Affected by environmental pressures and other factors, the spread black ECT300% raised the price to 40 yuan / kg, compared with the market price on August 18 rose 5 yuan / kg, compared with July 27 rose 14 yuan / kg, from July 27, 2.6 10,000/ton rose to 40,000/ton, which surged 53% in less than a month. Since the second quarter, the price of disperse dyes has increased several times, and the performance of listed companies in the first half of the year has improved significantly.
Multi-factors promote price hikes
Essence Securities believes that from the recent market situation, the frequency and frequency of printing and dyeing and dye prices have been significantly accelerated, and the price of dyes has been pushed downstream. Following the continuous price increase on July 27 and August 3, on August 18, the price of the dispersed black ECT 300% was raised from 30,000 yuan/ton to 35,000 yuan/ton, and the price of other disperse dyes increased by 0.3 million-0.5. 10,000 yuan / ton. With the tightening of environmental protection and the increase in demand from the downstream textile industry, it is expected that dye prices will remain high for a long time.
Industry insiders pointed out that with the continuous advancement of environmental protection inspectors, the main production bases of disperse dyes and their intermediates in Zhejiang and Shandong will further increase environmental protection law enforcement, and do not rule out the further shrinkage of dispersion and intermediate production capacity. In terms of downstream demand, in the first half of the year, printing and dyeing fabrics achieved 6% growth, which played an important supporting role in dye demand. In addition, the concentration of the industry is relatively high. Under the pattern of improved supply and demand in the market, the bargaining power of related companies is further enhanced.
Significant improvement in performance
Among the four dye listed companies, Zhejiang Longsheng and Bauxite have announced semi-annual reports. Zhejiang Longsheng achieved operating income of 7.515 billion yuan in the first half of the year, up 19.50% year-on-year; net profit was 1.013 billion yuan, up 4.83% year-on-year.
In the first half of the year, the operating income and net profit of the company were 2.931 billion yuan and 402 million yuan respectively, up 39.92% and 52.19% respectively. The main product dyes contributed 82.47% of gross profit, and the average gross profit margin reached 31.32%, an increase of 3.41 percentage points over the same period of the previous year. In addition, Bauxite is expected to achieve a net profit of 600 million to 700 million yuan in the first three quarters, an increase of 36.20% to 58.90%.
Annoqi expects to achieve a net profit of 61.3 million yuan -69.26 million yuan in the first half of the year, an increase of 10% -25%. For the main reason for the growth in performance, the company said that the production capacity of disperse dyes has gradually expanded, dye sales have increased, and performance has increased. At the same time, strengthen the sales of differentiated products such as high-washing disperse dyes and printing dyes, and strengthen sales team building and marketing. In addition, the company implemented the business department management this year, effectively mobilizing the enthusiasm of the personnel of each business unit, and the business of dyes, digital, e-commerce and other business units have been improved to some extent.
Insiders pointed out that the follow-up impact of environmental supervision on the industry is difficult to judge. “The ability of the downstream dye digestive dyes to increase prices is limited, dye manufacturers, printing and dyeing factories and fabric manufacturers are still in the game, and downstream customers are currently cautious about rising dye prices.â€
(Original title: Disperse dye prices have risen)
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