As the "invisible champion" of the C4 industrial chain, the layout of Zibo Qixiang Tengda Chemical Co.Ltd(002408) ( Zibo Qixiang Tengda Chemical Co.Ltd(002408) , Zibo Qixiang Tengda Chemical Co.Ltd(002408) ) in the C3 industrial chain began to be fulfilled.
On March 22, Zibo Qixiang Tengda Chemical Co.Ltd(002408) said at the interactive exchange of Shenzhen stock exchange that the company's 200000 t / a MMA project and 700000 T / a propane dehydrogenation (PDH) project have been completed and put into operation.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) was established in 2002 and listed in 2010, with the development direction of expanding C4 industrial chain, refining C4 product line and developing C3 industrial chain. It has the world's highest production capacity in methyl ethyl ketone and maleic anhydride products, has formed four product lines for comprehensive utilization of butene, isobutene, butane and isobutane components, and has the world's highest level of butadiene production technology.
In 2019, Zibo Qixiang Tengda Chemical Co.Ltd(002408) launched the fourth six-year development plan, aiming to "recreate Qixiang" by 2025 and double revenue, profit and output value Zibo Qixiang Tengda Chemical Co.Ltd(002408) chairman Che Chengju said that with the release of production capacity of MMA, nitrile latex, propylene oxide, propane dehydrogenation and other projects, this goal can be achieved by 2023.
C3 is a by-product containing three carbon atoms produced during the cracking of crude oil or natural gas, such as propane, propylene, propylene diene, etc; C4 is a by-product containing four carbon atoms, such as butane, butadiene and other products or mixtures.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) currently, the world's largest methyl ethyl ketone unit has a capacity of 180000 tons per unit, accounting for 70% of the market share in China and 50% of the world. In the future, it will continue to expand its capacity of 80000 tons, and the total capacity of methyl ethyl ketone will reach 260000 tons. Methyl ethyl ketone is mainly used in coatings and adhesives. It is positioned as a high-grade solvent-based environmental protection coating and is a substitute for solvents such as acetone, toluene, pure benzene and xylene.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) another flagship product, maleic anhydride, has a production capacity of 200000 t / A. another 200000 t / a maleic anhydride plant is under expansion and is expected to be put into operation in the first half of this year. Maleic anhydride is an important basic organic chemical raw material, which is mainly used to produce nearly 100 downstream organic intermediates and special chemicals such as lubricating oil additives, agricultural chemicals and coatings.
Affected by the "plastic restriction order", the downstream PBAT / PBS capacity of maleic anhydride will be expanded, driving the rising demand for maleic anhydride and supporting the price of maleic anhydride. Zhuo Chuang information predicts that in the next five years, China will add 6 million tons of PBAT / PBS capacity, and the additional demand for maleic anhydride will be about 1 million tons.
It is not only an upstream seller of maleic anhydride, Zibo Qixiang Tengda Chemical Co.Ltd(002408) but also can directly produce degradable plastics. In November last year, Zibo Qixiang Tengda Chemical Co.Ltd(002408) and Tianjin Bohai Chemical Engineering Co., Ltd. (Tianjin Bohai Chemical) reached a cooperation. Relying on the technical advantages of Tianjin Bohai Chemical, Zibo Qixiang Tengda Chemical Co.Ltd(002408) can choose the opportunity to directly produce degradable plastics and obtain higher profit space.
In addition to consolidating and expanding the two leading products of methyl ethyl ketone and maleic anhydride, Zibo Qixiang Tengda Chemical Co.Ltd(002408) also aims at fine chemicals with high added value, such as the production line of nitrile latex. At present, the company's 200000 t / a MMA project has been put into operation, and the PMMA project is also under construction. After putting into operation, the company will form an integrated industrial chain of "isobutene MMA PMMA".
After "eating dry and squeezing out" C4 industrial chain, Zibo Qixiang Tengda Chemical Co.Ltd(002408) "reaching out" to C3 industrial chain with larger market scale.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) successively introduced the oleflex production process of UOP in the United States, the hydrogen peroxide direct oxidation technology shared by Evonik and ThyssenKrupp in Germany, and built the 700000 T / a PDH project. The 300000 t / a propylene oxide project is in the stage of equipment installation. After it is put into operation, it will form an integrated industrial chain layout of "propane propylene propylene oxide".
In addition to the new capacity of Zibo Qixiang Tengda Chemical Co.Ltd(002408) , the total capacity of PDH in China reached 10.02 million tons / year, exceeding 10 million tons for the first time.
Under the background of realizing the goal of "double carbon", the high value-added chemical production focusing on "low carbon and clean" is the focus of the industry. PDH is a kind of industrial by-product hydrogen. The hydrogen in propane is separated from propylene through high-temperature catalysis to produce propylene, which will produce a large amount of high-purity hydrogen.
According to the public information, Zibo Qixiang Tengda Chemical Co.Ltd(002408) the by-product hydrogen of the existing production unit is about 10 Yihua Healthcare Co.Ltd(000150) 00 tons / year. After the 700000 T / a PDH unit is put into operation, Zibo Qixiang Tengda Chemical Co.Ltd(002408) every year, about 26500 tons of by-product hydrogen will be added.
In terms of chemical products, Zibo Qixiang Tengda Chemical Co.Ltd(002408) is boosted by hot spots in industries such as "degradable plastics" and "hydrogen". In terms of business scale, it is expected to "rebuild a Qixiang" in the future. Recently, however, cedar Holdings Group Co., Ltd. (Cedar Holdings), the parent company of Zibo Qixiang Tengda Chemical Co.Ltd(002408) was found to have a 20 billion overdue project. To solve the problem, Zhang Jin, founder of cedar holdings, put Zibo Qixiang Tengda Chemical Co.Ltd(002408) "on the shelf", Zibo Qixiang Tengda Chemical Co.Ltd(002408) "changing ownership" on the way, or become a hidden worry for the future development of the enterprise.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) said that the incident had no adverse impact on the company's production and operation, core project construction and market value, and the company's current business activities were normal.
But market concerns are not groundless. In 2016, cedar holdings took shares in Zibo Qixiang Tengda Chemical Co.Ltd(002408) . Zhang Jin expanded the business space of Zibo Qixiang Tengda Chemical Co.Ltd(002408) through overseas acquisition, investment in Wharf storage and other measures on the basis of the original supply chain business advantages of cedar holdings. Zhang Jin said that we should stabilize the strong cyclical characteristics of traditional chemical enterprises by expanding and strengthening the industrial chain and supply chain.
Industrial chain management has indeed brought dividends to Zibo Qixiang Tengda Chemical Co.Ltd(002408) and the latest annual report shows that the main business composition of Zibo Qixiang Tengda Chemical Co.Ltd(002408) is supply chain management 64.13% respectively; Maleic anhydride 15.09%; Methyl ethyl ketones 10.26%; Other main businesses 9.64%; Other business 0.88%.
Industry analysts said that the supply chain advantage of Zibo Qixiang Tengda Chemical Co.Ltd(002408) benefits from the synergistic development effect of Zibo Qixiang Tengda Chemical Co.Ltd(002408) and the controlling shareholder cedar holdings, which makes the company's revenue source develop from a single chemical product to a two-way drive of "chemical + supply chain".
Zibo Qixiang Tengda Chemical Co.Ltd(002408) performance forecast shows that the company will realize a net profit of 2.39 billion yuan to 2.556 billion yuan in 2021, with a year-on-year increase of 145% to 162%. As of the closing on March 25, Zibo Qixiang Tengda Chemical Co.Ltd(002408) closed at 8.7 yuan / share, down more than 17% during the year, with a total market value of 24.731 billion yuan.
