Oil Chai sells two great assets

The suspension of nearly one months of oil chai (000617, the former closing price of 13.56 Yuan) today finally unveiled a reorganization of the veil. Bulletin shows that the company intends to hold the Baoji Petroleum Steel Pipe Co., Ltd. (hereinafter referred to as Baoji steel pipe) 21% of the equity and Xianyang Gem Steel pipe Rope Co., Ltd 28.67% of the equity, respectively, transferred to Baoji Petroleum Steel Pipe Factory (hereinafter referred to as Bao Tube Factory) and Baoji Petroleum Machinery Co.　　The deal is expected to bring the company about 57.4499 million yuan equity disposal investment proceeds. It is worth noting that the profit of the proposed sale of petroleum oil and firewood in recent years is quite high in net profit. Data show that in the last three years and the first half of this year, the company's net profit was 97.7493 million yuan, 104 million yuan, 52.7493 million yuan and 5.0921 million yuan, of which the investment proceeds from the proposed sale of assets were 64.5358 million yuan, 77.7077 million yuan,　　25.5731 million yuan and 14.9075 million yuan. In this respect, the oil-Chai said that in the past two years, the company faced fierce competition, the dominant product profitability has fallen sharply, the overall gross profit margin fell 6% year-on-year. At the same time, the investment income of equity companies fell by 71%, especially Baoji steel pipe, due to the end of 2009 Central Asia Natural gas pipeline and west-east gas transmission line West section of the project was completed and put into operation, there is no major pipeline construction projects started, there are parts to be discontinued, profits from the same The company's asset turnover reduced, operating capacity has not been upgraded, the asset-liability ratio has been above 60%, and presents a rising trend of the year, the company's debt pressure is very large. As of June 30, 2010, the company's short-term bank loan balance of 600 million yuan, the asset-liability ratio of up to 64.81%. The disposal of two assets is just enough to solve the financial pressure of the company's development process.　　On the other hand, the company is also in order to be able to concentrate funds into the core business and main businesses, to achieve industrial function positioning. According to the overall development strategy of the equipment manufacturing industry of the group company and the strategic plan of Ji Chai, it is confirmed that the function of petroleum chai-Chai industry is the research and manufacture base of the built power equipment and the research and manufacture base of the high-power engine According to the development and deployment of equipment manufacturing industry, company holding shareholder China Petroleum Group Jinan Diesel Power Plant, PO tube factory, Gem machinery are zoned for different business sectors, while the oil and firewood shares of the two companies of the holding shareholder is the Treasure tube factory, Gem machinery, interactive shareholding is not conducive to business management and enterprise specialization is not conducive to the development of enterprises,　　Through the disposal of equity will be able to better solve the above problems.　　Interestingly, prior to the spread of oil and firewood restructuring or a new energy of the downwind, in addition, the Chinese newspaper showed that China's large fund manager Wang Yawei "Sneak" 800,000 shares, the unit had from August 6 to August 13 (the day before the suspension), by a lot of funds sought after, the stock price soared, rose 27%. Industry insiders pointed out that although the company through the transfer of funds, the direction of development is more clear, but the publicThe assets transferred by the division corresponding to the net assets and operating income accounted for a large, and before the suspension of the increase, investors need to pay attention to the corresponding risks.