Jiaxi Energy Backdoor 6 Years Cumulative Dividends 1 Billion 400 Million During The Rate Less Than 8% Far Lower Peers

The performance of the backdoor listing on the premium has not been seen, but on the contrary, it has continued to grow steadily.

In 2014, Jiaxi energy (600273.SH) premiums 2.42 times the price of 5 billion 810 million yuan to complete the backdoor Huafang textile, Guan Jianzhong was successfully promoted to the company's real controller.

In the first three quarters of this 6 years, Jiaxi energy achieved operating income of 4 billion 63 million yuan, down 3.03% compared with the same period last year, while net profit (net profit attributable to shareholders of listed companies) was 942 million yuan, an increase of 10.19% over the same period last year.

In fact, since 2014, Jiaxi energy net profit growth has been very stable. Last year, its net profit was 1 billion 100 million yuan, almost double that of 579 million yuan in 2014.

The gross profit margin related to it rose overall, from 26.91% in 2014 to 30.62% last year, while its net interest rate increased from 17.19% to 19.70%.

Compared with gross profit and net interest rates, Jiaxi energy has a lower period cost. Last year, the cost of the period (including R & D expenses) was 427 million yuan, accounting for 7.62% of the current operating revenue. The first three quarters of this year increased by 8.29%, but still significantly lower than that of the same industry.

Gross margin and net interest rate have little difference, mainly due to the whole industry chain operation mode. In addition, the company is a basic and core enterprise of China chemical industry new material (Jiaxing) park, relying on the supporting advantages of the industrial chain in the chemical industry park, which is closely related to many famous chemical enterprises in the park, thus reducing the cost of the period.

Jiaxi energy has been actively rewarding investors since its backdoor. In the past 6 years, the company has distributed cash dividends for 6 times, with a total distribution of 1 billion 388 million yuan and a dividend rate of over 30%.

The performance commitments are overfulfilled.

After borrowing the shell, Jiaxi energy conveys the information about the continuous improvement of profitability.

Jia Hua energy, formerly known as Huafang textile, landed on the Shanghai stock exchange in June 2003. After the listing, Huafang textile business performance was rather bleak, and losses continued in 2011 and 2013.

In 2013, Qin Daqian, the real controller of the company, planned to sell the shell. This year, Guan Jianzhong, a 45 year old businessman in Zhejiang, is searching for a backdoor. The two men hit it off with the middleman. At the end of the year, the Hua Fang textile project of Jiahua energy backdoor was formally released. The original assets of Huafang textile were set aside, and Jiaxi energy assets were priced at 5 billion 810 million yuan. After the equivalent replacement, the difference was partly paid out. The company raised 500 million yuan in matching funds for the expansion project of "cogeneration unit" to be invested by Jiaxi energy. The backdoor transaction was formally completed in the second half of 2014.

At the time of borrowing, Guan Jianzhong and other traders promised that from 2014 to 2016, the net profit of deducting the non recurring gains and losses of the Jiaxing energy from the shell was no less than 528 million yuan, 594 million yuan, and 688 million yuan respectively.

By contrast, the added value of the 100% equity interest of Jia Hua energy is 241.14%.

Jiaxi energy has not failed to meet expectations, and its business performance has been achieved. From 2014 to 2016, the actual net profit of Jiaxi energy was 534 million yuan, 630 million yuan and 745 million yuan, and the completion rate was 101.11%, 106.05% and 108.36% respectively.

After backdoor listing, Jiaxi energy is actively expanding its industry. Wind data show that since 2015, Jia Hua energy has planned to acquire 100% stake in Mei Fu terminal, 100% stake in Jing Jin Sun, 100% stake in tie men Guan Li Neng, 100% stake in Jiahua new material, 85% equity in new grain co grain and 100% equity in Ming Yu new energy. Incomplete statistics show that the total price of these acquired transactions amounts to 2 billion 100 million yuan.

Under the help of M & a target performance, from 2015 to 2018, the operating income of Jiahua energy was 3 billion 391 million yuan, 4 billion 503 million yuan, 5 billion 576 million yuan and 5 billion 604 million yuan respectively, corresponding net profit in turn was 672 million yuan, 740 million yuan, 969 million yuan, 1 billion 100 million yuan, and the year-on-year growth rate of net profit was 16.11%, 10.13%, 30.80% and 30.80%.

In the first three quarters of this year, Jiaxi energy achieved a business income of 4 billion 63 million yuan, a slight decrease of 3.03% over the same period last year, and a net profit of 942 million yuan, up 10.19% from the 855 million yuan of the same period last year.

Since the backdoor, the net profit and net profit of Jiaxi energy have little difference, which shows that the company's net profit is basically contributed by the main business.

After Guan Jianzhong's accession, he has paid cash dividends annually. In the 6 years since 2014, the company has accumulated 6 dividends, and the total cash dividends have been distributed to 1 billion 388 million yuan.

Gross profit margin net interest rate continues to grow

Jiaxi energy's profitability has been continuously improved, and its product market competitiveness is increasing.

After the backdoor listing, the overall gross profit margin and net interest rate of Jiaxi energy products showed an upward trend. From 2014 to 2018, the gross profit rates were 26.91%, 31.58%, 27.83%, 28.86% and 30.62% respectively, corresponding net interest rates were 17.19%, 19.91%, 16.50%, 17.42% and 19.70%.

In the first three quarters of this year, the gross profit margin of the company was 35.51%, up 4.55 percentage points from 30.96% in the same period last year, and the net interest rate was 23.27%, up 20.48% percentage points from the same period last year, up 2.79 percentage points.

The gross profit margin is 35.51%, the net interest rate is 23.27%, the difference between the two is not large, which indicates that the cost rate of Jiaxi energy is low.

In the first three quarters of this year, the sales cost of Jiahua energy was 54 million yuan, the management cost was 102 million yuan, the research and development cost was 160 million yuan, and the financial cost was 21 million yuan, totaling 337 million yuan, accounting for 8.29% of the current business income. During the same period last year, the rate of expenditure was 9.33%, down 1.07 percentage points from the same period last year.

In fact, the period cost rate of Jiahua energy has been at a low level. Last year, the company's period cost rate was 7.62%.

Less than 8%, the cost rate is much lower than that of the same industry. Last year, the cost ratio of Yuan Xing Energy and Jianxin stock was 18.16% and 8.18% respectively.

When talking about its core competitiveness, Jia Hua Energy said that relying on the circular economy of the park, the company created the core business advantage. The company takes CHP as its core and source, and constructs an industrial chain from energy to basic inorganic chemistry and then to oil and chemical industry extension. At the same time, the company has the most advanced technology chain in China, which has the advantage of scale. The highly complementary energy and chemical industry has brought obvious supporting advantages. From the perspective of the company's external circular economy performance, the company's Park has introduced many famous international enterprises such as emperor, Shell, BASF, mountain chemical and Lotte. Relying on the supporting advantages of the industrial chain in the chemical industry park, the company has been closely linked with many famous chemical enterprises in the park, forming a virtuous circle industrial chain of "resource products renewable resources".

It is worth mentioning that Jiaxi energy uses liquid three sulfur oxide continuous sulfonated pipeline reaction technology, so the company is not only lower in the production cost than the same industry, but also greatly reduces the three wastes discharge from the source of the process.

As of the end of last year, Jiaxi energy R & D staff of 223 people, accounting for 16.77% of the total number of employees in the current period.