中国三江化工(02198.HK)中期纯利跌86.8%至3227.5万港元
格隆汇8月26日丨中国三江化工(02198.HK)公布，截至2019年6月30日止6个月，公司实现收益人民币41.90亿元(单位下同)，同比减少11.6%；毛利2.06亿元，同比减少63.0%；股东应占纯利3227.5万港元，同比减少86.8%；基本每股盈利3.15分，拟派每股中期股息5.0港仙。
回顾期内，集团收益减少约11.6%，主要归因于以下各项的综合影响：1)乙二醇产量减少约34.5%，此乃由于第五期环氧乙烷/乙二醇生产设施因于2019年1月及2月进行定期维修及保养而暂停运营，且乙二醇于回顾期内的价格波动亦对乙二醇的需求产生抑制作用；2)与2018年同期相比，2019年上半年环氧乙烷、乙二醇及聚丙烯的平均售价下降约7.7%至约36.4%；及3)聚丙烯产量增加约77.4%，主要由于第二期聚丙烯生产设施于2018年4月完成提产後，使年产能增加30万公吨。
与2018年同期相比，乙二醇的平均售价于2019年上半年大幅下降约36%(按简单平均基准)，主要是由于受2019年上半年主要商品的价格波动影响，下游制造商降低产能及对乙二醇的需求。这样引致环氧乙烷的同期平均售价下降约26%(按简单平均基准)，此乃由于环氧乙烷及乙二醇来自同一种原料且环氧乙烷及乙二醇的价格紧密相关。尽管环氧乙烷及乙二醇的平均售价大幅下跌，但甲醇价格呈现积极发展态势。甲醇成本约占集团原料采购成本的三分之二(按满负荷产能计算)，因此，甲醇价格并被视为影响本集团盈利能力的主要因素之一。于回顾期内，甲醇价格由2018年同期的约人民币3,242元/公吨跌至约人民币2,200元/公吨(按简单平均基准)。
集团亦预计将于2019年下半年迎来多方面积极发展，包括但不限于主要商品及乙二醇的价格已呈现触底反弹之势，甲醇价格处于相对较低水平，且集团聚丙烯业务线的毛利率由2018年同期的–9.9%大幅增长至2019年上半年的3.9%，说明从中期来看，集团成为多元化垂直整合化工集团的既定及一般策略将让集团获益并从化工行业的其他参与者中脱颖而出。
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