Ruifeng convertible bonds (rating A +, issuance size 340 million yuan) are generally revised to "15celestial 30 minutes 80%", with weak debt protection. It is estimated that the conversion premium rate on the first day of listing under the current parity is in the range of 21% RMB125129, and the price is 125129yuan. Under the assumption of 45% placement, the size of Ruifeng convertible bonds left to the market is 187 million yuan, and the rate of success is estimated to be 0.0021%. There is no objection to new participation. The company actively arranges the biodegradable plastic track, the company has abundant projects under construction, has greater performance flexibility, and the production capacity is gradually released in the second half of the year. It is recommended to participate in this flexible variety.
The company is mainly engaged in the business of PVC auxiliaries, including the R & D, production and sales of ACR processing aids, ACR impact modifiers, MBS impact modifiers and MC impact modifiers. ACR is a plastic additive with dual functions of both impact modification and processing modification. MBS is a new impact modifier developed on the basis of ACR, which has better low temperature toughness compared with ACR. At the industry end, the marketization degree of PVC auxiliaries is relatively high, and the company's MBS products currently have an annual production capacity of 50,000 tons. The main competitors are Japan Zhongyuan, South Korea LG, Formosa Plastics, Jiangxi Yuefeng and so on.
The space of the track is vast, and the company's production expansion is accelerated. The company actively arranges the biodegradable plastic track to optimize the company's product structure and enhance the company's comprehensive competitiveness. White pollution and traditional plastic film are becoming more and more serious, the state has introduced a number of control measures, and there is more room for industrial development. Under the guidance of government policies and the positive response of related enterprises, biodegradable plastics have great potential to replace traditional plastic packaging products. In addition, the company has plenty of projects under construction and has greater performance flexibility. The comprehensive production capacity of PVC auxiliaries and PBAT will be released gradually in the second half of the year, which will ensure the high growth of performance.
In 2020, Ruifeng Gaocai realized operating income / return net profit of 1.302 billion yuan, an increase of 7.29% and 14.53% over the same period last year. The epidemic situation has a great impact on the macro-economic operation at home and abroad, and has a certain impact on the normal production and operation of the company. During the reporting period, the company's comprehensive gross profit margin was 21.65%, 2.65 percentage points lower than that of the same period last year. In terms of expenses, the company's sales rate / management rate is 7.70% and 4.85%, which is 0.53% lower than that of the same period last year, while the financial rate is 1.12%, an increase of 0.11% over the same period last year.
During the reporting period, the company's net interest rate increased by 0.36 percentage points year-on-year to 6.50%. 21H1 realized operating income / home net profit of 922 million yuan, up 76.13% and 134.52% over the same period last year. During the reporting period, the company's comprehensive gross profit margin was 19.64%, down 6.58 percentage points from the same period last year, mainly due to the rise in the price of raw materials. In terms of expenses, the sales rate / management rate / financial rate is 5.14%, 3.63% and 0.93%, which is 0.33 percentage points lower than that of the same period last year. During the period of the company, the expense rate decreased significantly, and the net interest rate rose 1.91 percentage points year-on-year to 7.87%.
Risk hint: production capacity construction is not as expected, downstream demand is not as expected.