【申万化工】Coal Chemical Industry Comment: Value Stands Out, Growth Trend Unchanged

English summary

# Rising oil price center, domestic coal chemical energy advantage unchanged. Overseas geopolitical conflicts intensify, oil price center rises with certainty, coupled with damage to some overseas chemical facilities. Domestic coal-based companies enjoy energy cost advantages on one hand, and overseas supply supports prosperity on the other. # The bottom recovery trend of price spreads remains unchanged, and the logic of supply-demand pattern improvement is unchanged. The core logic of this round of chemical industry is the end of industry capital expenditure, while approval of traditional coal chemical high-energy-consumption and high-coal-consumption projects is tightening, strictly limiting new capacity. # 宝丰能源: Under the background of oil price recovery, the advantage of coal-to-olefins is prominent, and the Xinjiang project is worth looking forward to. Oil price center rises with certainty, polyolefin prices and spreads expand, further improving the company's profitability. At the same time, the strategic position of coal chemical industry continues to rise, and the approval of Xinjiang coal-to-olefins is expected. The company closely follows national strategic direction and plans to layout a 4 million ton coal-to-olefins project in Xinjiang Zhundong. If approved or partially approved, growth space will be opened again. # 华鲁恒升: Bottom-level profit value is prominent; new projects focus on good patterns, old projects focus on competitiveness. ...