Signed To The United States 6 Billion 900 Million Yuan Masks Order Of Blonde Technology, In Ningbo Crazy 62 Billion To Build Polypropylene Projects

The golden hair Polytron Technologies Inc (hereinafter referred to as "golden hair technology") announced in the evening of May 17th that the company's subsidiary Guangdong golden hair Technology Co., Ltd. ("Guangdong blonde technology") signed a contract for the sale of goods with a company in the United States (referred to as the "buyer"). In the period of the sale of goods, Guangdong's golden hair technology is based on the contract for the sale of goods and the specific purchase of the buyer. Sell the KN95 mask to the buyer. In May 16th (Beijing time), Guangdong blonde technology received the buyer's purchase order, the order amount. Nine point seven five Billion dollars.

According to the announcement, the buyer agreed to pay 40% of the order amount to the seller within 3 working days from the date of receipt of the form invoice issued by Guangdong golden hair technology. As of the date of announcement, Guangdong's golden hair technology has provided the buyer with a proforma invoice, which has not yet received the above paragraph. In addition, from the date of the effective date of the contract to March 31, 2021, the seller will deliver the goods agreed to the purchase order within 3 months after the buyer's payment of the previous amount of the agreed percentage of the purchase contract.

According to blonde technology, the total net profit generated by the successful sale of goods contracts is more than 50% of the company's net profit in 2019.

This evening, blonde technology also announced that in order to get through the whole chain of polypropylene production and enhance the company's continued profitability, the company holding subsidiary Ningbo golden hair new material Co., Ltd. (hereinafter referred to as "Ningbo Blonde") intends to invest in the construction of 1 million 200 thousand tons / year polypropylene thermoplastic elastomer (PTPE) and modified new materials integration project in Qingdao Industrial Park, Xiaogang, Ningbo, Zhejiang province. The total construction period of the project is initially estimated to be 34 months, with a total investment of about 6 billion 200 million yuan.

Blonde technology said that the investment and construction of the project will help the blonde technology to form a cooperation link with the upstream industry enterprises, enhance the ability to control and influence the raw materials, consolidate the company's position in the field of modified polypropylene, enhance the profitability of the company, and get the opportunity to enhance the technological innovation capability of the whole industry chain, so as to further explore the industry chain. Enhance product value.

Public information shows that the golden hair technology was established in 1993 and was IPO at the Shanghai Stock Exchange in 2004, and has maintained rapid growth for many years. The traditional business of the company is modified plastics, which has developed rapidly from the capacity of about 20 thousand tons at the time of listing, to the current nearly 2 million tons of plastic modified production capacity, and has become a rare white horse enterprise in the domestic chemical industry listed companies. Company listed on 2004 Twenty-three point nine Billion yuan, net profit One point zero five Billion yuan, for many years, the company's revenue scale continued to grow, reaching in 2018. Two hundred and fifty-three point two Billion yuan (2004-2018 year compound growth rate) 18.4% ) The net profit of the company was greatly influenced by the fluctuation of the industry boom, and reached the highest level in 2011. Nine point five five Net profit of 100 million yuan, the net profit reached by the company in 2018. Six point two four Billion yuan (2004-2018 year compound growth rate) 13.6% ) The company has maintained a high dividend level over the years, and has accumulated dividends after the listing. Thirty-three point zero one Billion yuan.

In 2019, blonde technology achieved business revenue. Two hundred and ninety-two point eight six Billion yuan, an increase year on year 15.68% To achieve net profits attributable to shareholders of listed companies. Twelve point four five Billion yuan, an increase year on year 99.43% Net profits derived from non recurring gains and losses attributable to shareholders of listed companies. Ten point one nine Billion yuan; a quarterly report in 2020, golden hair technology to achieve business revenue Fifty-five point four Billion yuan, down compared with the same period last year 6.15% Attributable to shareholders of listed companies. Net profit One point four two Billion yuan, down compared with the same period last year 36.91% 。 Basic earnings per share Zero point zero five five one Yuan.

Guoxin Securities analyst Gong Cheng believes that thanks to the overall recovery of the plastics industry as a whole and the Ningbo blonde PDH project, the 2019 revenue and net profit of blonde technology has reached a record high. Net profit is achieved. Twelve point four five Billion yuan, the first breakthrough of 1 billion yuan mark, Ningbo golden hair PDH project annual net profit. Three point one five Billion yuan. In the first quarter of 2020, because the downstream enterprises were more affected by the epidemic, the company's single quarter performance was more obvious, and the revenue and net profit both fell sharply.

However, we can see that the continuous improvement of the performance of the blonde technology is mainly due to the improvement of profitability. The gross profit margin and net interest rate of the main products of the blonde technology have bottomed out in 2017-2018 years, and the gross profit and net interest rates in 2019 have obviously recovered, respectively. 16.04% and 4.32% 。 The industry generally regards the gross profit margin of the company as an indicator of the profitability of the main products. From the quarterly change, the gross profit margin of the blonde technology is still in the trend of gradual improvement. The overall recovery of the plastics industry is continuing. Although gross margins and ROE declined in the first quarter of 2020, this was mainly due to the phased impact of the epidemic and international oil prices, resulting in a phased impact on the sales volume of the blonde technology and the operation of some products. These factors will not change the boom trend of the modified plastics industry in the next 2 years.

Gong Cheng said that from the perspective of the revenue structure of the main products of the 2019 year of the blonde technology, the proportion of petrochemical business revenue reached PDH after the merger of the Ningbo golden hair project. 17.8% (since the beginning of June, the actual proportion should be larger). As the traditional business of blonde technology, modified plastics still occupy the absolute proportion of revenue. The revenue of new material business (including all kinds of plastics) is relatively scattered, and the total revenue of biodegradable plastics and environmentally friendly high performance recycled plastics is relatively large.

From the perspective of gross profit structure, modified plastics, petrochemical business and fully biodegradable plastics contributed most of the gross profit. The more obvious is the total biodegradable plastics, accounting for only revenue. 3.7% In the case of contribution 7.4% Gross profit. With the release of domestic demand, the biodegradable plastics business in the next few years is expected to continue to maintain a relatively fast growth rate, and the proportion of revenue and gross profit should continue to improve.

In addition, after the acquisition of the Ningbo golden hair PDH project last year, blonde technology basically maintained its full load status and successfully completed the integration work. Propylene sold in 2019 Sixty point two five 10 000 tons, isooctane Forty-one point seven three Ten thousand tons, methyl ethyl ketone Four point one eight The total sales volume of the main products reached One hundred and six point one six Ten thousand tons, Ningbo blonde consolidated statement, net profit in 2019. Thirty-one thousand four hundred and eighty point four eight Ten thousand yuan has created the highest record since its commissioning.

In the view of Gong Cheng, before analyzing the operation of the Ningbo golden hair PDH project, it was considered that the gross profit margin of the project in the past years was similar to that of other similar PDH projects, but the net profit was much lower than that of other projects. The main reason was that the operation management thought was not clear enough, and the period management cost was obviously too large, which resulted in the profit contribution in the past years. Lower than expected. After the golden hair technology Ningbo golden hair PDH project, there is much room to improve management efficiency, making the profit of the project close to the average level of the industry. However, because petrochemical business is more sensitive to the price of raw materials, its profitability will naturally have greater volatility. If it can effectively cooperate with its downstream plastic modification business, it will enhance the profitability and stability of the blonde technology and its ability to resist cyclical risks.