Financial Associated Press (Nanjing, reporter Wang Junxian) news, the first half of the year glacial acetic acid prices climbed high, the downstream formation of a larger cost pressure, August 17 evening acetate shares (603968. SH) released a semi-annual report, the company's revenue growth rate of more than 20%, but the net profit attributable to the mother fell by nearly 40% year-on-year. In this regard, the Financial Associated Press reporter learned from the company insiders that the increase in revenue in the first half of the year did not increase profits and the main raw material glacial acetic acid price increase, sea freight price increase, etc. led to a large increase in costs, the current glacial acetic acid price has been adjusted, but still at a relatively high level, and glacial acetic acid price has a great impact on the company's profits and costs.
According to the semi-annual report, Acetylation achieved operating income of 1.411 billion yuan, an increase of 20.28% year-on-year; net profit attributable to the mother was 80.6826 million yuan, down 37.56% year-on-year; net profit attributable to the mother after deduction was 59.6387 million yuan, down 50.44% year-on-year.
Vinegar Chemical shares said that due to the continuous rise in the price of major raw materials, the global space tension, the continuous rise in sea freight rates and the appreciation of the renminbi against the US dollar, the export competition of the company's products in the first half of the year was fierce, and the profit margins of related products were compressed.
The above insider told the Financial Associated Press reporter that the company's main raw material glacial acetic acid is purchased, and the price of glacial acetic acid in the first half of the year continued to rise, bringing a lot of pressure to the company's operation. In order to cope with the price increase of glacial acetic acid, the company has some strategic cooperation and other measures, and has also made appropriate adjustments to the prices of different products, "but all the work can not withstand the amplitude and speed of its (referring to glacial acetic acid) price increase." ”
Longzhong information data show that in the first half of this year, the market price of glacial acetic acid rose sharply, breaking the historical highest price, and the East China market rose to 8500 yuan / ton.
<h3>Source Longzhong Information</h3>
Longzhong Information Glacial Acetic Acid Industry Analyst Zhong Mengyao told the Financial Associated Press reporter that with the landing of the 500,000 tons / year acetic acid project in Qinzhou Huayi in July, the situation of tight market supply has been alleviated, and since the second half of the year, in the case of rational demand, the price of glacial acetic acid market has been adjusted back, but the overall decline is limited. Near September, there are still individual acetic acid plants in China that have not been fixed for maintenance time, and there is still some uncertainty in the supply of the market in the later period, but considering the traditional peak season, there will inevitably be an upward trend in the glacial acetic acid market in September.
Zhong Mengyao further analyzed to the Financial Associated Press reporter that the glacial acetic acid industry in the fourth quarter considered the weather reasons for the general high level of construction, while the downstream industry demand continued to be rational, the glacial acetic acid market oversupply pattern will become more and more obvious, it is expected that the glacial acetic acid market in the fourth quarter will face a new round of downward trend, but in the domestic and foreign demand support and supply side of the unexpected failure and other uncertainties, glacial acetic acid market prices are still in a high position.
The above-mentioned insiders of acetate shares also told the Financial Associated Press reporter that the current price of glacial acetic acid has a correction, but it is still at a high level, and the next trend in the second half of the year is undecided, but glacial acetic acid has a great impact on the company's profits and costs.
In this regard, Acetylation Shares reminded in the semi-annual report that due to the fluctuating prices of raw materials, the uncertain trend of international sea freight, and the repeated domestic epidemics, there is a certain degree of uncertainty in the company's market sales in the second half of the year.
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