Today (March 14), Wanhua Chemical Group Co.Ltd(600309) ( Wanhua Chemical Group Co.Ltd(600309) , SH) released the 2021 annual report. In 2021, Wanhua Chemical Group Co.Ltd(600309) achieved an operating revenue of about 145538 billion yuan, a year-on-year increase of 98.19%; The net profit attributable to shareholders of listed companies was about 24.649 billion yuan, a year-on-year increase of 145.47%.
The reporter of the daily economic news noted that although the crude oil price in 2021 increased to a large extent compared with that in 2020, the gross profit margin of Wanhua Chemical Group Co.Ltd(600309) also increased. However, as measured by the single quarter gross profit margin, the gross profit margin of listed companies has shown a gradual downward trend since the fourth quarter of 2020.
In view of the increase in gross profit margin in 2021, Wanhua Chemical Group Co.Ltd(600309) said that it was mainly due to the rise in the price of petrochemical products and the scale effect.
revenue growth benefited from volume increase and price rise “two wheel drive”
According to the annual report of Wanhua Chemical Group Co.Ltd(600309) 2021, the operating revenue of Listed Companies in 2021 was about 145538 billion yuan, a year-on-year increase of 98.19%. Among them, the operating revenue of polyurethane series was about 60.5 billion yuan, a year-on-year increase of 72.75%; The operating revenue of petrochemical series was about 61.4 billion yuan, a year-on-year increase of 132.46%; The operating revenue of fine chemicals and new materials series was about 15.5 billion yuan, a year-on-year increase of 94.18%p align=”center” style=”text-align:center;”> Image source: Wanhua Chemical Group Co.Ltd(600309) 2021 annual report screenshot
It is worth noting that from the perspective of product sales volume, the growth rate of sales volume of main products in Wanhua Chemical Group Co.Ltd(600309) 2021 was lower than that of operating revenue of related products. Among them, the sales volume of polyurethane series was 3.89 million tons, a year-on-year increase of 32.73%; The sales volume of petrochemical series increased by 3.981 million tons year-on-year; The sales volume of fine chemicals and new materials series was 760000 tons, with a year-on-year increase of 37.01%p align=”center” style=”text-align:center;”> Image source: Wanhua Chemical Group Co.Ltd(600309) 2021 annual report screenshot
In other words, the sales price of all three products has increased compared with that in 2020. According to the announcement previously issued by Wanhua Chemical Group Co.Ltd(600309) government, the price of polyurethane products in 2021 has increased to a certain extent compared with that in 2020p align=”center” style=”text-align:center;”> Data source: Wanhua Chemical Group Co.Ltd(600309) announcement, reporter drawing
Meanwhile, the price of petrochemical products in Wanhua Chemical Group Co.Ltd(600309) in 2021 increased significantly compared with the same period of last year. Throughout the year, the average price of propylene in Shandong was 7904 yuan / ton, an increase of 16.39% compared with the same period of last year; The average price of propylene oxide in Shandong was 16551 yuan / ton, up 38.81% compared with the same period last year; The average price of butanol in Shandong was 12269 yuan / ton, up 100.54% compared with the same period; The average price of acrylic acid in East China was 11902 yuan / ton, up 72.23% compared with the same period; The average price of butyl acrylate in East China was 16348 yuan / ton, an increase of 95.78% over the same period; The average price of imported hydrogenation of East China NPG was 17071 yuan / ton, an increase of 84.98% over the same period; The average price of PP wire drawing in East China was 8633 yuan / ton, an increase of 9.98% compared with the same period; The average price of LLDPE membrane grade in East China was 8464 yuan / ton, an increase of 15.64% compared with the same period; The average price of ethylene PVC in East China was 9624 yuan / ton, up 37.94% compared with the same period.
with certain cost transfer capability
The reporter noted that although the price of products increased significantly in Wanhua Chemical Group Co.Ltd(600309) 2021, the price of raw materials also increased significantly Wanhua Chemical Group Co.Ltd(600309) the main raw materials are pure benzene, coal, LPG, salt and other bulk raw materials, and the prices of these raw materials have increased to a large extent in 2021.
According to Wanhua Chemical Group Co.Ltd(600309) previous announcement, the price of pure benzene continued to rise from January to October 2021, and gradually fell from November to December. In 2021, the average price of pure benzene was 7109 yuan / ton, up 81% year-on-year. In 2021, the average market price of 5000 kcal thermal coal was about 935 yuan / ton, an increase of 80% year-on-year. In 2021, the average price of CP propane was 648 US dollars / ton, an increase of 63% year-on-year; The average price of CP butane was US $630 / ton, up 56% year-on-year.
“In 2021, the vaccination rate of the world’s major economies increased, the economy recovered, and the global market demand for chemical products was boosted. However, some overseas devices were affected by extreme weather, epidemic and other factors, resulting in a supply shortage, resulting in significant fluctuations in the global chemical supply chain, periodic imbalance between supply and demand, and an increase in the price of global chemical products.” Wanhua Chemical Group Co.Ltd(600309) indicates.
Although the price of raw materials increased to a large extent in 2021, the gross profit margin of Wanhua Chemical Group Co.Ltd(600309) chemical industry in 2021 was about 26.46%, an increase of 2.38 percentage points over 2020.
“The revenue and cost of the company’s polyurethane series products increased over the previous year, mainly due to the launch of the new production capacity of 1.1 million tons of MDI in Yantai during the reporting period, the increase in the sales volume of polyether polyols, and the rise in the prices of products and raw materials; the gross profit margin increased, mainly due to the year-on-year rise in product prices and the scale effect brought by the increase in production capacity and sales volume.” Wanhua Chemical Group Co.Ltd(600309) indicates.
In view of the increase in the gross profit margin of petrochemical products, fine chemicals and new material products, Wanhua Chemical Group Co.Ltd(600309) said that “it is mainly caused by the sharp rise in the price of petrochemical products year-on-year and the change in product structure and scale effect brought about by the production of one million tons of ethylene” and “it is mainly caused by the general rise in product prices and the change in product structure”p align=”center” style=”text-align:center;”> Data source: reporter mapping
The reporter of the daily economic news noted that as the direct downstream of crude oil, the price of pure benzene is highly related to the price of crude oil, and the oil price has increased to a large extent recently. From the correlation between Wanhua Chemical Group Co.Ltd(600309) historical single quarter gross profit margin fluctuation and oil price fluctuation, Wanhua Chemical Group Co.Ltd(600309) has certain cost transfer ability.
In addition, although the gross profit margin of Wanhua Chemical Group Co.Ltd(600309) 2021 has increased on the whole, from the fourth quarter of 2020, the gross profit margin began to show a downward trend. From the fourth quarter of 2020 to the fourth quarter of 2021, Wanhua Chemical Group Co.Ltd(600309) single quarter gross profit margin was 35.34%, 32.13%, 30.16%, 26.9% and 17.09% respectively.
