Jiuding New Material Assets Reorganization Wants to Expand Industry Chain
Pipe Conveyor Belt,Fabric Carcass Pipe Conveyor Belt,Ports Pipe Conveyor Belt Anti-Tear Conveyor Belt Co., Ltd. , http://www.nsbelts.com
Two steps of asset re-component
Jiuding New Materials is the largest, most powerful and most technologically advanced textile fiberglass product manufacturer in China. The company's main business is the research and development, production and sales of glass fiber and its deep processed products.
According to the asset restructuring plan, the transaction was divided into two steps. First, the company issued shares to ten shareholders of Tianma Group to purchase 100% of its shares in Tianma Group. The second is to purchase 40% of Huabibao held by Tianhui Composite in cash. According to preliminary estimates, the estimated value of the underlying assets to be purchased for the proposed shares is RMB 35,065,800, and the estimated value of the target assets purchased in cash is RMB 10,569,700. Based on the issue price of 13.86 yuan/share, it is estimated that the number of non-public offering shares will be approximately 25.3 million shares. The two equity acquisitions involved a total amount of 360 million yuan.
Docking pool kiln project plastic complete industrial chain
Since 2008, Jiuding New Materials has determined its strategic goal of fully entering the wind power industry. In the company's view, this time the company will add HME fiberglass project to the wind power composite project such as multi-axial fabric, wind turbine blade and machine cover. The industrial chain will accelerate the pace of entering the wind power industry.
The first is the improvement of product categories. Tianma Group is one of the most widely used FRP and raw material bases in China. Based on the two major FRP raw materials of resin and glass fiber products, Tianma Group's glass fiber geogrid, glass fiber mat, The three major categories of fiberglass wall coverings have been leading the domestic market for many years. At present, the main products of Jiuding New Materials are only glass fiber products and glass fiber reinforced plastic products. The reorganization is completed. The company's original glass fiber products and glass fiber reinforced plastic products are expanded and optimized. At the same time, the resin products as raw materials can also be partially Self-produced, the industrial chain is more perfect.
Secondly, the company can use the 30,000-ton-year non-alkali glass fiber kiln drawing project, which was established by the Tianma Group in early 2007, to effectively realize the industrial production of HME technology. It is reported that the high modulus and high strength glass fiber production technology is only in the hands of a few glass fiber manufacturers such as Owens Corning Company ("OCF Company"). The output of such products in China is extremely small and far from meeting the demand. Mainly rely on imports. The industrial production of HME fiberglass is conducive to the company's competitive advantage in the field of wind turbine blade manufacturing.
Opportunities and risks coexist in the short term
However, in the short term, the assets acquired by Jiuding Xincai will not be profitable in the short term.
According to the pre-disclosure, Tianma Group achieved net profit attributable to owners of the parent company in 2008, 2009 and January-September 2010 of RMB 3,185,300, 1,730,700, and RMB 1,895,800 (unaudited), net profit level. Low and downward trend. After the reorganization, the Tianma Group still needs a period of time due to the completion of the kiln, technical transformation, ignition operation, etc., and it is difficult to produce benefits in the short term.
In this regard, the company admitted that after the completion of the transaction, the company's return on net assets may decline to a certain extent in the short term. In addition, the company intends to use its own funds to transform and start the Chiya Group's pool kiln, which has a large demand for funds and may have certain impact on the company's asset-liability ratio and other financial indicators.
In addition, HME glass fiber products have not been industrially produced, and there is a certain risk that the technology can be applied to the Tianya Group's pool kiln to achieve the expected results. At the same time, as the reorganization from approval to implementation and ignition trial operation still takes a period of time, the market supply and demand are changing rapidly, and there is a certain risk that such products can maintain the current market in short supply and obtain higher gross profit margin.