Henderson Marsh's main business is at the bottom and will bottom out: the development of petrochemical logistics is mainly driven by the petrochemical industry. At present, the domestic economic growth slows down, the downstream demand weakens, the prices of crude oil and petrochemical products are at a low level, the inventory of traders will decline, and the market competition is fierce.
The industry downturn has lowered the company's unit tank capacity income, while the depreciation expense has maintained a rapid growth. The company's performance is under multiple pressures, and its main business is at the bottom. With the recovery of oil price, the capacity utilization rate of Zhuhai refining and chemical enterprises rebounded, and Huafeng Petrochemical Project in the region started in the third quarter. Yangzhou and Wuhan projects will also contribute revenue, and the main business has bottomed out.