Annual report: 2019 revenue exceeded 100 billion
On the evening of April 16, Hengli Petrochemical (600346) disclosed the 2019 annual report. Thanks to the commissioning of the "Dalian Refining and Chemical Integration Project", the company's operating income exceeded the 100 billion mark for the first time in 2019.
Public information shows that among the listed companies in the chemical and new materials industry, only Sinopec, PetroChina, and Shanghai Petrochemical, which currently have revenues of more than 100 billion, are state-owned enterprises; thus, Hengli Petrochemical has become a listed company in private chemical companies. Head card ". Moreover, their income also surpassed that of Shanghai Petrochemical, and currently ranks third in the industry.
In 2018, the company's revenue was only 60.067 billion yuan, and in 2019 it has soared to 1.000782 billion yuan, with a net profit of 10.025 billion yuan, surpassing its peers Rongsheng Petrochemical, Hengyi Petrochemical and Dongfang Shenghong in one fell swoop.
Quarterly report: profits tripled year-on-year
On the evening of April 10, the company announced the performance forecast. In the first quarter, the company expected to realize net profit attributable to shareholders of listed companies of about 2.1 billion yuan, an increase of about 315.02% year-on-year; A year-on-year increase of about 323.6%.
Benefit from the refining and chemical integration project
For the reason of the pre-increased performance, Hengli Petrochemical stated that the 20 million tons / year refining and chemical integration project invested and constructed by the company will officially realize commercial operation in the second quarter of 2019. During the reporting period, driven by the new business pattern of the whole industry chain of "crude oil-PX-PTA-polyester", the company achieved rapid growth in revenue scale year-on-year by virtue of a refined product management model that integrates upstream and downstream production capacity integration. And significant improvement in profitability.
Since Hengli's 20 million ton / year refining and chemical integration project has been fully put into production and commercial operation, it has possessed domestic difficult to replicate and excellent and complete industrial supporting capabilities and industry-leading comprehensive competitive advantages, which has become the main source of the company's current profit structure. The main driving force with performance growth. Let Hengli Petrochemical once again embark on the fast track of development.
Hengli Petrochemical's "refining and chemical integration project" is located in Changxing Island, Dalian, with a crude oil processing scale of 20 million tons per year; the project started construction in December 2015, commissioned for commissioning in December 2018, and officially put into commercial operation in May 2019 .
The crude oil processed by Hengli Petrochemical's "refining and chemical integration project" all originated from external procurement. As early as April 2018, they received the crude oil import approval issued by the National Development and Reform Commission. The processed oil produced by the project is directly sold to PetroChina and Sinochem. Before this, the two parties also signed the "Strategic Cooperation Agreement" and "Product Sales Agreement". Therefore, the profitability of Hengli Petrochemical's refining business is the most convincing.
The annual report shows that in 2019, this listed company produced 3.078 million tons of refined oil and sold 3.156 million tons; although it included test materials before commissioning, the gross profit margin of the business was still as high as 27.32%. Will be higher.
