Hengli Co., Ltd. (600346): The first to open up the entire industrial chain of refining and aromatics to build a world-class demonstration benchmark refinery
Event: On March 24th, the company issued an announcement saying that the Hengli 2000 / year refining and chemical integration project has now successfully carried out gasoline, diesel, aviation kerosene, PX and other products.
Opinions: (1) Refining and chemical project is officially put into production, and the PX-PTA-polyester industry chain is the first to open up. At present, Hengli Refining and Chemical Project has officially opened up the whole process, and successfully produced gasoline, diesel, aviation kerosene, PX and other products.In good condition.
The opening up of the industrial chain of crude oil refining and high-end chemical industry will promote the company to take the lead in forming the entire industry chain of “crude oil-PX-PTA-polyester”. The company’s business replaces the existing polyester, and the PTA field extends to the upstream PX in the industry.Refined epoxy resin.
(2) The layout of the entire industry chain is perfect, and the company has significant competitive advantages. Since the Hengli 2000 placement / annual 杭州夜网 refining and chemical project was officially launched in December 15th, groundbreaking began in April 17th, and it officially started operation in December 18th.In the year, after the successful completion of the whole process of the refining and chemical project on March 24, 19, the company will have 2,000 terminal refining and chemical, 450 PX, 1160 tons of PTA and polyester civilian filament production capacity 140, industrial filament production capacity 20 initial, Polyester chip production capacity of 50 additives, engineering plastics production capacity of 16 injection and polyester film production capacity of 20.
The formation of the PX-PTA-polyester complete industrial chain will greatly improve the company’s resource utilization rate, the company’s bargaining power, the ability to resist market risk changes and 南宁桑拿 the industry’s guidance ability to be further improved, and the future earnings growth space is huge.
(3) Refining and chemical projects are put into production first, and the first-mover advantage further consolidates the industry’s leading position. Among the private large-scale refining and chemical projects currently under construction, Hengli 2000 / year refining and chemical project is the first in China to start operation and start production quickly and smoothly.Gasoline, diesel, aviation kerosene, PX and other products are companies that accelerate the development of refining and chemical integration strategies.
Under the current supply and demand pattern of the PTA industry, and the continuous improvement of profitability, the improvement of the company’s industrial chain will further reduce its raw material procurement costs and transportation costs, and Hengli, as some companies in domestic large-scale refining and chemical projects,Advantages and scale advantages will help the company to seize market share and take the lead in enjoying industry dividends, which is expected to stand out in the fierce industry competition in the future.
Profit forecast and investment recommendations: Regarding the company’s performance forecast, and since 2019, the downstream filament industry’s prosperity has declined. We have lowered the company’s 2018-2020 performance forecast and expect the net profit for 2018-2020 to be 36.
12 trillion, EPS is 0.
As the company’s refining and chemical project has successfully completed the entire process, it is expected to take the lead in enjoying the industry’s profits, the industry’s competitiveness will continue to increase, and the target price will be maintained at 22.
86 yuan, maintain “Buy” rating.
Risk factors: RMB exchange rate fluctuation risk; raw material price fluctuation risk; refining project progress is less than expected; industry fluctuation risk; environmental protection and safety risk.