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On April 10, Satellite Petrochemical Company released its 2019 annual report, achieving an operating income of 10.
78 billion yuan, a year-on-year increase of 7%; a net profit attributable to the parent of 1.
273 billion yuan, a year-on-year increase of +35%; a non-net profit of 1.
276 billion yuan, a year-on-year increase of + 44%; the net cash flow from operating activities was 1.
352 billion yuan, a year-on-year increase of 80%
.
In 2019, the company added a new PDH device to contribute the largest increment, and the integration of C3 was further improved
.
( 1 ) In 2019, the profit of PDH was flat, and the average price difference of PDH increased by 2 yuan/ton year-on-year; the company added 450,000 tons of PDH and 300,000 tons of PP, and the profit expanded significantly; the subsidiary Satellite Energy achieved a net profit of 770 million yuan, +3.
9 year-on-year billion
.
1
( 2 ) The profit of acrylic acid narrowed, the average price difference of acrylic acid decreased by 59 yuan/ton year-on-year, and the average price difference of butyl acrylate decreased by 99 yuan/ton year-on-year; however, the company benefited from the integration advantages from propane to acrylic acid and ester, and the profit was still slightly With growth, the subsidiary Pinghu Petrochemical achieved a net profit of 280 million yuan, a year-on-year increase of 10 million yuan
.
2
In 2020Q1, the sharp drop in oil prices led to a sharp decline in the price of the C3 industry chain.
Among them, the price of propylene fell by 1525 yuan/ton, the price of polypropylene fell by 1200 yuan/ton, the price of acrylic acid fell by 1050 yuan/ton, and the price of butyl acrylate fell by 1350 yuan/ton
.
But with the drop in oil prices and the passing of winter demand, the price of propane fell by $289/ton over the same period, and PDH's profit rebounded sharply in March
.
In April, affected by the surge in demand for mask materials, the price of polypropylene fiber material soared, which led to the conversion of polypropylene drawing material to fiber material, which led to a general rise in polypropylene prices; The plant operating rate is under pressure, which is expected to drive the decline in refinery polyolefin production
.
We believe that light hydrocarbon cracking has cost advantages in several production routes of olefins.
Even if the oil price is low, the propane price will be low, and the profitability of PDH is still guaranteed
.
The commissioning of the C2 project will create an olefin giant, with a huge increase in production capacity after 2020Q4
.
The cost advantage of the ethane cracking to ethylene route is outstanding
.
At present, the MB ethane price in the United States is less than 90 US dollars / ton.
According to this price, even at the current lower polyethylene price, there is still a good profit space for ethane cracking
.
The company's biggest highlight in the medium and long term is the high growth potential of the 2.
5 million-ton ethane cracking-to-ethylene project, whose volume is equivalent to a quarter of Sinopec's existing ethylene volume
.
At present, the company's Lianyungang petrochemical project and the company's US project are in steady progress, and the first phase of 1.
25 million tons is expected to be put into production in 2020Q4
.
