Affected by environmental pressures and other factors, the spread black ECT300% raised the price to 40 yuan / kg, compared with the market price on August 18 rose 5 yuan / kg, compared with July 27 rose 14 yuan / kg, from July 27, 2.6 10,000/ton rose to 40,000/ton, which surged 53% in less than a month. Since the second quarter, the price of disperse dyes has increased several times, and the performance of listed companies in the first half of the year has improved significantly.
Disperse dye concept stock gains
Multi-factors promote price hikes
Essence Securities believes that from the recent market situation, the frequency and frequency of printing and dyeing and dye prices have been significantly accelerated, and the price of dyes has been pushed downstream. Following the continuous price increase on July 27 and August 3, on August 18, the price of the dispersed black ECT 300% was raised from 30,000 yuan/ton to 35,000 yuan/ton, and the price of other disperse dyes increased by 0.3 million-0.5. 10,000 yuan / ton. With the tightening of environmental protection and the increase in demand from the downstream textile industry, it is expected that dye prices will remain high for a long time.
Industry insiders pointed out that with the continuous advancement of environmental protection inspectors, the main production bases of disperse dyes and their intermediates in Zhejiang and Shandong will further increase environmental protection law enforcement, and do not rule out the further shrinkage of dispersion and intermediate production capacity. In terms of downstream demand, in the first half of the year, printing and dyeing fabrics achieved 6% growth, which played an important supporting role in dye demand. In addition, the concentration of the industry is relatively high. Under the pattern of improved supply and demand in the market, the bargaining power of related companies is further enhanced.
Significant improvement in performance
In the four dyes listed companies, Zhejiang Longsheng 600352, attending shares and 002,440 shares leap soil, attending stocks have been published semi-annual report. Zhejiang Longsheng achieved operating income of 7.515 billion yuan in the first half of the year, up 19.50% year-on-year; net profit was 1.013 billion yuan, up 4.83% year-on-year.
In the first half of the year, the operating income and net profit of the company were 2.931 billion yuan and 402 million yuan respectively, up 39.92% and 52.19% respectively. The main product dyes contributed 82.47% of gross profit, and the average gross profit margin reached 31.32%, an increase of 3.41 percentage points over the same period of the previous year. In addition, Bauxite is expected to achieve a net profit of 600 million to 700 million yuan in the first three quarters, an increase of 36.20% to 58.90%.
Anoky 300067, consultation shares expected first half net profit of 61.3 million yuan -6966 million, an increase of 10% -25%. For the main reason for the growth in performance, the company said that the production capacity of disperse dyes has gradually expanded, dye sales have increased, and performance has increased. At the same time, strengthen the sales of differentiated products such as high-washing disperse dyes and printing dyes, and strengthen sales team building and marketing. In addition, the company implemented the business department management this year, effectively mobilizing the enthusiasm of the personnel of each business unit, and the business of dyes, digital, e-commerce and other business units have been improved to some extent.
Insiders pointed out that the follow-up impact of environmental supervision on the industry is difficult to judge. “The ability of the downstream dye digestive dyes to increase prices is limited, dye manufacturers, printing and dyeing factories and fabric manufacturers are still in the game, and downstream customers are currently cautious about rising dye prices.â€
Concept stocks:
Zhejiang Longsheng: The advantages of industrial chain integration are obvious. At present, the company has about 140,000 tons of disperse dyes (expanded to 250,000 tons in the future), about 70,000 tons of reactive dyes, and upstream supporting raw materials such as reducing substances and H acid. For each of the disperse dyes and reactive dyes, the EPS is increased by 1,000 yuan: 0.03 yuan and 0.01 yuan;
Bauxite shares: Dyes warmed up, profitability improved, and H acid was a strong competitive chip for the company. At present, the company disperses 110,000 tons of dyes and 40,000 tons of reactive dyes. The key to the profitability of reactive dyes lies in whether or not the intermediate H acid is supported. Bauxite's current H acid capacity is 20,000 tons, about 75% of the external sales, H acid is the company's strong competitive chips in reactive dyes. For every 1,000 yuan of disperse dyes and reactive dyes, the EPS will be increased to 0.11 yuan and 0.04 yuan respectively;
Annoqi: Benefit from both flexibility in quantity and price. With the expansion of the third phase of the Dongying project in the second half of 2015 and the completion of the technical modification of reactive dyes, the company currently disperses 36,000 tons of dyes, 24,500 tons of reactive dyes, and upstream 30,000 tons of intermediates; The company continued to maintain a high level of gross profit margin. For every 1,000 yuan of disperse dyes and reactive dyes, the EPS will be increased to 0.05 yuan and 0.04 yuan respectively.
Haixiang Pharmaceutical Industry 002099, Diagnostic Unit : Reactive Brilliant Blue segmented industry leader, stable profitability. For each 1000 yuan increase in dye, the EPS will be increased to 0.01.
Shaoxing Ruier Imp. & Exp. Co.,Ltd , https://www.pasafancyfabric.com