Author| Xu Longjie Editor| Han Lei
As a traditional energy company, Hengli Petrochemical will explore the field of new energy, what kind of changes will it bring to the petrochemical industry?
On April 7, Hengli Petrochemical (600346. SH) released its 2021 annual results report.
According to the disclosure, in 2021, Hengli Petrochemical achieved an operating income of 197.97 billion yuan, an increase of 29.92% over the same period of the previous year; and a net profit attributable to the mother of 15.531 billion yuan, an increase of 15.37% over the same period of the previous year.
Through the basic research of Ruilan Finance on Hengli Petrochemical in the past five years, it is found that the level of hengli petrochemical operating income attributable to the mother in 2021 will reach the highest level in history.
In the face of the current unprecedented changes in a hundred years, after creating a new high in performance, Hengli Petrochemical told how to cross the tides of history in its annual report.
Seven years of rapid growth, through a long cycle
According to the continuous research of Hengli Petrochemical by Ruilan Finance, Hengli Petrochemical has achieved continuous growth in operating income and net profit attributable to the mother for 7 years.
In terms of performance in the past five years, the revenue of Hengli Petrochemical in 2017 was 22.288 billion yuan, and the revenue in 2021 was 197.97 billion yuan, with an annual compound growth rate of 72.64%; the net profit attributable to the mother in 2017 was 1.719 billion yuan, and in 2021 it was 15.531 billion yuan, with an annual compound growth rate of 73.37%.
Whether it is operating income or attributable net profit level is maintaining growth at a very high level, even in the high concentration of the market, Hengli Petrochemical still ran out of acceleration.
On the one hand, the development of Hengli Petrochemical is inseparable from the demand brought by China's economic growth; on the other hand, it also benefits from Hengli Petrochemical's own upward and downward extension of the industrial chain and product diversification exploration.
Twelve-character method, oil refining and chemical integration
The competition in the petrochemical field is not fierce, and the two "behemoths" of PetroChina and Sinopec will collectively account for 36% of the total proportion of the industry in 2020, and the market concentration is relatively high.
However, Hengli Petrochemical can pass through a long cycle and achieve sustained growth, relying on the twelve-character method of "Yi oil ze oil, Yi ene ze ene, Yi Fang Ze Fang".
At present, Hengli Petrochemical has formed an integrated layout of refining and chemical industry, covering the upper, middle and lower reaches of the entire industrial chain. Its products include PX, acetate, PTA, glycol, polyester chips, polyester filaments, polyester films, engineering plastics, PBS/PBAT biodegradable new materials, etc.
Hengli Petrochemical has a global benchmark level of 20 million tons / year refining and chemical integration project is also the only self-built private-owned refining and chemical integration project in the industry. Hengli Petrochemical also has four major production capacity clusters of 5 million tons/year modern coal chemical plant, 1.5 million tons/year the world's largest single ethylene project and five sets of industry single maximum PTA plants with a total total of 11.6 million tons/year.
Keenly combine the fluctuations of raw materials to judge the trend changes in the market, maximize the benefits of the product portfolio, and fully respond to market risks and changes with refining + coal chemical collaboration.
Hengli Petrochemical has grown into a leading enterprise in the petrochemical industry except for the two major domestic petrochemical giants PetroChina and Sinopec.
How to deal with the risks and changes in the market, how to meet the "danger" and "opportunity" of the times, Hengli Petrochemical is still presented in the annual report.
Entering new energy, the big pattern in the new era
In 2021, China has both carbon neutrality and carbon peaking in the 14th Five-Year Plan, and has also experienced a wave of power shortages at the end of the year. China's future development not only needs new energy, but also the help of traditional energy.
In 2021, Hengli Petrochemical will make use of its own advantages of upstream "big chemical industry" to actively develop the downstream new energy and new materials market. This is to open up the "second growth curve" for enterprises, and it is also to find the context of the development of the times.
Image source: Corporate Announcement
At present, the main lithium-ion batteries of new energy vehicles widely promoted in the market are mainly composed of four parts: positive and negative electrode materials, separators and electrolytes, and the diaphragm plays a decisive role in preventing short circuits and providing charging circuits, which play a decisive role in battery performance.
The main matrix material of the diaphragm is polyethylene and polypropylene, Hengli Petrochemical currently has 850,000 tons of polypropylene and 400,000 tons of high-density polyethylene production capacity, can achieve self-supply of raw materials, in the current trend of general rise in raw materials, Hengli Petrochemical can achieve low-cost production.
In this field, Hengli Petrochemical is not a fledgling "white ding", and its subsidiary Kanghui New Materials is the only enterprise in China and the second in the world that can successfully achieve mass production and export of 12 micron online coated silicon release film online.
In terms of "double carbon" planning, Hengli Petrochemical has already begun to lay out.
Hengli Petrochemical's 45 tons of annual biodegradable new material project has started construction in September 2021, and it is expected to achieve 150,000 tons/ year of PBS biodegradable plastics and 300,000 tons / year of PBAT biodegradable plastic production capacity after completion.
There is a saying in the market that "investment is future-oriented". The timely use of existing advantages to develop downstream products that are in line with diversification is not a positive new attempt.
In the 2021 annual report, we can see the strength of Hengli Petrochemical to grow into a world-class platform-based new chemical materials research and development and manufacturing enterprise, and we can also see its development of new energy, layout of new materials, and explore the pattern and confidence of traditional energy enterprises in the future development of new energy patterns.
Produced by Ruilan Financial News
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Source: Blue Chip Corporate Review (ID: bluechip808)