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On April 6, Qixiang Tengda released the 2020 performance report and the 2021 first quarter performance forecast.
On the basis of a year-on-year increase of 66.
49% in 2020 net profit to 1.
033 billion yuan, Qixiang Tengda's net profit in the first quarter is expected to increase by 200% to 245%, reaching 594 million to 682 million yuan, which is basically the same as the net profit of 620 million yuan in 2019
.
The expansion of the industrial chain is the main reason for the sharp rise in Qixiang Tengda’s performance.
The announcement shows that Qixiang Tengda’s newly commissioned 200,000 tons/year nitrile latex project and the first phase of 100,000 tons/year MMA project capacity were fully released in the first quarter, making the The production, sales and profits of its products have increased to varying degrees; at the same time, the prices of some products jumped in the first quarter.
Qixiang Tengda seized the favorable opportunity of product price increases to increase product sales and maximize profits
.
Guosheng Securities analysis believes that driven by the continuous recovery of the global economy and the replenishment cycle, the high prosperity of the chemical industry is expected to continue
.
The release of new production capacity drives performance growth
The release of new production capacity drives performance growthThe announcement shows that in the face of the impact of the epidemic and the complex economic situation, Qixiang Tengda will take measures to actively respond in 2020, achieving a revenue of 24.
685 billion yuan and a net profit of 1.
033 billion yuan, a year-on-year increase of 66.
49%
.
Since joining Cedar Holdings, Qixiang Tengda has continuously promoted the implementation of many new projects and created new profit growth points on the basis of improving the comprehensive advantages of the carbon four industry chain
.
The full completion and commissioning of the 200,000-ton/year MMA project will further optimize the industrial structure of Qixiang Tengda
.
At present, Qixiang Tengda is still promoting the implementation of several new projects.
Among them, the 700,000-ton/year PDH project is expected to be completed and put into operation before the end of 2021; Alcohol projects are progressing in an orderly manner
.
Industry insiders believe that with the successive commissioning of these new production capacities, Qixiang Tengda's future profitability will be further enhanced
.
Benefited from the high prosperity of the industry, it has entered a period of high growth
Benefited from the high prosperity of the industry, it has entered a period of high growthThanks to the advance layout in the previous two years, Qixiang Tengda's industrial chain expansion is fully enjoying the pro-cyclical dividends of the chemical industry and entering a new round of high-speed growth cycle
.
After the Spring Festival, affected by the supply and demand of crude oil and extreme weather, the prices of many chemical products accelerated and remained high after March
.
Longzhong information statistics show that among the 175 energy and chemical varieties in March, the monthly average price of 157 varieties increased month-on-month
.
Among them, the price of maleic anhydride, the main product of Qixiang Tengda, jumped from 7,200 yuan/ton a year ago to more than 12,000 yuan/ton, hitting a new high since November 2017
.
Methyl ethyl ketone rose from about 6,500 yuan/ton to about 8,800 yuan/ton, MMA rose from about 12,000 yuan/ton to about 16,000 yuan/ton, and propylene rose from about 6,600 yuan/ton to about 8,500 yuan/ton
.
Qi Xiangtengda said in Interactive Yi on March 10 that the prices of the company's main products, except for maleic anhydride, showed a downward trend, and the prices of other products remained relatively stable compared with the previous high prices, and there was no significant fluctuation
.
Despite the price correction, the current price of maleic anhydride remains at a high level of around 10,000 yuan/ton
.
The maleic anhydride product analyst of the business company believes that the resumption of downstream resin production in April has basically become the consensus, the terminal demand has risen, and the price of raw materials has recently rebounded, it is expected that the price of maleic anhydride in April may rise
.
The chemical research group of Shenwan Hongyuan Securities also stated recently that the chemical industry boom will continue until the first half of 2022, and what is now underway is a V-shaped boom
.
In addition to the higher performance of the chemical sector, Qixiang Tengda's supply chain business is also recovering rapidly
.
The announcement shows that in the first quarter, the business volume of Qixiang Tengda's supply chain segment increased significantly year-on-year, and the gross profit margin and gross profit of products increased significantly
.
At present, Qixiang Tengda is also promoting the spin-off of its subsidiary Shandong Qilu Keli Chemical Research Institute Co.
, Ltd.
(hereinafter referred to as "Qilu Keli") to be listed on the Growth Enterprise Market.
On March 26, Qilu Keli has completed the industrial and commercial registration of the shareholding system reform.
.
