东方盛虹(000301) - 东方盛虹调研活动信息（一）

Financial Performance - The estimated net profit for 2019 is projected to be between 1.45 billion and 1.75 billion, representing a year-on-year growth of 50% to 80% [2] Business Segments 1. Chemical Fiber Segment - The company has a differentiated polyester filament production capacity of 2.1 million tons, with nearly 90% of the production being differentiated, primarily DTY, which accounts for about 55% of total capacity [3] - The company is one of the largest suppliers of full dull fibers globally and the largest supplier of fine denier differentiated fibers [3] 2. Petrochemical Segment - In 2019, the company acquired Hong Kong Petrochemical, with a PTA production capacity of 1.5 million tons, utilizing the Invista P8 process [3] - A major refining project in Lianyungang is under construction, with a capacity of 16 million tons per year [4] 3. Energy Segment - The energy segment primarily provides steam services to local dyeing and textile enterprises, with significant investment in a new thermal power project amounting to 1 billion [4] Major Projects - The Lianyungang refining project, included in the national petrochemical industry planning, has a total investment of 67.6 billion, expected to contribute nearly 100 billion in net profit upon completion [4] - The project has seven advantages, including scale, technology, product, location, industrial chain integration, park synergy, and industry experience [5] Construction Progress - As of 2019, approximately 5 billion has been invested in the Lianyungang project, with contracts signed totaling 27 billion [5] - The project is expected to commence production by the end of 2021 [6] Impact of COVID-19 - The pandemic has had a limited impact on production, with most frontline employees remaining on duty [6] - The export of polyester filament accounts for over 10% of revenue and remains stable [6] Future Plans - The company plans to add 200,000 tons of new capacity for differentiated fibers this year, with further expansion of filament capacity considered [7] - The total investment for the refining project is over 60 billion, with approximately 5 billion already invested [7] Financing - The financing for the refining project includes government industrial funds totaling 8.5 billion, with self-owned funds of 5.5 billion and additional fundraising of 5 billion [7] - Bank loans amount to 41.5 billion, with green bonds issued for 3 billion [7]