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屹堃宸(上海)化工机械有限公司成立 注册资本100万人民币
Sou Hu Cai Jing· 2025-08-25 21:11
天眼查App显示,近日,屹堃宸(上海)化工机械有限公司成立,法定代表人为付淑英,注册资本100 万人民币,经营范围为一般项目:炼油、化工生产专用设备制造;泵及真空设备制造;通用设备制造 (不含特种设备制造);密封件制造;船用配套设备制造;通用设备修理;泵及真空设备销售;供应用 仪器仪表销售;电气设备销售;机械设备销售;密封件销售;工业设计服务;技术服务、技术开发、技 术咨询、技术交流、技术转让、技术推广;货物进出口;贸易经纪。(除依法须经批准的项目外,凭营 业执照依法自主开展经营活动)。 ...
安徽汉疆工业技术有限公司成立 注册资本12000万人民币
Sou Hu Cai Jing· 2025-08-23 01:42
Group 1 - Anhui Hanjian Industrial Technology Co., Ltd. has been established with a registered capital of 1.2 billion RMB [1] - The legal representative of the company is Lü Houlian [1] - The company's business scope includes technology services, development, consulting, and transfer, as well as manufacturing and sales of specialized equipment for refining and chemical production [1] Group 2 - The company is also involved in the manufacturing and sales of petroleum products (excluding hazardous chemicals) [1] - Additional services offered include industrial design, smart basic manufacturing equipment manufacturing, domestic trade agency, and import-export agency [1] - The company can engage in investment activities with its own funds, excluding licensed businesses, and can operate projects that are not prohibited or restricted by laws and regulations [1]
化工 战略看多石化行业反内卷
2025-08-21 15:05
化工 战略看多石化行业反内卷 20250821 摘要 中国石化行业正经历从"能耗双控"向"碳双控"的政策转变,对炼化 和乙烯等高耗能行业提出更严格的能耗标准,加速行业结构调整。 行业老旧装置面临加速淘汰,以 20 年为限,炼油产能占比约 32%,乙 烯产能占比约 17%,200 万吨以下炼油装置占全国总产能 6.5%,30 万吨以下乙烯装置占比 15%。 石化市场整体处于宽松底部震荡,产品价差和龙头企业盈利能力具备安 全边际,海外炼油产能因高油价和绿色转型而逐步退出,为国内企业带 来修复机会。 欧洲和日本炼厂面临高油价和运营压力,逐步退出市场,预计 2024 年 至 2027 年底欧洲将退出约 400-500 万吨乙烯产能,日本也将退出部分 产能,影响全球石化格局。 石化行业面临破产和整合风险,部分企业如英力士、壳牌欧洲等面临经 营压力,韩国石化行业寻求自救,老旧产能被新增产能取代,芳烃领域 新增项目审批严格。 油价回调至约 65 美元/桶,前期高油价风险释放,OPEC 增产和美国页 岩油成本支撑油价,为石化产业链布局提供时间窗口。 建议关注恒力石化、荣盛石化、东方盛虹、桐昆股份等炼油企业,以及 宝丰能源和卫 ...
上海惠吉睿化工有限公司成立 注册资本200万人民币
Sou Hu Cai Jing· 2025-08-20 21:45
天眼查App显示,近日,上海惠吉睿化工有限公司成立,法定代表人为陈实勇,注册资本200万人民 币,经营范围为一般项目:化工产品销售(不含许可类化工产品);炼油、化工生产专用设备销售;合 成材料销售;橡胶制品销售;五金产品批发;纸制品销售;货物进出口;技术进出口;技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广。(除依法须经批准的项目外,凭营业执照依法自主 开展经营活动)。 ...
国联民生证券:关注“反内卷”八大细分领域龙头公司
Zhi Tong Cai Jing· 2025-07-31 02:53
Group 1 - The core viewpoint of the reports indicates that the recent "anti-involution" policies are beneficial in curbing low-level repetitive construction in the chemical industry and are actively promoting a shift from homogeneous price wars to high-quality development [1][3] - The chemical industry is expected to see a recovery in its prosperity, with a focus on the revival of terminal product demand, increasing industry concentration, and investment opportunities in segments with industrial moats and potential cyclical rebounds, such as refining, ethylene, polyester filament, PVC, organic silicon, battery materials, glyphosate, and soda ash [1][2] Group 2 - The chemical industry has faced significant pressure since 2022 due to demand contraction and supply shocks, with the CCPI continuing to decline by 5.57% from early 2025 to July 24, 2025 [2] - From January to May 2025, the revenue of the chemical raw materials and chemical products manufacturing industry grew by 2.10% year-on-year, while total profits decreased by 4.70% [2] - The industry's capacity utilization rate was 71.90% in the second quarter of 2025, down by 1.60 percentage points from the first quarter [2] - The capital expenditure in the large chemical sector has significantly declined, with the capital expenditure growth rate for the oil and petrochemical/basic chemical sectors turning negative at -6.6% and -15.0%, respectively [2] Group 3 - The "anti-involution" policies are expected to reshape the petrochemical industry landscape, addressing the pressures of overcapacity and homogeneous competition [3] - Refining is experiencing a decline in operating rates due to demand downturn and electrification, with potential policy measures to reduce inefficient capacity and encourage integrated development [3] - The ethylene sector faces oversupply and competition, but controlling production and improving quality could alleviate supply-demand imbalances [3] Group 4 - In the battery materials sector, rapid capacity expansion amid growing demand has led to significant supply pressure, but "anti-involution" policies may guide healthier industry development [4] - The organic silicon industry is nearing the end of its capacity expansion phase, with recent supply disruptions and sustained demand growth expected to ease short-term supply pressures [4] - The "anti-involution" policies are anticipated to improve the supply landscape in the soda ash sector by accelerating the exit of outdated processes and capacities [4]
中金2025下半年展望 | 油气化工:寒尽春生,拐点将至
中金点睛· 2025-07-16 23:43
Core Viewpoint - The domestic chemical industry is currently experiencing low price indices, profit margins, and valuations, but there are expectations for positive changes in supply due to declining capital expenditures, accelerated exit of outdated overseas capacities, and government policies emphasizing "anti-involution" [1][3][33]. Group 1: Industry Downturn and Financial Metrics - The chemical industry has been in a downturn for approximately three years, with profit margins at low levels. From early 2025 to now, the chemical product price index has decreased by 6.4%, currently at the 15.6% percentile since 2012 [3][9]. - The profit margin for chemical raw materials and products from January to May 2025 is 4.10%, the lowest since 2017. In Q1 2025, the gross and net profit margins for petrochemical companies were 15.83% and 5.07%, respectively, also at low levels [3][9]. - Capital expenditures in the petrochemical sector continue to decline, with a year-on-year decrease of 18.3% in 2024 and 18.5% in Q1 2025 [3][14]. Group 2: Global Demand and Trade Impacts - Global demand for bulk chemical products remains weak, with the real estate sector's adjustment gradually narrowing its economic drag, but still affecting demand growth for chemicals related to real estate and its downstream sectors [4][23]. - The U.S. has raised import tariffs on most chemical products by 30%, which has suppressed some direct exports of chemicals to the U.S. If these tariffs remain, they may disrupt future chemical exports from China [4][28]. Group 3: Supply Dynamics and Capacity Exits - The exit of outdated overseas chemical capacities is accelerating, with a total of 11 million tons of capacity expected to exit in Europe from 2023 to October 2024. This includes significant closures announced by companies like Westlake Chemical and Total [3][20]. - The exit of overseas chemical capacities is expected to help alleviate global supply-demand imbalances in related chemical products [3][20]. Group 4: Investment Opportunities and Strategies - The chemical industry is at a low point in terms of profitability and valuation, with the ROE for the basic chemical sector at its lowest since 2017. As of July 11, 2023, the price-to-book ratio for the basic chemical sector is 2.10x, at the 21% percentile since 2012 [33]. - The company sees potential in low-valuation chemical leaders with strong profit growth certainty for 2026, as well as investment opportunities in bottomed-out supply-concentrated products [37][38].
卓然股份: 上海市锦天城律师事务所关于上海卓然工程技术股份有限公司2025 年限制性股票激励计划(草案)之法律意见书
Zheng Quan Zhi Xing· 2025-07-16 16:27
Group 1 - The core opinion of the legal opinion letter is that Shanghai Zhuoran Engineering Technology Co., Ltd. is qualified to implement the 2025 Restricted Stock Incentive Plan and has complied with relevant legal and regulatory requirements [1][16] - The legal opinion confirms that the company is a legally established and effectively existing listed company, having been listed on the Shanghai Stock Exchange on September 6, 2021, with the stock code "688121" [6][7] - The company has fulfilled necessary procedures for the implementation of the incentive plan, including board resolutions and disclosures [10][12] Group 2 - The content of the incentive plan includes objectives, scope of incentive objects, stock sources, quantity, and distribution, as well as the granting price and conditions for stock vesting [8][9] - The plan aims to attract and retain key talents, aligning employee interests with those of shareholders and the company, thereby enhancing core competitiveness and promoting high-quality development [13][14] - The legal opinion states that the plan does not harm the interests of the company and its shareholders and complies with applicable laws and regulations [16]
大连石化搬迁改造升级工作有序推进
Liao Ning Ri Bao· 2025-07-01 01:29
Group 1 - The core viewpoint is that China National Petroleum Corporation (CNPC) Dalian Petrochemical Company is undergoing a significant transformation by ceasing operations at its old facility and accelerating the development of an integrated refining and chemical project, which will enhance the urban space in Dalian and support the creation of a vibrant coastal bay area [1][2] - The Dalian Petrochemical Company is a major refining and lubricating oil enterprise in Northeast China, and its relocation and upgrade project is a practical implementation of ecological civilization and high-quality development principles [1] - The project is the first large-scale oil refining relocation initiative in China, aimed at optimizing the petrochemical industry structure in Dalian and promoting the establishment of a modern industrial system [1] Group 2 - The company is focusing on a "green, low-carbon, innovative, efficient, and digitally open" strategy to accelerate the transformation of its refining business, planning to build a 10 million tons/year refining and 1.2 million tons/year ethylene facility [2] - This project will enable the Dalian Petrochemical Company to transition into an integrated refining enterprise, significantly altering the refining industry structure in Dalian, Liaoning Province, and the entire Northeast region [2] - The project is expected to elevate the quality of CNPC's refining business and establish Dalian as a landmark petrochemical base in Northeast China [2]
荣盛石化:公司简评报告:炼化边际改善,大化工平台深化-20250507
Donghai Securities· 2025-05-07 06:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the refining margins have improved, and the company is deepening its chemical platform [1] - The company experienced significant performance recovery in Q1 2025, with a notable increase in net profit compared to the previous quarter [6] - The chemical segment benefits from price spread recovery, leading to steady cash flow growth [6] - The company is actively pursuing international expansion and enhancing its chemical platform [6] - The controlling shareholder has been consistently buying back shares, reflecting confidence in the company's long-term value [6] - The earnings forecast for 2025-2027 shows a gradual increase in net profit and earnings per share [6] Financial Performance Summary - In 2024, the company achieved a revenue of 326,475.16 million yuan, with a slight year-on-year increase of 0.42% [6] - The net profit attributable to the parent company for 2024 was 724.48 million yuan, down 37.44% year-on-year [6] - For Q1 2025, the company reported a revenue of 749.75 million yuan, with a year-on-year decrease of 7.54% but a quarter-on-quarter increase in net profit of 486.62% [6] - The gross profit margin for 2024 was 11.48%, with expectations for improvement in subsequent years [6] Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2,887.98 million yuan, 3,831.54 million yuan, and 4,876.71 million yuan respectively [6] - The earnings per share (EPS) for the same years are projected to be 0.29 yuan, 0.38 yuan, and 0.48 yuan [6] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 30.29, 22.83, and 17.94 respectively [6]
镇海炼化创建“无废石化基地”
Jing Ji Ri Bao· 2025-05-05 22:11
Core Viewpoint - The company is actively promoting green development and sustainability initiatives, exemplified by the establishment of a waste-free and odor-free demonstration base, which has attracted various bird species, including egrets, to thrive in its environment [1][2]. Group 1: Environmental Initiatives - The company has created a 15,000 square meter Egret Park within its refinery area, which supports nearly 50 bird species due to its rich vegetation and peaceful environment [1]. - The company is recognized as a "leader" in carbon peak initiatives and has been selected as one of the first new types of environmental protection facilities by the Ministry of Ecology and Environment [1]. - The company is developing a "waste-free petrochemical base" pilot project and is involved in setting industry standards for waste management [2]. Group 2: Technological Innovations - The company has developed a large-scale wet oxidation device for hazardous waste treatment, converting toxic substances into usable resources, generating nearly 1 million yuan in benefits [3]. - A new technology is being tested to convert biochemical sludge into biomass fuel, which is expected to reduce solid waste disposal by approximately 1,000 tons annually and lower coal consumption and CO2 emissions [2]. Group 3: Energy Transition - The company is focusing on clean energy development, including the establishment of a hydrogen supply center capable of supplying 4,000 kg of hydrogen daily, enhancing the use of hydrogen in various applications [3]. - The company is integrating hydrogen energy into logistics, facilitating cross-city transportation of polyethylene products using hydrogen-powered trucks [3]. Group 4: Strategic Goals - The company aims to build a world-class, high-tech, integrated green petrochemical base by leveraging technological innovation to enhance production efficiency and promote high-end, intelligent, and green development in the petrochemical industry [4].