Sierbang Petrochemical uses methanol as raw material and locates high-end new materials: Silbon Petrochemical, as the new material platform of Shenghong Group, uses methanol as raw material to produce olefins (a total of 900000 tons) through MTO process, and then produces downstream derivatives, including acrylonitrile, MMA, EVA, ethylene oxide and its derivatives. Focus on high-end new materials, to high value-added acrylonitrile, EVA, MMA and other differential products, the core products have achieved the first echelon in China, avoiding the traditional polyethylene, polypropylene and other products.
Sierbang Petrochemical EVA production capacity ranks first in the country, acrylonitrile, MMA, ethylene oxide and other production capacity ranks among the top in China: Sobang Petrochemical has an existing EVA capacity of 300,000 tons / year, acrylonitrile capacity of 260,000 tons / year, MMA capacity of 90,000 tons / year, ethylene oxide capacity of 180000 tons / year (supporting downstream ethanolamine 100,000 tons / year, Nonionic surfactant 80,000 tons / year, polycarboxylic acid superplasticizer 40,000 tons / year) Among them, the production capacity of EVA ranks first in the country (30%), while the production capacity of acrylonitrile, MMA and ethylene oxide ranks first in China. In addition, Silbon Petrochemical currently has 260000 tons of acrylonitrile plant and 90,000 tons of MMA plant under construction, which is scheduled to be put into production in the third quarter of 2019, when the company's acrylonitrile capacity will rank first in China and MMA capacity will rank among the top three in China. The company's production equipment is large-scale, advanced technology, upstream and downstream integration, high environmental protection standards, long-term stable operation.
Danhua Technology takes the lead in realizing the industrial application of coal-to-ethylene glycol and its catalyst in China, with a large core technology reserve: an annual output of 220000 tons of ethylene glycol, and takes the lead in realizing the industrial application of coal-to-ethylene glycol and its catalyst in China. Tongliao Gold Coal has built the world's first industrial preparation plant of 3000 tons / year polyglycolic acid (PGA), with an annual production line of 30, 000 tons depending on operation, and a long-term planning and construction production line of 300000 tons. The annual output of oxalic acid is 85000 tons, the production capacity ranks among the top three in China (15% of the market share), CR5 accounts for more than 80%, and the industry concentration is extremely high. Sierbang Sinopec is expected to make full use of the rich coal resources in Tongliao area and realize the extension of methanol and even the coal industry chain in the upper reaches of MTO through the reorganization and listing of Shell Danhua technology.
Profit forecast: considering the consolidated statement of Silbon Petrochemical, the company is expected to return to its mother net profit of 8.0,9.6 and 1.11 billion yuan in 2019, 2020 and 2021, EPS 0.20,0.24 and 0.27 yuan, PE 20X, 16X and 14 times, covering for the first time and giving a "buy" rating.
Risk hint: crude oil prices fall, the global economy slumps.
