Chemical fiber listed company semi-annual report indicates business risks
Recently, the listed company of chemical fiber released the 2014 semi-annual report intensively. The profitability of the three major chemical fiber varieties of polyester, polyamide and viscose varies, and the general situation of the industry can be seen from the annual reports of yizheng chemical fiber, huading polyamide fiber and hengtian hailong.
As for polyester, in the first half of 2014, China's polyester production capacity still maintained a rapid growth, with about 2.85 million tons of new polyester capacity, and the total output capacity in China reached 45.07 million tons by the end of June. Polyester output continued to rise in the first half of the year, but the industrial load fell further, and domestic polyester fiber output increased by 8.8% year-on-year. The total polyester fiber supply reached 18,528.6 kilotons, up 12.9 percent year-on-year. At the same time, influenced by the domestic polyester rigid demand and the continuous rise in the total export of polyester products, the total consumption of domestic polyester fiber reached 16093.1 kilotons, up by 9.1% year-on-year.
In its annual report, yizheng chemical said that in the first half of 2014, the domestic market demand for chemical and chemical fiber remained weak due to the slow recovery of the global economy, weak exports and economic restructuring, and the domestic polyester industry was in a deep adjustment pattern. At the same time, as the domestic polyester production capacity continues to increase, polyester supply and demand contradictions are further prominent, market competition is increasingly intensified. In the announcement, yizheng chemical said the company is facing a very tough market environment and business situation, and has increased its business management, focusing on scientific and technological innovation and marketing, vigorously reducing costs, promoting effective development, and reducing losses and increasing efficiency.
In the case of jinlun, yiwu huading jinlun co., ltd. said in its annual report that in the first half of the year, the company's operating revenue was 766,509,192.87 yuan, down 4.38 percent from a year earlier. Net profit attributable to shareholders of listed companies was 26127882.12 yuan, down 166.63% from a year earlier.
In the first half of 2014, due to the obvious expansion of production capacity in the polyamide fiber industry, market competition intensified in stages, while the overall situation of the downstream textile market was weak and the demand decreased, resulting in a weak and declining market of polyamide fiber. Huading jinlun said that in the adversity to quality survival, customer needs as a target, to ensure sales and production of double stability. In the first half, both output and sales increased slightly compared with the same period last year. However, as product sales price and raw material price continue to decline, and the decline of product price is larger than that of raw material price, the company's operating income is slightly reduced and profit space is severely squeezed, and gross profit rate drops sharply.
Huading jinlun said that during the reporting period, the annual output of the jinlun (polyamide) section project of hangzhou hangzhou jinlun technology co., ltd. was successfully produced in June 2014, and the company will focus on improving the stability of the product quality of jinlun section in the future. With a total investment of RMB 313 million per year, the project to raise 20,000 tons of differentiated DTY filament filament is in the stage of equipment debugging. The pilot production is expected in November 2014. The self-funded project with a total investment of 629.5 million yuan, with an annual output of 50,000 tons of differentiated polyamide filament yarn, has been in the stage of equipment installation and commissioning. The pilot production is expected in November 2014. A total investment of 1.824 billion yuan/year, with an annual capacity of 150,000 tons, is well underway in the preliminary preparations for the project.
Viscose fiber profitability in the first half of the year is also less than ideal. Take heng tian hailong as an example. In the first half of 2014, the company's operating income reached 83,382,300 yuan, down 22.53% year-on-year. The net profit attributable to the shareholders of the listed company was a loss of 192,178,500 yuan, compared with a loss of 5,606,580 yuan in the same period last year. Hengtian hailong said in the announcement that the company's core business in the first half of the viscose fiber industry overall operation is not good. The company said that in 2014, the viscose industry continued to be sluggish. Although the viscose staple silk experienced a significant decline but slightly recovered in the process from January to June, and the price of filament rose month by month, the overall comparison shows that the selling price of viscose staple silk and filament still decreased by 11% and 14% compared with the same period last year. In addition, the company discontinued and overhauled some of the short-wire production lines, and the operating income of short-wire in the first half of the year was significantly lower than that of the previous year. However, the statement also said that the cord and canvas business profit level in the first half of the year compared with the same period last year.
Low camber yarn prices rise port inventory slightly increased