Thread Content
According to Sinochem New Network, as of now, the first-quarter performance reports of listed companies in the petroleum and chemical industry have all been released. Overall, benefiting from rising global crude oil prices, the completion of inventory reduction in the industry, and a slowdown in capacity expansion, the oil and chemicals sector delivered strong results in the first quarter. According to statistics, in the first quarter, 604 listed companies in the oil and chemical industry generated total revenue of 2.62 trillion yuan, a decrease of 1.26% compared with the previous year ； Net profit reached 172.7 billion yuan, a year-on-year increase of 17.4%. In the first quarter, driven by a sharp rise in international crude oil prices, the operating revenues of the ‘Big Three Oil Companies’ declined by 2.26%, but they still achieved a net profit of around 104.5 billion yuan, representing a year-on-year increase of 7.41%. In the refining and chemical industry, leading private enterprises such as Hengli Petrochemical, Hengyi Petrochemical, Rongsheng Petrochemical, Tongkun Shares, and Dongfang Shenghong, which have an integrated business model covering the entire chain from crude oil to aromatics, PTA, and polyester, led the way in terms of performance. Together, they achieved a net profit of 12.05 billion yuan, representing a significant increase of 2.3 times compared to the previous year. Among them, Rongsheng Petrochemical achieved a net profit attributable to the parent company of 2.815 billion yuan, a year-on-year increase of 378%. CITIC Securities believes that disruptions in the global energy and chemicals supply chain are accelerating a reshaping of the pricing power of China’s competitive manufacturing sectors, with the chemicals industry being the sector that benefits most directly from this trend. Looking at the various sub-sectors of the chemical industry, the fluorine chemicals, coal-based chemicals, and phosphorus chemicals sectors are in relatively good condition. Driven by multiple factors such as strict global quota restrictions, steady increasing demand, and an improving industry structure, the refrigerant industry maintains strong performance over the long term, becoming one of the most outstanding \"profit darlings\" in the A-share market. In the first quarter, five refrigerant manufacturers including Juhua Co., Ltd. and Sanmei Co., Ltd. achieved operating revenues of around 17.2 billion yuan, a year-on-year increase of 17.51% ； The net profit reached 2.286 billion yuan, a year-on-year increase of 29.15%. Amid high oil prices, coal chemical enterprises enjoy a significant cost advantage, enhancing the overall economic viability of the industry. Among them, Baofeng Energy and Hualu Hengsheng saw year-on-year increases in their net profits attributable to the parent company of 50.23% and 57.96% respectively in the first quarter. The phosphorus chemicals sector has seen both revenue and net profits increase, benefiting from the strong demand in the new energy industry. Eight phosphorus resource companies, including Yuntianhua and Hubei Yihua, achieved a total operating revenue of around 38.9 billion yuan, representing a year-on-year increase of 10.83% ； The net profit reached 2.516 billion yuan, a year-on-year increase of 12.88%. The agrochemical sector is also noteworthy. Benefiting from high potassium fertilizer prices, four listed potassium fertilizer companies, including Yanhu Co., Ltd., achieved operating revenues of around 10 billion yuan, a year-on-year increase of 13.67% ； The net profit reached 5.536 billion yuan, a year-on-year increase of 123%. The pesticides sector has seen moderate revenue growth, with strong performers maintaining their strong profitability. In the first quarter, 40 pesticide-related listed companies achieved total operating revenues of 54.744 billion yuan, a year-on-year increase of 11.19% ； The net profit reached 3.722 billion yuan, a year-on-year increase of 19.22%. In addition, benefiting from the trend of reducing excessive competition and a new round of inventory replenishment cycle, the performance of sectors such as silicone, dyes, and lithium battery materials has also begun to improve. However, the tire sector has seen poor overall performance due to factors such as rising raw material prices and exchange rate fluctuations. The 13 companies in the tire sector generated total revenue of around 58.5 billion yuan, a decrease of 20.12% on a year-on-year basis ； The net profit amounted to 3.43 billion yuan, a decrease of 0.92% on a year-on-year basis.