 281.
835 billion yuan in the first quarter, a year-on-year decrease of 8.
86%; the net profit attributable to the parent was 13.
146 billion yuan, a year-on-year decrease of 38.
24%.
%
.
This also means that in the first quarter of this year, the operating income of the chemical industry experienced the first year-on-year decline in the past five years
.
From the perspective of operating income, only 4 chemical sub-sectors maintained year-on-year growth in the first quarter, namely, the titanium dioxide industry increased by 17.
76%, the synthetic resin industry increased by 10.
86%, the carbon fiber industry increased by 8.
73%, and the food and feed additive industry increased by 7.
64%
.
The operating income of the remaining sub-industries all declined year-on-year, and the revenue of most sub-industries fell by more than 20% year-on-year
.
From the perspective of net profit attributable to the parent, only 5 chemical sub-sectors had positive year-on-year growth rates in the first quarter, namely potash fertilizers up 674.
66%, membrane materials up 90.
89%, titanium dioxide up 42.
69%, carbon fiber up 8.
86%, and tires up 1.
47%.
%
.
Eight sub-sectors, including polyester, viscose, nylon, nitrogen fertilizer, civilian explosives, and soda ash, had negative net profits
.
At the same time, the industry's asset-liability ratio fell to the lowest level in 10 years, and operating cash flow declined significantly year-on-year, basically matching the net profit
.
The industry generally believes that the unsatisfactory performance of the chemical sector in the first quarter is mainly affected by the economic cycle and the impact of the epidemic, and the prosperity of traditional bulk products is in a downward trend
.
This is also supported by downstream and supply-related data
.
In terms of downstream demand, the newly started real estate area from January to February this year decreased by 44.
9% year-on-year, and the growth rate dropped by 53.
4 percentage points; the national automobile production fell by 46.
1% year-on-year; clothing retail sales decreased by 36.
2% year-on-year, further bottoming out
.
On the supply side, fixed asset investment in the chemical industry has shrunk.
From January to March, the completion of fixed asset investment in chemical raw materials and chemical manufacturing has decreased by 30.
8% year-on-year
.
Affected by the decline in performance, the proportion of public funds holding heavy positions in chemical stocks has also decreased
.
According to industry analysts, the chemical industry is currently facing three major risks: first, sharp fluctuations in international crude oil prices; second, sluggish demand for chemicals caused by the spread of the global epidemic; third, the progress of downstream enterprises' resumption of production is lower than expected
.
Since the prices of most chemical products are located in the bottom area, there is not much room for future decline.
At present, the main core contradiction is insufficient demand
.
With the gradual resumption of work and production by industrial chain companies in the later stage, the impact of the epidemic on domestic demand has gradually weakened, but the intensification of overseas epidemics has a greater impact on domestic chemical companies with a high proportion of export revenue
.
Regarding the investment opportunities in the basic chemical industry in the future, Zhou Zheng, chief analyst of the basic chemical industry of China Merchants Securities, believes that we should pay attention to leading companies with both "quantity" and "price" and the leaders of sub-sectors with rapid growth in performance
.
The main line is divided into two, one is the low-valued white horse stocks with prices at the bottom area and new production capacity will continue to be put in the future; the second is the sub-industry leader with continuous increase in sales volume and high performance growth driven by the continuous expansion of production capacity
.
The performance disclosure for the first quarter of 2020 is coming to an end.
As of now, more than 200 chemical companies among A-share listed companies have released their first quarterly reports
.
Published data shows that due to the low prosperity of bulk chemical products and the impact of the new crown pneumonia epidemic, the listed companies in the chemical industry achieved a cumulative operating income of 281.
835 billion yuan in the first quarter, a year-on-year decrease of 8.
86%; the net profit attributable to the parent was 13.
146 billion yuan, a year-on-year decrease of 38.
24%.
%
.
This also means that in the first quarter of this year, the operating income of the chemical industry experienced the first year-on-year decline in the past five years
.
From the perspective of operating income, only 4 chemical sub-sectors maintained year-on-year growth in the first quarter, namely, the titanium dioxide industry increased by 17.
76%, the synthetic resin industry increased by 10.
86%, the carbon fiber industry increased by 8.
73%, and the food and feed additive industry increased by 7.
64%
.
The operating income of the remaining sub-industries all declined year-on-year, and the revenue of most sub-industries fell by more than 20% year-on-year
.
From the perspective of net profit attributable to the parent, only 5 chemical sub-sectors had positive year-on-year growth rates in the first quarter, namely potash fertilizers up 674.
66%, membrane materials up 90.
89%, titanium dioxide up 42.
69%, carbon fiber up 8.
86%, and tires up 1.
47%.
%
.
Eight sub-sectors, including polyester, viscose, nylon, nitrogen fertilizer, civilian explosives, and soda ash, had negative net profits
.
At the same time, the industry's asset-liability ratio fell to the lowest level in 10 years, and operating cash flow declined significantly year-on-year, basically matching the net profit
.
The industry generally believes that the unsatisfactory performance of the chemical sector in the first quarter is mainly affected by the economic cycle and the impact of the epidemic, and the prosperity of traditional bulk products is in a downward trend
.
This is also supported by downstream and supply-related data
.
In terms of downstream demand, the newly started real estate area from January to February this year decreased by 44.
9% year-on-year, and the growth rate dropped by 53.
4 percentage points; the national automobile production fell by 46.
1% year-on-year; clothing retail sales decreased by 36.
2% year-on-year, further bottoming out
.
On the supply side, fixed asset investment in the chemical industry has shrunk.
From January to March, the completion of fixed asset investment in chemical raw materials and chemical manufacturing has decreased by 30.
8% year-on-year
.
Affected by the decline in performance, the proportion of public funds holding heavy positions in chemical stocks has also decreased
.
According to industry analysts, the chemical industry is currently facing three major risks: first, sharp fluctuations in international crude oil prices; second, sluggish demand for chemicals caused by the spread of the global epidemic; third, the progress of downstream enterprises' resumption of production is lower than expected
.
Since the prices of most chemical products are located in the bottom area, there is not much room for future decline.
At present, the main core contradiction is insufficient demand
.
With the gradual resumption of work and production by industrial chain companies in the later stage, the impact of the epidemic on domestic demand has gradually weakened, but the intensification of overseas epidemics has a greater impact on domestic chemical companies with a high proportion of export revenue
.
Regarding the investment opportunities in the basic chemical industry in the future, Zhou Zheng, chief analyst of the basic chemical industry of China Merchants Securities, believes that we should pay attention to leading companies with both "quantity" and "price" and the leaders of sub-sectors with rapid growth in performance
.
The main line is divided into two, one is the low-valued white horse stocks with prices at the bottom area and new production capacity will continue to be put in the future; the second is the sub-industry leader with continuous increase in sales volume and high performance growth driven by the continuous expansion of production capacity
.
