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Shenyang Chemical Industry: the operation of "little Qilu"

CPP project focusing on propylene chain. The CPP device began trial operation in September last year. After many adjustments, the load reached 100% in February this year, entering a stable operation period. Therefore, the company converted the CPP device in February. According to the current price difference, it is estimated that the monthly performance contribution is more than 10million

after the problem of raw materials is solved, the profit will improve. At present, because the raw materials required by DCC are mainly from the purchased residual oil, it needs to pay 812 yuan/ton of consumption tax or protect with scratch resistant functional coating. The cost of raw materials is high, and the loss is expected to be about 10million per month. In sharp contrast, in the first half of 2009, DCC devices contributed nearly 100 million pre tax profits. If the atmospheric and vacuum distillation unit of the company is expanded to 1.5 million tons, and the raw materials of Shenhua 500000 tons DCC project are fully self-sufficient, the profit will be significantly improved

the price of acrylate rose sharply, significantly improving the company's performance. The company has a capacity of 130000 tons of acrylate. According to our estimation, according to the average price of acrylate in April, the performance contribution in a single month is between 10000

the propylene chain will be relatively strong in the future, and multiple sets of equipment can be purchased at the same time. The production potential of global ethylene production capacity in the next few years is mainly in the Middle East and Asia, especially in the Middle East, which will reach 20% of the world's production capacity in 2013. The production capacity in the Middle East is mainly based on ethane, and the yield of propylene is relatively low. In addition, the global natural gas price will be at a low level relative to the crude oil price, mainly due to the great breakthrough in the production technology of natural gas. This makes the petrochemical industry dominated by natural gas in North America competitive, while the petrochemical industry dominated by naphtha in Europe lacks competitiveness. Based on these two points, the British government has invested heavily to accelerate the research and development of graphene, and the supply of spherical propylene will be in a relatively tight situation. Will be relatively strong

the company has strong strength in the propylene chain. The 500000 ton DCC unit can produce 60000 tons of propylene, and the 500000 ton CPP can produce 100000 tons of propylene. In total, the company can produce 160000 tons of propylene. At the same time, the company has deployed 130000 tons of acrylate and 40000 tons of propylene oxide downstream of the propylene chain. In the A-share market, the company has strong strength in abs/pet alloy in propylene chain. It will benefit from the strength of propylene chain

investment suggestion: we expect the company's performance in 10/11 years to be 0.50/0.66 yuan. The company benefited from the sharp rise in the price of acrylate in the short term and the strength of propylene chain in the long term. The fundamentals of the company have changed positively. We maintain the highly recommended -b rating of Shenyang chemical, with a target price of 11 yuan. The risk factors are the sharp fall in the price difference of acrylate and the failure to apply for crude oil quotas

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