Chemical fine molecular chemical industry analysis

1.1 Performance growth of the fine molecule industry

Revenue in 2021: The top five sub-sectors with year-on-year growth are other chemical raw materials (135%), polyurethane (92%), spandex (91%), other chemicals (63%), and oil and trade (62%); The bottom five are chlor-alkali (6%), tires (7%), Vinylon (15%), potash (16%), viscose (17%).

The top five sub-sectors with year-on-year growth rate in 2021 are soda ash (11316%), phosphate fertilizer (552%), fluorine chemical and refrigerant (502%), nitrogen fertilizer (296%), spandex (251%); The bottom five are compound fertilizer (-560%), phosphorus chemical and phosphate (-557%), daily chemical products (-282%), other plastic products (-203%), synthetic leather (-148%).

Operating income in the first quarter of 2022: the top five sub-sectors with year-on-year growth rate are potash fertilizer (155%), other chemical raw materials (96%), phosphorus chemical and phosphate (81%), fluorine chemical and refrigerant (64%), and other chemicals (57%); The bottom five are viscose (-26%), tires (-3%), chlor-alkali (0%), daily chemical products (13%), and textile chemicals (13%).

In the first quarter of 2022, net profit returned to the mother: the top five sub-sectors with year-on-year growth rate are fluorine chemical industry and refrigerant (495%), phosphorus chemical industry and phosphate (425%), potash fertilizer (331%), civil explosive supplies (310%), Vinylon (222%); The bottom five are viscose (-92%), carbon black (-78%), tires (-74%), textile chemicals (-43%), and modified plastics (-37%).

1.2 Profitability of the fine molecule industry

Gross profit margin in 2021: The top five sub-sectors with year-on-year change are potassium fertilizer (47.7%), fluorine chemical and refrigerant (17.4%), spandex (11.5%), soda ash (11.5%), phosphorus chemical and phosphate (11.4%); The bottom five were other chemical raw materials (-17%), textile chemicals (-11.9%), polyurethanes (-11.2%), daily chemical products (-7.9%), and tires (-6.4%).

Net profit rate in 2021: the top five sub-sectors with year-on-year changes are phosphorous chemical and phosphate (63.4%), daily chemical products (60.4%), synthetic leather (38.7%), compound fertilizer (21%) and potash fertilizer (18.5%); The bottom five are other rubber products (-11.8%), polyester (-10.9%), tires (-7.7%), other chemical raw materials (-6.9%), nitrogen fertilizer (-6.4%).

In the first quarter of 2022, gross profit margin: the top five sub-sectors with year-on-year changes are potassium fertilizer (31.3%), phosphorus chemical and phosphate (14.8%), fluorine chemical and refrigerant (12.1%), phosphate fertilizer (9.3%), pure alkali (7.7%); The bottom five are other chemical raw materials (-15.9%), carbon black (-15.8%), paint and ink manufacturing (-10%), nitrogen fertilizer (-8.5%), and textile chemicals (-8.4%).

In the first quarter of 2022, net interest rate: the top five sub-sectors with year-on-year changes are phosphorous chemical and phosphate (13.7%), fluorine chemical and refrigerant (10.5%), phosphate fertilizer (10%), potash fertilizer (8.9%), and civilian explosive supplies (8.8%); The next five were carbon black (-12.1%), nitrogen fertilizer (-8.5%), textile chemicals (-8.5%), other chemical raw materials (-8.1%), and viscose (-7.8%).

From the perspective of various fine molecule industries, the industries with significant profitability improvement in 2021 and the first quarter of 2022 are potash fertilizer, fluorine chemical industry and refrigerants, soda ash and phosphorus chemical industry and phosphate, and other chemical raw materials and textile chemicals. The industries with better performance, such as potash fertilizer and soda ash, are mainly due to the high certainty of upward demand in the context of steady growth, and the product prices and price spreads are rising sharply under the good supply and demand, promoting the continuous upward profit margins of the industry; The poor performance of textile chemical supplies is due to the rise in raw material prices combined with the repeated decline in demand under the epidemic, and the weak price transmission ability has led to the thinning of the industry.

1.3 The asset-liability ratio of the fine molecule industry and the proportion of projects under construction

Asset-liability ratio: The top five sub-sectors in 2021 are phosphate fertilizer (63.1%), phosphorus chemical and phosphate (60.3%), polyurethane (59.2%), nitrogen fertilizer (57%), modified plastics (56.9%); The bottom five were petroleum trade (22.3 percent), other chemical raw materials (24.2 percent), synthetic leather (35.7 percent), other rubber products (36.1 percent), and spandex (36.6 percent). The top five sub-sectors of 2022Q1 are phosphate fertilizer (62.6%), phosphorus chemical and phosphate (60.3%), polyurethane (59.9%), polyester (59.1%), and modified plastics (58%). The bottom five were petroleum trade (22.3%), other chemical raw materials (25.6%), synthetic leather (35.7%), spandex (36.6%), and other rubber products (36.8%).

The top five sub-sectors in 2021 are polyester (20.5%), chemical fiber (19.3%), other chemical raw materials (13.5%), polyurethane (13%), and modified plastics (11.3%). The next five are petroleum processing (0.7%), potash (1.8%), petroleum trading (2%), phosphate fertilizer (2.5%), and civil explosive supplies (2.7%). The top five sub-sectors of 2022Q1 are modified plastics (12.4%), Vinylon (9.7%), plastics (8.5%), other chemical raw materials (7.4%), paint and ink manufacturing (6.5%); The next five were viscose (0.1%), polyurethane (0.1%), potash (0.2%), nitrogen (0.3%), and petroleum processing (0.7%).