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Home > News > Regional News

Insight: 3 notable trends from Q3 results of Chinese chemical companies

Source：Adsale Plastics Network Date ：2024-11-04 Editor ：VC
Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

Now is the time for companies listed in China to announce their third-quarter financial results. Adsale Plastics Network has compiled the quarterly performance of 12 listed chemical companies, including Sinopec, Rongsheng Petrochemical, Wanhua Chemical, Eastern Shenghong, and Kingfa Sci.&Tech.

 

Data shows that among these 12 companies, over 80% have reported revenue growth, and nearly 60% have achieved profit growth. This indicates a stable growth trend in the Chinese chemical industry, along with improved corporate profitability.

 

In analyzing the companies that recorded significant revenue or profit growth, Adsale Plastics Network identified three notable trends.



CompanyQ1-Q3 Revenue  (billion RMB)YOY (%)
1Sinopec2366.541-4.2%
2Rongsheng   Petrochemical245.1962.57%
3Wanhua Chemical147.60411.35%
4Eastern Shenghong108.3014.46%
   
5Kingfa Sci.&Tech40.46518.01%
6Huafon Chemical20.3733.51%
7Gon Technology14.1611.79%
8PRET Composites5.738-11.69%
9Dawn Polymer3.77%12.05%
10Polyrocks   Chemical 3.1924.83%
11Nanjing Julong 1.61229.47%
12Silver Age Sci &   Tech1.41617.25%

 

Petrochemical companies capitalize on industrial chain support

 

Among the top four companies by revenue, Sinopec, Rongsheng Petrochemical, and Eastern Shenghong are significant players in the petrochemical sector, engaged in activities ranging from oil refining to chemical processing. Their prominent resource and cost advantages enable them to diversify risks and enhance profitability more effectively.

 

Sinopec leads the table in both revenue and net profit, although the numbers saw a slight year-on-year (YOY) decline. This drop was primarily due to significant fluctuations in international crude oil prices and reduced domestic demand for diesel. Additionally, the narrowing gross profits from certain refining products posed challenges for the company.

 

Rongsheng Petrochemical reported a remarkable sevenfold increase in net profit YOY for Q1-Q3. The private enterprise operates a world-class integrated refining and chemical base, with several units ranking among the largest globally. The company continues to broaden its product portfolio, which now includes polyester, engineering plastics, high value-added polyolefins, specialty rubber, and so on.


Rongsheng Petrochemical_480.jpg

Rongsheng Petrochemical achieved a sevenfold increase in net profit for Q1-Q3 in 2024.

 

Emerging sectors unlock new opportunities for modified plastics

 

Kingfa Sci.&Tech, Gon Technology, Dawn Polymer, Silver Age Sci & Tech, and Nanjing Julong Science and Technology are leading enterprises in the modified plastics sector, they achieved significant increase in revenue and net profit from January to September this year.

 

Both Kingfa and Silver Age reported net profit increase of over 40%. This surge is largely attributed to the rapid growth of sectors such as new energy vehicles, smart home appliances, power batteries, photovoltaics, and energy storage in recent years. Additionally, emerging sectors like drones, the low-altitude economy, and humanoid robots have opened new avenues for the application of modified plastics.

 

For instance, Kingfa’s specialty engineering plastics and carbon fiber reinforced composite materials meet the requirements from lightweight, high-strength, and corrosion-resistant applications, making them ideal for use in flying vehicles and drones.

 

Dawn Polymer, a supplier of materials for Xpeng Motors, is also advancing its materials for flying vehicle applications. Meanwhile, Gon Technology's diversified resin solutions have been successfully used in new energy vehicles manufactured by BYD.


Autoflight_480.jpg

Low-altitude economy is expected to fly high, creating opportunities for modified plastics and composite materials. (Source: AutoFlight)

 

Home appliances and footwear markets fuel polyurethane business

 

The growth of the home appliance and footwear markets has significantly benefited leading polyurethane companies, Wanhua Chemical and Huafon Chemical, this year.

 

In the first eight months of this year, the operating revenues of the Chinese home appliance industry reached RMB 1.26 trillion, marking a YOY increase of 4.0%. Additionally, export earnings soared to US$81.9 billion, reflecting a YOY increase of 19.3%.

 

Polyurethane plays a crucial role as an insulation material in home appliances, being widely used in refrigerators, freezers, air conditioners, water heaters, and disinfection cabinets, etc. The surge in home appliance sales has created significant opportunities for polyurethane manufacturers. Wanhua Chemical is a supplier for home appliance brands, including Haier, Midea, and Hisense.


Wanhua Chemical_480.jpg

Wanhua Chemical’s polyurethane solutions are used in footwear applications.

 

Polyurethane is also essential in the footwear industry, particularly in the production of sports shoe soles due to its lightweight, high wear resistance, and durability. The 2024 Olympic Games heightened national enthusiasm for sports in China, leading to a rapid expansion of the sports shoe market, which has grown by over 70% in volume.

 

Huafon Chemical commands more than 60% of the Chinese polyurethane solutions market. Based on this market share, it is estimated that six out of every ten pairs of sports shoes feature soles made from Huafon Chemical's materials.

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Source：Adsale Plastics Network Date ：2024-11-04 Editor ：VC
Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

Now is the time for companies listed in China to announce their third-quarter financial results. Adsale Plastics Network has compiled the quarterly performance of 12 listed chemical companies, including Sinopec, Rongsheng Petrochemical, Wanhua Chemical, Eastern Shenghong, and Kingfa Sci.&Tech.

 

Data shows that among these 12 companies, over 80% have reported revenue growth, and nearly 60% have achieved profit growth. This indicates a stable growth trend in the Chinese chemical industry, along with improved corporate profitability.

 

In analyzing the companies that recorded significant revenue or profit growth, Adsale Plastics Network identified three notable trends.



CompanyQ1-Q3 Revenue  (billion RMB)YOY (%)
1Sinopec2366.541-4.2%
2Rongsheng   Petrochemical245.1962.57%
3Wanhua Chemical147.60411.35%
4Eastern Shenghong108.3014.46%
   
5Kingfa Sci.&Tech40.46518.01%
6Huafon Chemical20.3733.51%
7Gon Technology14.1611.79%
8PRET Composites5.738-11.69%
9Dawn Polymer3.77%12.05%
10Polyrocks   Chemical 3.1924.83%
11Nanjing Julong 1.61229.47%
12Silver Age Sci &   Tech1.41617.25%

 

Petrochemical companies capitalize on industrial chain support

 

Among the top four companies by revenue, Sinopec, Rongsheng Petrochemical, and Eastern Shenghong are significant players in the petrochemical sector, engaged in activities ranging from oil refining to chemical processing. Their prominent resource and cost advantages enable them to diversify risks and enhance profitability more effectively.

 

Sinopec leads the table in both revenue and net profit, although the numbers saw a slight year-on-year (YOY) decline. This drop was primarily due to significant fluctuations in international crude oil prices and reduced domestic demand for diesel. Additionally, the narrowing gross profits from certain refining products posed challenges for the company.

 

Rongsheng Petrochemical reported a remarkable sevenfold increase in net profit YOY for Q1-Q3. The private enterprise operates a world-class integrated refining and chemical base, with several units ranking among the largest globally. The company continues to broaden its product portfolio, which now includes polyester, engineering plastics, high value-added polyolefins, specialty rubber, and so on.


Rongsheng Petrochemical_480.jpg

Rongsheng Petrochemical achieved a sevenfold increase in net profit for Q1-Q3 in 2024.

 

Emerging sectors unlock new opportunities for modified plastics

 

Kingfa Sci.&Tech, Gon Technology, Dawn Polymer, Silver Age Sci & Tech, and Nanjing Julong Science and Technology are leading enterprises in the modified plastics sector, they achieved significant increase in revenue and net profit from January to September this year.

 

Both Kingfa and Silver Age reported net profit increase of over 40%. This surge is largely attributed to the rapid growth of sectors such as new energy vehicles, smart home appliances, power batteries, photovoltaics, and energy storage in recent years. Additionally, emerging sectors like drones, the low-altitude economy, and humanoid robots have opened new avenues for the application of modified plastics.

 

For instance, Kingfa’s specialty engineering plastics and carbon fiber reinforced composite materials meet the requirements from lightweight, high-strength, and corrosion-resistant applications, making them ideal for use in flying vehicles and drones.

 

Dawn Polymer, a supplier of materials for Xpeng Motors, is also advancing its materials for flying vehicle applications. Meanwhile, Gon Technology's diversified resin solutions have been successfully used in new energy vehicles manufactured by BYD.


Autoflight_480.jpg

Low-altitude economy is expected to fly high, creating opportunities for modified plastics and composite materials. (Source: AutoFlight)

 

Home appliances and footwear markets fuel polyurethane business

 

The growth of the home appliance and footwear markets has significantly benefited leading polyurethane companies, Wanhua Chemical and Huafon Chemical, this year.

 

In the first eight months of this year, the operating revenues of the Chinese home appliance industry reached RMB 1.26 trillion, marking a YOY increase of 4.0%. Additionally, export earnings soared to US$81.9 billion, reflecting a YOY increase of 19.3%.

 

Polyurethane plays a crucial role as an insulation material in home appliances, being widely used in refrigerators, freezers, air conditioners, water heaters, and disinfection cabinets, etc. The surge in home appliance sales has created significant opportunities for polyurethane manufacturers. Wanhua Chemical is a supplier for home appliance brands, including Haier, Midea, and Hisense.


Wanhua Chemical_480.jpg

Wanhua Chemical’s polyurethane solutions are used in footwear applications.

 

Polyurethane is also essential in the footwear industry, particularly in the production of sports shoe soles due to its lightweight, high wear resistance, and durability. The 2024 Olympic Games heightened national enthusiasm for sports in China, leading to a rapid expansion of the sports shoe market, which has grown by over 70% in volume.

 

Huafon Chemical commands more than 60% of the Chinese polyurethane solutions market. Based on this market share, it is estimated that six out of every ten pairs of sports shoes feature soles made from Huafon Chemical's materials.

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Insight: 3 notable trends from Q3 results of Chinese chemical companies

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