At present, the domestic import of caprolactam exceeds 50%, and it is expected to complete import substitution within the next two years. As the caprolactam production process is complex, currently the only Baling Petrochemical, DSM Nanjing, Sinopec Shijiazhuang Chemical Fiber and Zhejiang Juhua Group production, domestic import dependence has been in more than 50%.
However, this situation will change in the next two years. According to statistical data, as of the end of 2011, domestic production capacity of 925,000 tons/year caprolactam was under construction. If successful, these devices will be gradually put into operation in 2012 and 2013; after 2013, domestic caprolactam will be imported and replaced.
At present, the level of profitability of caprolactam in the vicinity of the historical average according to estimates, reference caprolactam 20,500 yuan / ton (including tax) market prices, gross tons at 6,500 yuan, more than the gross margin of 35%; deduction of 1,000 yuan / ton in the three charges, and the implementation of With a 25% income tax rate, the net profit of caprolactam is around 4,000 yuan. From the data since 2006, the current profitability of caprolactam is near the historical average. January 2009, the price of caprolactam and spread substantially simultaneously hit bottom; in March 2011, the price of caprolactam and spread substantially simultaneously record high.
It is expected that the profit of caprolactam will start to decline slowly
In 2012, China's new caprolactam capacity was 525,000 tons, which was almost equivalent to the previous inventory capacity. Although we basically achieved the balance between supply and demand by the end of 2013, due to the large new capacity in the short term, the industry's earnings began to decline slowly. If the planned production capacity is fully implemented, the new capacity will reach 2.82 million tons in 2014. The profitability of the industry may deteriorate at that time.
Related listed companies
Among the listed companies, Hengyi Petrochemical, Luxi Chemical and Lanzhou Kechuang have three companies that manufacture and plan caprolactam production facilities . Among them, Hengyi Petrochemical has the fastest production capacity and is expected to start production in the second quarter of 2012.
According to estimates, three companies invested tons of lowest cost Luxi Chemical, Lanhuakechuang tons of the highest investment costs; resilient performance from the point of view, Lanhuakechuang maximum flexibility, minimum elastic Hengyi Petrochemical.
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