On the evening of October 13, Wanhua Chemical, the leader in polyurethane (MDI), released its third quarter report. In the first three quarters, it achieved revenue of 132.554 billion yuan, a year-on-year increase of 1.64%; however, affected by factors such as falling product prices, the net Profit was 12.703 billion yuan, a year-on-year decrease of 6.65%.
In terms of quarters, Wanhua Chemical has accelerated in the third quarter, recording revenue of 44.928 billion yuan in a single quarter, a year-on-year increase of 8.78%; net profit of 4.135 billion yuan, an increase of 28.21% over the same period last year. In the past six quarters, For the first time, net profit in a single quarter increased year-on-year.
On the same day, Wanhua Chemical released its main operating data for the third quarter. Benefiting from the extension of the industrial chain and the release of new equipment capacity, the sales volume of each of the company's main business segments showed year-on-year growth. From January to September, Wanhua Chemical achieved sales of 3.59 million tons of polyurethane series products, a year-on-year increase of 14.33%; 9.87 million tons of petrochemical products, a year-on-year increase of 10.53%; and sales of fine chemicals and new material series products reached 1.17 million tons, a year-on-year increase of 14.33%. A significant increase of 72.06%. In terms of sales revenue, polyurethane series and petrochemical series products still contributed the majority of revenue, recording revenue of 50.081 billion yuan and 51.867 billion yuan respectively, accounting for 38% and 39% of the total revenue respectively; fine chemical and new material series product sales Revenue was 17.593 billion yuan, a year-on-year increase of 15.25%.
In terms of price, affected by the year-on-year decline in global crude oil, natural gas and other basic energy prices, Wanhua Chemical's main chemical raw materials and European companies' energy costs fell year-on-year. However, downstream demand is in the recovery stage, and product prices have declined year-on-year. Specifically, pure MDI products have declined from January to May compared with the same period last year, and have begun to rebound since June. The price in September was 24,500 yuan/ton, an increase of 200 yuan/ton from August; aggregate MDI product price trends Basically the same as pure MDI, it stabilized at 19,500 yuan/ton from August to September. However, the decline was larger in October, with the listing price reduced to 18,000 yuan/ton, a month-on-month decrease of 1,500 yuan/ton.
In terms of petrochemical product prices, in the third quarter of 2023, except for Shandong MTB, n-butanol, and East China LLDPE film grades, which increased year-on-year, the prices of other petrochemical categories of Wanhua Chemical declined.
It is worth mentioning that Wanhua Chemical’s main raw material prices fell in the third quarter, which lowered the company’s production costs. Among them, the average price of pure benzene was 7,467 yuan/ton, down 11.08% year-on-year; The average price of 5,000 kcal coal is 767 yuan/ton, down 32% year-on-year; the average prices of propane CP and butane CP are 473 US dollars/ton and 464 US dollars respectively. USD/ton, year-on-year decreases of 30.65% and 30.95% respectively.
Since the beginning of this year, Wanhua Chemical's Fujian MDI and TDI facilities have been completed and put into operation. PC and other products have completed technological transformation and capacity expansion, and the company's production capacity has been accelerated. According to the plan, the investment amount of Wanhua Chemical's main projects in 2023 will be 45.11 billion yuan, of which 16.93 billion yuan is planned for petrochemical industry chain projects, 4.36 billion yuan is planned for fine chemicals projects, and an investment plan of over 3 billion yuan has been arranged for battery material projects. . Judging from the construction and commissioning progress of each project, 2023-2024 is a period of concentrated construction of new projects. On the basis of the continuous expansion of the production capacity of polyurethane series products, Wanhua Chemical is constructing two major petrochemical projects, ethylene phase II and Penglai phase I, which can expand the C2-C3 industrial chain and realize the interconnection of the Bajiao and Penglai dual parks to open up room for growth. In terms of new materials, key new material projects such as POE and citral will be put into production in 2024.
In addition to organic growth, Wanhua Chemical has also increased its focus on its main business through mergers and acquisitions. In April this year, Wanhua Chemical acquired 47.81% of Yantai Juli's equity for 1.785 billion yuan. After the transaction is completed, together with Ningbo Zhongdeng, a person acting in concert, it will hold a total of 67.81% of Yantai Juli's equity. Yantai Juli has a TDI production capacity of 80,000 tons/year in Laiyang City, Yantai, and its wholly-owned subsidiary Xinjiang Heshan Juli Chemical has a TDI production capacity of 150,000 tons/year. The aforementioned acquisitions will help Wanhua Chemical develop the northwest regional market and further Consolidate its leading position in the field of polyurethane.
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