PTA adventure of Hengyi petrochemical

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Hengyi Petrochemical's PTA adventure

on August 15, Hengyi Petrochemical announced the interim report, with an earnings per share of 2.49 yuan, becoming the number one among the listed companies that have issued the interim report; However, on the same day, the stock fell 3.78%, ranking fourth in the Shenzhen market decline list

"the standard benefits will die." On the same day, shareholders sighed, "moreover, Hengyi Petrochemical wants to raise 3billion in private placement and invest in PTA, which is bound to surprise the market." It is understood that Hengyi Petrochemical can be used to evaluate the friction and wear performance of lubricants, metals, plastics, coatings, rubber, ceramics and other materials. It plans to raise 3 billion yuan, mainly to invest in Ningbo's 1.5 million ton/year purified terephthalic acid (PTA) reconstruction and expansion project and the new 200000 ton/year caprolactam project

"Hengyi Petrochemical has been the leader of the domestic PTA industry. Now it must be to extend the industrial chain to reduce costs." Xia Ting, an analyst at business club, said, "but if the scale is so large, there is still a great risk in the event of industry cycle changes similar to 2008"

however, zhaodonghua, the Board Secretary Office of Hengyi petrochemical, said: in the past 10 years, in order to avoid damaging the jaw ruler, the average annual growth rate of China's polyester fiber production capacity has reached 18.44%, which has formed a strong support for PTA demand, and the prospect of domestic PTA projects is very good

pta leader

Hengyi Petrochemical is an enterprise that has just completed backdoor listing. Before June 8, its securities abbreviation was "century Guanghua". However, this restructuring made its share price soar from the lowest 7 yuan/share to the highest 54.5 yuan/share in two years, an increase of nearly 8 times

"Hengyi Petrochemical is the leader in the domestic PTA industry, covering almost the entire chemical fiber textile industry chain from PTA to polyester." A Zhejiang person familiar with Hengyi Petrochemical said

according to him, at present, Hengyi Petrochemical has a PTA equity production capacity of 1.03 million tons, distributed in Ningbo, Zhejiang and Dalian, Liaoning. In addition, it also has chemical fiber production capacity in Zhejiang. Based on this, Hengyi petrochemical and its major shareholders have a huge PTA distribution network in the chemical fiber industry in Jiangsu and Zhejiang

however, after the restructuring was completed on June 8, Hengyi Petrochemical suddenly announced that it planned to issue additional private offerings, raising 3 billion yuan to invest in three projects such as PTA reconstruction and expansion. Among them, the production capacity of Ningbo PTA project is planned to increase from the current 1.06 million tons/year to 1.5 million tons/year

"it is estimated that the (PTA) project can achieve an average annual sales revenue of 13.816.5 million yuan, an average annual net profit of 771.74 million yuan, the after tax financial internal rate of return of the project is 25.26%, and the after tax investment payback period (including the construction period) is 5.33 years", Hengyi Petrochemical announced

this reflects the optimism of Hengyi petrochemical and its major shareholders on the project, and the data from the chemical fiber industry seems to provide evidence for this

according to the "12th Five Year Plan" of the chemical fiber industry, which sample surface should be further confirmed as the grinding exhibition plan, the chemical fiber output in 2015 was 37 million tons, and the total amount of PTA required was about 29 million tons, of which about 24 million tons were produced in China and about 5 million tons were imported. If the domestic PTA operating rate is calculated at 88%, the PTA effective capacity will be 27.2 million tons. Compared with the PTA capacity in 2010, there is still room for growth of 10.9 million tons. If the import volume decreases or the operating rate decreases, there will be more room for demand growth. Therefore, from the analysis of factors such as domestic new polyester production capacity, replacement of imports and elimination of some backward small-scale PTA devices, the PTA market demand has a broad prospect

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