Rongsheng Petro Chemical Co.Ltd(002493) (002493)
Event: the company announced that the 300000 t / a EVA unit of the “40 million T / a refining and petrochemical integration project (phase II)” invested and constructed by the holding subsidiary Zhejiang Petrochemical Co., Ltd. (hereinafter referred to as “Zhejiang Petrochemical”) in Zhoushan green petrochemical base was successfully put into operation on December 28, 2021. At present, photovoltaic material products have been successfully produced, with VA content of 28% and product brand v6110s.
comment:
EVA unit was put into operation and successfully produced photovoltaic material products, and the company has sufficient long-term growth momentum: all projects of “40 million T / a refining and petrochemical integration project” invested and constructed by the company in Zhoushan green petrochemical base are progressing smoothly. The first phase of the project realizes stable full load operation, and the second phase of the project starts smoothly. At present, a set of linear polyethylene unit has been put into operation in phase II unit, and the polypropylene unit is expected to be put into operation smoothly before the Spring Festival. The 300000 ton / a EVA unit of Zhejiang Petrochemical phase II adopts the tubular process technology of leandre Bassel company. Various technical and economic indexes of the process have reached the international advanced level, and have significant leading advantages in the EVA industry. It has the advantages of good product quality, high yield, low energy consumption and long continuous operation time. With the smooth production of photovoltaic grade EVA, the company’s production and sales are expected to further increase and contribute to new profit growth points.
In the context of carbon neutralization, the photovoltaic industry is developing rapidly, and the production of EVA devices contributes to the green economy: under the background of reaching a consensus on the global “double carbon” goal, all parts of China have increased efforts to develop green and clean energy such as photovoltaic power generation, the demand of relevant industries has increased significantly, and the installed capacity of photovoltaic in China has increased significantly. The successful operation of the 300000 t / a EVA unit of Zhejiang Petrochemical phase II project will help to improve China’s EVA production technology level and self-sufficiency rate, alleviate the shortage of photovoltaic materials, effectively expand the company’s market share in the EVA photovoltaic sector and enhance the core competitiveness of the company’s petrochemical leader. The company responds to the call of “double carbon” emission reduction and helps the green economy.
Rongsheng Petro Chemical Co.Ltd(002493) the reserves of projects under construction are sufficient, and the advantages of the whole industrial chain are continuously consolidated through multiple approaches: according to the company’s report in the third quarter of 2021, the company’s projects under construction are 116.7 billion yuan, up + 32% from the end of 20. Zhejiang Petrochemical phase I was fully put into operation at the end of 19, and the output of Zhejiang Petrochemical phase II is expected to climb steadily. In phase I, 200000 t / a of dimethyl carbonate has been put into operation, which can be used for electrolyte solvent of lithium battery. A total capacity of 520000 t of polycarbonate is arranged in phase II, and ABS, SBS and other rubber products will be added downstream of olefins. In addition, the expansion project of the subsidiary Yongsheng technology with an annual output of 250000 tons of functional polyester film is also progressing smoothly, and the indirect holding company yishanhua and the associated company Hainan Yisheng multifunctional polyester chip project are under planning. On December 21, 2021, Zhoushan Municipal government and Rongsheng holding group held the signing ceremony of Jintang new material Park project in the new town of Zhoushan archipelago new area. The total investment of the project is about 50 billion yuan, and seven chemical industry chain projects and supporting projects will be invested and constructed based on the 40 million T / a refining and chemical integration project in Zhoushan. Relying on the advantages of industrial chain integration, the company gives full play to the collaborative benefits of various production lines, continues to layout downstream high value-added products, and has broad growth space.
Profit forecast, valuation and rating: we maintain the company’s profit forecast from 2021 to 2023. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 13.668 billion yuan / 18.469 billion yuan / 20.177 billion yuan respectively, equivalent to EPS of 1.35/1.82/1.99 yuan respectively, maintaining the “buy” rating.
Risk warning: the risk that the project progress and profit are less than expected; Risk of declining prosperity of oil refining and chemical industry.
