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Public company info - China Sanjiang Fine Chemicals Co. Ltd. , 02198.HK
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China Sanjiang Fine Chemicals Co. Ltd., 02198.HK - Company Profile
Chairman HAN Jianhong
Share Issued (share) 1,190,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Chemical Products
Corporate Profile Business Summary: The principal activities of the Group are the manufacturing and supplying of ethylene oxide, ethylene glycol, polypropylene and surfactants and the provision of processing services. Performance for the year: Overall gross profit margin increased by approximately 7.9%, primarily resulted from the decrease in Methanol pricing by approximately 17.5% (on a simple average basis) from approximately RMB2,350/MT in 2019 to approximatelyRMB1,950/MT in 2020. Business Review: Ethylene oxide sales During the year under review, the revenue from EO line of business increased by approximately 8.9% in 2020 when comparing to 2019, primarily due to the combined effects of the decrease in ASP of EO by approximately 8.3% in view of the price volatility of major commodities and increase in sale volume of EO by approximately 18.7% as the Group tuned the 5th phase EO/EG production facilities, which is a swing production facility in terms of EO and EG outputs, to maximise the output for EO Ethylene glycol sales During the year under review, the revenue from EG line of business decreased by approximately 44.3% when compared to 2019 as the Group decreased the EG output capacity of the 5th phase EO/EG production facilities and, in turn, the sales volume of EG decreased by approximately 31.8% when compared to 2019. Polypropylene sales During the year under review, the revenue from polypropylene line of business decreased by approximately 9.6% whencompared to 2019, primarily due to the combined effects of the decrease in ASP of PP by approximately 16.5% in view of the price volatility of major commodities and increase in sale volume of PP by approximately 8.3%. Prospects: gearing guidance of not more than 66.7% on total interest-bearing borrowings to total assets basis, which we consider is a better measure when comparing to total interest-bearing borrowings to total equity basis as there is a time lag of approximately 2 years between the construction period of production facilities and the profit and revenue generated from these facilities. Based on the Group’s assessment when comparing the current market prices of all the outputs and inputs after taking into account the expected processing costs and finance costs, the Group expect the 6th phase EO/EG production facilities and the Naphtha/Ethane/Propane-to-Ethylene/Propylene production facility can generate a return on asset of approximately 20% on a yearly basis, which the Group believe can be maintained in the long run.

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