New Feng Ming Has Declined In The First Half Of The Year, And The PTA Phase I Project Is About To Go Into Operation.

The new semi bright Limited by Share Ltd group issued a semi annual report in 2019, which showed that the company achieved 16 billion 329 million 395 thousand and 900 yuan in operating income during the reporting period, up 13.34% from the same period last year. The net profit attributable to the parent company was 587 million 912 thousand and 500 yuan, a decrease of 27.56% compared with the same period last year; earnings per share were 0.49 yuan, down 28.99% compared to the same period last year; after deducting non recurring gains and losses, the earnings per share were 0.43 yuan, down 34.85% from the same period last year; the weighted average net assets yield was 6.95%, down by 4.72 percentage points compared with the same period last year.

Founder Securities Limited by Share Ltd researcher analysis, according to the company's operating data disclosure, the first half of the new Feng Ming polyester filament production and sales volume were 1 million 825 thousand and 600 tons and 1 million 858 thousand and 400 tons, an increase of 29.89% and 34.27% compared to the same period, the company's production and sales growth is mainly Zhongxin chemical fiber, Zhongshi technology two phase of the total contribution to the incremental production. Polyester industry chain downstream fabric, terminal textile and garment industry demand declined, industry downturn, polyester filament profit margins narrowed compared to the same period. In the first half of the year, the price difference of regular POY varieties was 1161 yuan / ton (excluding tax, the same below), up to -244 yuan / ton, and the gross profit margin of POY/FDY/DTY products of the company was 7.40%, 11.52% and 10.87%, respectively. In the two quarter, the chain ratio improved, the price difference of conventional POY was 1292 yuan / ton, up to -249 yuan / ton, +293 yuan / ton, two tons, POY sales 731 thousand and 400 tons, compared with +32.72%, average price 7448.46 yuan / ton, -9.89% compared with the same period; FDY sales 202 thousand and 800 tons, +24.34% compared to the same period; average price 8088.25 yuan / ton, compared with -9.10%; DTY sales 78 thousand and 900 tons, year-on-year +45.04%; average price 9282.68 yuan / ton, compared to the same period.

Huachang Securities Co., Ltd. researcher believes that the new polyester fiber production capacity reached 4 million tons, Zhongyue chemical fiber, Zhongyi chemical fiber, China stone technology and other projects in an orderly manner, in 2020, the company's polyester filament production capacity will reach 5 million 400 thousand tons / year, the market share continues to rise. The first phase of the PTA project (2 million 200 thousand tons) has been completed in the intermediate acceptance inspection. It is expected to be formally put into operation at the end of 9. The PTA two phase project is also in an orderly manner. It has started piling up, and is expected to be put into operation in 2020. In 2020, the company's own PTA consumption will be close to 4 million 650 thousand tons. The company's new PTA capacity can be reasonably digested by itself. With the construction of PTA project, Future Ltd's ability to control upstream raw material costs will be further enhanced to avoid the impact of PTA market fluctuations.

It is reported that the new Feng Ming is one of the largest polyester filament manufacturing enterprises in China, focusing on the field of civilian polyester filament. Up to now, the domestic PET filament industry is third, and its products cover many series and more than 400 specifications and varieties of POY, FDY and DTY. In order to enhance the overall competitiveness of products, speed up the development of new products and improve the differential rate of products, we have successfully developed EACOOL (cool) hygroscopic and perspiration fiber, high count fiber, environment-friendly wrinkle resistant fiber, K-warm hollow fiber, super soft fiber and peach skin fine denier fiber. In addition, the "Enterprise Research Institute" of new Feng Ming has been identified as a provincial key research institute, and is also recognized by China Chemical Fiber Industry Association as China's low carbon environmental protection functional filament manufacturing base.