Not afraid of raw material costs rose Red Bao Li raise capital 246 million yuan to expand production capacity

Following the commissioning of the 50,000-ton composite polyether in June, today (October 19), the Red Polaroid (002165, closing price of 14.95 yuan) issued a notice, to raise 246 million yuan investment in environmental protection type polyurethane foam composite polyether Technology Renovation project, the project to the postpartum, the company's hard foam combined polyether Total capacity will reach 150,000 tons/ Years。　　It is worth noting that the main raw materials of the rigid foam combined polyether propylene oxide price has exceeded the product of the hard foam combined polyether itself, the company again to expand production or face the problem of product gross margin decline, profitability will be tested. The announcement shows that the red Polaroid to no more than 10 specific investors, issued no more than 17 million shares, the issue price of no less than 15.11 yuan/share, raise capital limit of 246 million yuan. The company intends to use the raised funds to invest an annual output of 60,000 tons of environmentally friendly polyurethane foam composite polyether technology renovation project. The project has a total investment of 233 million yuan, the project construction period of 1 years, the production period of 3 years, the first year of production 60%, the second year of production 80%, the third year of production 100%, up to the expected annual sales revenue of 715 million yuan, average annual profit of 67.0828 million yuan, after-tax internal yield of 21.43%　　The payback period is 5.96 years. Red Bao Li said that company main products polyurethane foam composite polyether can be widely used in the preparation of refrigerators, freezers, insulation pipes, solar water heaters, automobiles, construction, packaging and other fields, the company is the largest polyurethane foam composite polyether suppliers, will benefit from the Government series of economic policy support and downstream industry development.　　The issue of stocks for the expansion of the foam composite polyether products, after the completion of the project will strengthen the company in the hard foam composite polyether industry competitive advantage, improve corporate profitability. The worry is that while the Reds are trying to expand their capacity, they face the risk of profit from a sharp rise in raw materials.　　Data show that since July, the company's main raw materials for the production of propylene oxide prices have been more than the product of the hard foam combined polyether itself, the hard foam combined Polyether's gross margin is facing further downside risk. From the red Polaroid just disclosed the third quarterly report, the company this year's operating situation is not ideal. In the first three quarters of this year, the company realized operating income of 1.093 billion yuan, an increase of 56.8%, attributable to the listed company shareholders of the net profit of 78.9714 million yuan, the year-on-year decrease of 6.24%.　　In July-September, the company achieved net profit of 17.4472 million yuan, down 42.89% year-on-year, a larger decline. Analysts pointed out that on the one hand, red Polaroid main products, raw materials prices crazy, on the other hand, capacity is rapidly expanding, its profitability will face a greater test.