Company code: Lihuayi Weiyuan Chemical Co.Ltd(600955) company abbreviation: Lihuayi Weiyuan Chemical Co.Ltd(600955) Lihuayi Weiyuan Chemical Co.Ltd(600955)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 ShineWing Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
Based on the total share capital registered on the date of equity distribution and equity registration, cash dividends of 3.91 yuan per 10 shares were distributed to all shareholders with the profits available for distribution to shareholders, with a total of 21505000000 yuan. The retained undistributed profits will be mainly used to meet the daily operation needs, support the working capital needs of new project construction, future investment planning and long-term development, and provide a reliable guarantee for the smooth implementation of the company’s medium and long-term development strategy and sustainable and healthy development.
Section II basic information of the company
1 company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
RMB common stock Shanghai Stock Exchange Lihuayi Weiyuan Chemical Co.Ltd(600955) Lihuayi Weiyuan Chemical Co.Ltd(600955) none
Contact person and contact information secretary of the board of directors securities affairs representative
Name: LV Liqiang, Li Xianxin
Office address: No. 118, Lixi Road, Lijin County, Dongying City
118
Tel: 05465666889
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
By the end of the reporting period, the company has been focusing on the business of new chemical materials and has built polycarbonate and its upstream and downstream industrial chain. It is one of the enterprises with the most complete upstream and downstream coverage of China’s polycarbonate industrial chain. At present, the production capacity of phenol, acetone, bisphenol A, polycarbonate and isopropanol is 440000 tons, 260000 tons, 240000 tons, 130000 tons and 100000 tons respectively. It is the largest phenol and acetone production enterprise in China and has good market competitiveness. The company’s products belong to basic chemical industry and new chemical materials industry respectively. The market situation is as follows:
(I) basic chemical industry
Phenol industry: in China, the downstream of phenol is mainly distributed in bisphenol A, phenolic resin, cyclohexanone, pharmaceutical intermediates and many other fields. From 2017 to 2021, with the continuous development of downstream industries, China’s phenol consumption showed an increasing trend year by year. In recent years, due to the rapid development of downstream polycarbonate industry and the increment of downstream liquid epoxy resin in wind power demand, the consumption of phenol in downstream bisphenol a industry has increased significantly, becoming the largest consumption field of phenol. In addition, the downstream phenolic resin industry is developing towards centralization and scale. During the year, many manufacturers newly installed phenolic resin devices, which further stimulated the increase of phenol demand. At present, China is a country with relatively strong downstream demand for phenol in the world, and its consumption is expected to further increase in 2022.
Acetone industry: China’s acetone downstream is relatively scattered, including bisphenol A, MMA, acetone hydrogen alcohol, isopropanol, isopropylamine, MIBK, solvent, etc. affected by the expansion of downstream bisphenol A, MMA and isopropanol industries, the annual acetone consumption is about 2525000 tons, an increase of 22% over last year. In addition, in terms of import, China’s acetone import volume in 2021 is 622600 tons, and it is estimated that China’s acetone import volume in 2022 may be around 480000 tons.
Bisphenol a industry: the consumption of bisphenol A in China is increasing year by year, and the development of downstream epoxy resin and polycarbonate goes hand in hand. From 2017 to 2021, the consumption of bisphenol A in China showed an increasing trend year by year, and the compound growth rate of demand in recent five years was 11.70%. Main influencing factors: the capacity of polycarbonate industry downstream of bisphenol A continues to expand, and the compound growth rate of polycarbonate capacity has reached 21.6% in recent five years, which has become the main driving force for the growth of bisphenol a demand. In addition, the demand for bisphenol A in the downstream epoxy resin industry has also continued to increase, and the development of the wind power industry with terminal demand has highlighted the tight encirclement. In 2020, due to the centralized rush loading of wind power projects, the consumption of epoxy resin has doubled, thus driving the demand for bisphenol A in epoxy resin. It is expected that the consumption of bisphenol A in China will continue to rise in 2022.
Isopropanol industry: in 2021, the downstream industries of isopropanol in China are mainly concentrated in ink, herbicide, electronic cleaning, coating, pharmaceutical intermediates, etc. With the outbreak of public health events in 2020, the export volume and price of isopropanol reached a new high in recent years. Due to the pressure of raw material cost, some downstream of isopropanol choose to find alternatives. In 2021, due to the rational correction of isopropanol price, the demand of some downstream industries gradually recovered. The growth point of downstream demand for isopropanol in the future is mainly used in disinfectant industry and electronic cleaning industry.
(II) new chemical materials industry
In 2021, the global PC production capacity continued to grow, but the growth rate slowed down. From a regional perspective, Asia is still the most active region of supply and demand. China is still the most important production capacity base in Asia, and the production capacity has further increased. The production of some projects was delayed during the year, and the growth rate has slowed significantly. The compound growth rate of production capacity in 20172021 was 21.6%, down 4.4 percentage points from the compound growth rate in 20162020. In 2022, China’s large-scale projects were put into operation more intensively than expected, continuing to promote the growth of global production capacity. In the past five years, PC production capacity in China has increased rapidly, and the proportion of global production capacity has increased by 20 percentage points,
By 2021, the proportion will reach 36%, with a year-on-year increase of 5 percentage points. There is no new capacity in other parts of the world.
Figure change trend of global PC capacity from 2017 to 2021 (Zhuo Chuang data)
Over the past five years, China’s PC consumption has shown an increasing trend, with a moderate increase from 2017 to 2019. In 2020, affected by sudden global public health events, the global consumption pattern has changed. With China’s rapid resumption of work and production, domestic and foreign demand have increased significantly, driving a significant increase in demand. The mismatch between supply and demand under public health events in 2021 has improved. Driven by the tight balance between supply and demand of bisphenol A and rising prices, China’s PC market has surged to a high level and restrained the release of normal demand. China’s PC consumption in 2021 was 2.412 million tons.
From the perspective of PC consumption field, in recent years, China’s PC consumption field is still relatively concentrated, mainly in electronic and electrical appliances, automobile, sector and other industries, and the change of proportion is also relatively limited. Under the global post public health event in 2021, the centralized sector consumption fell, while the electronics and automobile industry continued to play the main role of consumption. With the gradual advancement of carbon neutralization and carbon peak, the application or growth rate in the field of new energy accelerated. In addition, from the perspective of industry development, the further development of 5g application will continue to promote the development of China’s electronic and electrical application terminal equipment, automobile, medical and other industries, and continue to drive the further expansion of peripheral industries. Developing new energy vehicles is the only way for China to move from a big automobile country to a powerful automobile country. It is a strategic measure to deal with climate change and promote green development. In 2021, with the rapid development of new energy vehicles and the addition of new forces from all parties, 5g applications will be promoted while increasing production capacity. The demand of other industries is multidimensional, and the increase is still not obvious. It is expected that China’s PC consumption may reach 2.6 million tons in 2022.
The integrated industrial chain of “phenol, acetone bisphenol a-polycarbonate modified products” engaged by the company is shown in the figure below:
It can be seen from the above figure that the integrated industrial chain of “phenol, acetone bisphenol a-polycarbonate polycarbonate and its modified alloy” takes pure benzene and propylene as the main raw materials. Phenol, acetone and bisphenol A in the industrial chain are not only the raw materials in the industrial chain, but also can be sold as products, but also have other rich uses, such as acetone used to produce methyl methacrylate (MMA) Isopropanol (IPA), phenol is used to produce phenolic resin, caprolactam and adipic acid, and bisphenol A is used to produce epoxy resin. Polycarbonate is inclined to the end of the industrial chain. As a high-quality engineering plastic, polycarbonate has rich end applications. In the future, with the completion and operation of the fund-raising investment projects “100000 t / a high-purity dimethyl carbonate project” and ” Shanghai Pudong Development Bank Co.Ltd(600000) T / a propane dehydrogenation and 400000 T / a high-performance polypropylene project”, the company will further extend to the upstream raw material end of the industrial chain and build a more perfect industrial chain development model. Meanwhile, with the above-mentioned fund-raising projects put into operation, the company will also add new products polypropylene, dimethyl carbonate and high-purity dimethyl carbonate (which can be used for battery electrolyte), so as to enter the field of general plastics and new energy and build a diversified business development pattern. 3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
Current year ratio
2021 to 2020 increased by 2019
Minus (%)
Total assets 923236597800421 Xi’An Typical Industries Co.Ltd(600302) 456 118.98422471669558
Net capital attributable to shareholders of listed company: 824878510844221512060082 272.39149680456920
Operating income 963461598864438639917737 119.65399269377741
Net profit attributable to shareholders of the listed company 214971290034671510653201 200.6121241261761 profit
Net profit attributable to shareholders of listed company after deducting non recurring profit and loss of 21311392255170709630091 201.3919039059500
Net cash flow from operating activities 267535377366127449842527 109.9175872204843
Weighted average return on net assets (%) 47.73 38.53, an increase of 9.20 19.66 percentage points
Basic earnings per share (yuan / share) 4.72 1.73 172.83 0.58
Diluted earnings per share (yuan / share) 4.72 1.73 172.83 0.58
3.2 main accounting data by quarter in the reporting period
Unit: yuan currency: RMB
First quarter second quarter third quarter fourth quarter
(January March) (April June) (July September) (October December)
Operating income 225110084994251484125651258233759341228633628878
The net profit attributable to the listed company shares 59092514117646396183195855298924532686168665 East belongs to the listed company shares
Deduction of non economic
