On the evening of April 27, Sinochem International disclosed its 2022 annual report.
The financial report shows that under the background of the triple pressure of shrinking demand in the chemical industry, supply shocks, and weakening expectations, the company will achieve operating income of 87.449 billion yuan in 2022, a year-on-year increase of 8.25%; realize net profit attributable to the parent company of 1.311 billion yuan, a year-on-year decrease of 39.15%; Realized a net profit of 833 million yuan after deducting non-returnable assets to the parent company, a year-on-year increase of 53.42%.
It is worth noting that, after excluding the proceeds from the sale of shares of Yangnong shares and operating data in 2021, from the perspective of actual operation, the company’s various indicators in 2022 will all increase significantly, of which revenue will increase by about 18%, and net profit attributable to the parent will increase by about 18%. 159%, and the net profit attributable to the parent company increased by about 93% after deducting non-profits.
All businesses are promoted steadily and orderly
The annual report discloses that in 2022, Sinochem International will focus on improving quality and efficiency, concentrate superior resources, build a core industrial chain, and promote various businesses in a stable and orderly manner. Data show that by the end of 2022, the company's fixed assets will be 16.16 billion yuan, an increase of 46.52% from the beginning of the year; construction in progress will be 12.037 billion yuan, an increase of 5.59% from the beginning of the year.
According to the company, the above-mentioned construction-in-progress mainly revolves around the business of new chemical materials, including investment and transfer projects such as carbon three-phase one, epoxy resin, and Lianyungang warehousing. Judging from the specific construction progress, the carbon three industry chain has entered the final sprint stage. Since February 2022, the company's carbon three projects ECH (epichlorohydrin), caustic soda, hydrogen peroxide, epoxy resin, bisphenol A, phenol acetone and other six major sets of equipment have been successfully completed and put into operation. At present, PDH (propane dehydrogenation) , PO (propylene oxide) devices have started to install equipment one after another. It is expected that the PDH (propane dehydrogenation) device will be put into trial operation in the second quarter of 2023, and the PO (propylene oxide) device will be completed and commissioned in the third quarter. By then, the C3 project will be fully connected. Further consolidate the competitive advantage of the epoxy resin industry chain.
Regarding the prospect of the epoxy resin industry, Sinochem International analyzed that on the demand side, the global energy structure reshaping under the dual-carbon background, and the expansion of downstream application fields such as the wind power industry and 5G radio frequency base stations have driven the steady growth of demand for epoxy resin. On the supply side, the current supply of high-end resins in China is insufficient, and the annual consumption gap of epoxy resins in my country still exceeds 300,000 tons. The demand for import substitution of high-end electronic grade epoxy resins and epoxy resin composite materials is prominent.
In this context, Sinochem International deployed the two important upstream raw materials of bisphenol A and ECH (epichlorohydrin), further reduced the comprehensive cost of epoxy resin by enhancing the control ability of key intermediates, and focused on developing the international market, which will help In order to slow down the performance fluctuation caused by the downward trend of product prices in the industry. It is estimated that by 2025, the production capacity of special resins in the company's epoxy resins will account for 30-40%, and the products will move towards high-end products.
Aramid fiber production line is full of production and sales
In terms of progress in the aramid fiber industry chain, it is reported that Sinochem International’s 5,500-ton/year para-aramid fiber production line is currently in full production and sales. , rubber skeleton, special protection, composite materials and other application fields have achieved stable sales.
From the perspective of the incremental market, Sinochem International is developing aramid fabric, a composite material for lithium battery packs. The sample has passed the test of domestic leading companies and is advancing the pilot test. Considering the development trend of solid-state batteries and hydrogen fuel cells, the company is synchronously developing aramid materials required for related applications.
According to the information of Yizheng Ecological Environment Bureau, the company's 2,500 tons/year para-aramid expansion project has been approved by the environmental impact assessment, and the company's total para-aramid production capacity will reach 8,000 tons/year after it is completed and put into operation. Sinochem International said that in the future, the company will launch a new round of para-aramid production expansion plan in due course, and strive to form a global Top3 production capacity scale.
In terms of progress in other industrial chains, Sinochem International’s 25,000-ton/year Thai antioxidant project was officially put into operation in May 2022, and has completed the certification of 30 domestic and foreign customers; the Yangzhou ABS modification project has made a major breakthrough, with a 24,000-ton project in the first phase The /year ABS modified material factory will be opened and put into operation in August 2022; the 40,000-ton/year nylon 66 project has broken through technical barriers and succeeded in the first start-up. Through the simultaneous promotion of hexamethylenediamine-nylon combination sales and customer certification, production and sales have increased rapidly .
At the same time, the company continued to increase investment in research and development and significantly increased sales revenue of new products. The data shows that in 2022, the company will invest 1.256 billion yuan in research and development, focusing on new chemical materials (accounting for 55.8%), polymer additives (19.3%), lightweight materials and special materials (accounting for 4.4%); the company's new Product sales revenue was 9.01 billion yuan, a year-on-year increase of 41%.
Looking forward to the future, Sinochem International stated that the company will continue to solidly promote the strategic goal of "creating a leading enterprise in innovative new chemical materials", steadily promote strategic focus and transformation and upgrading, and create epoxy resin, polymer Additives, aramid fiber, ABS, nylon 66, lithium battery cathode materials and other characteristic material industries, and gradually enhance the company's market competitiveness and industry influence.
The first quarterly report for 2023 released on the same day showed that during the reporting period, the company achieved operating income of 14.766 billion yuan, a year-on-year decrease of 21.64%; realized net profit attributable to the parent company of 113 million yuan, a year-on-year decrease of 71.33%; the company stated that the main reason for performance fluctuations was: the chemical industry It is in a downturn at this stage, product competition is intensified, prices are low, and the company's performance is limited by the current overall situation of the industry, which has declined compared with the same period.
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