Shanghai Daoqin Plastics Co., Ltd.

2016 year 至2018 year, polymerization 顺营业总收入 increase speed from 2016 year 119.13% drop 至2018 year 55.56%. 同期, 归母净 profit increase speed from 1627.54% decline 至56.52%

day front, polymerization new material corporation has company (lower polymerization 顺) published 招股书, Shanghai 证券交 easy 首次公 development upper 市, 主承销商 is 广发证券 corporation has company.

据悉, polymerization 顺本次发行数 amount ultra- 7.9 100 million 股, 占发行 rear 总股本 ratio/proportion low 于25%. 募集资金共计4.7 100 million yuan left right, separation investment 于“ year 产10 10,000 tons polyamide (PA) 6切 sheet/slice production project ”(3.3 100 million yuan), “ R&D in construction project ”(5908 10,000 yuan) and “偿 also loan and flow 资金”(8500 10,000 yuan) in.

polymerization formed 立以 一直专注于 polyamide (PA) 6切 sheet/slice (lower nylon 6 切 sheet/slice) field/area, for different application, company main/primary product fiber grade sheet/slice, engineering plastics grade sheet/slice, film grade sheet/slice large type, by widely used in nylon fiber (包含民 use fiber and industrial fiber), engineering plastics and film manufacturing field/area.

polymerization is new sheet/plate enterprise, 2017 year 12 month formed 摘牌. from structure 看, 自然人傅昌宝直接持 has company 6.34%股权, through 持股5% above enterprise (永昌控股 and trade)间接持 has 44.16%股权, combined has 50.50% 股权, is company control 人. 而永昌控股 and trade 2019 year upper semi year profit is negative, separation is -347.25 10,000 yuan and -75.12 10,000 yuan.

查阅该 company 招股书 attention/notes to, 2016 year —2018 year and 2019 year upper semi year (lower report 期), polymerization 顺主营 business separation is 8.6 100 million yuan, 13 100 million yuan, 20.2 100 million yuan, 11.3 100 million yuan, sales product, provide 劳务收 to separation is 4.9 100 million yuan, 5.5 100 million yuan, 8 100 million yuan and 5.1 100 million yuan, rear increase speed low 于营业收入 growth speed degree.

in addition, company comprehensive gross profit rate separation is 10.84%, 10.66%, 10.11% and 9.46%, decline trend, low can ratio upper company value.

偿债 can force relatively low

Wind data 显示, 2016 year 至2018 year, polymerization 顺营业总收入 separation is 8.6 100 million yuan, 13 100 million yuan, 20.2 100 million yuan, increase speed from 2016 year 119.13% drop 至2018 year 55.56%. 而同期, its 归母净 profit separation is 0.34 100 million yuan, 0.61 100 million yuan and 0.96 100 million yuan, increase speed from 2016 year 1627.54% decline 至2017 year 80.9%, 2018 year 进一步 decline 至56.52%.

revenue, profit increase speed decline meanwhile, company negative 债总额呈攀 rise trend. 招股书显示, report inner, polymerization negative 债总计 separation is 3 100 million yuan, 3.1 100 million yuan, 3.7 100 million yuan and 6.5 100 million yuan, assets negative rate. can to, 2019 year upper semi year flow negative relatively 2018 year increase formed; meanwhile, assets negative rate relatively 2018 year growth 11.4 百 separation 点.

remove flow negative value increase, 《 investment 时报》 research attention/notes to, company 存货也存 in rise trend.

report 期各期末, polymerization 顺存货余额 separation is 6574 10,000 yuan, 6642 10,000 yuan, 8159 10,000 yuan and 1.5 100 million yuan, 各期末存货账面价 value flow assets specific gravity separation is 23.15%, 27.54% and 25.65%. company 存货 积 pressure, remove increase tube/pipe use, in 一定程 degree upper reduce company flow assets utilizing rate.

in 招股书 in, polymerization table/sheet 示, company melt 资手段 versus for mono 一, 各方面 investment main/primary 源于银行借款, formed assets negative rate versus for relatively high, flow ratio rate, speed ratio rate relatively low. report 期各期末, company assets negative rate separation is 55.36%, 52.24%, 44.68% and 56.08%; report 期各期, company flow ratio rate separation is 0.96, 0.84, 0.91 and 0.97, speed ratio rate separation is 0.74, 0.61, 0.68 and 0.73.

report inner, polymerization main/primary 采取以自 has construction material, machine equipment and other solid assets and use provide 抵押担保 methods obtain 银行借款. report 期末, company has 账面价 value is 1.2 100 million yuan solid assets by 抵押, solid assets 账面价 value 30.24%;账面价 value is 2777 10,000 yuan use by 抵押, 占无形 assets 账面价 value 99.28%.

业 inner deep analysis is, company can and 时清偿 to 期债务, in 银行变卖抵押 assets can can, from 而引起 company production unstable 风险.

company or in production capacity “消化 defect ” can can?

in 招股书 in polymerization 顺提示, as is nylon 6 切 sheet/slice Raw Materials, caprolactam in to production capacity fast speed expand 张, future expected will structure property production capacity 剩.

due to to technology 壁垒限 made, China caprolactam industry relatively 晚, 2010 year front main/primary is combined enterprise and in is 主, production capacity has 50 10,000 tons / year left right, Imported degree relatively high. 随 2011 year 商务部颁布 anti-dumping strip/profile 例, Imported 货源受 to made, in 引进先进 production technology application to production field/area rear, inner caprolactam production capacity from 2012 year 开始进入 fast speed expand stage/phase, 2012 year year inner production capacity increase speed to 107.7%. 自2013 year 开始, caprolactam production capacity basic 以40 10,000 tons / year speed degree growth.

随 国 inner caprolactam production capacity increase, output/production volume year growth. 但截至2017 year 底, inner caprolactam supply amount ultra- 总 demand amount. 随 2018 year new increase production capacity 继续投放, expected 2019 year rear, caprolactam industry will structure property production capacity 剩. add lower demand external ring 境不断变化 effect/influence, 不确定 property increase, caprolactam industry profit and price expected will adjustment 期.

value attention/notes is, 招股书 in to, company raw materials mono 一, product mono 一, other type chemical industry enterprise can through different reaction production different product, 以适应 different market demand. although add large product 规模效应, polymerization increase product types type, therefore resistant can force versus for relatively low.

in addition, 招股书 in 披露, report inner, polymerization toward front large supply procurement 金额占当期 Raw Materials procurement ratio/proportion separation is 80.43%, 76.51%, 89.02% and 77.14%, due to caprolactam production for equipment, technology and tube/pipe has relatively high requirements, main/primary production is large type has enterprise and separation 资金实 force relatively strong/high large type enterprise, procurement in degree relatively high, therefore in Raw Materials procurement 方面, polymerization for main/primary supply still tool has relatively strong/high property.

report inner, polymerization also in toward 关联方 sales product or procurement Raw Materials 情形, 且均发生 in 2016 year and 2017 year, 2018则 year 未发生经常 property procurement or sales. remove outer, company also in key/critical tube/pipe 理人员报酬, 接受关联方担保 and other 关联交 easy.