Tonghua Shuanglong: High gross margin suspected packaging

Xu Yijian, Connaught June 30, Tonghua Shuanglong Chemical Co., Ltd. (hereinafter referred to as "Tonghua Shuanglong") of the listing application for the success of the Board of the gem issued by the Commission. According to the prospectus, Tonghua Shuanglong is mainly engaged in the development, production and sale of high disperse silica. Company produces HTV silicone rubber with high dispersion precipitation method of white carbon black products and high-grade paint with a series of high disperse white carbon black (extinction agent) products in the domestic market share of the rankings are first and second.　　In addition, is also the only domestic sentinel production of national defense chemical precipitation method of white carbon black enterprises.　　However, after the reporter survey, in the beautiful performance of the exterior, Tonghua shuanglong hidden packaging gross Profit margin, capacity size is too small, raising investment projects behind the worries of competitors. The confusion of high gross profit margin according to the prospectus, 2007 to 20,093 years, Tonghua Ssangyong's operating income is 51.7841 million yuan, 61.5919 million yuan, 78.5835 million yuan, operating profit of 16.9784 million yuan, 15.9554 million yuan, 23.3823 million yuan, respectively,　　The overall gross profit margin of the product is as high as 51.66%, 50.43%, 54.33%, maintain steady upward trend.　　But the strange is, in the reporter's interview, a number of Tonghua Golden Dragon Peer company to its high gross product margin questioned.　　Reporter noted that, compared to the high gross margin of the Tonghua Ssangyong, another same production of precipitation method of white carbon black products Shanxi Tongde Chemical Co., Ltd. (006320.SZ), 2007 to 2009 gross margin of only 25.19%, 17.76% and 26.76%.　　Since two enterprises are the production of precipitation method white carbon black products, gross margin why the gap is so big?　　For the high gross margin problem, Tonghua Ssangyong in the prospectus explained that the company's main raw materials in 2009, sodium silicate, concentrated sulfuric acid and the price of coal is 1042.84 yuan, 522.66 yuan, 286.83 yuan/ton, the year-on-year decline of 8%, 58% and increase 12%.　　Although with the reduction of production costs, the company's product prices have also been adjusted accordingly, the company TMG type, T150 type and extinction Agent series of products prices were down 2%, 5% and 33% respectively.　　But because the sales price change is lower than the price of raw materials, so the gross margin can maintain a steady growth.　　But for the interpretation of Tonghua Ssangyong, there are peer-made questions.　　South A main high dispersion precipitation method of white carbon black enterprise insiders said, high dispersion precipitation method white carbon black is really relatively ordinary white carbon black products to high, but three consecutive years of comprehensive gross profit margin in more than 50% of the situation is basically not possible. The above people told reporters, "in the entire industry, high dispersion precipitation method of white carbon black product gross margin can reach 30% to 40% has been very good, ordinary enterprises may not be able to reach such a level, and gross margin to reach more than 50%, only in the early 15 before the industry competition can be done. "And the southeast one produces highDisperse precipitation method White carbon Black enterprise comprehensive operators told reporters, as the white carbon black industry entry threshold is not high, in recent years squeezed into the white carbon black industry many enterprises, resulting in intensified competition in the industry, in this case, Tonghua Ssangyong will also keep the product gross margin of more than 50%, incredible.　　Industry competitive disadvantage In addition to the alleged gross margin for packaging, Tonghua Ssangyong also has a small capacity scale, raising investment projects lag behind, the industry increased competition worries.　　Tonghua Shuanglong disclosed in the prospectus, the company's high disperse white carbon black production capacity of 12,000 tons. And according to a reporter to get a Chinese inorganic Salt Association issued by the Industry Report, 2006 ~2007 National precipitation method of white carbon black main production enterprises total about 28, million tons of enterprises have reached 26.　　and Tonghua Ssangyong's annual capacity and annual output is only 15,000 tons and 12,000 tons, ranked in 19th place.　　The size of 80,000 tons in the year more than 3 manufacturers, Wuxi is indeed a Silicon Chemical Co., Ltd. (formerly Heng Heng Company, hereinafter referred to as "Wuxi"), Nanping Jia Lian Chemical Co., Ltd. "is to win the joint white Carbon Black (nanping) Co., Ltd." and Zhuzhou Xinglong Chemical Industry Co.　　As for the bottleneck problem of insufficient capacity of enterprises, Tonghua Shuanglong put forward to build 20,000 tons of high dispersed precipitation method white carbon black production line in the project of raising investment. But the reporter survey found that the industry has a number of enterprises in the high dispersion precipitation method of white carbon black production capacity of more than 20,000 tons.　　Among them, Wuxi really early in 2005 began to build an annual output of 80,000 tons of precipitation method white carbon black production line, of which annual output of 30,000 tons of high disperse white carbon black production line has been officially put into production in September 2007.　　Wuxi really into the company insiders told reporters, the company's high dispersion precipitation method of white carbon black production capacity of 30,000 tons per year, in addition to the company also set up a number of white carbon black production line, high disperse white carbon black production capacity will be expanded according to market demand.　　Coincidentally, Fujian Sheng Inorganic Materials Co., Ltd. (hereinafter referred to as "Fujian Sheng") also invested in 2009 set an annual output of 40,000 tons of high disperse white carbon black, annual output of 1000 tons of high porosity matting agent of white carbon black product line.　　According to the reporter understand, Fujian Sheng is the predecessor of Fujian Province Zhangping Chemical Co., Ltd., after the merger of Fujian Zhangping Saigi Chemical Co., Ltd. (hereinafter referred to as "Saigi"), white carbon black products, the comprehensive competitiveness of further strengthening.　　and Tonghua Ssangyong In the prospectus also pointed out that the company produced high disperse silica is mainly used in silicone rubber and high-grade paint matting agent, Saigi is the company's silicone rubber with white carbon black products market, one of the main competitors. Reporter noted that Saigi 2007, 20,082 years of domestic HTV silicone rubber precipitation method of white carbon black market share of 16.85% and 17.86%, ranked the third place in the market share.　　and Tonghua Ssangyong in 2006 to 2009 in the above market share of 39.4%, 29.78%, 22.65%, is declining trend year by year. Fujian Sheng Company insiders told reporters that the publicDivision annual output of 40,000 tons of high dispersion precipitation method of white carbon black production line A project has been completed and put into production, the current capacity has reached 25,000 tons, in the two phase of the project is officially completed, the company's high dispersed precipitation method of white carbon black products will reach 40,000 tons per year. In the face of the same industry enterprises have already launched a high dispersion of white carbon black capacity Expansion project, Tonghua Shuanglong investment projects in the annual output of 20,000 tons of high dispersion precipitation method of white carbon black is clearly far behind the competitors.