At present, Luxi Chemical Group Co.Ltd(000830) is promoting phase II propionic acid project as scheduled. If completed, Luxi Chemical Group Co.Ltd(000830) will have an annual production capacity of 200000 tons of propionic acid, accounting for 32% of the global propionic acid production capacity Luxi Chemical Group Co.Ltd(000830) following the growth of formic acid as the industry leader, propionic acid will continue to win the title and become the largest supplier of propionic acid in the world, greatly increasing the supply of propionic acid in China.
On March 11, Brent crude oil price was US $112.67/barrel, down 4.61% week on week; WTI crude oil price was US $109.33/barrel, down 5.49% on a weekly basis, and Brent WTI price difference was US $3.34/barrel, up 37.45% on a weekly basis. On March 11, the LNG price was 8191 yuan / ton, an increase of 2.1%; The average price of LNG in February was 6688 yuan / ton, an increase of 35.1%. On March 11, the spot price of Qinhuangdao Power Coal q5500 was 940 yuan / ton, unchanged on a weekly basis.
PX price rose, price difference rose, PTA price fell, price difference fell: on March 10, PX price index was 1384 US dollars / ton, up 14.76% on a weekly basis; PX naphtha oil price difference was US $282.1/ton, up 483.2%. On March 10, the spot price of PTA was 6024 yuan / ton, down 2.7%; PTA price difference was – 632 yuan / ton, down 260.6% week on week.
The prices of POY, DTY and FDY increased, and the price difference increased: on March 11, the quotation of POY mainstream products was 8350 yuan / ton, up 3.7% on a weekly basis; The price difference of POY mainstream products was 1345 yuan / ton, an increase of 52.2%. The quotation of FDY mainstream products was 8725 yuan / ton, up 4.5% on a weekly basis; The price difference of FDY mainstream products was 1720 yuan / ton, an increase of 45.3%. The quotation of DTY mainstream products was 9925 yuan / ton, up 2.8% on a weekly basis; The price difference of DTY mainstream products was 2920 yuan / ton, an increase of 17.6%. From January to December 2021, the cumulative output of polyester filament was 40.07 million tons, an increase of 9.0% year-on-year.
The price of propane rises, the price of propylene rises, the price difference falls, and the price of n-butanol rises; The price of acrylic acid rose and the price difference rose, while the price of butyl acrylate rose and the price difference fell: on March 10, the price of propane was 7410 yuan / ton, an increase of 8.81% on a weekly basis. Propylene price was 8900 yuan / ton, up 4.7% on a weekly basis; The price difference of propylene was 8 yuan / ton, down 97.56% on a weekly basis. The price of n-butanol was 11200 yuan / ton, an increase of 6.7%. On March 10, the price of acrylic acid was 14900 yuan / ton, an increase of 4.9%; The price difference of acrylic acid was 8670 yuan / ton, an increase of 5.1%. The price of butyl acrylate was 15900 yuan / ton, an increase of 5.3%; The price difference of butyl acrylate was 352 yuan / ton, down 8.6%.
Investment suggestion: the oil price approaches the $120 mark, the oil distribution continues to reach a new high since 2013, and the US oil has reached a new high since August 2008. Continue to focus on recommending CNOOC (Hong Kong stocks) with outstanding oil and gas resource attributes and high dividend yield, as well as Guanghui Energy Co.Ltd(600256) . Be optimistic about nylon 66 industrial chain and Yuanli Chemical Group Co.Ltd(603217) , China National Chemical Engineering Co.Ltd(601117) , Huafon Chemical Co.Ltd(002064) and Hangzhou Juheshun New Material Co.Ltd(605166) . Light raw materials, optimistic about PDH and ethane cracking to prepare ethylene industry chain, related targets: Satellite chemistry, Oriental Energy Co.Ltd(002221) . Biodiesel has a bright future and is optimistic about Zhejiang Jiaao Enprotech Stock Co.Ltd(603822) , Longyan Zhuoyue New Energy Co.Ltd(688196) . Focus on the private large-scale refining and chemical enterprises Jiangsu Eastern Shenghong Co.Ltd(000301) , Hengli Petrochemical Co.Ltd(600346) , Rongsheng Petro Chemical Co.Ltd(002493) , Hengyi Petrochemical Co.Ltd(000703) , which are currently at a relatively undervalued level. The filament industry will usher in a boom reversal. It is recommended that Xinfengming Group Co.Ltd(603225) with the strongest competitiveness of “PTA + filament” in the world and Tongkun Group Co.Ltd(601233) , the global leader of polyester filament. Continue to recommend Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) , in which the proportion of optical, photovoltaic film and other new materials business continues to increase.
Risk analysis: macroeconomic fluctuations, oil prices up or down than expected.
