In the first three quarters of 2017, the base chemical industry achieved a total operating revenue of 883.43 billion yuan, an increase of 36.6% over the same period of the previous year and a net profit of 60.65 billion yuan, an increase of 72.6% over the same period of the previous year, The overall net profit margin of the industry was 6.8%, which was in the middle of history. Operating income and return of net profit of homegrowers both hit new high in 4 years.
18 industry follow the overall market as a whole.We think that some industries profitability will be able to maintain the improvement, still optimistic about the industry to improve the certainty of strong industries, the leading enterprises will continue to premium.Petroleum concerns oil rebalance, recommended PTA-polyester chain (Private large refining), optimistic about the historical development of natural gas opportunities; based on the proposal of concern for the continued improvement of profitability of pesticides, soda ash, chlor-alkali, titanium dioxide, oligarchic pattern pronounced MDI, vitamin industry, as well as the bottom of the fertilizer, tires Etc. In addition, focusing on the real growth industry, continue to be optimistic about lithium new materials, electronic chemicals and air purification materials.
Find the industry to improve the certainty: Unlike in the past, this round of chemical products rise mainly from the cost-driven and supply-side reform efforts, although some stages of superimposed demand boost, but supply-side logic runs through the entire cycle.Because the expected macroeconomic Bottom line stabilizes, supply-side reform will continue to exert force and the environmental protection trend will remain tight. We think the outdated production capacity is a general trend. The macroeconomic environment in some industries has undergone major changes and the profitability improvement will be maintained. We are still optimistic Industry to improve the certainty of strong industries, the leading enterprises will continue to premium.
Focus on the real growth. Continue to be optimistic about the new lithium materials, focusing on the upstream resources of the subject category, the field of lithium-ion membrane materials and aluminum-plastic film-related opportunities; 18,19 electronic chemical downstream fabs and panel plant large-scale expansion release, Demand and localization requirements significantly improved; China's air purifier and fresh air system market is still in its infancy, it is recommended to focus on air purification of new materials.
Risk Warning: Environmental Trend Less Than Expected Risk, Capacity Expansion Exceed Expected Risk and Raw Material Risk of Swift Fluctuation