2023 China chemical fiber industry market profile analysis: New Fengming vs Suzhou Longjie

1. Comparison of basic conditions

Chemical fiber is a kind of fiber with textile properties, which is made of natural polymer or synthetic polymer as raw material through the preparation of spinning stock, spinning and post-treatment. According to the different raw materials, chemical fibers can be divided into artificial fibers and synthetic fibers.

In the chemical fiber industry, the listed enterprise New Fengming Group Co., Ltd. was founded in February 2000, is a collection of PTA, polyester, spinning, elastic, import and export trade as one of the modern large-scale joint-stock enterprises, under the Zhongwei, Huzhou Zhongshi Technology, Dushan Energy, Jiangsu Xintuo more than 20 subsidiaries. The company has 20 years of polyester filament research and development and production experience, mainly using melt direct spinning production technology, focusing on the field of civilian polyester fiber, products cover the differential POY, FDY, DTY polyester filament and fabric fabric type, knitted cotton type, sewing line, nonwoven type and other short fibers and other medium and high-end series varieties.

Suzhou Longjie Special Fiber Co., Ltd. is a high-tech enterprise specializing in the production of differentiated polyester fiber. The company has formed suede fiber series, imitation fur fiber series, PTT fiber series and other core characteristic products, covering FDY, DTY, POY and other product process categories, reaching hundreds of varieties and specifications.

2. Comparison of business conditions

1. Comparison of total operating income

China's chemical fiber manufacturing industry started in the 1950s, and China has become the world's largest producer of chemical fiber. Chemical fiber industry has become an industry with international competitive advantages in China, is an important pillar industry of the national economy, high performance, bio-based chemical fiber raw materials and fiber manufacturing is also one of China's strategic emerging industries. Under the influence of the epidemic, the risk of global economic turmoil has intensified, and the operating pressure of the chemical fiber industry has increased, but at the same time, positive factors still exist, and the resilience of the industry to resist downward risks has been increasing. In response to the impact of the epidemic, the state has begun to introduce various support policies to help enterprises gradually ease the operating pressure. Judging from the changes in the total revenue of the two enterprises in recent years, the total revenue of new Fengming has risen steadily, while the total revenue of Suzhou Longjie has declined significantly in 2020, and the total operating income of new Fengming has always been much higher than that of Suzhou Longjie, and the total revenue of new Fengming and Suzhou Longjie in 2021 is 44.77 billion yuan and 1.072 billion yuan respectively. Their total revenue in the first half of 2022 was 23.715 billion yuan and 463 million yuan, respectively.

2. Comparison of total operating costs

From the perspective of the operating costs of the two enterprises in recent years, the total operating cost of new Fengming is much higher than that of Suzhou Longjie; In the first half of 2022, their respective operating costs were 22.089 billion yuan and 448 million yuan, respectively.

3. Comparison of chemical fiber operating income

"Chemical fiber industry" 13th Five-Year "development guidance" put forward efforts to improve the conventional chemical fiber modification technology and new product research and development level, focus on improving the flame retardant, antibacterial, chemical resistance, UV resistance and other conventional fibers such as polyester, nylon, recycled cellulose fibers, improve the functional, differential fiber varieties proportion. The continuous introduction of industrial policies has pointed out the general direction of future development for enterprises in the industry, and will also support the better and faster development of China's chemical fiber industry; From the perspective of the chemical fiber revenue revenue of New Fengming and Suzhou Longjie in 2019-2021, the respective revenue of the business in 2021 was 37.264 billion yuan and 10.67 yuan, respectively, and the revenue of the business of Suzhou Longjie did not recover to the level before the epidemic.

4. Comparison of chemical fiber operating costs

The change trend of the operating cost of the chemical fiber business of the two enterprises is consistent with the change trend of the revenue of the business, and the operating cost of the chemical fiber of New Fengming and Suzhou Longjie in 2021 is 32.946 billion yuan and 971 million yuan respectively.

Operating cost of chemical fiber of Key Enterprises in China, 2019-2021 (RMB 100 million)

5, chemical fiber gross profit margin comparison

Compared with the gross profit margin of the chemical fiber business of New Fengming and Suzhou Longjie, the gross profit margin of the chemical fiber business of New Fengming in 2019-2021 fell first and then rose, surpassing the gross profit margin of Suzhou Longjie in 2021, while the gross profit margin of the business of Suzhou Longjie has been declining in recent years. In 2021, the gross profit margin of New Fengming and Suzhou Longjie was 11.6% and 9.0% respectively.

The gross profit rate of chemical fiber of key enterprises in China in 2019-2021

Related report: "2023-2029 China Chemical Fiber Industry Market Depth Monitoring and Development Prospects Forecast Report" issued by Zhiyan Consulting

3. Comparison of production, sales and inventory

In recent years, the production and sales volume of new Fengming polyester filament has continued to rise, and the production and sales volume of polyester filament in 2021 will be 5.541 million tons and 5.351 million tons respectively. The production and sales volume of Suzhou Longjie polyester filament decreased in 2020, but resumed growth in 2021, and its production and sales volume in 2021 were 152,718.7 tons and 111,337 tons, respectively.

Fourth, research and development investment comparison

From the perspective of R&D investment, the R&D investment of new Fengming is much higher than that of Suzhou Longjie, with the respective R&D investment of 915 million yuan and 48 million yuan in 2021; From the perspective of the proportion of R&D investment, the respective R&D investment in 2021 will account for 2.0% and 4.5%.

2019-2021 R&D investment of key enterprises in China's chemical fiber industry (RMB 100 million)

Proportion of R&D investment of key enterprises in China's chemical fiber industry from 2019 to 2021

The "2023-2029 China Chemical Fiber Industry Market Depth Monitoring and Development Prospects Forecast Report" (hereinafter referred to as the "Report") carefully prepared by the expert team of Zhiyan Consulting was released. The "Report" aims to analyze the future market trend of the chemical fiber industry from the national economic and industrial development strategy, and tap the development potential of the chemical fiber industry. Predict the development prospects of the chemical fiber industry and help the high-quality development of the chemical fiber industry.

This report starts from the perspective of the development environment, overall operation situation, operation status, import and export, and competition pattern of the national chemical fiber industry in 2022, systematically and objectively analyzes the development and operation of China's chemical fiber industry, and looks forward to the development trend of China's chemical fiber industry in 2023. The Report is a work that systematically analyzes the development status of China's chemical fiber industry in 2022, which has important reference value for comprehensively understanding the development status of China's chemical fiber industry and carrying out academic research and practice related to the development of the chemical fiber industry, and can be read by relevant personnel engaged in the chemical fiber industry, scientific research institutions, industrial enterprises and other relevant personnel.