Whats the situation? The product price falls unceasingly, but the industrial capital expands wantonly!

category:Finance
 Whats the situation? The product price falls unceasingly, but the industrial capital expands wantonly!


According to the disclosure, the project is planned to be completed and put into operation by the end of 2021. It will mainly build two sets of PTA main devices, 50000 tons bulk cargo terminal, sewage treatment plant, gas-fired boiler, circulating water station, storage and transportation tank farm, integrated power station, reclaimed water reuse, methanol hydrogen production, hydrogen recovery system, desalting water station, fire water station, finished product warehouse, etc. The project adopts the industry-leading green and intelligent PTA production technology, energy-saving and environmental protection, low energy consumption, low material consumption, safe and stable operation, high reliability, operation flexibility of 80-100%, and annual production capacity of 5 million tons of PTA.

Among the 11.495 billion yuan of investment, including 9.9 billion yuan of project construction investment (including 120 million US dollars of foreign exchange). The company will use its own funds of 3.18 billion yuan, and the rest will apply for loans from banks.

According to the announcement, the investment is conducive to the listed companies to further strengthen their competitive advantages in technology, scale and cost in PTA industry upstream of polyester chemical fiber industry chain, optimize the structure of the whole industrial chain, consolidate the leading edge of upstream production capacity, and enhance the comprehensive competitiveness of the company. After the project reaches its production capacity and efficiency, it is estimated that the average annual sales revenue will be 21.25 billion yuan and the total profit will be 1.206 billion yuan.

PTA price innovation, low industry investment enthusiasm

PTA industry is mainly affected by the demand and development of many industries, such as upstream petrochemical industry, downstream polyester industry, terminal weaving industry, automobile industry, etc., showing certain cyclical characteristics.

In the domestic futures market, the price of PTA main contract 2101 exceeded 12576 yuan / ton at the beginning of 2011, showing a downward trend in recent ten years. After entering 2020, novel coronavirus pneumonia outbreak in the early part of the world, domestic PTA futures prices quickly fell below the bottom of the 2008 financial crisis. Overall, PTA fell from 5060 yuan / ton at the beginning of the year to 3278 yuan / ton at the end of April, and maintained the low price in recent months.

Weekly K-line trend chart of PTA price since 2007

K-line price trend of PTA futures in recent two years

However, in view of the sharp drop in international oil prices, PTA cost pressure is still small, processing profits can still be maintained under the current low price, and the investment enthusiasm of industrial capital continues to rise.

Before Hengli Petrochemical announced a large amount of investment on the evening of September 30, Sanfangxiang (600370), which has successfully acquired Jiangsu hailun Petrochemical Co., Ltd. (hereinafter referred to as hailun petrochemical), announced on September 29 that in order to develop and improve its own PTA bottle grade polyester chip cutting integrated industrial chain layout, hailun petrochemical, a wholly-owned subsidiary, plans to invest in the construction of PTA technology with an annual output of 3.2 million tons The total investment of the project is estimated to be 4.515 billion yuan.

Under the background of accelerating production capacity layout, PTA future price trend is still not optimistic.

Cinda futures also said recently that PTA plant is planned to be put into operation in the fourth quarter of 2020, and the production plan will be completed as scheduled by the end of the year, and the annual capacity of PTA is expected to rise to 62.755 million tons. As the international oil price falls and PTA cost pressure is small, the domestic PTA processing profit is still maintained at 608 yuan / T, and PTA manufacturers willingness to repair and repair the plant is reduced. PTA inventory pressure is expected to increase further in the fourth quarter. At present, PTA price profit has compression space, the market rate continues to be depressed, and the overall trend of price is expected to be weak.

More than 1.6 billion yuan purchase of real controllers real estate

On the evening of September 30, the company announced at the same time that with Hengli refining and chemical project, ethylene project and pta-4 / 5 project successively put into operation, the companys business scale is expanding day by day. Based on the needs of headquarters office and business innovation research of listed companies, the company intends to purchase the Victoria Plaza (Part 2) held by Hengli real estate (Dalian) Co., Ltd. (hereinafter referred to as Hengli real estate) Victoria) B building office building and other related properties, the total price is 1.636 billion yuan.

Hengli real estate, the opposite party of this transaction, is a wholly-owned subsidiary of Dalian henghan Investment Co., Ltd. (hereinafter referred to as henghan investment), and Chen Jianhua and fan Hongwei, the actual controllers of the company, hold 100% equity of Dalian henghan Investment Co., Ltd., so Hengli real estate is a related party of the company, and the above transactions constitute related party transactions.

According to the announcement, with the smooth operation of Hengli refining and chemical integration project of 20 million tons / year and 1.5 million tons / year ethylene project and pta-4 / 5 project, the assets and performance scale of listed companies have increased significantly, and the scale of personnel has expanded rapidly. The 20 million T / a refining and chemical integration project, 1.5 million T / a ethylene project and PTA project of the listed company are all located in Changxing Island Economic Zone of Dalian, and the polyester project is located in Yingkou, Jiangsu, Suzhou, Suqian and other places. Since the listing, the company has been focusing on the integration of upstream and downstream of the industrial chain and business development, without the headquarters building, related procurement, sales and management Functional departments are scattered around the office. With the diversification of business and continuous expansion of scale of listed companies, multi office can not meet the growing demand of management, reception and research at this stage, which is not conducive to unified management and efficiency improvement, and affects the subsequent talent introduction, increasing the operating cost and management risk of listed companies. At present, the listed companies have a large number of crude oil procurement, and the procurement cost is greatly affected by the international situation, exchange rate fluctuations and other factors. In the future, high-end financial talents and international management talents will be introduced. However, Changxing Island, the main office of the listed companies, is about 150 km away from the urban area of Dalian. The transportation is not convenient, which is not conducive to attracting high-level management talents and researchers. Therefore, the purchase of the headquarters building is conducive to the implementation of the companys medium and long-term development plan, and to enhance the companys hardware facilities in R & D, operation management and market development. It can improve the companys image, improve the staffs office comfort and satisfaction, and better attract high-end talents.

At present, the total number of employees of listed companies is 26506, and the number of employees in Dalian area is about 12000, including about 4000 functional management departments. With the continuous investment in refining and chemical projects and the increase of downstream fine chemicals, the total number of Listed Companies in Dalian will exceed 25000 and the number of management departments will exceed 6000. The total construction area of the target assets of this acquisition is 75133.66 square meters. Deducting 1-4 floors of lobby, exhibition reception center, senior management office and reserved area, the per capita area is about 7 square meters, which can meet the companys medium and long-term office needs. The transaction amount was 1.636 billion yuan, accounting for 0.94% of the companys latest audited total assets and 4.5% of its net assets. The subject assets are depreciated according to 30 years, and the newly increased depreciation amount is 54.53 million yuan per year, accounting for 0.16% of the audited net profit in 2019. No matter the proportion of the total assets, net assets or net profit is relatively small, the impact on the financial status of listed companies is small. However, up to now, the underlying assets of this transaction are still in mortgage status, and the mortgage period is from September 25, 2019 to September 25, 2022. At present, relevant release procedures are being processed. Source: Securities Times editor in charge: Yang Bin_ NF4368

At present, the total number of employees of listed companies is 26506, and the number of employees in Dalian area is about 12000, including about 4000 functional management departments. With the continuous investment in refining and chemical projects and the increase of downstream fine chemicals, the total number of Listed Companies in Dalian will exceed 25000 and the number of management departments will exceed 6000. The total construction area of the target assets of this acquisition is 75133.66 square meters. Deducting 1-4 floors of lobby, exhibition reception center, senior management office and reserved area, the per capita area is about 7 square meters, which can meet the companys medium and long-term office needs.

The transaction amount was 1.636 billion yuan, accounting for 0.94% of the companys latest audited total assets and 4.5% of its net assets. The subject assets are depreciated according to 30 years, and the newly increased depreciation amount is 54.53 million yuan per year, accounting for 0.16% of the audited net profit in 2019. No matter the proportion of the total assets, net assets or net profit is relatively small, the impact on the financial status of listed companies is small.