Viscose filament and spandex double tap, henan provincial finance department holdings close to again.
Xinxiang chemical fiber is viscose filament and spandex double leader, in capacity, technology and cost competitive advantage.
After 2014, due to the release of spandex capacity, the company's revenue increased steadily, and the periodicity of gross profit significantly weakened.
The recent marginal change in the level of company equity is zhongyuan asset management holdings close to the board.
Zhongyuan asset management is controlled by the finance department of henan province. It is the first AMC company in henan province with strong strength, while xinxiang chemical fiber is the most important shareholding platform of zhongyuan asset management.
After the general election of the board of directors, zhongyuan asset management is expected to further play its resource advantages.
Viscose filament: supply and demand balance, stable profit.
From 2015 to 2018, the viscose filament industry has been reshuffled. At present, 5 oligopolies have been formed, and the supply and demand have entered a balance period (annual output of 200,000 tons, domestic demand of 120,000 tons, export of 80,000 tons).
This year, the inventory of viscose filament is relatively low, and the oligopoly has a strong ability to guarantee the price. The price has not declined with the decline of the price of raw material solution pulp, and the profit has improved significantly.
We think viscose filament will remain stable profitability.
Spandex: the industry is expected to recover after the digestion of new capacity.
Spandex CR5 has reached 64%, but the production technology of small enterprises is backward, and the industry integration space is still large.
At present, the main factor that suppresses the profit of spandex is the release of new capacity of regenghua peak. Spandex will continue to bottom out in the short term, but the annual capacity growth rate in the next two years will be less than 5%.
We think spandex is expected to bottom out after the gradual digestion of new capacity.
The main capital expenditure of the company in the future is the 20,000 tons of viscose filament project with an investment of 1.5 billion yuan, among which the first phase of 10,000 tons is expected to be put into production in the second half of 2020.
In addition, the company's green fiber layout is worth looking forward to, including the 60,000 ton lesser-fiber project (subsidiary) and the new solvent filament project.
The company is expected to become a leading green fiber manufacturer in China by virtue of the technical cooperation with CNS and the accumulation of its own viscose technology