Oriental Energy Co.Ltd(002221) ORIENTAL ENERGY CO.,LTD.
Work report of the board of directors in 2021
Stock Code: Oriental Energy Co.Ltd(002221) stock abbreviation: Oriental Energy Co.Ltd(002221) April 2002
Oriental Energy Co.Ltd(002221)
Work report of the board of directors in 2001
In 2021, in accordance with the company law, the articles of association and the rules of procedure of the board of directors and other relevant requirements, the board of directors of the company exercised its functions and powers in accordance with the law with the attitude of scrupulous and diligent work, so as to better protect the legitimate rights and interests of the company, its shareholders and employees.
1、 Operation of the company
(I) main business profile of the company during the reporting period
In 2021, the company firmly grasped the development direction of focusing on the main business, deepening transformation and, and realized the expected operation of Ningbo phase II and phase III project; Ensure the smooth progress of Maoming project construction; Progress has been made in the comprehensive utilization of hydrogen energy with remarkable benefits; Important breakthroughs have been made in overseas markets. Through the systematic advantages of the industrial chain, the company uses the international procurement platform and effective storage capacity management measures to reduce the cost of raw materials and ensure that the annual profit basically meets the expectation.
(II) main business indicators and operating conditions
1. Main business indicators (unit: yuan)
Increase or decrease of the project from 2021 to 2020 over the previous year (%)
Total operating income 2636707072956072908174941440 – 9.33%
Total profit 156751505274155427149291 0.85%
Net profit attributable to shareholders of listed companies: 113993918734 – 5.82%, profit 121032846330
Net profit attributable to shareholders of listed companies after deducting 108826609160 4.42% non recurring profit and loss 104216429248
Net cash flow from operating activities 117818121436885 Thunder Software Technology Co.Ltd(300496) 09 33.08%
Increase or decrease of the project at the end of 2020 compared with the end of last year (%)
Total assets 35947388107112812385772546 27.82%
All 10842000106941018849145703 6.41% equity attributable to shareholders of listed companies
Share capital (10000 shares) 16490228
During the reporting period, with the promotion of strategic transformation and trade asset stripping, the company’s trading revenue and its proportion in the company’s operating revenue decreased significantly; In addition to the routine maintenance of Ningbo base in August, the new unit was successfully put into operation and the overall operation was stable. Through the systematic advantages of the industrial chain, the company uses the international procurement platform and effective storage capacity management measures to reduce the cost of raw materials and ensure that the annual profit basically meets the expectation.
(1) During the reporting period, the company achieved a total operating revenue of 26.367 billion yuan, a decrease of 9.33% over the same period last year, including 15.8 billion yuan in trading revenue, a decrease of 23.42% over the same period last year; The sales revenue of the chemical sector was 10.567 billion yuan, accounting for 40.07% of the total revenue, with a year-on-year increase of 19.12%.
(2) During the reporting period, the net profit attributable to the shareholders of the listed company was 1.140 billion yuan, a decrease of 5.82% over the same period last year, mainly due to the increase in the profits and losses of minority shareholders in the current period due to the debt to equity swap of Ningbo new materials; The basic earnings per share was 0.7233 yuan, a year-on-year decrease of 5.78%; In the report, the company continued to reduce the active trading business of LPG and actively expanded the polymer materials and hydrogen energy industry. The gross profit margin of its main business increased by 1.45% compared with the previous period.
(3) In 2021, the company realized a profit of 263 million yuan from the sales of hydrogen and other by-products, with a year-on-year increase of 75.63%.
2. Overview of operation
In 2021, the company will focus on its main business, deepen transformation and development direction: (1) realize the expected operation of Ningbo phase II and phase III project; (2) Ensure the smooth progress of Maoming project construction; (3) Progress has been made in the comprehensive utilization of hydrogen energy with remarkable benefits; (4) Important breakthroughs have been made in overseas markets.
Through the systematic advantages of the industrial chain, the company uses the international procurement platform and effective storage capacity management measures to reduce the cost of raw materials and ensure that the annual profits basically meet the expectations.
1. Ningbo phase II and phase III were successfully put into operation, and the capacity of polypropylene unit doubled
During the reporting period, the company produced 1624800 tons of propylene and 1319100 tons of polypropylene. One set of Shanghai Pudong Development Bank Co.Ltd(600000) T / a PDH in Ningbo phase II and two sets of 400000 T / a PP in Ningbo phase III were put into operation successively in the first half of 2021. After half a year of trial operation, the unit operated stably and realized full load production. After the new unit is put into operation: the propylene production capacity of the company has increased from 1.2 million tons / year in the same period last year to 1.8 million tons / year; Polypropylene production capacity increased from 900000 tons / year in the same period last year to 1.8 million tons / year.
(1) Zhangjiagang new materials
During the reporting period, 614500 tons of propylene were produced, with a planned completion rate of 112%; 453200 tons of polypropylene were produced, with a planned completion rate of 113%.
Main brands: y381h, t30h and m251h.
(2) Ningbo New Materials
During the reporting period, phase I PDH unit produced 562700 tons of propylene, with a planned completion rate of 102%; Phase I PP plant produces 441000 tons of polypropylene, with a planned completion rate of 110%. Main brands: S1003, s2015, s2025 and s2040.
During the reporting period, phase II PDH unit produced 447600 tons of propylene, with a planned completion rate of 101.2%; Phase III PP plant produces 424900 tons of polypropylene, with a planned completion rate of 97.34%. Main brands of phase III PP: pph-t03, pph-y16, pph-y26, etc.
2. New progress has been made in hydrogen sales and comprehensive utilization
During the reporting period, the by-product hydrogen capacity of PDH reached 75000 tons / year. New progress has been made in hydrogen sales and comprehensive utilization:
(1) Hydrogen sales will gradually open the commercial customer market on the basis of pipeline gas sales of industrial customers. During the reporting period, the sales of hydrogen reached 1872 tons, with a profit of 214 million yuan, a year-on-year increase of 53.95%.
(2) Zhangjiagang base: the company and enterprises related to the hydrogen energy industry chain have successfully built a hydrogen energy bus operation ecosystem to achieve safe and stable operation. At present, there are more than 40 vehicles in operation, and it is planned to increase the transportation capacity every year, and the large-scale commercial speed-up is imminent.
(3) Ningbo base: the hydrogen filling station was successfully put into operation in November 2021, with a design filling capacity of 8000m ³/ h. At present, it is the first in China. The company is planning to actively promote the logistics truck hydrogen energy operation ecosystem with Ningbo municipal government and hydrogen energy related enterprises.
(4) Maoming base: 200000 t / a synthetic ammonia and 1 million T / a biological aviation coal projects have been planned, and the hydrogen energy industry chain will be continuously improved in the future.
3. The construction of Maoming phase I was carried out in an orderly manner
During the reporting period, a set of Shanghai Pudong Development Bank Co.Ltd(600000) T / a PDH, a set of 400000 T / a PP, a set of 200000 t / a synthetic ammonia and supporting facilities are under construction.
The second set of Shanghai Pudong Development Bank Co.Ltd(600000) T / a PDH and two sets of 400000 T / a PP energy assessment and environmental assessment indicators have been achieved.
The overall construction progress of Maoming is in line with expectations.
4. Brand image has been improved
After the “polyentang” polypropylene produced by the company became the designated brand of inspection exemption of Dalian Commodity Exchange, on January 20, 2021, Dalian Commodity Exchange added Ningbo new materials and Zhangjiagang new materials as the designated polypropylene factory Library of Dalian Commodity Exchange, and the company became the first batch of polypropylene production enterprises in China to obtain this quality.
5. New breakthroughs have been made in overseas market development
In 2021, the company exported 82800 tons of polypropylene, with a total sales volume of more than US $100 million, a record high. In particular, it seized the export opportunities brought by the low inventory and strong demand in the first quarter and the cold wave in North America.
With the completion of the establishment of the company’s international “polyene hall” e-commerce platform, through advanced digital industry + Internet technology, the company will focus on increasing overseas market expansion in 2022, and strive to raise the sales scale and performance contribution to a new level.
(III) analysis of the company’s operating results
1. Description of changes in operating results
Unit: Yuan
Increase or decrease of the project from 2021 to 2020 over the previous year (%)
Operating income 263670729560290817494144 – 9.33% 7 0
Operating cost 237155060043265727047964 – 10.75% 1 9
Taxes and surcharges 75241929664723362223 59.30%
Sales expense: 104980417%
Administrative expenses 2812395597834864177149 – 19.33%
Financial expenses 5047340785752829855973 – 4.46%
R & D expenses 116459019189501780679 22.57%
Investment income 42798027438236432055 – 48.04%
Asset impairment loss -3382072947 -2930575287 15.41%
Other income 19682177854535165008 – 56.60%
Non operating income 47558735495262365623 – 9.62%
Non operating expenses 3324276009418018087 695.25%
