Investment late profit difficult Hubei Golden ring billion project is not optimistic

Daily economic News (blog, Weibo) reporter Chao De although main struggling, performance repeatedly losses, but Hubei gold rings (000615, shares bar) (000615, closing price of 7.15 yuan) recent stock performance is very strong, creating a two-year high. The price rises or is due to recent Hubei gold ring issued a notice said investment in the construction of 5000 tons of functional cellulose fiber test line, however, the daily economic news reporter noted that the project appears to be advanced, the profitability of the outlook is difficult to optimistic, including Shandong Hailong (000677, shares bar) (000677, closing price of 3.66 yuan), Xinxiang Chemical Fiber (000949, shares bar) (000949, closing price 2.84 yuan) and other companies are not in similar projects to obtain the expected profits. And more let the market worry is, with the construction of new projects, Hubei gold ring did not shrink main to be restructured, the so-called "sell shell" expected or have been frustrated. A new project or a harbinger of reorganization lost/from the net profit statement in recent years, Hubei gold ring always in the profit and loss between the switch. 2010 profit of 3.36 million, 2011 years loss 73.06 million, 2012 earnings 4.33 million, as of the middle of this year, the losses reached 7.78 million yuan. However, it is in this main struggling, medium-term performance losses, Hubei gold rings has been out since July a wave of strong rising market, in recent days is continuously pulled up, the share price created in the past two years of new highs. "Daily economic news" reporter noted that, in recent times, the market, especially the stock bar in Hubei Gold rings will sell the shell of the marvellous. And from the analysis, some investors believe that Hubei gold ring sale Real Estate company is the prelude to reorganization. July 9, 2013, Hubei gold ring announced to 82,531,845 Yuan Price sales subsidiary Hubei Gold Ring Real Estate Development Limited 99% of all equity. As the transfer resulted in a loss of 7.7018 million yuan in the company's equity, this "loss sale" was seen by the market as "a signal to aggressively clean up assets and sell shells". "Clean up assets" can indeed become the enterprise "thinking" or even "sell shell" signal. However, the logic of the reorganization was "paradoxical" when Hubei gold rings again spent large sums of money investing in new projects. September 14, Hubei gold ring issued a notice, the board discussed, the company decided to invest in the construction of 5000 tons of functional cellulose fiber test line. For the reason of investment in this project, Hubei gold rings said it is "to enhance the company's stamina, improve the company's research and development capabilities." "If you want to sell shell, enterprises first clean up non-performing assets and continue to maintain the stability of operations is inevitable." But companies are still spending a lot of cash to do new projects, it is not to sell the shell counterproductive? "For Hubei gold ring of the above action, there are market participants shouted" read do not understand. Daily economic news reporter noted that the annual output of 5000 tons of functional cellulose Test line project plan to invest 131 million yuan. As of June 30, the company carried a monetary Fund of 136.83 million Yuan, the company said "will be used including bank loans in a variety of ways to finance"。 It is noteworthy that, according to the "2013]46" about Hubei Golden Ring Co., Ltd. Annual output of 30,000 tons of high humidity modulus of cellulose fiber project Review of Energy Efficiency assessment Report, Hubei gold ring investment in functional cellulose fiber project is not only 5000 tons per year scale, but 30,000 tons. Clearly, the project's eventual investment will be much higher than 131 million yuan. If Hubei gold ring uses the loan to carry on this project, this inevitably causes the company to add the debt, does not favor the so-called "sells the shell". Similar projects many companies have already started/if the reorganization is just a hope, then Hubei gold ring can rely on new projects to promote the company's main performance strength? According to the announcement, functional cellulose fiber is a high humidity modulus cellulose fiber as the base material, through the addition of flame retardants, antibacterial agents and other additives, so that it has a flame-retardant, antibacterial and other taking function of cellulose fiber. The high humidity modulus cellulose fiber has become a hot spot in the recent international development, especially the functional cellulose fiber, such as flame-retardant and antibacterial, has wide application prospect in the field of civil and military. From the information disclosed in Hubei gold ring, "functional Cellulose Fiber project" is based on "recent international development hotspot" To do, the project has the ability to bring good benefits to the company. "The gold rings of functional cellulose fibers in Hubei province is somewhat exaggerated," he said. "There are many domestic listed companies that have already started producing functional cellulose fibers, and it is not" a hot spot for recent international developments, "said the textile industry analyst, who declined to be named, told the Daily economic news. According to the information provided by the analyst, at present only a a-share listed companies have not less than 4 companies have the production of functional cellulose fiber, and investment time is quite early. For example, Shandong Hailong 2007 Open Additional to the annual output of 30,000 tons of high wet modulus and series of products viscose short wire technical renovation project (including an annual output of 15000 tons of high humidity modulus antibacterial viscose staple wire and annual output of 15000 tons of high wet modulus flame retardant type viscose short wire), the project November 2009 production Xinxiang Chemical Fiber in September 2009 to start building an annual output of 40000 tons of high humidity modulus viscose staple Fiber project, the project has been put into production in September 2010, three Friends of chemical (600409, shares bar) (600409, closing price of 4.82 yuan) in 2011 began to build 160,000 tons/ Years of differential viscose staple fiber expansion project. The project is "high-strength high humidity modulus regenerated cellulose fiber", officially put into operation in April 2013. In addition, Shandong Hailong, three friends chemical subsidiaries Xingda Chemical fiber, Nanjing Chemical fiber (600889, shares bar) (600889, closing price of 5.22 Yuan) under the Lands (Nanjing) fiber has such products. This shows that Hubei gold rings at this time to invest in functional cellulose fiber, has lagged behind the peer for several years. Last year, research and development input of 0/noteworthy, Hubei gold ring investment in functional fiber projects did not release the Feasibility study report, nor the project's profitability forecast. "Daily economic news" reporter noted that, although the above enterprises have a strong research and development capabilities, and formed an "exclusive" high humidity modulusCellulose fiber products, but the profitability of such products is very general. Data show that 2012 Xinxiang chemical fiber accounted for the domestic high humidity modulus enterprise market share of 31%, ranking domestic enterprises first. September 2010, Xinxiang Chemical fiber 40,000 tons wet modulus viscose staple fiber project put into production. According to the forecast at that time, the project reached the new sales income of 615 million yuan, sales profit of 120 million yuan. However, the actual situation is, in the downstream customer demand for viscose staple fiber, and in recent years, viscose staple fiber market competition more intense situation, viscose staple fiber prices continue to fall, and lead to a substantial decline in project income. 2011, the benefit of the project only 45.9335 million yuan, to 2012 years, Xinxiang chemical fiber The entire viscose staple fiber products profit losses of 6404.35, gross profit margin of 4.76%, far below the spandex 3.32% and viscose filament 13.42%. Shandong Hailong to 22% of the market share ranked domestic high humidity modulus enterprise market share second. According to the forecast of the time, the project reached the annual sales income of 480 million yuan, the average annual profit of 108.28 million yuan. However, 2009 ~2012 years, Shandong Hailong viscose Staple Fiber gross Profit margin is 1.78%,-8.17%,-5.43%. 2013 medium-term viscose staple fiber gross Profit margin-2.35%. The entire viscose staple fiber product has not been able to make the money. At present, the high humidity modulus of cellulose fiber products are better profit is the three-friend chemical industry. In 2012, 17% of the domestic high humidity modulus fiber enterprise market share ranked third. 2012 Viscose Staple Fiber products Overall gross profit margin reached 9.2%. "Daily economic news" reporter noted that in 2012, three friends of chemical costs and capital research and development expenditures amounted to 205.29 million yuan, and Xinxiang chemical fiber research and development expenditure of 129.51 million yuan, Shandong Hailong also reached 26.92 million yuan. However, the 2012 research and development spending of the Hubei gold ring, which is preparing to invest in "5000 tons of functional cellulose fiber test lines", has been shown as "none". Project construction is lagging behind for several years, and there is no decent research and development input, ask the gold ring in Hubei to engage in high humidity modulus cellulose fiber products, competitiveness?