Orchid Science Creation: Iron Heart Should Go To The Road Of Gambling And Textile Chemical Industry.

Recently, the company said it plans to spend 4 billion 530 million yuan on its annual output of 200 thousand tons.

Investment accounts for 53.3% of its net assets.

This led to a strong "brick" in the industry, and a researcher from the securities industry pointed out to reporters that "everyone was right."

The performance is unanimous and optimistic, leaving a big Mac project out of thin air, but increasing uncertainty.

Big Mac project disclosure

In the early April, a number of media reports said, "in the morning of April 7th,

The groundbreaking ceremony for the caprolactam project was held at the beginning of the project and the annual output of 200 thousand tons of orchids.

It is reported that the total budget of the project is 4 billion 530 million yuan, and the construction period is 2 years. It is estimated that the production will be put into production in March 2014.

After the project is put into operation, annual sales income is expected to reach 4 billion 550 million yuan, annual profits and taxes will be 1 billion 70 million yuan, and annual profits will be 786 million yuan.

Caprolactam is mainly used to produce polyamide chips by polymerization, and then to produce nylon fibers and engineering plastics. It can eventually be made into textiles, industrial yarn and carpet silk, food packaging, etc. it is widely used in automobile, electronic and electrical appliances, packaging, machinery, sports leisure and daily necessities.

At that time, Zhang Liyang, a researcher at Everbright Securities, made a quick judgement. "Lanhua Ke is a listed company engaged in coal mining and chemical industry in Lanhua group to avoid competition in the same industry."

In April 19th, the announcement of orchid creation was late.

The company acknowledges that the project is to be invested in the project, and the total investment and profit forecast of the project are basically consistent with the previous media reports.

More than half of the family gambling was bombarded.

As soon as the news of caprolactam project was confirmed, it immediately attracted many questions.

"At present, caprolactam is at a high economic point, and it will take more than 2 years for the company to be put into operation. However, at present, many enterprises in China are already building or planning to build caprolactam project. When the company's project is put into operation, the market supply and demand situation may change, which will cast a shadow over the profit outlook."

One industry researcher said frankly.

It is reported that China is the largest consumer and importer of caprolactam in the world, and imports amounted to 540 thousand tons in 2011, accounting for more than 50% of the total demand.

It is worth mentioning that the investment in chemical industry was not successful.

The results showed that the gross profit margin of chemical fertilizer products was only 2%.

Similarly, the yield of Hubei Yihua chemical product is 31%, and the gross profit margin of chemical products is more than 16%.

"This shows that the profitability of orchid science and chemical industry is significantly lower than the normal level of the industry, indicating poor management."

The researcher judged that.

Many industry insiders pointed out that "benefit from the price increase, orchid branch to create a prominent performance in the coal business.

With the resumption of Daning mining in Asia and America, we all have high hopes for the company's future performance.

The caprolactam project, which accounts for more than 50% of net assets, suddenly fails to see its performance.

However, some researchers believe that the company's involvement in the chemical industry is not without merit. "At the coal chemical base in Shanxi, Jincheng, caprolactam has a high degree of dependence on foreign trade. The company is actively involved in the pformation of Shanxi coal industry, and can win some preferential policies, which is conducive to the extension of the industrial chain."

High pfer or paving for refinancing

According to the reporter's understanding, the caprolactam project created by orchid industry is just like the "Big Mac" in the industry.

Nanjing's DSM's capacity to invest in the same scale is 300 million US dollars. Luxi Chemical Industry announced 200 thousand tons at the end of last year. The investment of the same project is only 2 billion 500 million.

How can we solve such a high investment?

The market noticed that, along with the disclosure of the beautiful annual report cards, the company also drew up an attractive allocation plan - 10 to send 5 to 5, and to send 6 (including tax).

The researcher told reporters that when the caprolactam project came out, the market would have high expectations.

By the end of the first quarter of 2012, the currency of the company was 3 billion 400 million yuan.

"4 billion 530 million yuan investment may make the company's funds tight, financing needs, high delivery or financing."

The source said.

However, the company Securities Department said, "the company's high delivery and caprolactam project is not necessarily linked, as far as project funds are concerned, bank loans can be used."