On April 10, China Resources Chemical Innovative Materials Co.Ltd(301090) released the 2021 annual report. During the reporting period, the company achieved a revenue of 12.585 billion yuan and a net profit of 482 million yuan. According to the profit distribution plan for 2021, the company plans to distribute a cash dividend of RMB 0.49 per 10 shares to all shareholders.
China Resources Chemical Innovative Materials Co.Ltd(301090) is mainly engaged in the R & D, production and sales of polyester materials and new materials. The company is a global leader in polyester materials. Its operating revenue mainly comes from polyester bottle chip business and raw material trade business, of which polyester bottle chip (PET) revenue accounts for about 80%.
During the reporting period, benefiting from the growth of demand in emerging fields such as traditional food and beverage field and sheet protection, as well as the increase of export market share, the company achieved a sales volume of 1.722 million tons of polyester bottles and chips, a year-on-year increase of 34500 tons, and the production and sales rate reached 103.99%; The output of polyester bottle chips was 1655900 tons, basically the same as that in the same period, and the capacity utilization rate was 103.49%; Affected by the factors of centralized reduction and shutdown of overseas polyester plants, the demand for overseas polyester bottles and chips increased significantly. The overseas sales volume of the company’s products in 2021 was 492200 tons, a year-on-year increase of 27.55%
Last year, the sharp rise in the price of crude oil led to a further rise in the cost of raw materials, and the year-on-year increase in sea freight due to the shortage of containers and global port congestion. The rise in the price of natural gas led to an increase in the energy consumption cost of the company’s unit products. Although the price of finished products increased to a certain extent, the gross profit level of polyester bottle chips decreased year-on-year.
In the face of rising costs, China Resources Chemical Innovative Materials Co.Ltd(301090) said that it would strengthen cooperation with large upstream raw material suppliers. In the future, it may also plan the upstream extension path in various ways, including but not limited to mergers and acquisitions, equity cooperation, signing strategic agreements and so on, stabilize the raw material supply, and realize cost reduction and efficiency increase through innovative raw material procurement mode.
The reporter learned that at present, in addition to the design capacity of 1.6 million tons / year of polyester bottle chips, the company has a capacity under construction of 500000 tons. At present, the “phase III polyester project with an annual output of 500000 tons” of Zhuhai China Resources Chemical Innovative Materials Co.Ltd(301090) , a wholly-owned subsidiary, has completed the project construction.
“In 2022, the company will steadily promote the preparatory work for production. After the project is completed, the company’s polyester bottle chip production capacity will reach 2.1 million tons / year, which will further enhance the company’s comprehensive competitive strength.” For this year’s business plan, China Resources Chemical Innovative Materials Co.Ltd(301090) said that while consolidating the scale advantage of its main business, the company will focus on promoting the development of new materials business to ensure the smooth operation of the phase I production line of “Zhuhai China Resources Chemical Innovative Materials Co.Ltd(301090) 100000 T / a PETG special polyester project”; And continue to increase R & D investment and prospectively lay out high-end polyester, high-performance polymers, fibers and other fields.
