On the evening of December 8, Jiangsu Thorpe announced that it plans to invest in a vinyl acetate and EVA integrated project in the Zhenjiang New District New Materials Park with its wholly-owned subsidiary Thorpe New Materials as the main body. The investment is approximately 7.128 billion yuan and will be constructed in two phases. The first phase is a 330,000 tons/year vinyl acetate project and the second phase is a 300,000 tons/year EVA project.
Judging from the absolute amount of project investment, the above-mentioned investment can be regarded as generous. As of the end of the third quarter, Jiangsu Thorpe's total assets were 6.274 billion yuan and net assets were 5.101 billion yuan. This vinyl acetate and EVA integration project plans to invest more than 7 billion yuan, exceeding the total asset level and equivalent to recreating Jiangsu Thorpe. . As for the source of project funds, Jiangsu Thorpe said it will come from its own funds and other self-raised funds. Due to the large investment amount and long construction period of the project, the company may bear certain financial risks. As of the end of September 2023, Jiangsu Thorpe's monetary fund balance was 724 million yuan.
Why did Jiangsu Thorpe make a big bet? The final product of this project is vinyl acetate and photovoltaic-grade EVA resin with a VA content of 28%. Vinyl acetate is the raw material of EVA. The downstream application market is mainly in the photovoltaic field. In the past ten years, my country's EVA consumption has grown at an average annual rate of 10%. Although my country's EVA production capacity has grown relatively rapidly since 2015, production capacity and output still cannot meet demand, especially in the high-end EVA market. Every year Large amounts of imports are required. According to Jiangsu Thorpe, the project will enrich product categories, expand the downstream acetic acid industry chain, and promote the transformation and upgrading of the company's industry into the field of high-end new materials.
In order to optimize the resource allocation of the new materials business, Jiangsu Thorpe decided to have Thorpe New Materials absorb and merge another new materials subsidiary, Polyester Technology. After the merger is completed, Thorpe New Materials will continue to operate, and the independent legal personality of Polyester Technology will be cancelled.
From the perspective of asset integration, Polyester Technology owns approximately 357 acres of land in the New Materials Industrial Park of Zhenjiang New District, and the land is close to Thorpe New Materials. The company plans to coordinate and manage the relevant land to meet the needs of vinyl acetate and EVA. Land needs for integrated project construction. It is worth noting that Polyester Technology originally planned to promote the construction of a 200,000 tons/year dimethyl carbonate project on the aforementioned land, with a project investment of approximately 2.181 billion yuan. With the completion of this absorption and merger, relevant projects will be constructed on other sites.
According to the data, Thorpe New Materials is mainly engaged in the production and sales of basic chemical raw materials such as chlor-alkali and sulfuric acid. It has 600,000 tons/year sulfuric acid and downstream series product equipment, 200,000 tons/year ion membrane equipment, and 170,000 tons/year high purity equipment. Hydrochloric acid plant, 13,000 tons/year polyol plant, 30,000 tons/year dichlorobenzene plant, 55,000 tons/year air separation plant, 50,000 tons/year chloroacetic acid plant. Current product application fields include light industry, textile, Chemical industry, agriculture, building materials, electric power, electronics, food processing, etc.
As of the end of the third quarter of this year, Thorpe New Materials' unaudited total assets were 1.038 billion yuan, and its net assets were 822 million yuan. Since the beginning of this year, Thorpe New Materials' profitability has been poor. It has been in a state of loss from January to August. It only started to make profits in September. The loss in the first three quarters was 45.5898 million yuan. Jiangsu Thorpe said that the short-term benefits of chlor-alkali products are not good, but as the economy further recovers and the expansion of caustic soda production capacity is limited, caustic soda will enter a boom cycle in the future. Thorpe New Materials will still be a good asset in the long run.
Except for chlor-alkali products, the prices of most of the main products produced by Jiangsu Suopu showed a downward trend year-on-year. According to operating data, from July to September this year, the average sales price of Jiangsu Thorpe ethyl acetate was 5,988 yuan/ton, down 0.35% year-on-year; the average price of ion membrane alkali was 2,357 yuan/ton, down 28.75% year-on-year; the average price of sulfuric acid was 2,357 yuan/ton, down 28.75% year-on-year. 157 yuan/ton, a year-on-year decrease of 61.14%; the average price of ADC foaming agent was 17,500 yuan/ton, a year-on-year decrease of 15.87%. However, the price of acetic acid, another main product, has risen recently. The average sales price in the third quarter was 3,046 yuan/ton, a year-on-year increase of 2.73% and a month-on-month increase of 17.11%. Jiangsu Thorpe said that the recent downstream demand for acetic acid has been good, purchasing enthusiasm and market confidence have increased, and acetic acid inventory is at a low level, triggering a rise in acetic acid prices.
In terms of performance, Jiangsu Thorpe's revenue and net profit dropped in the first three quarters, with revenue of 3.905 billion yuan, a year-on-year decrease of 35%; net profit loss of 149 million yuan. In the third quarter, the company's profitability improved, with a net profit of 107 million yuan in a single quarter, reversing the losses in the first two quarters. In this regard, Jiangsu Thorpe said that the rebound in performance in the third quarter was mainly due to three major aspects. First, the price increase of main products; second, after the overhaul at the end of June, the device operation was stable and output increased; third, the price of coal, the main raw material, decreased and other costs There has also been a decline in projects and an overall decrease in costs.
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