Oriental rain rainbow Hard to restrain investment impulse rapid expansion product quality worrying

Sinorama reporter Ai Zhenqiang September 9, the Oriental Rainbow (002271, Share bar) (002271) issued a private offering of a shares of a stock plan, to not more than 10 specific investors in the non-public offering of not more than 57 million shares, the total amount of funds collected not more than 1.27 billion yuan, for the implementation of Tangshan, Xianyang and other 5 project construction and repayment of 250 million yuan bank loans. The company said that the new production base after the completion of the project, will further enhance the company's production capacity, to meet market demand, and the formation of the main business to the upstream industry of natural extension, improve the profitability of the company to strengthen the domestic building waterproofing materials industry leading position. However, the reporter found that the current China's waterproof material production enterprises, low-level duplication of construction, as well as the phenomenon of overcapacity is serious. The company's plan and the feasibility analysis report on raising funds (hereinafter referred to as "Analysis Report") only mentions the strong market demand growth and the substantial economic benefits of the project, but there is no mention of the possible risks, which makes people doubt. The ratio of the company's assets and liabilities is much higher than the average of the building materials industry, and the product quality problem is more exposed on the eve of the increase. No mention of the project risk September 9, the Oriental Rain Rainbow issued a private shares of a stock plan, analysis reports and a series of related announcements. According to the plan, in addition to Tangshan annual production capacity of 40 million square meters waterproof membrane and 40,000 tons waterproof coating project, Dezhou annual output of 10,000 tons of Non-woven fabric project construction period of about 2 years, Xianyang annual output of 20 million square meters waterproof membrane and 40,000 tons waterproof coating project, Xianyang Annual production capacity of 20 million square meters of waterproof membrane and 40,000 tons waterproof coating project and Jinzhou annual output of 20 million square meters waterproofing membrane project construction period of about 1 years. Analysis shows that the project to the postpartum, the above projects for the company's new operating income of about 3.7 billion yuan. The annual report shows that the total revenue of the company in 2012 is only 2.98 billion yuan, which is equivalent to "recreate an Oriental Rain Rainbow". In this regard, there are investors rejoiced that this will further enhance the company's leading position in the industry, enhance the profitability of the company, and then give small and medium-sized investors a generous return. The company also said that the purpose of this increase is to solve some of the regional capacity constraints, expand the company's production and operation of the region, the implementation of the national market layout strategy, the core business driven extension industry, to create a new profit growth point. But many investors have pointed out that companies in the announcement of the plan, the advance determination of the equity incentive scheme, in the incentive draft revised on the basis of the revision, if the implementation of the steady increase, equity incentive assessment line is significantly reduced, is tantamount to "take the money of investors, making the company's rich executives." According to the final equity incentive plan, to achieve the equity incentive of the net profit growth conditions, it is necessary to increase the production of projects to bring benefits. The company in the Plan and analysis report on the proposed project location capacity is not enough to emphasize, to the proceeds of the proposed investment project is very positive and optimistic attitude, but the project may exist risks are not mentioned. According to the reporter understands, at present, our country waterproof material first-line brand hasOriental Rain Rainbow, Qinglong, Hongyuan, Zho Bao, and so on, production enterprises have more than 2000, of which there are waterproof membrane production license of about 1500 enterprises, waterproof material industry capacity to reach the total market demand of 5 times times, many enterprises operating rate is insufficient, low-level repeat construction phenomenon is serious. Repeated construction and overcapacity make structural adjustment imminent, the company at this time a high-profile increase, to "recreate an oriental rain rainbow." The current real estate market has peaked the voice is growing, rely on this oriental rain rainbow How to be emboldened to ensure that the company's future best-selling products, profit growth? Companies blindly advocating the benefits of project investment, but there is no mention of possible risks, whether there are deliberately fooled investors suspicion? The reporter calls the company, but as of the press deadline, has not received any reply from the company. Rapid expansion of the quality of products due to the waterproof material industry mixed, poor construction, water seepage water has become the most headache for residents one of the problems. Therefore, in the selection of waterproof materials, consumers will generally choose a first-line brand, but they are really reliable? August 28, Gansu Province Quality Supervision Bureau official website Publicity two quarter quality inspection results, of which, the Beijing Oriental Rain-Rainbow Waterproof Technology Co., Ltd. production of modified asphalt roll low tenderness "seriously unqualified." In this respect, the Oriental Rain Rainbow issued a statement on September 10, said the client side for the "Lanzhou macro-run Waterproofing Engineering Co., Ltd.", formerly the Oriental Rainbow in the local project channel distributors, but the two sides have terminated the distribution agreement on December 31, 2012. The company has not provided any kind of waterproof material to the client in any way from the date of termination of the agreement. And this material label manufacturer for "Beijing Oriental Rainbow Waterproof Technology Co., Ltd.", inspected products for "Rain Rainbow elastomer Modified Asphalt Waterproofing Membrane", the material production period of May 2013. The statement also said that the Oriental rain Rainbow and Gansu Provincial Quality Supervision Bureau and quality Control terminal communication, reached a "memorandum of understanding", the Quality Supervision Bureau of Gansu Province announced the official website of the company's material testing unqualified information, the company's "client is not normal to provide identification of the company's trademark and firm to test the material of the conduct of" reservations continue to investigate and prosecute the right. The company's statement, however, makes one suspect: one, although the client has terminated cooperation with the company, but if the company's products do not have quality problems, the client will not be against the defamation of the legal risk of slander pointed out that the company's products have quality problems and the selection and Quality Supervision Bureau of Gansu Province and quality control terminal communication, reached the "understanding of the memo", the way to remove the relevant information? In this respect, the reporter calls this matter the party Lanzhou Macro run Waterproof Engineering Co., Ltd. The company's Ms. Guo told reporters, the company and the East rain rainbow prior to cooperation for eight or nine years, the company also has a part of the stock of Oriental rain rainbow products, the products are submitted to the Oriental Rainbow before the production of products. This means that the company previously supplied Lanzhou macro-run Waterproofing Engineering Co., Ltd. products have been quality problems. The company is ambitious to recreate a rain rainbow, on the other hand,There are serious quality problems in the products that were originally manufactured. Quality can not guarantee that the new expansion of capacity can be in the increasingly fierce market competition to stand out, to achieve the intended benefits? Waterproof material development to the present variety, dazzling. According to industry insiders, from the types of materials are divided into asphalt, polymer modified bitumen, synthetic polymers, inorganic, polymer cement. One of the asphalt is a traditional waterproof material, polymer modified asphalt, is the 90 's after the rise of a product in China, synthetic polymer waterproofing materials, because of its superior physical properties, with excellent anti-aging, UV resistance, weather resistance, and so on, after 2000 rapid growth, Polymer cement waterproofing materials are mainly used in indoor toilet and bathroom waterproof layer. A new generation of waterproof materials to the quality of light, construction convenient, non-polluting environment, durable, color beautiful direction. According to the company announcement, Oriental rain rainbow production of raw materials required mainly include asphalt, polyester base, SBS modifier, emulsion, Chain Extender, polyether and so on. But the company only gives a waterproof membrane and waterproof coating two categories. Semi-annual reports show that 2013 1-June company revenue and net profits have achieved substantial growth, volume and coating of gross margin has also achieved growth, but investors worry, the original product quality can not guarantee the expansion of the Oriental rain Rainbow will be able to follow the pace of development, to achieve increased production and efficiency?