Polypetrochemical: revenue increased by 73% year-on-year, and the business of modified plastic products and flame retardants experienced explosive growth
Latest News: On August 30, Polypetrochemical released its semi-annual performance report. According to the announcement, the operating income in the first half of 2022 was about 2.12 billion yuan, a year-on-year increase of 73.02%; the net profit attributable to shareholders of the listed company was about 58.24 million yuan, an increase of 8.09% year-on-year; basic earnings per share were 0.62 yuan, a year-on-year increase of 3.33% . The company does not distribute profits or convert public reserves to share capital.
In the announcement, Jushi Chemical stated that the company’s operating income increased by 73.02% year-on-year, mainly from the business growth of phosphorus chemical industry, liquefied petroleum gas processing, and modified plastic products.
The net profit attributable to shareholders of the listed company increased by 8.09% year-on-year, mainly due to the extensional growth brought about by the acquisition of Longhua Chemical and Guanzhen Technology last year; some products sold in overseas markets were settled in US dollars, and the exchange gains and losses caused by the rise in the US dollar exchange rate To.
The announcement shows that the main products of polystone chemical are phosphorus chemical (phosphorus pentoxide, polyphosphoric acid, flame retardant), modified plastic particles and products. Among them, phosphorus chemical products are mainly used as additives in plastic products, coatings, pharmaceutical intermediates and desiccants; modified plastic particles and products can be widely used in holiday lighting, wires and cables, automobiles, LCD TVs, medical and health care and other fields.
During the reporting period, the Phosphorus Chemicals segment achieved an operating income of 294 million yuan, accounting for 16.04% of the operating income from the main business (excluding trade); among which, the operating income of flame retardants (external sales) was nearly 100 million yuan, a year-on-year increase of 21.82%, more than Polyphosphoric acid and phosphorus pentoxide achieved operating income of 194 million yuan. In the second half of last year, through the acquisition of Anhui Longhua Chemical Co., Ltd., the company obtained an annual production capacity of 26,000 tons of polyphosphoric acid and 16,000 tons of phosphorus pentoxide. In the second half of this year, an annual production capacity of 10,000 tons of phosphorus pentoxide and 50,000 tons of polyphosphoric acid will be added. During the reporting period, the company completed the research and development and pilot work of flame retardants for engineering plastics and low-cost flame retardants that can be applied to electronic appliances. It is expected that several new products of flame retardants will be put into mass production in the second half of the year. In the future, with the rapid development of new energy, 5G communication and other fields, it will correspond to the huge blue ocean market and opportunities driving the flame retardant industry, and at the same time, it will promote the emergence of new varieties of flame retardants. put in.
During the reporting period, the modified plastic particles segment realized an operating income of 567 million yuan, accounting for 30.97% of the operating income from the main business (excluding trade), and the operating income was basically the same as the same period last year. During the reporting period, due to the completion of the fundraising and investment projects, the annual production capacity of modified plastic particles was increased by 30,000 tons. In addition, the subsidiary in Wuhu, Anhui added an annual production capacity of more than 10,000 tons of modified plastic particles. With the improvement of social awareness of environmental protection, more and more downstream customers accept recycled plastics. The company actively invests in the research and development and production of plastic recycling such as PC and PP. In the second half of the year, it is expected that an annual output of 20,000 tons of PC recycled materials will start production. It will gradually build a complete closed-loop industrial chain of plastic recycling.
During the reporting period, the modified plastic products segment achieved an operating income of 712 million yuan, accounting for 38.88% of the operating income from the main business (excluding trade), a year-on-year increase of 146.19%. The main reasons for the increase were (1) during the reporting period. The extension and expansion of downstream industries, including the addition of wire products for Christmas lighting, the completed fundraising project – an annual output of 10,000 tons of high-performance film materials, and the new production capacity of breathable film through the acquisition of Guanzhen Technology, etc.; (2) Light guide plate The product has entered the mass production stage through the verification of major customers. At present, the company has a production capacity of 6,000 tons of light guide plates in the semi-annual report 26/212 in 2022. It is expected that the annual production capacity of light guide plates will be gradually expanded to 24,000 tons by 2023; (3) Actively In the second half of the year, the company expects to relocate some domestic production capacity of breathable film to Africa, and open up the sanitary products industry chain in Africa. In addition, in order to optimize the industrial structure and eliminate outdated production capacity, during the reporting period, the company disposed of some outdated production lines of diffuser panels, hollow panels and automotive profiles by transferring equity or selling assets.