Hengyi: has huge net profit growth in performance projection of Q1 2020

Hengyi Petrochemical (000703.SZ) released its performance projection in Q1 2020 on Mar 29, 2020, with the net profit attributable to the parent owner at 0.65-0.8 billion Yuan in Q1 and the y-o-y growth rate at 53.52%-88.95%.

According to the data from WIND, near 140 companies have announced their performance projection in Q1 by now, and around 40% of companies witnessed falling net profit on the year. Hengyi enjoyed prominent advantage by raising the production and quality of polyester industry, innovating the PTA industry and expanding to the refinery industry, and the competitiveness of integrated industrial chain and balanced and internationalized operation became more outstanding. Hengyi also released its preliminary earnings estimate in 2019. It was reported that the operating profit of Hengyi was at 4.797 billion Yuan in 2019, up by 92.96% compared with 2018, and the net profit attributable to the parent company increased by 70.92% to 3.203 billion Yuan.