On January 6, Jiangsu Eastern Shenghong Co.Ltd(000301) (000301) released the performance forecast for 2021, saying that in 2021, the company expects to realize a net profit attributable to shareholders of listed companies of 4.1 billion to 5 billion yuan, with a year-on-year increase of 435.00% to 552.44%. The basic earnings per share ranged from 0.85 yuan / share to 1.03 yuan / share.
consolidated performance of Sri Lanka
For changes in annual performance, A brokerage analyst told the Securities Daily that ” Jiangsu Eastern Shenghong Co.Ltd(000301) performance grew rapidly, mainly due to the improvement of chemical fiber and petrochemical terminal demand in 2021 and the rise of crude oil price, which led the industry to enter the recovery cycle, the rise of prosperity, the increase of the company’s production capacity and sales volume and the increase of product sales unit price; the consolidation of the subsidiary Sri Lanka during the reporting period, etc.”
Jiangsu Eastern Shenghong Co.Ltd(000301) means: “During the reporting period, the company further improved its production and operation and maintained a good profitability. The production capacity of EVA photovoltaic resin produced by sierbang was stable at more than 200000 tons / year, the 200000 tons / year differential functional chemical fiber project of ganghong fiber and the 60000 tons / year pet regenerated fiber project of China perch technology were completed and put into operation in the second half of 2020, increasing the profit contribution year-on-year.”
According to the reporter, in the field of EVA photovoltaic film materials, sierbang is the leading enterprise in China. At present, its EVA production capacity accounts for 31% in China. According to the public information, the designed production capacity of MTO unit put into operation in Sri Lanka is about 2.4 million T / a (calculated by methanol), and 300000 t / a EVA, 180000 t EO, 520000 t an and 170000 t MMA are provided in the downstream respectively. The output of EVA and an in Sri Lanka is in the leading position based on the data of 2020.
In May 2021, Jiangsu Eastern Shenghong Co.Ltd(000301) officially launched the restructuring of sierbang petrochemical, a subsidiary of the same parent company. On July 10, Jiangsu Eastern Shenghong Co.Ltd(000301) finally decided to purchase 100% equity of Sri Lanka held by the counterparty by issuing shares and paying cash for RMB 14.36 billion, and issue shares to no more than 35 qualified specific investors to raise matching funds. By the end of the reporting period, 100% equity of sierbang had been transferred to the company and the industrial and commercial change registration procedures had been completed; According to the relevant provisions of the accounting standards for business enterprises, Sri Lanka was officially included in the scope of the company’s consolidated statements.
“Last year, more than half of the PV EVA produced by sierbang accounted for Chinese manufacturers. Only enterprises with industrial barriers in any industry can obtain high profits. It plans to invest 10.8 billion yuan to build phase II project in 2019. After the project is completed, sierbang will have the capacity of 1.04 million T / A an, 350000 T / a MMA, 300000 t / a EVA and 180000 t EO, which will improve the industrial chain to a certain extent At that time, acrylonitrile will form China’s leading production capacity with strong sustainable profitability. ” The above analysis said.
form an industrial matrix of “refining + Polyester + new materials”
According to the analysis of Cinda Securities Research Report, at present, China’s dependence on the import of PV material EVA is close to 60%. The cumulative installed capacity of China’s photovoltaic market has increased at an average annual compound growth rate of 43.48% over the past five years. With the gradual implementation of the “carbon neutralization” policy, there is still broad space in the photovoltaic market, and the demand for photovoltaic material EVA is still a blue ocean. As China’s EVA leader, Sibang Petrochemical injected Jiangsu Eastern Shenghong Co.Ltd(000301) , which helps to build an integrated petrochemical leader of Jiangsu Eastern Shenghong Co.Ltd(000301) “refining + Polyester + new materials”, and the market value is still expected to continue to rise.
Talking about the development prospect of photovoltaic EVA, Pan Helin, executive director of Digital Economy Research Institute of Central South University of economics and law, said in an interview with Securities Daily: “Photovoltaic adhesive film has two directions, one is EVA and the other is Poe. There is a mismatch between supply and demand of photovoltaic EVA, supply exceeds demand, and there is a demand gap. The industry has entered a round of high prosperity, which may last for several years. In the long run, Poe is also very promising and has direct competition with EVA in some fields. However, Poe takes a long time to replace EVA, so before the development of photovoltaic EVA It can still be expected, especially under the dual carbon target, there is a blowout in photovoltaic demand, but the international supply chain is not smooth, thus increasing the imbalance between supply and demand. ”
“As an auxiliary material of photovoltaic module products, EVA adhesive film plays a very important role and fully benefits from the rapid development of photovoltaic industry. The production capacity of photovoltaic modules in China is close to 400gw, while the production capacity of photovoltaic grade EVA is about 160gw. It can be imagined that many module manufacturers will not buy Eva and” go off the pot without rice “, resulting in reduced capacity utilization and insufficient operating rate, and the supply of photovoltaic EVA adhesive film is in short supply, such as If there is no new PV EVA supplier to join, it is expected that the production capacity next year will be about 190gw. Although it can basically meet the demand for new PV installed capacity worldwide, the pattern of strong demand from Chinese component manufacturers is difficult to change. ” Qi Haizhen, President of Beijing Teyi sunshine new energy, told the Securities Daily.
“Overall, Jiangsu Eastern Shenghong Co.Ltd(000301) business will usher in structural changes this year. After being injected into Sri Lanka, it will not only have the layout of the whole industrial chain ‘from a drop of oil to a silk’, but also smoothly cut into the field of new materials and new energy, forming an industrial matrix of ‘refining + Polyester + new materials’.” The above analysts told the Securities Daily.
(Securities Daily)
