In the context of the expected sharp fall in the performance of the industry leader, the performance of Changli New Material, a glass manufacturer, is facing greater uncertainty in its planned main board IPO in 2022. Yi Qiaomu, the company's actual controller and chairman, had previously bribed 30000 yuan to the Secretary of the Municipal Party Committee.
In addition, Changli New Material has its own points of view in terms of major customers, investment projects, shareholders and post-period performance.
BOSS is personally
engaged in the research and development, production and sales of glass products in Changli New Material. The company's main products are float glass, coated glass, photovoltaic glass and other deep-processed glass.
From the perspective of ownership structure, Changbo Industry directly holds Changli New Material 86. The actual controller of Changli New Material is Yi Qiaomu, who is still the chairman, legal representative and general manager of Changli New Material. Before
2016, Changbo Industry was also engaged in research and development, production and sales of glass. However, in 2016, under the background that Wuhan required industrial enterprises to move out of the central city, Changbo Industry shut down its production line and demolished it as a whole, after which Changbo Industry only engaged in property leasing and foreign investment business.
It is worth mentioning that Changli New Material disclosed a bribery case in its declaration, that is, in August 2016, Yi Qiaomu participated in the trial of Zou Taixin's bribery case as a witness. The court found that from 2013 to 2014, the defendant Zou Taixin took advantage of his position to receive 30000 yuan from the staff of Yi Qiaomu, Changbo Industry and Changli Honghu Lake.
In addition, Yi Qiaomu mentioned in his testimony that he and Wei Mou gave Zou Taixin 30000 yuan three times from 2013 to 2014 in Honghu Municipal Committee Office and near Jingzhou Tobacco Bureau. It can be seen that Yi Qiaomu also went to battle in person. Can shareholders who
rush to buy shares make a lot of money? In other words, there are nine shareholders who rush to buy shares.
It is worth mentioning that Changbo Industry and the nine shareholders have signed gambling agreements, such as the agreement that Changli New Material is not listed before December 31, 2024, the investor has the right to request Changbo Industry to repurchase shares. At present, the relevant gambling has been terminated.
From the earnings point of view, the first declaration signed by Changli New Material in June 2022 shows that the net amount of funds raised by Changli New Material's main board IPO project is 50. The last capital increase price of external investors of Changli New Material in December 2021 is 25.62 yuan per share. Considering the dilution effect, the value-added rate is as high as 148. For example, the high-quality development fund will make a profit of 3.
However, according to some current data. It is more difficult for shareholders who rush to buy shares to achieve this return. At present, the main product
of Changli New Material is float glass, which is the mainstream product of flat glass manufacturing. The declaration shows that the most important downstream application of float glass is the real estate market. In the first half of
2022, the main business income of Changli New Material was 1.398 billion yuan, down 10 from the same period last year. In terms of gross interest rate, the gross interest rate of Changli New Material in the first half of 2022 was 22.08%, compared with 26.91%, 38.79% and 46% respectively from 2019 to 2021. In the first half of 2022, affected by factors such as the adjustment of the real estate market and the repeated COVID-19 epidemic, demand was restrained and product prices went down. At the same time, due to the impact of geopolitical conflicts and global inflation, the prices of petroleum coke, natural gas and soda ash have risen sharply, and the profitability of the industry has declined.
Moreover, the leading enterprises in the industry where Changli New Material is located are also expected to see a sharp fall in their annual performance in 2022.
As of June 2022, the market share of Xinyi Glass and Qibin Group in the domestic float glass market was 12.74% and 9.09%, respectively. The market share of Changli New Material is 2. Compared with the market share of Changli New Material by the end of 2021
, Xinyi Glass is a listed company in Hong Kong, which issued an annual profit warning in December 2022. The net profit of Xinyi Glass in 2022 is expected to decrease by 55.0% to 65. The demand for float glass products in the PRC construction market decreased, the average selling price of the Company's float glass products decreased successively in 2022, and the cost of raw materials and energy increased in 2022.
Annual profit warning summary, data source: Xinyi Glass December 2022 announcement
Qibin Group is an A-share listed company, which issued a performance reduction announcement in January 2023. It is estimated that the net profit of the company in 2022 will be 1.25 billion yuan to 1.45 billion yuan, compared with the same period last year. Decreased by RMB2.787 billion to RMB2.987 billion, representing a year-on-year decrease of 65.78% to 70. The main reasons were that the demand of float glass market in 2022 was insufficient, the price continued to decline, the inventory of production enterprises was running at a high level, the price of major raw materials and fuels rose sharply, the cost continued to rise, the gross profit margin of products decreased significantly year-on-year, and the profit margin continued to be under pressure.
It should be pointed out that as of the close of February 7, 2023, Oriental Wealth showed that the P/E ratio of Qibin Group was only 18. The valuation of Changli New Material was 20.121 billion yuan when it reached the proposed fund-raising amount, even if it was calculated according to the net profit of 1.063 billion yuan in 2021. Its P/E ratio is also 18.
So, in the case of the industry leader's expected performance slump, what will be the performance of Changli New Material in 2022, and whether it can reach the proposed fund-raising amount? 35%, 81.49%, 85.10% and 86. The sales model of Changli New Materials was mainly based on distribution, supplemented by direct sales, and the proportion of distribution revenue showed an upward trend during the reporting period.
It should be pointed out that these dealers are quite interesting.
The distributor Hubei Chuhuo Industry and Trade Co., Ltd. (Hereinafter referred to as "Chuhuo Industry and Trade") is the second largest customer of Changli New Material in 2019, and the largest customer of Changli New Material in the rest of the reporting period. During the reporting period, the relevant amounts were 155 million yuan, 193 million yuan, 377 million yuan and 147 million yuan, respectively. It accounted for 6.95%, 8.37% and 11.14% of the main business income of Changli New Material respectively. 10.
Hubei Yibaixin Glass Co., Ltd. was established earlier in October 2010. However, the national enterprise credit information publicity system shows that the current shareholders of Hubei Yibaixin Glass Co., Ltd. are Ouyang Jin and Ouyang Gang. It seems that there are no names of the shareholders of the first two companies.
Then, how do these three companies form the same control, and why are there more "0" in the "first name" of Chu goods industry and trade.
The distributor Changsha Hengyuan Glass Co., Ltd. (Hereinafter referred to as "Hengyuan Glass") is the largest customer of Changli New Material in 2019, and the top five customers of Changli New Material in 2020 and 2021. It is worth mentioning that Hengyuan Glass has a history of falsely issuing special invoices for value-added tax.According to the judgment in May 2018, Hengyuan Glass had falsely issued 19 special invoices for value-added tax to Lamp Company and other companies, amounting to 1.8051 million yuan, with a tax amount of 306900 yuan.
Anqing Shengxin Glass Sales Co., Ltd. (Hereinafter referred to as "Shengxin Glass") is the fifth largest customer of Changli New Material in the first half of 2022. In December 2022, the People's Court of Yixiu District of Anqing City restricted the consumption of Shengxin Glass, because on May 6, 2022, the court filed a case for the execution of the dispute over the right of recourse of Shengxin Glass by the applicant, Anqing Financing Guarantee (Group) Co., Ltd., but Shengxin Glass failed to fulfill the payment obligations specified in the effective legal documents within the period specified in the notice of execution.
It is worth mentioning that the announcement of the Housing and Urban-Rural Construction Department of Guangxi Zhuang Autonomous Region in April 2022 shows that on March 19, 2022, the first phase of the project of Changli Guangxi Silicon Science and Technology Industrial Park in Hepu County, Beihai City (the project has not gone through the formalities of reporting for construction and supervision) occurred a production safety accident of falling from a high place. One person was killed. The construction unit of the project is Beihai Changli New Material Technology Co., Ltd. (Hereinafter referred to as "Beihai Changli"), the legal representative is Yi Qiaomu, and the construction unit is Xinzhongkun Construction Engineering Co., Ltd. (Hereinafter referred to as "Xinzhongkun"). Xin Zhongkun, the construction unit, is now ordered to immediately stop work and rectify the municipal housing construction projects under construction in the whole district, and to order the relevant units of the accident project to conduct a profound self-examination and reflection. Beihai Changli in the
announcement is a wholly-owned subsidiary of Changli New Material. In addition, the announcement also mentioned that the project was constructed without a construction permit, which violated the relevant provisions of the Construction Law of the People's Republic of China and the Measures for the Administration of Construction Permits for Construction Projects.
浙公网安备33010802003254号