RSPC(SZ:002493)2022-12-06 11:31Group 1: Industry Overview and Company Strategy - The polyester industry's new capacity is gradually decreasing, but the recovery in downstream demand is slower than the polyester industry's supply, leading to unresolved supply-demand conflicts in 2016 [3] - The company plans to increase investment in differentiated products and develop high value-added new products [3] - The company's strategy involves extending from downstream to upstream in the industrial chain while also pursuing appropriate horizontal development [4] Group 2: Profitability Influencing Factors - The profitability of petrochemical products is influenced by supply relationships, crude oil price fluctuations, and macroeconomic policies (including interest and exchange rates) [4] - The supply-demand relationship significantly impacts the profitability of each product [4] Group 3: Project Updates and Technical Advantages - The Zhongjin Petrochemical aromatics project is gradually completing adjustments and is expected to return to pre-incident operational levels soon [4] - The cost advantages of Zhongjin Petrochemical's technology over traditional aromatics reforming include cheaper fuel oil, high conversion rates, and the recycling of hydrogen produced during the aromatics manufacturing process [4] - The unit capacity investment cost is relatively low, influenced by timing and negotiation skills of management [4] Group 4: Market Trends and Supply Sources - The PTA industry is expected to recover gradually, but due to high investment thresholds and existing capacity not being fully digested, there will not be a significant increase in new PTA capacity [5] - Fuel oil and naphtha are primarily sourced from imports, with a small portion procured domestically [5]