Company code: Sinochem International Corporation(600500) company abbreviation: Sinochem International Corporation(600500) Sinochem International Corporation(600500) (holding) Co., Ltd
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plan, investors should http://www.sse.com.cn./ The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 Ernst & Young Huaming Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
According to the company's capital status and the relevant provisions of the CSRC on dividends of listed companies, taking the total share capital of 276516647200 shares at the end of 2021 as the base, it is proposed to distribute a cash dividend of 0.80 yuan (including tax) to all shareholders for every 10 shares, with a total cash dividend of 22121331776 yuan. The remaining undistributed profits of the company are accumulated and accumulated to the next year.
Section II basic information of the company
1 company profile
Company stock profile
Stock abbreviation before stock exchange listing
A-share Shanghai Stock Exchange Sinochem International Corporation(600500) Sinochem International Corporation(600500)
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Ke Xiting, Wang Xinying
Office address: 12 / f Sinochem International Corporation(600500) Plaza, No. 233, Changqing North Road, Pudong New Area, Shanghai
Tel: (021) 31769137 (021) 31769818
E-mail Sinochem International Corporation(600500) @sinochem.com. Sinochem International Corporation(600500) @sinochem.com.
2. Introduction to the company's main business in the reporting period
During the reporting period, the epidemic situation in China was generally stable, the economy operated in an orderly manner, and the downstream demand continued to improve; At the same time, affected by the cold wave in the United States, the overseas epidemic, the international situation, power and production restrictions in some parts of China and other factors, the supply side of chemicals is tense, the prosperity of the chemical industry is rising, and China's chemical price index CCPI continues to operate at a high level throughout the year.
Figure 1: Trend of China's chemical price index (CCPI) in 2020 and 2021
Source: wind
1. The price of bulk raw materials rose sharply
During the reporting period, the price of bulk raw materials was at a high level. The price of crude oil basically remained above 60 US dollars / barrel, with a maximum of more than 80 US dollars / barrel; Trapped by the decline of import volume, China's environmental protection high pressure and safety inspection, China's coal supply is limited, and the price once hit a record high of about 2500 yuan / ton, far exceeding the normal level. On the one hand, the sharp rise in the prices of crude oil, coal and other bulk raw materials has driven the rising market of chemicals. On the other hand, it has also led to the increasing "scissors gap" between PPI and CPI, which has brought greater challenges to the production and operation of enterprises.
Figure 2: crude oil price trend from 2020 to 2021 (USD / barrel) Figure 3: market price trend of thermal coal from 2020 to 2021 (yuan / ton)
Source: wind source: wind
2. Overseas production capacity is dragged down by force majeure and the supply is insufficient
During the reporting period, the overseas epidemic was still high, and important chemical producing areas such as Southeast Asia, India and the United States were trapped by covid-19 epidemic; At the beginning of the year, the rare extreme cold wave weather in the United States seriously restricted the commencement of the plant. The frequent occurrence of overseas force majeure led to insufficient supply of chemicals, and a large amount of demand was transferred to China, which promoted the rise of China's chemical industry.
3. Dual control of energy consumption has a profound impact on the chemical industry
In the second half of 2021, the national development and Reform Commission issued the barometer for the achievement of the dual control target of energy consumption in all regions in the first half of 2021. The energy consumption intensity of nine provinces did not fall but increased, and the energy consumption intensity and total amount of seven provinces were "first-class early warning". The pressure on energy consumption was huge. Orderly power consumption was implemented throughout the country. Jiangsu, Yunnan and other energy consuming provinces were deeply affected, the industrial and commercial electricity prices rose to varying degrees, and the total electricity consumption decreased to varying degrees. Jiangsu Province has carried out special energy-saving supervision on enterprises with an annual comprehensive energy consumption of more than 50000 tons of standard coal, strengthened the control of key industries, and limited power and production; Yunnan Province issued the notice on resolutely doing a good job in the work related to dual control of energy consumption, strengthened the control of key industries such as iron and steel, cement, yellow phosphorus, industrial silicon, coal and electricity, and significantly reduced the output of related products. Dual control of energy consumption leads to limited start-up of chemicals and tightening of supply end. 4. Shipping costs have risen sharply, and chemical logistics is under pressure
During the reporting period, the global economic environment improved, international trade continued to repair, and the demand for maritime transport capacity increased significantly. However, the increase of global effective transport capacity was limited, which could not keep up with the repair rhythm of the global trade chain, showing a situation of short supply. At the same time, the overseas epidemic has led to a labor shortage in many important ports, a serious shortage of labor, a decline in operating efficiency, and the blockage of the Suez Canal has exacerbated the tension of global shipping. Under the influence of various factors, the shipping cost has increased significantly, and the logistics of chemical products has been impacted.
5. The rapid development of the new energy industry will drive the continuous upgrading of the industry and industrial chain
According to the latest data of the national energy administration, the new installed capacity of wind power and photovoltaic power in China reached 47.57gw and 54.88gw respectively in 2021, maintaining a strong development trend.
According to the latest data of China Automobile Association, in 2021, the production and sales of new energy vehicles were 3.545 million and 3.521 million respectively, with a year-on-year increase of 159.5% and 157.5% respectively. The production and sales of new energy vehicles were booming. Driven by new energy vehicles, power batteries grew rapidly. According to the data of China automotive power battery industry innovation alliance, the cumulative output of China Shipbuilding Industry Group Power Co.Ltd(600482) batteries in 2021 reached 219.7gwh, a year-on-year increase of 163.4%, and the cumulative sales reached 186.0gwh, a year-on-year increase of 182.3%. The development of power batteries has greatly promoted the prosperity of the lithium battery industry chain. The supply of related products upstream and downstream of the industry chain is in short supply, and the price rises sharply.
Figure 4: Trend of China's PPI and CPI (year-on-year,%) Figure 5: Trend of China's export container freight index (CCFI)
Source: wind source: wind
Sinochem International Corporation(600500) adheres to the strategic goal of "building an innovative chemical new material enterprise driven by science and technology", focuses on material science, strives to improve the operation of existing businesses such as epoxy resin, ECH and polymer additives, and vigorously promotes incremental businesses with promising market prospects such as aramid, ABS, lithium battery materials and modified materials.
1. New chemical materials business
Industry pattern and trend:
New chemical materials industry is one of the fastest growing fields in the China National Chemical Engineering Co.Ltd(601117) industrial system. However, it still faces a series of problems, such as insufficient supply of high-end materials, bottlenecks in key raw and auxiliary materials and special equipment, and the basic industrial capacity needs to be improved. In the future, the industry still needs to strengthen independent innovation, break through key technologies and move towards high-end.
Competitive landscape:
Leading world-class multinational enterprises: under the global pattern of new chemical materials industry, world-class multinational chemical enterprises in Europe, America and Japan represented by Dow, DuPont, BASF, kostron, Evonik, Huntsman, Mitsubishi, Diren and Toray still have a leading market position.
Improvement of competitiveness of Chinese Enterprises: Chinese enterprises represented by Sinopec, Sinochem, Wanhua Chemical Group Co.Ltd(600309) and private refining and chemical enterprises Hengli Petrochemical Co.Ltd(600346) , Rongsheng Petro Chemical Co.Ltd(002493) , satellite chemistry, etc. have gradually formed strong competitiveness and occupy an increasingly important position in the new chemical materials industry. With their advantages in technology, quality, scale and cost, they have increasingly formed direct competition and cooperation relations with multinational enterprises, Some enterprises and products have certain competitive advantages in the global market segments.
Industry trends:
Self sufficiency rate and continuous growth of industrial scale: according to the "14th five year plan" development guide for new chemical materials industry (20212025) issued by the petrochemical Federation, the new chemical materials industry has become the transformation and upgrading direction with the fastest development and the best development prospect of China National Chemical Engineering Co.Ltd(601117) industry. The acceleration of China's industrial upgrading has driven the continuous growth of the demand for new chemical materials. During the 14th Five Year Plan period, the self-sufficiency rate and industrial scale of new chemical materials in China will continue to grow, and the development trend of the industry will not decrease.
Independent innovation breaks through key technologies and moves towards high-end: at present, China's new chemical materials industry is still facing a series of problems, such as insufficient high-end supply, bottlenecks in key raw and auxiliary materials and special equipment, and further improvement of industrial basic capacity. In the future, China's new chemical materials industry still needs to strengthen independent innovation, break through key technologies and move towards high-end. Figure 6: operating revenue of China's new chemical materials industry (100 million yuan) Figure 7: self sufficiency rate of China's new chemical materials industry
Source: Petrochina Company Limited(601857) and Chemical Industry Federation source: Petrochina Company Limited(601857) and Chemical Industry Federation
Main products and production capacity of new chemical materials of the company:
Product classification product name existing capacity (10000 tons / year)
Epichlorohydrin 25 (glycerol method 10, dioxygen method 15)
Chlorobenzene 6
Dichlorobenzene 3
Basic raw materials and intermediates nitrochlorobenzene series 8
Aromatic diamine Series 6
Epoxy 35
ABS 17
Para aramid 0.5
High performance materials
Wash oil fine chemicals 4
Rubber antioxidant 14
Plastic additive 2
Polymer additive
1.1 business situation of basic raw materials and intermediates company:
The company's epichlorohydrin, caustic soda, dichlorobenzene series, nitrochlorobenzene, chlorobenzene, aromatic diamine series and other products have a leading market position at home and abroad. The production capacity of chlorinated benzene, dichlorobenzene series, nitrochlorobenzene and aromatic diamine series products is the world leader, and the production capacity of glycerol epichlorohydrin is the first in China. The company's basic raw materials and intermediates business is stable, and has the advantages of perfect industrial chain and strong engineering R & D transformation ability. With the accumulation of product structure adjustment and technological progress, the company continues to improve its competitive advantage by relying on safety, environmental protection and stable production capacity. In addition, after many projects under construction are put into operation, the company will further consolidate the foundation of the new chemical materials industry.
Epichlorohydrin: the company takes the lead in glycerol method ECH in China, and has completed the construction of C31 phase dioxygen water method ECH by the end of 2021. With the coordinated development of dual process routes, the company is firmly in the leading position of ECH in China.
Aromatics series products: the company's aromatics series products have a leading market position in the world. It is a global leader in dichlorobenzene, Trichlorobenzene and its downstream dichloroaniline, aromatic diamine series and other products, and has the top three shares in the nitrochlorobenzene market in the world.
Other chemical intermediate products: the company's phase III project under construction also involves a series of chemical intermediate products such as phenol, acetone, bisphenol A and propylene oxide. After completion, it will further enrich the company's intermediate product portfolio, expand integration advantages and support the development of material industry. report
