Heng Yi Petrochemical Produces An Annual Output Of 750 Thousand Tons Of Differential Fiber, Which Can Produce All Kinds Of Urgent Protective Clothing All Over The World.

Heng Yi Formosa Petrochemical Co (hereinafter referred to as "Hengyi petrochemical") issued a notice that the company's subsidiary Jiaxing Yi Peng Chemical Fiber Co., Ltd. (hereinafter referred to as "Jiaxing Yi Peng") "annual output of 500 thousand tons of differential functional fiber upgrading transformation project" (hereinafter referred to as "project"), recently officially put into operation, a total of 500 thousand tons of new year differentiated functional products FD Y, according to this, Jiaxing Yi Peng has a total annual output of 750 thousand tons of differentiated functional quality FDY production and operation capacity.

Heng Yi Petrochemical said that the commissioning of the project will effectively increase the production capacity of the polyester fiber, consolidate and enhance the competitiveness and discourse power of the polyester fiber market. The project will also produce significant scale effect with the existing polyester fiber plant in Yifang, Jiaxing, and further optimize the upgrading of FDY product structure and increase the proportion of differentiated functional fibers.

Insiders said that since 2018, Hengyi Petrochemical has expanded the scale of downstream polyester through acquisition and self construction, and sold 5 million 590 thousand tons of filament yarn + sliced fiber + slicing in 2019, up 40% compared to 2018. Although the demand for polyester has declined sharply since March, the price difference has dropped to a historical low. However, capital expenditure of Hengyi Petrochemical Company is still concentrated in the lower reaches this year. With the launch of Yifang project in Haining and Jiaxing, the capacity is expected to exceed 7 million tons, and the leading position will continue to consolidate.

Reporters had learned that in 2020, Hengyi Petrochemical's capital expenditure plan mainly focused on two projects: first, Yisheng new material 3 million tons in one phase, two phases of construction and commissioning, each 3 million tons, the total investment of about 6 billion 730 million, the company invested 50%; two is Haining new material 1 million ton filament, the total investment is 6 billion 360 million, 2 billion convertible bonds, and the original fund-raising funds transferred to the Haining project, plus Other small expenses, such as Jiaxing ypeng company, are 250 thousand tons.

According to Hengyi petrochemical, FDY downstream products like Chun Ya spinning can be used to produce protective clothing. The recent sales are quite popular. The specification FDY is also the flagship product of Hengyi petrochemical, and its inventory is very low. The company expects the downstream customers to maintain high load production as far as possible under the premise of sufficient warehouse capacity and smooth capital flow. On the one hand is expected to control the epidemic, domestic and foreign orders will be improved, now low raw material prices for downstream production enterprises more favorable; on the other hand, downstream enterprises in order to prevent downtime and the loss of workers, the downstream scale and relatively strong financial strength of enterprises are basically full load to produce.

Therefore, Hengyi Petrochemical will continue to promote the construction of polyester projects such as new materials and Jiaxing Yi Peng in Haining this year, promote the differential ratio of polyester products, increase the production and efficiency of polyester products, promote the construction of Yisheng new material PTA project, promote the further increase of PTA market scale, and enhance the discourse power of PTA market; and actively do the preparatory work for Brunei's two phase project for Brunei two phase project. We will lay a solid foundation for early completion.

According to public information, Hengyi Petrochemical is committed to developing into one of the leading and world-class petrochemical industry groups in China. Through the sharing of resources and Industrial Synergy, the comprehensive competitiveness of the petrochemical industry has been gradually upgraded. The "polyester + nylon" double nylon driven petrochemical industry chain has been gradually formed as the core business, petrochemical finance and petrochemical trade as a growth business, and chemical fiber industry with big data and intelligent system. The "Petrochemical +" multi-level industrial layout is a new business.

Hengyi Petrochemical's comprehensive competitive advantage has been in the forefront of the industry for many years. Its main products include PTA, and its holding capacity reaches 13 million 500 thousand tons; caprolactam (CPL); polyester (PET) chips, bottle flakes and polyester preoriented yarn (POY), polyester drafting yarn (FDY), polyester elastic wire (DTY), staple fiber and other products.

According to the financial report, in 2019, Hengyi petrochemical company achieved a profit of 4 billion 789 million yuan, a 92.75% increase over the same period last year and a net profit of 3 billion 201 million yuan, a 70.97% increase over the same period last year. Up to the end of the reporting period, the company's total assets amounted to 85 billion 231 million yuan, an increase of 37.84% compared with the beginning of the year. The owners' equity of the shareholders belonging to the listed company was 23 billion 253 million yuan, an increase of 26.63% compared with the beginning of the year, and the net assets per share attributable to the shareholders of the listed company were 8.18 yuan, and the asset liability ratio was 65.90%, which was at a low level of the industry.