Experts interpret Hengli Petrochemical Half -annual Report: Insufficient costs and stacking demand affects the performance of the first half of the year

Cover reporter Wu Yujia

On August 15th, Hengli Petrochemical released the semi-annual performance report in 2022. From January to June, the operating income was 119.155 billion yuan, an increase of 13.94%year-on-year; the net profit attributable to shareholders of listed companies was 8.026 billion yuan, a decrease of 7.13%year-on-year decreased by 7.13% Essence

How to view the performance of Hengli Petrochemical? On August 17, Qu Xinrong, a special researcher at the Yangtze River Business School, shared his views in an interview with reporters.

Qu Xinrong believes that as a periodic enterprise, the year -on -year decline of the net profit of Hengli Petrochemical is mainly due to the increase in upstream costs and the lack of demand for lower reaches. Due to the sharp rise in crude oil prices and coal prices in the first half of the year, the gross profit level of products was squeezed, resulting in a decline in downstream profits.

Specifically, in the first half of 2022, due to the domestic epidemic and downstream demand, the split price difference between gasoline and diesel and crude oil and the split price difference between PTA (refined phenylic acid) and crude oil caused a certain pressure. The net profit of the chemical industry has a negative impact.

In the future, on the one hand, with the downturn of the European and American economy, the periodic decline of crude oil prices will alleviate the compression space of the price difference to a certain extent. On the other hand, the domestic economy gradually stabilizes and recovers. Demand will rise. When the price difference can rebound up, it mainly depends on the demand for textile clothing, gasoline and diesel and the rebound of price rebound.

Qu Xinrong said that with the acceleration of industrial transformation and upgrading, the entire downstream demand of the Chinese chemical industry is gradually changing, including the photovoltaic industry chain, lithium battery industry chain, degradable plastic industry chain, engineering plastic industry chain, and polyurethane industry chain. In this context, Hengli Petrochemical's layout of these emerging market business areas may help improve their profitability.

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