According to the data, from March 21 to 25, a total of 27 stocks were lifted, involving many leading companies in the industry, including chemical industry leader Wanhua Chemical Group Co.Ltd(600309) , photovoltaic leader Ginlong Technologies Co.Ltd(300763) and skin care listed company Yunnan Botanee Bio-Technology Group Co.Ltd(300957) . According to the latest closing price, the market value of these 27 stocks is about 215709 billion yuan. Among them, Wanhua Chemical Group Co.Ltd(600309) lifting the ban has a market value of 139201 billion yuan, accounting for 54.65%, accounting for more than half of the market value of this week’s lifting of the ban, which is the largest individual stock in this week’s lifting of the ban.
250 billion “Huamao” has lifted the ban, and the market value is more than half
Specifically, Wanhua Chemical Group Co.Ltd(600309) the lifting of the ban will involve the first, second, third, fourth and seventh largest shareholders of the company, namely Yantai Guofeng Investment Holding Group Co., Ltd., synthetic International Co., Ltd., Yantai Zhongcheng Investment Co., Ltd., Ningbo zhongkaixin Venture Capital Co., Ltd. and Beijing Dejie Huitong Technology Co., Ltd. If calculated according to the price of private placement of Wanhua Chemical Group Co.Ltd(600309) at that time of 30.43 yuan / share and the latest market price of 81.12 yuan / share up to now, the rate of return on lifting the ban of these five shareholders reaches 166.57%. If the company’s multiple dividends during the period are added, the book floating profit of the five shareholders exceeds 90 billion yuan.
revenue exceeded 100 billion, but the share price halved
It is worth noting that Wanhua Chemical Group Co.Ltd(600309) which is known as “Maotai of chemical industry” released its 2021 annual performance report not long ago. The data show that the company achieved a total operating revenue of 145538 billion yuan in 2021, and the revenue exceeded 100 billion yuan for the first time, an increase of 98.19%; The net profit was 24.649 billion yuan, an increase of 145.47%; The net profit after deducting non recurring profits and losses was 24.356 billion yuan, an increase of 155.2%. According to the data, from 2018 to 2020, Wanhua Chemical Group Co.Ltd(600309) achieved revenue of 60.621 billion yuan, 68.051 billion yuan and 73.433 billion yuan respectively. In the case of uncertain international market, the net profit attributable to the parent company remained stable, which was 10.610 billion yuan, 10.130 billion yuan and 10.041 billion yuan respectively. In 2021, the company ushered in explosive growth, with a profit of 24.649 billion yuan.
Although the major shareholders made a lot of money, some investors in the secondary market failed to taste the sweetness. Since the company’s share price hit a record high of 148.42 yuan on February 18 last year, it has started to go down all the way. Up to now, the company’s share price is almost halved at the higher point.
“Cyclical pressure” of the chemical industry
From the perspective of the company’s revenue structure, petrochemical and fine chemicals are almost the same as their main categories of polyurethane, but the profit is still dominated by polyurethane business. Generally, the price of chemical products fluctuates in the same direction. At present, the price trend of polyurethane series of the company’s core products fluctuates, among which MDI (diphenylmethane diisocyanate) fluctuates from 18000 yuan / ton to 25000 yuan / ton, with a downward trend, As the world’s largest MDI producer, the downward pressure on raw material prices will naturally bring pressure to enterprises. At the same time, the reporter noted that Wanhua Chemical Group Co.Ltd(600309) overseas revenue accounts for nearly half, which may have a certain impact in the case of global epidemic and uncertain macro environment.
( Wanhua Chemical Group Co.Ltd(600309) annual report data)
In addition, with Wanhua Chemical Group Co.Ltd(600309) continuously expanding its production capacity and increasing its production scale in recent years, its debt pressure began to emerge gradually.
According to the data, from 2018 to 2020, Wanhua Chemical Group Co.Ltd(600309) current liabilities totaled 32.980 billion yuan, 44.8 billion yuan and 68.13 billion yuan respectively, and the proportion of current liabilities in total liabilities was 87.57%, 84.63% and 82.99% respectively, which has been maintained at a high level of more than 80%. By the end of 2021, the company’s asset liability ratio had continued to increase by 62.33%, with a year-on-year increase of 0.95%; Current liabilities reached 98 billion yuan, an increase of 43.84% over the same period last year, accounting for 82.61% of total liabilities, including short-term loans of 53.873 billion yuan.
Joint credit rating agency once pointed out that due to the large scale of Wanhua Chemical Group Co.Ltd(600309) projects under construction, the company’s debt burden is significantly increased and mainly short-term debt, so there is a certain demand for capital expenditure in the future.
On March 17, Wanhua Chemical Group Co.Ltd(600309) issued an announcement to issue the 7th issue of short-term financing bonds in 2022. According to the disclosure of the seventh issue of short-term financing bonds of Wanhua Chemical Group Co.Ltd(600309) group published by Shanghai clearing house, as of June 30, 2021, the balance of bank loans of the issuer and its subsidiaries was 65.380 billion yuan, including short-term loans of 47.941 billion yuan. The funds raised by the registered issuance of debt financing instruments will be used to repay the bank loans of the headquarters or subsidiaries, bank acceptance bills, due payment of letters of credit in China, bond financing and supplement working capital, Project construction and repayment of non-traditional financing to ensure capital turnover and improve and optimize the company’s debt financing structure.
Wanhua Chemical Group Co.Ltd(600309) said that the current liabilities of the issuer accounted for 87.57% (84.02% after adjustment), 84.63%, 82.99% and 82.35% of the total liabilities in the last three years and the first period (referring to 2018, 2019, 2020 and January March 2021). On the one hand, due to the expansion of the issuer’s business scale, the short-term operating liabilities increase. On the other hand, in order to reduce the financing cost, the issuer’s total current liabilities account for a relatively high proportion, resulting in great pressure on the issuer’s short-term debt repayment and certain liquidity risk.
