\u3000\u3000 Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) (600426)
Core view
Throughout the 30-year history, the diversified development strategy is firm: from 1991 to 2000, the company successively built urea, methanol, formaldehyde, methylamine and DMF production units, set sail on the road of diversified development, and established a business pattern of one head, multi line and flexible cogeneration. From 2001 to 2010, the company completed the localization project of large-scale nitrogen fertilizer plant, took the lead in completing the construction of coal water slurry gasification plant, expanded the production capacity based on the original products, and added acetic acid, acetic anhydride and other products. The production capacity and product matrix have been greatly improved. From 2011 to 2021, the production capacity of the company’s main products further expanded, adding nitro compound fertilizer, melamine, adipic acid, cyclohexanone, butyl octanol and other products, becoming a comprehensive chemical enterprise.
The prosperity of main products has increased and the profit center of the company has moved upward: in the past few years, there has been great uncertainty in the chemical industry due to the impact of supply side structural reform and covid-19 epidemic. Since 2021, as the impact of the epidemic subsided and the global economy recovered, the supply and demand pattern of the company’s main products has been greatly improved, and the prices have increased accordingly. It is expected that the company’s revenue and profit will reach a record high in 2021. In the next three to five years, the global economy will recover moderately, the demand will grow steadily, and the capacity growth will be limited under the background of double carbon. It is expected that the prices of the company’s main products will remain high and volatile, and the company’s high profits will be maintained.
Continue the diversified development strategy and coordinate the stock optimization and incremental upgrading: 2021 is the first year for the company to lay out the “14th five year plan”, coordinate the development of Dezhou headquarters and the construction of Jingzhou base, and promote the high-end, high-quality and efficient development of enterprises. The company comprehensively promotes the Jingzhou base project and plans to build the production capacity of 1 million tons / year urea, 1 million tons / year acetic acid, 150000 tons / year methylamine and 150000 tons / year DMF; Build a high-end solvent project in Dezhou park. It is planned to build 600000 T / a dimethyl carbonate and 300000 t / a methyl ethyl carbonate units, with a by-product of 50000 T / a diethyl carbonate, and continue to add new energy; The proposed nylon 66 high-end new material project and 120000 T / a PBAT degradable plastic project will further extend the industrial chain and improve the added value of products; It is estimated that the new double base projects in Dezhou and Jingzhou will help the company double its revenue in 2024.
The double carbon background will improve the industrial competition pattern, and the company will take the initiative in development: under the background of carbon neutralization, the inefficient excess capacity of the coal chemical industry will be eliminated, and the industrial competition pattern will be further improved. Relying on continuously upgraded technical equipment, the company has formed a good energy consumption control ability and has been selected as the leader of “energy efficiency” in the synthetic ammonia industry for many years. The central economic work conference in 2021 proposed that scientific assessment should be carried out, new renewable energy and raw material energy should not be included in the total energy consumption control, and the constraints faced by the development of coal chemical industry should be reduced. With the support of its own advanced coal gasification technology, the company will take the initiative in development under the background of double carbon and can grow in the future.
