JP摩根中国石油化工行业报告

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1、Completed04Mar201803:18PMHKTDisseminated05Mar201812:15AMHKTAsiaPacificEquityResearch05March2018ChinaPetrochemicalsFeedbackfromZhejiangHuafei-Firstwaveofex-Chinarecyclingcapacityby2H18?JanwastePETimportsfalltozeroBackground:WerecentlymetMrCaoWeidong,CEOofZhejiangHuafeiAsiaOils,refinin

2、gandRecyclingResources,alargeChinesePETrecyclingcompany.HeisalsothepetrochemicalschairmanoftherecycledPET(re-PET)associationofChinaandoperatesParsleyRuiHuaOngACrecyclingcentersinChina,SEAandNorthAmerica.Buyersofhisrecycled(852)2800-8509PETpellets/PSFincludeglobalbrandslikeCoca-Cola,N

3、ikeandUnilever.parsley.rh.ong@jpmorgan.comAsidefromPET,ZhejiangHuafeialsoproducesrecycledPP,PSandABS.BloombergJPMAONGJ.P.MorganSecurities(AsiaPacific)LimitedChinaflipsinto50%deficitforre-PETin2018–DomesticrecycledScottLDarlingPET(highend)tradesatpremiumtovirginPET:Sincethewastep

4、lastic(852)28008578importbanwasannounced,mostindustryparticipantshaveexpectvirginscott.darling@jpmorgan.comPETtofillmostofthe~1.5Mtdeficitcausedbytheban.However,despiteJ.P.MorganSecurities(AsiaPacific)Limitedattractivepricing(re-PETusuallytradesatRMB1,000/tdiscounttovirgin),AjayMirch

5、andanivirginPEThasbeenunablefullytosubstitutere-PET,asglobalbrandslike(65)6882-2419Coca-Colademandrecycledplasticstomeetenvironmentalgoals.Re-PETajay.mirchandani@jpmorgan.comproducesonly1/30carbonemissionsversusvirginPET.J.P.MorganSecuritiesSingaporePrivateLimitedGlobalbrandspledget

6、ouserecycledplastics:In2017,Coca-ColaAndreChang,CFAannounceditwoulduse50%re-PETinitsUKbottlesby2020(globallyby(886-2)2725-98722030),whichMrCaobelievesmightincreaseitsre-PETdemandby>20%.andre.ch.chang@jpmorgan.comJ.P.MorganSecurities(Taiwan)LimitedSimilarly,Unileverhaspledgedtouse100%

7、recycledpackagingby2025.SumedhSamant,CFAWastePETimportsfallto(almost)zeroinJanuary–Growingpilesof(66-2)6842682rubbishinEurope,USandAsia:ChineseimportsofwastePETfellto2ktsumedh.y.samant@jpmorgan.cominJanuary,-99%y/yandsharplydownvsavgmonthlyimportsof211ktJPMorganSecurities(Thailand)L

8、imitedand181