The Interest Rate Of Polyester Filament Product Of Xinmin Technology Company Is Lower Than Expected

The dilemma or the new private technology (002127) private placement.

Xinmin technology disclosed a risk warning today, frankly speaking, the gross profit margin of the polyester filament product of the company is much lower than expected, and there is uncertainty in the expected benefits of increasing the investment of the project.

At the same time, Xinmin technology's latest share price has been lower than the fixed base price, which means that the company's difficulty in promoting private placement is increasing.

According to Xinmin technology's fixed increase plan, the company intends to issue no more than 130 million shares and raise no more than 489 million yuan, all of which are used for the "annual output of 120 thousand tons of ultra simulation differential spinning production line project".

After the project is completed, it can produce 100 thousand tons of super simulation differential polyester full draft yarn (FDY) annually and 20 thousand tons of super simulation differential polyester false twist textured yarn (DTY).

But this time, the boom of the chemical fiber industry has declined sharply this year.

Xinmin technology today issued a risk note that the company in the preparation of the financial evaluation of the project, based on the market of polyester filament at that time, combined with the development of the silk industry, the future polyester filament Market Forecast.

According to the forecast at that time, the unit price of FDY products was 14360 yuan / ton after the project was put into operation.

The selling price is 16320 yuan / ton, the gross profit margin of the product is 13.17%, the estimated annual sales revenue is 1 billion 762 million yuan, and the total annual profit is 129 million yuan.

However, since the three quarter of 2011,

As China's economic growth slows down, the demand for export in the textile industry is sluggish.

By the end of 9 2012, the current price of polyester filament products was lower than the original forecast sales price, and the gross profit margin of polyester filament products from 1 to September in 2012 was 3.50%, much lower than the original gross profit margin of 13.17%.

Xinmin technology said that although the polyester filament industry has a more obvious cyclical nature, if the polyester filament industry will remain depressed for a long time in the future, the expected benefits may not be achieved.

Obviously, the uncertainty of the expected benefits of the investment projects will have a certain impact on the new private placement.

At the same time, Xinmin technology's latest stock price is 3.72 yuan, which is lower than the fixed base price of 3.76 yuan.

Looking back at Xinmin technology's fixed growth process, the company announced the first plan at the end of last year. It plans to invest 734 million yuan at the base price of 6.12 yuan / share to invest in the "annual output of 120 thousand tons of ultra simulation differential spinning production line" and "the annual output of 30 thousand tons solvent method cellulose fiber project".

In October this year, the company adjusted the increase plan, the issue price reduced about 40% to 3.76 yuan, and cut off 30 thousand tons solvent method cellulose fiber project, the fund-raising amount also reduced to 489 million yuan.

In October 26th, the company's provisional shareholders' meeting deliberated the relevant proposal of private placement.

Judging from the company's operating situation, the price of polyester filament has fallen sharply due to the low industry boom.

In the first three quarters of this year, Xinmin technology lost 116 million yuan, down 265.22% compared with the same period last year, and forecast a loss of 140 million yuan to 150 million yuan for the whole year.

In October 16th, Xinmin technology disclosed that due to poor benefits, some of its two subsidiary companies were parking for 3 months.