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Tongkun Co., Ltd. (601233): The sales of filament faucets increased steadily

Tongkun Co., Ltd. (601233): The sales of filament faucets increased steadily

Event description The company issued a 2019 annual results pre-announcement announcement, which is expected to achieve attributable net profit.


0ppm, an annual increase of 32.

1% -41.

5%, expected to achieve a net deduction of non-attributable net profit of 26.


30,000 yuan, an increase of 29 in ten years.

5% -41.

6%; of which Q4 is expected to achieve attributable net profit.


500 million, net non-attributable net profit.


700 million, previously changed from negative to positive.

Increasing sales of event reviews drove a substantial increase in company performance.

The company is a leader in polyester filament. As of the end of June 2019, the company has a filament production capacity of 570 tons / year, a polymerization capacity of 520 tons / year, and supporting upstream raw materials and shares in Zhejiang Petrochemical.

The company’s profit growth mainly comes from the supplementary production capacity. In the first three quarters, polyester filament yarn 419 was sold.

7 Initially, 28 per year.


According to China Fiber Network data, affected by the industry boom, POY / DTY / FDY will decrease by 16 in 2019.

7%, 14.

1% and 15.


Benefiting from the release of upstream raw material capacity, the spread narrowed significantly less than the price, and the POY / DTY / FDY spreads were corresponding to the corresponding period of last year.

3%, 1.

9% and above 2.


In the “PX-PTA-filament” industry chain, it is expected that the best economic situation for filaments in 2020.

Private large-scale refining and chemical industry has sprung up, PX’s profit potential must be transferred to the downstream, and PTA supplementary capacity increases, and the situation is unlikely to improve under the imbalance of supply and demand. The demand for polyester filament yarns is growing rapidly, and the increase in production capacity is mainly concentrated in Tongkun.The leading enterprises with a controllable layout are expected to be the relatively best part of the industry chain.

New projects are steadily advancing, and industrial chain integration is actively deployed.

The gradual expansion of the company’s polyester capacity under construction will further solidify the industry leader in the physical company and bring continuous growth to the company.

In addition, the 佛山桑拿网 company’s first-phase project of Zhejiang Petrochemical Co., Ltd. has completed the entire process of oil refining, aromatics, ethylene and downstream chemical equipment to achieve stable operation and produce qualified products, and gradually improve the debugging and optimization of relevant process parameters, and improve the production and operation level of the unit.
The companies other than ZPEC put into operation integrated the integrated industrial chain, stabilized the supply of raw materials, and replaced the investment income contributed by listed companies.

The Tongkou Group’s planned Yangkou Port petrochemical polyester integration project, the Anhui Lujiang coal pulping project, and the Beibu Gulf green petrochemical integrated industrial base project in Qinzhou, Guangxi will promote the enhancement of the company’s 杭州桑拿网 industrial chain supporting degree in the future.To improve overall competitiveness.

The company is a leader in polyester filaments, adhering to the “pagoda-type” development strategy and creating a giant aircraft carrier in the polyester industry.

The company’s EPS is expected to be 1 in 19-21.



38 yuan, maintain “Buy” rating. Risk Warning: 1.

Downstream demand in the textile industry chain continues to be sluggish; 2.

The company’s project progress exceeded expectations.