Double Star New Material Raise Capital New Material

Listed on the 18 day, then launched a huge investment plan of 2 billion 247 million yuan, one-time spend 2 billion yuan over raised funds all spent!

The new 2 billion 247 million yuan.

However, in the course of the interview and investigation, the reporter found that the company decided to invest in the 2 billion 200 million large amount of "gambling" bi-directional polyester film (BOPET) industry, which has generally low threshold access and blind expansion, and at the same time, the company's long construction cycle has also been questioned by industry experts.

Heavy "good" hard to break, embarrassment embarrassment

According to the announcement of the new materials, the company plans to use IPO to raise funds of 2 billion 45 million yuan to invest in the construction of the "annual output of 50 thousand tons of solar cell packaging material base project" and "an annual output of 120 thousand tons of new functional polyester film and 180 thousand tons of functional film grade slicing project".

The total investment amount of the above projects is 2 billion 247 million yuan, while the total investment of the company's IPO project - "30 thousand tons of environment-friendly heat shrinkable polyester film" is only 662 million yuan.

That is to say, only 18 days after listing, the company's investment in new projects is more than 2.39 times that of the IPO project.

"The company is playing Stuart," an investor laughed.

It is worth noting that this huge investment plan has not won a positive response from the market.

On the day of the announcement, the company's share price rose by only 4.51%, which was only 20 days after listing, and the turnover rate was only 5.59%.

It is pointed out that the stock price of double star has been in a state of breaking after listing, and the current static PE is only 14.8 times, far below the average level of the industry.

Obviously, the above "great benefits" did not save the company's weak share price.

Contrary to the sluggish stock prices, the historical achievements of the new materials of the two stars are exceptionally "hot".

The company's net profit in 2009 was 69 million 342 thousand and 400 yuan, and it increased to 382 million yuan in 2010. The performance in the first quarter of this year has reached 149 million yuan.

In response, a new material analyst who declined to be named, said: "the market is not a" silly hat "or has made a reasonable choice.

Three challenges facing the project

For the new project of double star, the relevant industry has raised three questions about it.

Question 1: the entry threshold of the project is low

2 billion 200 million, how many chances are there to the low threshold manufacturing industry?

Chen Feng, Professor of polymer science and engineering, Sichuan University, told reporters: "the domestic polyester film industry basically takes the whole import mode of the production line, so the threshold access is relatively low, mainly concentrated in Zhejiang, Jiangsu and Shanghai, accounting for about 70% of the total capacity of the country."

Li Jianan, a researcher in the chemical industry of CIC, pointed out that: because of the low entry threshold, the backward production technology level and the low level of repeated construction, the bi-directional polyester film industry in China has such problems as small enterprise scale, low production intensification, serious homogenization of products and overcapacity of product structure.

At the same time, in the introduction of equipment, there is a lack of planning for producing and developing special products. The existing production lines are limited by equipment and technology, and most of them can not produce products with high added value or special uses.

The reporter learned from the two star new material official website and Zhejiang Eurasia film material company (currently the largest polyester film manufacturer in China, hereinafter referred to as Eurasian film), the majority of domestic polyester film production enterprises are imported from Germany complete sets of production lines, basically completed the manufacturing industry alone, the China Plastics Association BOPET special committee Xu Zhiqiang has previously defined Eurasia film and Binxing materials as a single scale enterprise.

Question two: or exacerbate excess capacity.

In addition to the low threshold of the industry, the launch of the new project will lead to overcapacity.

Over the past two years, a large number of new polyester film production lines launched in China will face greater risk of overcapacity in the near two years.

Eurasian film Zhao surname salesperson expressed concern about capacity and price: "polyester film business is difficult to do this year than last year, the price of ordinary polyester film has dropped from 29 thousand yuan ~3 yuan / ton last year to 14 thousand yuan ~1.5 million yuan / ton this year, the price of special membrane has also dropped, but the rate of decline is smaller than that of the former.

The reason for the sharp drop in prices is that, on the one hand, besides the downward trend of the prices of upstream materials headed by cotton, more importantly, perhaps because of the larger capacity this year.

At the beginning of this year, Xu Zhiqiang introduced that the output of plastic film products in China reached 8 million tons in 2010, especially the rapid expansion of domestic BOPET capacity. Last year, the country's production capacity was about 1 million tons. By 2011, 23 new production lines will be put into operation, with an additional capacity of over 550 thousand tons.

Therefore, under the background of low threshold access and constant homogeneity investment, it is difficult to ensure that there will be no overcapacity like that in 2008 in the industry.

Question three: is 4 years too long?

Under the pressure of overcapacity and uncertainty, the construction of the new project will last two years, and it will take 2 years to complete the 100% production after the construction is completed.

Professor Chen Feng said: "4 years will be faced with multiple pressures, such as price changes of raw materials, upgrading of products, disorderly expansion of production capacity and so on."

He also pointed out: "in the current industrial mode, if we do not consider raw material storage and equipment procurement, civil engineering will be completed in about 12 months, so the construction cycle of double star new material is obviously longer, and it may be open to question."

Therefore, considering that the raw materials of the polyester film project that affect the company are PTA, EG and so on, which are facing greater price fluctuations, making the lengthy construction cycle exacerbate the uncertainty of future earnings of these two projects.

In order to make a deeper understanding of the project situation, the reporter contacted several new star materials in recent times through telephone interviews. During the period, the telephone was repeatedly unanswered; two times the telephone was connected, and after the reporter made a clear identity and indicated his intention to interview, he was told by the workers that he was out of the project and was not allowed to be interviewed. Later, the journalist asked to tell the secret phone number or ask him to contact reporters to facilitate the interview, but as of press release, he did not receive the company's response.