Oriental rain rainbow raise 1.27 billion expansion capacity waterproof membrane exposed quality hidden danger

Every reporter Mong Lin stop a week of the Oriental Rain Rainbow (002271, before the closing price of 23.45 Yuan) today announced the private issue of stock plans, the company intends to be no less than 22.39 yuan/share prices issued not more than 57 million shares, raise capital of 1.27 billion yuan to expand the waterproofing membrane and paint project capacity building. "Daily economic news" reporter found that in the East rain Rainbow launched the above plan, the production of waterproof membrane products have been exposed to the quality of the hidden dangers, Gansu Provincial Bureau of Quality Supervision of the Oriental Rainbow, such as four enterprises of waterproofing membrane products after inspection identified as "serious unqualified." 1.27 billion yuan expansion of the main business capacity/Oriental Rain Rainbow's plan shows that the planned increase to no more than 10 specific target issue 57 million shares, the total amount of funds is expected to raise not more than 1.27 billion yuan. After deducting the issue fee, it will be used to implement Tangshan annual output of 40 million square meters waterproof membrane and 40,000 tons waterproof coating project, Xianyang annual output of 20 million square meters waterproof membrane and 40,000 tons waterproof coating project, Xuzhou annual output of 90,000 tons waterproof paint project, Jinzhou Annual output of 20 million square meters waterproof membrane project, Texas has an annual output of 10,000 tons of nonwoven projects and repayment of bank loans. For the non-public issue of shares, the Oriental Rainbow said that the increase will effectively alleviate some of the company's capacity shortage, conducive to the implementation of the company's national market strategic layout, the company as a new waterproof material leading enterprises, the expansion of market capacity and industry standardization, The promotion of concentration will bring good development opportunities to the company. In addition, the company also on the investment project did a benefit feasibility analysis, Tangshan, Xianyang, Xuzhou, Jinzhou and Texas Five types of projects are expected to achieve annual sales revenue of 3.7 billion yuan. Southwest Securities recently reported that, because of the loosening of real estate policy, the demand of real estate developers will also increase, the Oriental Rain Rainbow Channel model advantages further highlighted. Based on this, the Oriental rainbow expansion of the material production capacity will become the key to its next revenue growth. Semi-annual report data also shows that the main products of Oriental Rainbow market demand is resuming growth. The first half of the company to achieve operating income of 1.633 billion yuan, an increase of 31.2%. One quarter of two quarterly income, net profit of 1.11 billion yuan and 94 million yuan, the year-on-year growth of 36.8% and 45.4%, the chain grew by 111% and 2,924% respectively. Sub-products, waterproof material sales growth of 26.5%, of which volume sales grew 27.74% year-on-year, paint sales growth of 24.21%. Product is exposed to quality problems/However, the project of Oriental Rain Rainbow will probably face another risk: product quality. According to the "Lanzhou Morning News" September 5 reported that the second quarter of this year, the Ministry of Quality Supervision in Gansu Province on the local production or sale of waterproof coiled materials to carry out QC inspection, found that there are 4 types of waterproofing membrane quality problems, by the quality supervision departments for "serious unqualified." Waterproof membrane on the roof, toilet waterproof and basement moisture plays a vital role, once the construction of the use of substandard waterproofing membrane, the use of the building of longevityLife and use function have a great impact. In view of this, the Quality Supervision Department of these 4 kinds of substandard waterproofing membrane was exposed. It is reported that in the inspection, the Quality Supervision Bureau in Lanzhou macro-run Waterproofing Engineering Co., Ltd. to carry out the inspection, found that the "elastomer modified Asphalt Waterproofing Membrane" products (production date May 2013 specification Model SBSIPYPEPE310) There is a low temperature flexibility of unqualified problems, And the product of the manufacturer is Beijing Oriental rain-Rainbow Waterproof Technology Co. It is understood that the Oriental Rainbow is a domestic building waterproofing materials industry leader, the quality of the product has not attracted controversy. It is worth mentioning that, while vigorously expanding the main product capacity projects, the company recently (August 13) also announced the cooperation with the new Austrian group in overseas development and construction of LNG and CNG projects to jointly develop LNG and CNG manufacturing transportation and natural gas import and export business.