Financial Associated Press, October 27 (Reporter Chen Kang)Tongkun shares (601233.SH) announced its third-quarter results this evening, compared with the results released the day before by 603225.SH, which is also known as the "duo of polyester". Although Tongkun has a larger scale of filament production and marketing, its product prices and raw material costs are slightly inferior.

The person in charge of Tongkun shares explained the reason for the price gap to the Financial Associated Press: "our earliest POY is more than 100 yuan lower than Xinfengming. With the release of production capacity (price) getting closer in recent years, the price difference has always existed, but we can't just look at the price. Our equipment is different, manufacturing costs and processing costs (we) are lower, and different varieties and structures also have an impact."

From January to September, Tongkun polyester filament products (POY, FDY, DTY) produced a total of 7.3292 million tons, with sales of 7.2982 million tons, while Xinfengming's polyester filament products produced a total of 4.9483 million tons, with sales of 4.8886 million tons. In terms of the average price of products, the POY of Tongkun is 15.44 yuan / ton lower than that of Xinfengming, the FDY is 30.96 yuan / ton, and the DTY is lower than 140.51 yuan / ton of Xinfengming. Compared with last year's product prices, Tongkun's POY and FDY fell more sharply, while DTY declined less than Xin Fengming.

In terms of raw material costs, both companies have enjoyed the benefits of falling costs this year. On the average purchase price of major raw materials PTA, MEG and PX, Xinfengming is 88.18yuan / ton, 13.55yuan / ton and 29.63yuan / ton lower than Tongkun respectively.

Due to fluctuations in crude oil prices in the third quarter of this year, the price of raw materials as a whole is high. PX soared to more than 9,000 yuan / ton in August. Xinfengming's output is relatively average, and the monthly purchase of raw materials is very stable, but we have PTA projects to be launched this year, so PX purchases will increase in the third quarter. If the quantity is not taken into account, the difference in our weighted average unit price is not large. " The person in charge of the above company said.

In terms of overall profit level, Tongkun's revenue scale is larger, but its profit is almost the same as Xin Fengming, both decreasing and increasing. In the first three quarters, Tongkun achieved revenue of about 61.742 billion yuan, an increase of 30.84% over the same period last year, and net profit of about 904 million yuan, a decrease of 53.23% over the same period last year. Xinfengming realized revenue of 44.2 billion yuan, an increase of 16.49% over the same period last year, and net profit of 887 million yuan, an increase of 212.19% over the same period last year.

The reason for the decline in Tongkun's net profit and deduction non-net profit in the first three quarters compared with the same period last year is that "the recognized profit and loss of foreign investment in Zhejiang Petrochemical has decreased compared with the same period last year." the company's "investment income in joint ventures and joint ventures" in the first three quarters of this year was only 74 million yuan, 1.706 billion yuan less than the same period last year.

In the third quarter alone, Tongkun achieved revenue of 24.845 billion yuan, an increase of 43.30% over the same period last year; the net profit belonging to shareholders of listed companies was 798 million yuan, an increase of 317.22% over the same period last year, which the company said was due to an increase in the number of products sold and enhanced profitability.

In the first three quarters of this year, the net cash flow generated by Tongkun's operating activities was 322 million yuan, compared with-446 million yuan in the same period last year. The company's monetary funds at the end of September were 7.966 billion yuan higher than at the end of last year.

Tongkun's gross profit margin reached 6.11% in the first three quarters, up from 3.23% last year, but it is still far from the previous level. The gross profit margin of Xinfengming in the first three quarters was 6.35%. The gross profit margin of Q3 reached 7.64%, an increase of 1.86 percentage points compared with the previous month, or benefited from the price difference between products and raw materials and the strengthening of cost management.

At the end of June this year, the 16 million tons / year Indonesia Northern Canada Refining and Chemical Integration Project invested by Taikun Petrochemical Co., Ltd., a joint venture between Xinfengming and Tongkun shares, was launched. after the project is completed, the annual revenue is expected to be US $10.4 billion and the after-tax profit is US $1.32 billion.