The prospect of Xiangtan electrification note lean abandoned bonanza

Lasted 1.5, twists Xiangtan electrification (002125.　　SZ) The prospect of the issue is worrying.　　March 18, Xiangtan electric release of the announcement, the company for Xiangxiang Jinshi manganese ore and manganese powder processing plant 5 million yuan bank loans to provide guarantees, before the outside world rumors, Xiangtan electrification for the protection of manganese powder supply, ready to buy the two enterprises.　　And in the near future Xiangtan electro-chemical to alleviate the shortage of manganese powder supply and planning of the targeted additional boots landing: March 9, the CSRC has the conditions to authorize the acquisition of large shareholder of the electricity and electric group related assets application.　　Twists Xiangtan electrification, and 2007 electrification group of "China Manganese are" Xiangtan manganese ore (hereinafter referred to as Xiangtan manganese) of the acquisition of the same, the proposed injection of Xiangtan electrification is the part of the operation of the manganese Xiang.　　Directional additional this to solve Xiangtan electro-chemical raw materials shortage problem, but according to the reporter investigation, the electrochemical group of the acquisition of manganese, but its production equipment to sell, manganese ore is not effective mining, listed company raw material bottleneck is still difficult to solve. and the injection of Xiangtan electrochemical manganese ore is only a low content of lean, electrification group also left some high-quality manganese ore did not inject.　　And these lean also by the surrounding legal or illegal small mine erosion, the future of mineral reserves worrying.　　Raw material supply hindered Xiangtan electrification tried to diversify the product into manganese oxide special electrolytic manganese dioxide and other new materials, but by the industrial development direction deviation and small size, the current performance of listed companies have limited contribution. "The whole industry is facing the environmental protection requirements to improve the background, the company's environmental investment gradually increased, while the production of raw materials prices continue to climb, downstream demand is subject to two of the economic bottom."　　"Wealth Securities researcher Li Analysis, Xiangtan electrification of the upstream costs may not directly downstream transfer, the company's operating capacity will still be tested." Additional suspicion "rich" love "poor" Xiangtan electrification on April 3, 2007 in Shenzhen stock market listing.　　Its major shareholder, the predecessor of the electrification Group was established in 1958, the state-owned Xiangtan electrochemical factory, 2003 changed to a wholly state-owned audio-visual group.　　June 2007, the total assets of only hundreds of millions of yuan, more than 900 employees of the electrochemical group staged a "snake Swallow Elephant" drama: to 100 million yuan acquisition of total assets of billions of yuan (including millions of tons of mineral deposits), employees over million people "China manganese" Xiang manganese. Wang Chisheng, the former middle-level cadre of Xiang Manganese, said that the electrification group in Hunan Manganese began to sell assets, including transformers and magnetic separator, many of the equipment can be normal operation by the electrification of the group has sold.　　Electro-chemical group even to dismantle the Ferromanganese blast furnace, and open to the community to sell the land assets of Xiang Manganese. "The underground manganese ore can only be mined through the production equipment of Xiangtan manganese, and these devices are expensive," he said.　　"Wang Chisheng explained that, as a large number of production equipment was sold, Xiang Manganese has not been able to reach the design of annual production capacity, nature can not provide the full amount of Xiangtan electrification of manganese powder. 2007-2008, metal manganese and electrolytic manganese dioxide market continued to slump, based on the need to activate assets to obtain cash, electrification group to buy XiangAfter the Tan manganese mine, some mining equipment was sold quickly.　　But the electrification of the main industry is weak, so March 2008, electrification group financing of the pioneer well and Hongqi well two to mine recovery, the annual design mining 150,000 tons.　　After two pairs of mines resumed production, the electrification group began to plan and increase the plan, injecting it into the listed company.　　November 2009, Xiangtan Electrification issued a plan to increase, said it will issue 36 million shares of specific objects to the electrochemical group, raise 350 million yuan to acquire large shareholders and manganese ore mining, manganese powder processing-related business assets, as well as manganese ore mining business follow-up investment, electrification group commitment to no less than 100 million yuan cash subscription for additional shares.　　But the issuance process has since become twists. First April 2010, the company targeted additional plans suddenly face, the additional shares will be reduced to 24 million shares,　　The total amount of capital raised was reduced to 226 million yuan, and the electrochemical group pledged to reduce the amount of cash to 66 million yuan; then in November, the electrification group was required to rectify the material by the CSRC, unable to submit materials within the stipulated period of the electrochemical group had to apply for extension. "The company said the adjustment plan is because the value of manganese ore evaluation declined, but the real reason is that some of the agencies involved in the issuance of the asset valuation is too high, in the details of the issue is not bought, so forced to revise the plan."　　People familiar with the matter said. According to the Xiangtan, the pioneer well and Hongqi well manganese ore is not a high-quality mineral, the manganese ore of the two MN content in about 10%, is a typical lean, and proven recoverable reserves of only more than 1 million tons.　　The same place in Hunan, Xiangxi Huayuan Manganese ore is a bonanza, manganese content can reach more than 30%. These lean resources also face diminishing risks.　　Wang Chisheng revealed that there is a long time in the vicinity of the manganese manganese ore deposits, these small manganese ore deposits into the mining layer of the lower level of the mine to steal, encroach on electrochemical group of manganese ore resources, and repeated.　　According to the management of manganese Xiang, the current proven reserves of more than 4 million tons of manganese, but in the illegal small manganese ore stolen mining, every day there are about 5000 tons of ore waste, a year waste of ore up to 2 million tons!　　So, after a few years of manganese, is there still mining?　　The diversification of the original Xiangtan electrification of the target is to obtain more cheap manganese powder, but due to the electrochemical group will be the production equipment of Hunan manganese, lead to manganese manganese ore can not be effectively mined, Xiangtan electrification still not enough raw material supply.　　In response to public investors to the question of targeted additional plans, the reporter called Xiangtan Electro-chemical Zhang Kaiyu, but he was informed of the interview content, that is, "mobile phone is no electricity" for a hastily hung up the phone. "At present, manganese production of manganese powder can only meet Xiangtan electrification 40% of the raw material demand, the company must pay a high price for foreign procurement of manganese powder each year."　　Xiangtan Electrification Securities Department Personage discloses to the reporter.　　and asset injection has been questioned, directional additional twists process accompanied by, Xiangtan electrification began in 2007, the pace of product diversification. At the beginning of the listing, Xiangtan electrification of the main products are ordinary manganese dioxide and mercury-free manganese dioxide, gross marginRate is low.　　For example, in 2008 years, the sales gross profit margin of the two is 0.63%, 12.13% respectively. 2007 Xiangtan electrification began to diversify, in December, the company will IPO projects Mercury-free alkaline manganese dioxide battery-specific electrolysis of the 67 million yuan to raise funds to change, to the metal manganese production line project; In September 2009, the company changed its IPO investment　　81 million yuan to raise funds to invest in manganese oxide special electrolytic manganese dioxide project.　　Because lithium manganese dioxide is one of the raw materials of lithium batteries, in 2010, the capital market "lithium" concept of the situation, Xiangtan electrification and "lithium", the September deduction of "6 days 5 Trading" madness.　　The company then clarified that the sale of manganese dioxide is the special electrolytic manganese oxide is the raw materials of lithium permanganate batteries, 2010 1-June sales of only 1025 tons, to achieve operating income of 9.804 million yuan, operating costs of 7.7211 million yuan, operating profit of only 2.08 million yuan, the company's performance impact is very small.　　According to industry sources, lithium manganese oxide batteries used as electric vehicle power battery technology has not yet clearance, and performance than lithium iron phosphate, is not the development direction of lithium battery materials, the future of the risk of being replaced by the latter. As for the Xiangtan Electric change raise investment capital investment of manganese, mainly used in the production of stainless steel and high-strength low-alloy steels, etc., in recent years, this industry due to disorderly expansion, capacity has been seriously surplus, the overall gross margin all the way down.　　2008, 2009 and 2010, Xiangtan electrochemical metal Manganese products gross profit margin, respectively, 6.47%,-9.04%, 0.23%.　　Earnings show that the company from 2007 to 2009 main revenue and net profit of 314 million yuan, 372 million yuan, 500 million and 1.75 million yuan, 44.07 million yuan, 3.22 million yuan, main income growth at the same time, the company has been on the verge of profit and loss wandering. However, February 24, 2011, Xiangtan Electrification released Performance Express, the company 2010 net profit of 25.86 million yuan, net profit growth is mainly due to the 2010 metal manganese and electrolytic manganese dioxide production and sales have increased, and sales prices have certainly risen.