as of February 15th, according to the SWS secondary classification, there are 18 chemical fiber listed companies released 2016 results notice, the industry overall recovery significantly.
Sub industry, polyester industry chain performance significantly improved, net profit of the company, Rongsheng Petrochemical Hengyi petrochemical Tongkun shares and other basic to achieve double growth; viscose industry continued good market last year, net profit of Jilin chemical fiber, such as Australian technology company achieved an increased significantly; in contrast, spandex market is still sluggish, Huafeng spandex Taihe new material, Woori holding company poor performance.
To improve the relationship between supply and demand
The polyester industry chain, many companies said, from the supply side and the capacity to promote the reform, improve the industry supply and demand. In addition, this year, the international oil prices, which provides support for the main product price. In addition, the fourth quarter of 2016, the RMB against the dollar, while some companies get positive export exchange earnings. Affected by this, the relevant performance of the company increased significantly.
Emori Petrochemical expected 2016 net profit of 1 billion 700 million yuan, -18.5 billion yuan, an increase of 382.79%-425.39%. The company said that the sector continues to release aromatic benefits; PTA segment gross margin has improved; the chemical fiber plate market is relatively stable, the profit has improved significantly over the same period.
Hengyi petrochemical and Tongkun shares expected 2016 net profit of 760 million yuan -8.5 million and 1 billion 100 million yuan -11.6 billion yuan, an increase of 311.69%-360.44% and 855%-907% respectively. The company said the industry after years of stagnant period, continue to promote the reform of the supply side, clearing capacity gradually, the release of new capacity growth dropped significantly. At the same time, the downstream demand continued to maintain a healthy growth, industry ushered in a tight balance to pick up long cycle, the pattern of supply and demand gradually improved. Especially since the fourth quarter of last year, affected by the downstream demand and price stabilization and recovery, significantly enhance the profitability of the company products. The international crude oil prices began to rise from the low, and remain relatively high in the second half of the year, which cost support for polyester filament and thickening of the stock price, return.
Viscose industry are more optimistic, after years of brutal price war, the industry since 2014 almost no significant new capacity, profitability since the beginning of 2015 bottoming. Jilin chemical fiber is expected in 2016 net profit of 28 million yuan -3500 million, an increase of 94.69%-143.37%. Australian technology is expected to achieve annual net profit of about 230 million yuan -29000 yuan, growth of 69.29%-113.45%. The main products prices continue to rise, the main reason is the performance of the company growth.
However, the Nanjing chemical fiber viscose industry belong to the performance of some “accident”. The company expects 2016 full year net profit of 90 million yuan, down 80%. The main reason for the sharp drop in performance, the company said that the year 2015 will be held by Nanjing Jinling Real Estate Development Co., Ltd. 70% stake in the transfer of publicly listed, one-time investment income 498 million 317 thousand yuan, while the 2016 year without the income. The company pointed out that since June 2016, the price of viscose staple fiber appeared a rapid rise in prices, the main business profit of viscose fiber was obviously improved. This year’s profits mainly from the main business of viscose fiber.
Spandex industry bottomed out
The overall performance of spandex industry is poor, the average selling price year-on-year decline, resulting in decreased performance of the company, or even part of a substantial provision of the company.
Uhl expects first loss, an estimated loss of 350 million yuan -4.3 million yuan, than the same period last year 1433.09%-1737.80%. The main reason for the sharp drop in performance, the company said, spandex industry bleak, 349 million yuan provision for impairment of assets. In addition, the industry slump in demand part of the company’s production capacity.
The same industry leading Huafeng spandex expects first loss, the loss rate is 300 million yuan -3.5 yuan. Similar with the Uhl company provision for impairment of assets 445 million yuan. Another company Taihe new material is expected annual net profit of 50 million yuan -6000 million yuan, down 36.97%-47.47%.
However, the provision for impairment of assets is a kind of adjustable accounting methods, some companies are prepared by one-time impairment of a huge amount of assets, in order to put their young.
The Spring Festival in 2017 after the first week, the PTMEG upstream raw material prices rising pressure, spandex manufacturers have to offer up 1000-2000 yuan / ton, or about 3%-5%.
