Multiple industries face the profit of listed companies such as high oil prices and pressure, petrochemical logistics, etc.

Although international oil prices fell on June 23, as of the close of the day, the price of light crude oil futures delivered by the New York Commodity Exchange in August and the London Brent crude oil futures price was still higher than $ 100/barrel.

Since the beginning of this year, international oil prices have continued to be high, and the pressure of high oil prices to the downstream industries is gradually emerging. Petrochemical, transportation, logistics and other industries have faced high oil prices, the cost has increased significantly, and the impact is also large.

"The dragging on the output, capacity utilization rate and profit of high oil prices is obvious, and the severity depends on the industry's crude oil consumption strength and price transmission capacity." Tianfeng Securities chief Song Xuetao told the Securities Daily reporter, " We calculated the complete consumption coefficient of oil and gas through the input -output table, and found that the rise in oil prices on the cost of the raw material manufacturing industry was the most impact. In addition, the consumer product manufacturing industry was greatly affected by oil prices. The battery is a greater impact. "

Companies such as petrochemical logistics are squeezed

"The rise in oil prices affects all aspects of the industrial chain. It is not only transportation and logistics, but also products such as chemical oil -based products." Ai Media Consulting CEO Zhang Yi also said in an interview with the Securities Daily reporter.

Under high oil prices, the impact of petrochemical listed companies is self -evident. Sinopec said on an investor interactive platform that if the price of crude oil exceeds $ 130/barrel, the refining business will be greatly challenged. At the same time, at high oil prices, the chemical business faced the pressure of rising costs in the short term.

Hengli Petrochemical introduced that because the company's subsidiaries mainly operate crude oil processing and oil product production and sales, PTA, chemicals (including but not limited to styrene, ethylene glycol, polypropylene) and other production and sales services. The impact of domestic prices is greater.

Wanhua Chemical said in the first quarter report that affected by the sharp rise in basic energy prices such as global crude oil and natural gas, the company's main chemical raw materials and the energy costs of European companies rose sharply year -on -year, which caused the company's net profit to fall sharply.

In addition to petrochemical companies, transportation, logistics and other companies have also increased their costs significantly due to rising oil prices.

In response to investors' questions, COSCO Hai said that the proportion of fuel costs will change with the fluctuation of oil prices in the market. In 2021, the company's container business voyage cost was 32.5 billion yuan, accounting for 16.88%of the cost of all container shipping business.

Highway freight companies also mentioned that the continuous rise in oil prices will directly lead to increased transportation costs. In the context of continuous rise in oil prices, companies will gradually try to gradually try to solve their own logistics needs through platform -based models, thereby reducing logistics costs.

"The pressure of raw material production and low -end consumer goods manufacturing industry in the pressure of high oil prices is particularly obvious." Zhang Yonghao, a Zhongyu Information Analyst, told the "Securities Daily" reporter that the greater the intensity of oil and gas demand and the worse the downstream transmission capacity of oil and gas The greater the squeezing. For example, some industries require large -scale oil and gas resources as raw materials or direct power energy sources for product circulation. Direct production or circulation costs are rising and price pressure is difficult to pass on, and profit margins will be squeezed.

You need to make every effort to disintegrate high cost pressure

Zhang Yonghao believes that "From the actual perspective of supply and demand, there is support for high oil prices, and the structural supply shortage caused by insufficient investment in long -term investment is difficult to alleviate; although the current economic stagflation risk and" OPEC+"increase in production have giving pressure on the continuous growth of crude oil prices, but it has brought pressure to the growth of crude oil prices, but It can still be judged that the price of crude oil futures in the third quarter or even longer will be above $ 100/barrel. "

This means that many industries such as petrochemicals and transportation will continue to face high oil prices, and related companies are urgent to resolve high -cost pressure.

Hengli Petrochemical stated that in order to avoid the adverse effects of the large fluctuations of crude oil and product prices on the company's operations, it is planned to carry out the hedging business, make full use of futures market functions, effectively manage the risk of great fluctuations in prices, and improve the level of business operations. Sustaining the healthy operation of enterprises. According to the production and operation plan, in accordance with the principles of caution, the deposit required for futures setting period is expected to carry out futures setting period.

In addition, in the face of high costs, transmission to downstream is a common means of many industrial chains.

Relevant persons of the Director of Rongsheng Petrochemical Office introduced to the Securities Daily that rising crude oil prices will cause downstream product prices to rise, but if the price cannot be transmitted, profit will be affected. The prices of some of the company's products have risen. In addition, some of the company's products have also carried out duration of value preservation.

Song Xuetao believes that whether the cost pressure of the rise in oil prices has determined the profit and pressure of the enterprise.

Zhang Yi believes that in the long run, it is still necessary to prepare risk response, that is, technological innovation alternatives and improvement of production efficiency. Only these can really have the impact of the fluctuation of oil prices.

(Editor in charge: Tan Mengtong)

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