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According to the company's fund-raising plan and project progress, the raised funds may not contribute significantly to the company's profits in 2006. The chlor-alkali project will generate a certain profit after it reaches production in 2007, and the CPVC project may begin to generate profits in 2008.
Yunnan Salinization’s main revenue and profit composition in 2005 In recent years, domestic PVC production capacity has expanded rapidly. The capacity in 2005 reached 9.72 million tons, which exceeded the apparent consumption of 8.86 million tons/year. It is estimated that the domestic new PVC production capacity will still reach more than 2 million tons in 2006, and the overcapacity situation will continue to deteriorate.
Affected by the expansion of supply, domestic PVC prices fell rapidly after reaching a high of 8,000 yuan/ton or more at the end of 2004, and the price of calcium carbide method once fell to a low of 5,500 yuan/ton in mid-2005. As the domestic new production capacity is mainly calcium carbide, the production cost is relatively rigid, and the ethylene law, which accounts for one third of the production capacity, is limited by the impact of high crude oil prices. The domestic PVC prices have recently rebounded to 6,600 yuan due to cost support. About tons.
The newly-built 100,000-ton/year polyvinyl chloride project in Yunnan Salt Chemicals will rely on the original public works, production experience and skilled workers for 30,000-ton/year PVC, and it is expected that the progress of the project will be relatively smooth. The average gross profit margin of Yunnan Salt Chemical's original 30,000-ton/year PVC and 30,000-ton/year caustic soda plant in 2005 was only 13.44%, which was significantly lower than the average level of about 18% for comparable companies. We expect the comprehensive gross profit margin of chloralkali products in salted chlorinated products in Yunnan will gradually reach the industry average level due to the drop in the consumption of new 100,000-tonne/year equipment consumption and the scale effect.
Chlorinated polyvinyl chloride (CPVC) is a deep-processed product of re-chlorination of PVC products, which not only has many excellent properties of polyvinyl chloride, but also has good heat resistance, chemical resistance, flame retardant and heat preservation properties. As a new type of chemical material with excellent performance, CPVC has begun to replace some traditional thermoplastic engineering plastics in a certain range abroad. It is widely used in the fields of chemical industry, building materials, electrical appliances and adhesives, especially the distribution of cold water and hot water pipelines. system.
At present, China's high-quality CPVC resins and pipes are mainly imported from developed countries such as the United States and Japan. Compared with the complete application system of developed countries, the application of CPVC hard products in China is still in its infancy. Although the market potential in the future is large, China's CPVC market is in an early stage of growth in the short term.
In 2005, the global market for chlorinated polyvinyl chloride was only around 100,000 tons, and the domestic market demand was less than 20,000 tons. Due to the small market size and the unbalanced supply and demand situation of the products, the future profitability of the project remains to be seen.
Chlor-alkali project in Yunnan salinity is expected to reach the industry average profit level in the short term
The fund raised from the sale of new shares in Yunnan Salinity (002053) will be mainly invested in three production projects including 100,000 tons/year PVC, 100,000 tons/year ion-exchange membrane caustic soda and 10,000 tons/year chlorinated polyvinyl chloride. The company plans to build a “Double Ten†project in mid-2006, which will enable the company's annual production capacity of caustic soda and PVC to reach 130,000 tons. From 2007 to 2008, the company plans to further expand the chlor-alkali project to an annual output of 300,000 tons of caustic soda and 300,000 tons of PVC on the basis of the “Double Ten†project.