Hengli Petrochemical'S "Small Target" Is About To Achieve A New High In The First Three Quarters Ahead Of Schedule

"100 billion revenue, 10 billion net profit." Just after the third quarter, Hengli Petrochemical's "small target" will be realized in advance.

On the evening of October 28, Hengli Petrochemical released the third quarter report of 2020. From January to September this year, the company realized a revenue of 103.334 billion yuan, a year-on-year increase of 35.38%; and realized a net profit of 9.896 billion yuan belonging to shareholders of listed companies, with a year-on-year increase of 45.16%.

In 2019, with the commissioning of large-scale refining and chemical projects, Hengli Petrochemical made rapid progress, with annual revenue exceeding 100 billion yuan for the first time, and its net profit also stood at a new starting point of 10 billion yuan. This year, with the further production of ethylene and other production units of the company, the performance is even faster. The company's net profit is only one step ahead of last year's net profit of 10 billion yuan.

The reporter learned that Hengli Petrochemical's largest ethylene plant with a capacity of 1.5 million tons / year was officially put into commercial operation in the third quarter of this year, which is also an important reason to promote the further rapid growth of the company's business scale and profitability.

"All ethylene raw materials used in the 1.5 million T / a ethylene plant of the company are basically produced by upstream refineries and supplied through integrated pipelines in the park. The designed yield of ethylene is 48% and the yield of diene is 60%, which is the highest in the world. The scale integration advantage of refining and chemical integration is maximized to achieve the goal of" eating everything dry and squeezing the best use of everything ", which effectively improves the overall chemical products of the company Central and long-term profitability. " A senior executive of Hengli Petrochemical told the Securities Daily that the company's 20 million tons / year refining and chemical integration project was officially put into operation in the second quarter of last year, and the largest investment project in the company's history has entered the period of performance contribution. In addition, the company's total output of refined oil and chemical products increased significantly with the scale of refined products and chemical products.

The reporter learned from the company that Hengli Petrochemical Co., Ltd. currently has a production capacity of 20 million tons of crude oil as the starting point, including an annual output of 4.5 million tons of PX, 400000 tons of acetic acid, 1.8 million tons of ethylene glycol, 11.6 million tons of PTA, and 3 million tons of polyester, as well as high-end products such as 850000 tons of polypropylene, 400000 tons of high-density polyethylene, 720000 tons of styrene and 140000 tons of butadiene Product capacity, the company's refining, petrochemical, polyester production capacity scale are industry leading, complete public supporting, reflecting the excellent upstream and downstream integration and coordination ability. With the company's 5 million tons / year PTA project, 1.35 million tons / year multi-functional high-quality textile new materials project, and 200000 tons / year high-performance automobile industrial silk technology transformation project and other key projects, the company's sustainable profitability will be further improved.

According to the data of the company's resistance to the outbreak of RMB 2.13 billion in the first quarter of this year, the company's net profit of RMB 2.33 billion and the parent company's ability to resist the risk of the whole chain rose by RMB 3.33 billion in the first quarter of this year After the economic stability and recovery, the company's operation has been "running wild", and the single quarter profit in the third quarter has reached a record high, breaking through 4 billion yuan for the first time.

"In the past two quarters, I thought the performance would be very good, but I didn't expect it to be so good." For the third quarter data disclosed by Hengli petrochemical, a market investor said that some of them exceeded his expectations.

"The company's business revolves around the main axis of 'px-pta-polyester-civil silk, industrial silk, polyester film, engineering plastics, etc.", almost covering the whole industrial chain of polyester chemical fiber industry, including high-quality refined oil and high-end chemicals downstream of ethylene. No matter how the profitability of the industry changes, it will be reflected in the company's business system Inside. " Investors in the market told the Securities Daily, "with the leading refining and chemical integration capacity advantage and the complete integrated industrial chain layout in the upstream, midstream and downstream, Hengli Petrochemical is" unstoppable "and shows excellent profitability

The reporter noted that Hengli Petrochemical Co., Ltd., which is developing at a high speed, has also gained the attention of the market. External investors have been continuously increasing their positions in the company through the land stock connect. As of the end of September, the total shareholding of Hong Kong Central Clearing Co., Ltd. (Lu stock connect) has risen to 188 million shares, ranking fifth in the list of top ten shareholders. In addition, the national social security fund 101 portfolio, with 37.481 million shares, became the company's top 10 shareholders in the third quarter.