Tian Li environmental protection "planing food" surplus industry new business stranded "inner bucket"

Upstream customers into overcapacity in the mire, the Days of Environmental protection (300156.SZ) as an environmental protection equipment suppliers and engineering business days are also bad, the year signed a few big orders, not postponed the start, is to terminate the contract, or face the dilemma of difficult to collect. From customers in Inner Mongolia, the original chemical industry from the Minsheng bank "would" turmoil has not yet been flat, the days of environmental protection recently and unexpectedly released a 2013-year performance loss of about 150 million yuan news. "We can't go past the road, with the past technology, no future." Closed furnace for 10 years, do not change only dead. Wangliping, Chairman of Environmental protection, said in a recent interview with the first financial daily, the company's traditional industry began to decline, the intention to give up the old main business, but the new businesses did not generate profits, lean. "Other shareholders do not approve of the transition, and hope to continue to do the original business, shareholders quarrel between the larger." Wangliping said he wanted to change the decision to do clean coal and new materials for high nitrogen steel, and did not get much support from the company's shareholders. Surplus industry demand shrinking for upstream customers in Inner Mongolia, the original chemical industry to do environmental protection projects, then, along with Minsheng Bank to do factoring business, and then with the Minsheng bank disputes, was zoned 170 million yuan--the original chemical industry in Hong Kong, "would" storm undecided, the performance of environmental protection has been really affected by these big customers. Calcium carbide, Ferroalloy, steel, these are the days of environmental protection has earned a lot of profits in the industry. Three years before the IPO, the performance of the environmental protection is bright: from 2007 to 2009, the growth rate of net profit exceeded 75%. However, after the listing, the environmental performance of the days also with these industries decline, in the old industrial areas of new orders to reduce the order has been signed postponed execution. In 2011, after the first decline in 2013, the days of environmental protection appeared in the first loss of the IPO, the year 125 million Yuan ~1.54 billion. Wangliping to the "First financial daily" reporter that Tian Li environmental protection originally to the calcium carbide, Ferroalloy, chlor-alkali and other high energy consumption, high pollution industry to do in the production process of the closed ore furnace, but these industries currently have a widespread serious overcapacity, industry shrinkage, many are unable to pay the project, resulting in the construction project to promote slow, Project construction has been postponed. Count down, the days of environmental protection in the year signed a few big single now have nothing. This includes the end of 2012 and Wuhai Yi Feng Industry and Trade Co., Ltd. signed the 770 million Yuan 800,000 tons/year of calcium carbide EPC project, early 2013 and Linyi billion morning nickel-chromium alloy Limited company signed 570 million yuan contract. One of these two projects was delayed by the "shrinking demand for downstream industries" and the other delayed construction after receiving a small portion of the payment from the other side. Before the days of environmental protection and Anhui Teng long, Shandong and other projects in the morning are also to a large extent to face "abortion." Wangliping to reporters that calcium carbide, Ferroalloy project funds are not easy to recover, the days of environmental protection in Chengde iron and steel money has not been recovered. However, he believes that the company's largest customers Xinjiang Sheng-Hung Energy Co., Ltd. "huge" shouldAccounts receivable is not too big a problem. Since 2008, the Xinjiang Saint-Hung has held the seat of the biggest customer of environmental protection, except 2010 and 2011 years, Xinjiang Mahatma's sales ratio remained around 60%. At the same time, it also occupies a lot of environmental protection funds. In the first half of 2013, the days of the environmental protection of Xinjiang Mahatma sales of 110 million yuan, accounting for 50.73%, as at the end of June accounts receivable for 359 million yuan, accounted for more than 67.25%. "Xinjiang this project, the advantage is that the company's resources are excellent, coal, limestone are open-air, and its own train, such a company to survive is not a problem, so the repayment problem is not." "Wangliping said. However, another major customer Hong Kong's original chemical industry is the environmental problems. As early as August 2011, because the new signing of the original chemical project "large amount of early equipment production, procurement costs larger", the days of environmental protection plan to use more than 150 million yuan to replenish the capital Fund. And for the People's Livelihood bank has been zoned 170 million yuan, Tian Li Environmental Protection said, of which 160 million yuan to restore the original chemical claims (that is, accounts receivable), the days of environmental protection will be based on the circumstances of the preparation of bad debts. "The environment is bad this year, the loss is relatively large, we are prepared to mention bad debts." Wangliping to "the first financial daily" reporter said. Hong Kong's original chemical industry is the last one to do a calcium carbide industry closed furnace business. "Other calcium carbide projects, the company will not do it later." "It is difficult to make money now, one of its own reorganization, the other we have considered the acquisition of it, but the internal is not unified." Wangliping said, Hong Kong's original chemical industry currently has 600 million yuan net assets. "Mine-related" No fruit in the days of the environmental protection of some employees, since the listing, the days of environmental protection "did not do what the project", "the company's high-level overall noisy." In fact, environmental protection in the early years has turned its sights beyond the traditional main industries. June 2012, the Tian Li Environmental protection "Mine", with its own capital of 100 million yuan acquisition of Jiangxi Fulong Mining Co., Ltd. 51% stake, the latter has 10 years of the tin mine leasing rights. The mining company achieved a net profit of 6.73 million yuan in the first half of 2013. But this is not the first time environmental protection has dabbled in mining. Prior to the April 2011, the days of environmental protection has been 1.15 billion yuan to acquire Jilin three-Ming Shale Technology Co., Ltd. and changling permanent three-Ming Shale Technology Co., Ltd. (hereinafter called "Changling San Ming") 100% Equity, its core assets is the oil shale mining rights. However, in the first half of 2013 years, the two companies were operating income of 0, and a total loss of more than 1.5 million yuan. However, last September, the days of environmental protection issued a notice, said Changling San-ming received Changling County Land and Resources Bureau "construction project of the State of mineral Resources", changling three-ming mining warrants in the new railway Changchun to Sibayan Flower construction project Impact range, Comprehensive utilization of oil shale in changling San Ming project may be affected by this effect can not be advanced. And November 2011, Tian Li Environmental protection and the Inner Mongolia long Wang Geological Exploration Co., Ltd. set up a joint venture to develop oil shale and coal cleaner production and synthesisThe use of projects, one of the days of environmental protection investment 25.5 million yuan, accounting for 51% equity. However, as at the end of last June, the project was still unfinished. In addition, the industrial sector of the environmental protection also "coveted" the seemingly unrelated biopharmaceutical sector. Last January, Tian Li Environmental protection and the Institute of Microbiology of the Chinese Academy of Sciences on "spectrum pneumonia vaccine" and "new anti-breast cancer targeting drugs" contract. Wangliping said at the signing ceremony, the business area to expand to the biomedical industry, on the one hand, in order to comply with market demand, to seek new development path, on the other hand, the hope is to promote the use of new drugs to serve the community. Shareholder differences Wang Li The most important is clean coal and new materials. He told the first financial daily reporter that the company's future main business is clean energy and high nitrogen steel, but these new industries "in the construction period, only inputs, no output", still not fully generate profits. The environmental protection of the environment has made ambitious plans, of which the long-term strategic development plan pointed out: will vigorously develop clean coal, high-efficiency energy-saving boilers, clean combustion technology as the core of the cleaning energy industry, since 2013 the annual growth rate of 50% per cent, the construction of high nitrogen steel as the core of new materials industry, High nitrogen steel production capacity of about 10,000 tons, five years to more than 50% of the average annual growth rate. Wangliping said that the company's clean energy business, is to give each other to build a new type of pulverized coal stove, so that the company can be converted to the boiler service charge, and the other side of the production process of steam for the company, on the lack of centralized supply of steam industrial Park, the park enterprises to buy steam or At present, environmental protection in Shandong Yishui has a project for the industrial park for the central heating, small boilers in the park can be closed. "The company has not sold pulverized coal to each other, pulverized coal furnace orders more, do not finish." "" The new coal-fired boiler to the heating operation Market, can obtain a stable cash flow, high gross profit margin, which has a huge market space, can speed up the development of the company. Wangliping said to the first financial daily. He told reporters that Tian Li investment 30 million yuan in Jiangsu Suqian 60 tons of pulverized coal boiler is the company's largest project after the transformation (before the largest only 16 tons), has been successfully debugged last December 15. In addition, Tian Li Environmental protection also hopes to build the industrial chain in the clean energy industry. "We are in Inner Mongolia East Mongolian holding 51% of lignite coal mine, sulfur content is only 0.19%, this kind of coal has no need to desulfurization, just need to denitration." "Wangliping Introduction, two tons of lignite refining a ton of clean carbon, a ton of clean carbon market price in 800 to 1000 yuan, but the East Mongolian project will be two or three years later to see the benefits." "Pulverized coal furnace will become the main business of the future, slowly in the reunification, now many details are not unified." "The goal of Wang Li products is to master and improve the integrated industrial chain of clean coal from upstream high quality coal resources, clean pulverized coal production/distribution, middle midstream core equipment manufacturing, and downstream centralized gas/heating." and Tian Li Environmental protection Another transformation project high nitrogen steel and other new materials business is only in the development period. The so-called high nitrogen steel, is another kind of stainless steel, ordinary stainless steel mainly add nickel, while high nitrogen steelis to replace nickel with nitrogen, can reduce costs, improve performance. Wangliping to reporters that the high nitrogen steel project after the Spring Festival began commissioning. "At present the domestic high nitrogen steel all depends on the import, the import price 150,000/ton." "The company's transformation has not been supported by all shareholders. "Other shareholders are not in favor of the transition and want to continue to do the original business, so there is a big quarrel between shareholders. "Wangliping said. CICC's previous research reported that the days of environmental protection of the traditional main business downturn, and small-scale high-performance pulverized coal boilers, high nitrogen steel and other new businesses are still in the development period, the management cost rate rose significantly, resulting in losses. Getty Map