Chlor-Alkali Chemicals will invest heavily in the field of new materials.
On the evening of March 20, Chlor-Alkali Chemicals issued an announcement that it plans to acquire its subsidiary Guangxi Huayi Chlor-Alkali Chemicals Co., Ltd. (hereinafter referred to as "Guangxi Chlor-Alkali" for short) increased capital, with a total capital increase of 1.742 billion yuan, all contributed in cash. The aforementioned capital increase will be used to invest in the construction of a hydrogen peroxide-based propylene oxide (HPPO) and polyether polyol integration project in Qinzhou, Guangxi, and deploy new material fields other than the chlor-alkali business.
On the same day, Chlor-Alkali Chemicals released its annual report. In 2022, it will achieve operating income of 6.364 billion yuan, a year-on-year decrease of 4.5%; net profit of 1.371 billion yuan, a year-on-year decrease of 22.65%.
As an important carrier of the "going out" strategy of Chlor-Alkali Chemicals, Guangxi Chlor-Alkali was established in 2019 as a joint venture between a listed company and Shanghai Huayi, and the two shareholding ratios are 60% and 40% respectively. The same proportion will be adopted for this capital increase, that is, the equity ratio of the two parties will remain unchanged after the capital increase. Among them, the capital increase of Chlor-Alkali Chemicals will be 1.045 billion yuan, and the capital increase of Shanghai Huayi will be 697 million yuan.
In fact, the above-mentioned capital increase is only the project capital, and more funds will be raised by Guangxi Chlor-Alkali in the future. According to the announcement, the total investment of the planned hydrogen peroxide process propylene oxide (HPPO) and polyether polyol integration project is 5.807 billion yuan, of which the project capital is 1.742 billion yuan, and the construction period is 18 months. According to calculations, the average annual revenue of the project is 4.067 billion yuan, the average annual net profit is 450 million yuan, and the investment recovery period is about 7.83 years. After the completion of the project, 300,000 tons/year of hydrogen peroxide, 300,000 tons/year of propylene oxide, 200,000 tons/year of polyether polyol, and 50,000 tons/year of polymer polyol will be formed to further enrich product categories and expand production scale.
How will the aforementioned capital increase be raised? As of the end of 2022, the total assets of Chlor-Alkali Chemicals are 11.171 billion yuan, the net assets are 8.282 billion yuan, the asset-liability ratio is 25.86%, the balance of monetary funds reaches 3.507 billion yuan, and the capital reserves are relatively sufficient. The company said that in the future, it will make overall arrangements for funds, reasonably determine the source of funds, and ensure the smooth implementation of the project. At present, Chlor-Alkali Chemical has experience in the operation of propylene oxide and polyether polyol plants. In the early stage of project production, it will adopt a profit sharing strategy to cultivate large polyether customers, and jointly develop and cultivate products with high technical level and high added value with downstream customers. Avoid market capacity and price risks.
As a leading chlor-alkali enterprise in China, the main products of chlor-alkali chemical industry are caustic soda, chlorine and chlorine products, as well as polyvinyl chloride plastic resin and products. 200,000 tons of vinyl chloride and 480,000 tons of polyvinyl chloride. In recent years, Chlor-Alkali Chemicals has practiced the development strategy of "going out of Shanghai and out of chlor-alkali", and has focused on expanding markets and new businesses with Qinzhou, Guangxi as its starting point. In 2019, the company announced to start the construction of the Qinzhou base, and invested in the construction of 300,000 tons/year caustic soda and 400,000 tons/year polyvinyl chloride projects. Create conditions in the field of fine chemicals. At present, the aforementioned projects have been officially put into production.
In the field of new material business, Chlor-Alkali Chemicals chose polyether polyols in the polyurethane industry as the first step of "going out of chlor-alkali". Substantial intervention exploration has been carried out in three research and development points including polyether polyol and polyether polyol capping with unsaturated terminal groups. With the investment and construction of the hydrogen peroxide method propylene oxide (HPPO) and polyether polyol integration project, the new material business of chlor-alkali chemical industry will enter the substantive stage.
It is reported that the above-mentioned project has been approved by the energy assessment, and the environmental impact assessment has entered the publicity for approval. It is currently in the design stage and plans to start construction by the end of 2023.
Of course, before the new business releases profits, the current performance of chlor-alkali chemicals is still highly dependent on chlor-alkali products. At the beginning of 2022, at the beginning of 2022, bulk commodities continued the market trend of last year and continued to operate at a high level. However, due to the impact of macroeconomics and related policies, bulk commodities entered a correction period, and the prices of some products fell rapidly. High to low" situation.
From the perspective of gross profit level, the comprehensive gross profit margin of the manufacturing sector of Chlor-Alkali Chemicals in 2022 will be 32.95%, a year-on-year decrease of 6.95 percentage points. Among them, the gross profit rate of caustic soda was 47.18%, an increase of 7.69 percentage points from the previous year; the gross profit rate of chlorine products was 25.29%, a year-on-year decrease of 16.41 percentage points; the gross profit rate of polyvinyl chloride was 22.73%, a year-on-year decrease of 11.51 percentage points.
Chlor-Alkali Chemicals stated that in 2023, the chemical market is expected to enter a cyclical off-season, the market demand side is weak, and most products continue to decline. The price of chemical products may still have downward pressure. The company will carry out lean production, balance the production and sales of various products in accordance with the principle of maximizing benefits, and at the same time do a good job in market analysis of bulk raw materials, and strive to reduce procurement costs.
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