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Development Status of China's Coal Chemical Industry in 2018

Date: 2019-03-18
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Basic analysis of coal chemical industry


The main industrial chain of coal chemical industry includes coal-synthetic ammonia-urea, coal-methanol-propylene/ethylene, coal-based ethylene glycol and so on. These end products are not only coal chemical, but also a product of the oil and gas chemical industry chain. In the case of rising oil prices and gas prices, coal prices are not booming during the peak season, and the price gap between the two continues to be deductive. The cost advantage of coal chemical industry will continue to be highlighted. In addition, based on China's energy endowment of “rich coal, lean oil and less gas”, and the pressure of importing large quantities of crude oil and natural gas for foreign exchange reserves, the strategic position of coal chemical industry is indispensable, and its importance is expected to be improved. It is foreseeable that if the international oil price continues to remain high in the next few years, the coal chemical industry will maintain a long-term prosperity.


Coal chemical economy is becoming more and more prominent


With the return of international oil prices to high levels, the economics of coal chemical industry has become more prominent. According to the statistics of China Coal Chemical Industry Development Prospects and Investment Strategic Planning Analysis Report released by Prospective Industry Research Institute, listed companies in the industry have achieved remarkable results since 2018. The total net profit of 48 coal chemical concept stocks in the first half of 2018 was 23.444 billion yuan, an increase of 9.379 billion yuan over the same period of the previous year, an increase of 66.68%. This is also the best performance of the coal chemical sector in the same period in the past five years.


Environmental remediation and supply-side reforms have raised the threshold for the coal chemical industry


Coal chemical industry involves high pollution, and coal is also one of the important raw materials for overcapacity in China. Under the background of environmental protection and supply-side reform, the coal chemical industry has been subject to many restrictions, which has greatly increased the threshold of the industry.


Since 2018, CNOOC's 10 billion coal gas project has suffered from “abortion” and Huadian Group's 1 yuan “selling” coal chemical company. In addition, Jiangxi announced that it will suspend the acceptance of new coal chemical projects during the year, behind which is the coal chemical industry threshold. Improve the results.


1. Environmental protection


All along, environmental protection is a topic that cannot be avoided by the development of coal chemical industry. The characteristics of coal chemical industry determine the production of a large amount of three wastes in its production process. It is not uncommon to stop production and rectification.


Under the background of increasingly strict environmental protection policies, some coal chemical projects that are not in place for environmental protection will encounter more stringent environmental protection regulations, and their production capacity will be affected accordingly. In addition, stricter water resources management and energy conservation and emission reduction policies have also restricted the access to water, energy and environmental indicators for coal chemical projects. To a certain extent, this has limited the construction of new projects and the increase of new production capacity.


2. Supply side reform


The pace of de-capacity in China's coal industry is accelerating, which makes the profit of coal production enterprises continue to increase, but it also puts pressure on the development of coal chemical industry. At present, the domestic coal price is maintained at 0.1 yuan/calorie, which is about 150 yuan/ton higher than that before the industry de-capacity, which makes the average cost of the coal chemical industry generally increase. Some of the technologies are backward, and high-cost coal chemical projects are facing pressure from profitability.


On the other hand, the coal de-capacity policy has also increased the control of new coal production capacity. The overall planning approval and capacity approval of coal mining areas have been further delayed. Coal chemical projects have no coal targets, and some expansion and expansion projects cannot be launched. . In some severe areas, coal chemical enterprises have even encountered coal shortages, and they can only use the coal in the field far and wide, which greatly increases the cost.


Strict environmental requirements and coal supply factors have already blocked some enterprises. Although the feast of the coal chemical industry is enticing, not all companies can enjoy it.


Vigorously develop scale and intensive management to maximize project value


The chemical properties of coal determine that a large amount of energy and water need to be replenished in the process of turning into chemicals, and a large amount of carbon is emitted. Therefore, the investment in the common link of coal chemical projects is very high.


The report analysis shows that compared with a set of coal-to-liquid and coal chemical core devices, the surrounding environmental protection, auxiliary, standby and other equipment investment is even greater. Make full use of various products to maximize the value of the project.


In this context, large-scale, intensive chemical parks can often bring lower average costs and higher benefits. The larger the scale of the project, the lower the public cost of electricity, electricity and other public utilities. In addition, coal chemical projects are accompanied by a large number of by-products such as electricity, heat, steam, etc., through the intensive chemical park, the full use of various products, can maximize the value of the project.


Luxi Chemical is a leading coal chemical industry enterprise in China. The development of Luxi Industrial Park is in the forefront of the country. The integration of industrial chain in the park has obvious advantages. The upstream and downstream of each device are raw materials, recycled, and closed by pipe network. Safe and efficient, reducing transportation costs.


According to the planning of the chemical industry park of the Shandong Provincial Government, it is planned to reach 40% by 2022 on the basis of the existing admission rate of 20%. It is strictly forbidden to build or expand chemical production projects outside the park. As one of the 32 chemical parks in Shandong Province, Luxi Chemical has the first advantage.


In the first half of 2017 and 2018, the net profit of Luxi Chemical's returning home reached 672.0% and 212.07% respectively. Its weighted return on equity increased from 2.41% in 2016 to 19.11%.


Urgent need to improve product technical strength


From 2004 to 2015, the coal chemical industry has experienced an outbreak of investment from scratch. Many coal chemical projects are on the way, while actual production projects account for less than 20% of the total investment.


Environmental protection and technical problems have caused many projects to face continuous operational difficulties, resulting in delays in construction schedules, suspension of production and rectification, and difficulties in capital operation. Among the projects officially put into production, there are only a handful of projects that can truly achieve environmental protection and profitability.


Technology has therefore become one of the key factors determining the success or failure of coal chemical projects. In the coal chemical industry, Hualu Hengsheng (600426.SH) has become the industry's recognized minimum cost of coal chemical industry by virtue of its technological advantages. Its advanced coal-water slurry gasification process can save about 300 yuan compared with traditional processes. Ton.


The company's large nitrogen fertilizer project is China's first domestic demonstration project with independent intellectual property rights. In recent years, the company's annual research and development costs have remained at around 300 million yuan, accounting for 3%-4% of annual revenue.


The technical strength guarantees the profitability of Hualu Hengsheng's advantage. Although its products are large-scale chemicals such as fertilizers, it has to withstand strong cyclical fluctuations, but it can maintain long-term competitiveness.


In the past five years, the company's weighted return on equity has remained above 10%. At present, Hualu Hengsheng can flexibly adjust the production ratio of synthetic ammonia and methanol according to market conditions, realize the maximization of profits and enhance the ability to resist market risks.


Also benefiting from the impact of environmental protection and supply-side reform policies, the company's various products generally rose in the first half of 2018. The company's gross profit margin and net profit both achieved growth of more than 10%, and net profit attributable to the mother increased by 207.98%.


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