Baoding Swan to invest in high profit fiber old business fear of dragging the line

Cotton prices also gave birth to the market demand for chemical fiber. Following the Jiangnan high fiber (600527,　　Closing price of 10.09 yuan after the proposed expansion of composite staple fiber spinning, yesterday (November 16) night, the week of the suspension of the Baoding Swan (000687, the former closing price of 7.32 Yuan) issued a notice, proposed to raise 580 million yuan to invest in Xinjiang modal fiber industrialization Project, the project is expected to achieve an annual average profit of about 110 million yuan.　　This is the first three quarters of this year net profit is only 937,000 Yuan Baoding Swan is undoubtedly a significant positive, however, because the company long-term reliance on investment income to make up the main loss, if not reasonable adjustment of the operating pattern, the new project will still be the profits of the old business losses swallowed.　　According to the announcement, Baoding Swan The proposed non-public offering of not more than 95 million shares, the issue price of 6.14 yuan/share, raise funds not more than 580 million yuan, investment in Xinjiang modal fiber industrialization project, the total investment is expected to 611.23 million yuan. It is reported that the issue of the additional target, including China Heng Days, not more than 10 specific investors.　　The number of shares in China is not less than 30% of the number issued, no more than 48%. "Daily economic news" reporter found that Baoding Swan's proposed modal fiber project for the company is a new breed. At present, the main products of Baoding Swan is viscose filament and pulp, product structure is relatively single, and viscose filament gross margin is very low. The company's 2010-year report shows that the gross profit margin of viscose filament is only 3%.　　The company said that modal fiber because of the market demand gap, product positioning differentiation, wide range of applications, thus higher gross margin. The announcement shows that, according to the calculation, modal fiber industrialization project after the completion of production, the average annual sales income of 772.21 million yuan, the average annual profit of 110.55 million yuan.　　In this calculation, modal fiber gross profit margin will reach 14.3%, higher than Jiangnan high fiber composite short fiber 8.03% gross margin, the profit prospects are good.　　However, the daily economic news reporter found that, because the project is located in Xinjiang, and Baoding Swan currently has little to do with the main link, the company may be from the modal fiber industrialization project to obtain substantial returns, but its profits may be the existing main loss swallowed. After the additional, Baoding Swan's total capital will reach 736.6 million shares, if the company expected, modal fiber to bring the company 110.55 million yuan per year after the profit, to 2009 the company's main actual loss of 95.81 million yuan (net profit minus investment income) to do minus, The company's actual main profit will be only 14.74 million yuan, equivalent to 0.02 yuan per share, the current P/E is still as high as 366 times times.　　This shows that in order to achieve high profits, Baoding swans, in addition to expanding new products, more importantly, to make strategic adjustments to existing products. It should be noted that the additional proposed investment projects involved in the project, environmental protection and other related matters still need to obtain the approval of the relevant departments, the company in the bulletin did not specify the raiseThe construction period of the project, its performance release time is not clear.