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At the beginning of the Year of the Tiger, the large polyester leading enterprises in the chemical fiber market are full of tiger power.
On the one hand, the performance forecasts of A- share listed companies in the chemical fiber sector last year have been announced one after another. The attributable net profit of the "head" polyester companies showed a unique high-speed growth trend, and the year-on-year increase in the attributable net profit of some companies even exceeded 150.
On the other hand, the plan for a year lies in the spring. The expansion route that leading polyester companies have been insisting on in recent years is still advancing. Recently, many new energy and new material projects with large investment and high technical level have been announced. Start or pass relevant approvals.

"China's chemical fiber giants are leading the development trend of the global polyester market. Especially with the continuous and stable operation of a number of private refining projects in China, the comprehensive competitiveness and voice of China's chemical fiber enterprises in the world have been steadily improved. At the same time, small and medium-sized enterprises adhere to the 'specialization, special new' development route, but also formed their own competitive advantages." An industry insider said.
Large-scale refining and chemical integration project is the "king of gold"
Annual sales of tens of billions of yuan or even more than 100 billion yuan; attributable net profit of billions of yuan or even tens of billions of yuan; new project investment of billions of yuan is a "routine action"; the total number of employees is tens of thousands or even 20 thousands or 30 thousands; the products cover the long industrial chain from petroleum to polyester fiber, and even to weaving......
In the "first echelon" polyester bosses, their strong comprehensive competitiveness is obvious to all in the industry, and it is also confirmed by the bright performance data.
The 2021 annual performance forecast issued by Rongsheng Petrochemical Co., Ltd. shows that during the period, the company's net profit attributable to shareholders of listed companies is expected to be 12.5 billion to 13.3 billion yuan, which is expected to increase by 71.03 to 81.98 percent year-on-year.
Rongsheng Petrochemical said that the petrochemical industry, as one of the important pillar industries of the national economy, provides important support and guarantee for China to build a manufacturing power. During the period, the company relied on the super-large "less oil and more chemical" refining and chemical integration device to optimize energy utilization, reduce unit product emissions, and achieve green and low-carbon development. After the "40 million ton refining and chemical integration project" of Zhejiang Petrochemical Co., Ltd., a holding subsidiary, was put into operation, the production of each unit was progressing smoothly, the starting load was steadily increased, and the benefit was released obviously.
It is worth noting that in January this year, the oil refining, aromatics, ethylene and downstream chemical plants of Zhejiang Petrochemical Phase II project have been fully put into trial operation, opening up the whole process. After the second phase of the project is put into operation, Zhejiang Petrochemical will add 20 million tons/year of refining capacity, 6.6 million tons/year of aromatics and 1.4 million tons/year of ethylene production capacity.
An analyst at Guojin Securities pointed out that the contribution of Zhejiang Petrochemical Phase I project to Rongsheng Petrochemical's performance has been continuously verified, and most of its 2021 performance comes from the contribution of Zhejiang Petrochemical Phase I project. After the second phase of Zhejiang Petrochemical project is fully put into operation, it is expected to gradually release its performance from 2022 to 2023. Therefore, it is expected that Rongsheng Petrochemical's performance from 2022 to 2023 will maintain high growth with strong certainty.
The 2021 annual performance forecast of Tongkun Group Co., Ltd. shows that the company is expected to achieve a net profit of 7.2 billion to 8 billion yuan attributable to shareholders of listed companies in 2021, an increase of 152.94 to 181.04 percent year-on-year.
Tongkun Group said that during the period, the concentration of polyester filament industry continued to increase, the prosperity gradually rebounded, downstream textile terminal consumption continued to recover, the company's differentiation, functionality and other high value-added fiber products capacity expansion. At the same time, the production of each unit of the Zhejiang Petrochemical Refining and Chemical Integration Project in which the company participates is progressing smoothly, the start-up load has steadily increased, and the economic benefits are significant, which has greatly improved the company's overall profitability. According to the statistics of China Chemical Fiber Industry Association, in 2021, the polyester industry contributed about 40% of the total profits of the chemical fiber industry.
An industry insider introduced to reporters: "The 'head' polyester companies currently highlight a prominent competitive feature, that is, in-depth promotion of refining and chemical integration projects, opened up the whole industry chain, profitability is very strong, contributing huge profits for the enterprise. Rongsheng, Tongkun and other enterprises in 2021 performance forecast to achieve significant growth, once again confirmed this point."
Another insider analysis pointed out: "At the beginning of 2021, WTI oil prices were about $48/barrel, rising to a high of $85/barrel in late October. Supported by multiple factors such as the sharp rise in international crude oil prices and the recovery of demand in the textile downstream market, the price of polyester products did rise significantly in two rounds, one from January to February, and the other from late September to late October. The rise in product prices has indeed increased the profits of polyester enterprises to a certain extent, but the profits of leading enterprises can increase so much, mainly relying on the contribution of refining and chemical projects."
New energy and new materials projects become "hot cakes"
In addition to further promoting refining and chemical integration projects, polyester bosses are also beginning to put on new labels, that is, under the background of the national "double carbon" strategy, they begin to aim at new energy, new materials and other directions, and invest heavily in new projects.
On February 8, Hengli (Dalian Changxing Island) Polyester Technology Industrial Park announced the start of construction. The industrial park will be constructed in three phases. The first phase of the project, with a total investment of 26 billion yuan, will focus on the construction of 2.6 million tons/year functional polyester and 1.6 million tons/year high-performance resin projects, as well as supporting docks, storage and transportation. The project is planned to be completed and put into operation in 2023, and is expected to achieve an annual output value of 42 billion yuan and a profit and tax of 10 billion yuan.
Focusing on building five industrial chains of degradable materials, functional polyester materials, high-performance resin materials, high-end fiber materials and new energy materials is a typical feature of the industrial park.
Hengli Petrochemical Co., Ltd. (hereinafter referred to as "Hengli Petrochemical") previously issued an announcement showing that the annual output of 2.6 million tons of high-performance polyester project is planned to invest 4.001 billion yuan, located in Hengli (Dalian Changxing Island) Industrial Park. The construction period of the project is 18 months, and it is expected to achieve an average annual operating income of 16.614 billion yuan and an average annual net profit of 0.842 billion yuan.
The project will build three 600000 tons/year polyester production lines, two 300000 tons/year polyester production lines and two 100000 tons/year polyester production lines. The main products will include 100000 tons/year film-grade masterbatch polyester chips, 100000 tons/year photovoltaic material polyester chips, 900000 tons/year film-grade polyester chips, 300000 tons/year super bright polyester chips, and 1.2 million tons/year industrial silk polyester chips.
Hengli Petrochemical said that after the completion of the project, it will effectively expand the production capacity and scale of the company's new polyester materials business segment. At the same time, the layout of high-end polyester production capacity such as industrial silk grade and photovoltaic material grade will provide strong support for the rapid development of high-end films such as downstream MLCC release base film, optical film and photovoltaic film.
Zhao Naidi, an analyst at Everbright Securities Research Institute, said that taking chip multilayer ceramic capacitors (MLCC) as an example, this product is currently the largest and fastest growing chip component in the world, and is widely used in various electronic products, including smart phones, automotive electronics, wearable devices and 5G communication base stations. In recent years, China has a certain high-end MLCC preparation capacity, but the supporting BOPET release film also needs to be imported, the domestic self-sufficiency rate is low, the substitution space of domestic products is large.
The project will make full use of the rich raw material product output of Hengli Petrochemical's upstream "coalification" and build 14 chemical (combined) units such as 260000 tons/year polycarbonate unit, 300000 tons/year ABS unit, 450000 tons/year ethylene oxide unit, 400000 tons/year carbon dioxide recovery unit, and 200000 tons/year ethanolamine. The main products will include 231800 tons/year bisphenol A, 131200 tons/year isopropanol, 130000 tons/year ethylene oxide, 260000 tons/year polycarbonate, 200000 tons/year electronic DMC, 300000 tons/year ABS, 160500 tons/year ethanolamine, 72000 tons/year PDO, 60000 tons/year PTMEG, etc.
Zhao Naidi said that with the rapid development of new energy, new manufacturing and new consumption in China, the demand gap of "stuck neck" and shortage of new materials has become increasingly prominent. For example, driven by the rapid development of new energy vehicles in China, the demand for electronic-grade DMC as an electrolyte solution is increasing. However, due to the high technical barriers of electronic-grade DMC, the current supply gap in the domestic market is large.

"The implementation of the domestic 'double carbon' strategy, the transformation and upgrading of the manufacturing industry, and the changes in the consumption structure will promote the rapid development of industries such as renewable energy, consumer electronics and integrated circuits, and will drive the demand for new chemical materials. The implementation of the new project will promote the company to build the whole industrial chain of high-end chemical new materials business system, improve the production capacity of scarce materials, and help China to break through the" stuck neck "problem and capacity bottleneck in the field of new energy, new manufacturing and new consumer materials. The future market space of the product is large, and the market prospect is good." Hengli Petrochemical said so.
According to the reporter's understanding, Hengli (Dalian Changxing Island) Industrial Park has already built 20 million tons/year refining and chemical integration, 11.6 million tons/year PTA and 1.5 million tons/year ethylene projects. The new projects can make full use of the advantages of raw material integration, engineering supporting sharing and industrial coordination of its Dalian Changxing Island base, which is conducive to optimizing costs and improving efficiency.
Small and medium-sized enterprises should strengthen the idea of "specialization and innovation"

After all, there are only a few "big brother" enterprises. If from the overall composition of the polyester industry, for a wider range of small and medium-sized enterprises, in the current market competition situation, how to establish their own competitive advantage, find their own development path, is also very critical.
"the market has proved that a larger number of small and medium-sized chemical fiber enterprises should more firmly follow the development route of 'specialization, refinement and new', and small and sophisticated are also competitive." A person in the polyester industry said so.
Wuxi Xingsheng New Material Technology Co., Ltd. (hereinafter referred to as "Xingsheng New Material") is a typical representative of such enterprises. The company is located in Heqiao Economic Development Zone, Yixing, Jiangsu. For many years, it has locked in the subdivision of PBT to become more refined and stronger, and has formed a strong competitive advantage in this field.
PBT full name is polybutylene terephthalate, is a kind of polyester products. PBT elastic fibers can be spun from PBT. Reporters learned that the total production capacity of PBT chips in China is currently about 1.3 million tons/year, of which the annual production capacity of Xingsheng New Material PBT chips is 210000 tons, that of Kanghui New Material PBT under Hengli Petrochemical is about 180000 tons, and that of Yizheng Chemical Fiber PBT is about 140000 tons.
"PBT chips are more expensive than conventional polyester (PET) chips." The relevant person in charge of Xingsheng New Materials introduced to reporters that in 2021, the high price of ordinary polyester chips was around 7000 yuan/ton, and the low price was around 4000 yuan/ton, while the high price of PBT chips reached 24000 yuan/Ton, the low price is also around 14000 yuan/ton, even the normal price can reach about 18000 yuan/ton.
The reporter also learned that some small and medium-sized polyester enterprises aim at the field of recycling and reuse, using waste polyester bottles or waste textiles as raw materials to develop and produce recycled polyester fibers with typical green and environmental protection characteristics, thus realizing "turning waste into treasure". Due to the current wave of green development, the high-quality products of such enterprises are especially welcomed by internationally renowned sports brands.
"The big guys are in the'first echelon'. They are all working hard for development and leading the direction of the market. Overall, competition in the polyester market is still fierce. In this situation, the competitive pressure of small and medium-sized enterprises is relatively large, so they should more firmly adhere to the development line of" specialization, refinement and new ", lock in some subdivision areas that they are good at, and seek and adhere to their own way of operation and development. Only in this way can we get our own" piece of the pie "in the fierce market competition '. And those small and medium-sized enterprises that stick to the rules, popular products, and limited innovation capabilities will have more and more pressure to survive." The person in charge of a polyester enterprise said so.