Company profile. The company's predecessor is Guangzhou hardening Oil Factory, founded in 1959, is one of the earliest washing products enterprises in South China. After years of accumulation and adjustment, three major business plates have been formed: first, brand asset management, the company has a number of high-quality brands, such as Langqi and Gao Fuli; second, high-quality product manufacturing, the company has production bases in Nansha, Liaoning and other places, initially formed a national manufacturing system; third, the modern service industry, mainly the development of modern Internet spot electronic trading platform for chemical raw materials.
The company is committed to the sustainable development of green cleaning products. The company has established a well-known brand system with "Langqi" as the total brand, and has a series of well-known brands such as "Gao Fuli", "Tianli", "Renli", "Weikeyi", "Fu an", "Jianneng Jing" and so on. the main products are washing powder, liquid detergent, soap and daily chemical washing materials. The company is committed to the sustainable development of green cleaning products, providing consumers with green and efficient cleaning products. By the end of 14 years, the company's sales of civilian products reached 1.84 billion.
Industrial products are mainly the manufacture of surfactants. At present, the company has mastered the patented production technology of MES products. At present, the total production capacity of surfactants is about 100000 tons, and there are production bases in Nansha, Liaoning and other places, initially forming a national manufacturing system. In addition, the company also relies on its own customer resources to do some trading business. By the end of 2014, the company's industrial income was 356 million yuan.
The development of Qihua Network is better. In December 2013, the company established Guangdong Qihua Chemical Trading Center Co., Ltd., which accounts for 35% of the shares, mainly engaged in investment in the chemical trading market, property leasing, chemical products and so on. The development of Qihua Network is better. By mid-2015, it had reached 527 million.
Raise 650 million to replenish the working capital. The company issued an announcement in August this year. The price of the company's non-public offering will be adjusted to 8.47 yuan per share. The number of shares issued is 76.74 million shares, of which 74.38 million shares are subscribed by Guangzhou Guofa and 23.56 million shares are subscribed by Lang Qi Capital Management Plan. The total amount of funds raised in this private offering is 649.96 million yuan. The net amount of funds raised in this non-public offering (after deducting the issuance expenses) will be used to supplement the working capital. The non-public offering has been approved by the CSRC. Guangzhou Guofa is mainly engaged in the development and investment of basic industries, investment and management of industrial, commercial and other projects, consulting services related to market investment and management, wholesale and retail trade. The actual control of Guangzhou Guofa is the Guangzhou Municipal people's Government.
Major shareholders have more assets. Guangzhou Light Industry is an important part of Guangzhou economy. Guangzhou Light Industry and Trade Group has a long history and has high-quality business and brands. Guangzhou Light Industry and Trade Group is one of the top 500 in China, with business sectors including daily chemical industry, health food and so on.
The company has signed the "Land Collection and Storage Framework Agreement" with Guangzhou Land Development Center. The company is headquartered in Guangzhou, No. 128, Huangpu Road East, Tianhe District, Guangzhou City, covering an area of 119000 square meters. According to the relevant policy requirements of Guangzhou, the land is included in the government land reserve. The company signed a framework agreement with the Land Center in April 2014, but has not yet reached an agreement on the principle, content, standard and amount of compensation for land disposal. The two sides agreed to sign a formal agreement within 2 years after the municipal government approval documents were obtained. at that time, the company will cooperate with Guangzhou Land Development Center to carry out project establishment, organize the preparation of regulatory detailed planning and adjustment plans and other reserve preliminary work. In terms of price, we should look at it objectively in combination with the price of the surrounding market.
Overweight rating is given for the first time. It is expected that the company's 15-17 year EPS0.11, 0.34, 0.37 yuan, so give the company a higher valuation to give the company 16 years 49 times PE, corresponding to the target price of 16.5 yuan, for the first time to increase the rating.