Because the pesticide industry is greatly affected by natural factors such as weather and disasters, and the price of the main product avermectin market fluctuates greatly because of the connectivity of production equipment and low barriers to entry, it is difficult to accurately grasp the future product price trend. Therefore, it is estimated that the production capacity of the rights issue project based on the original products will be expanded based on the original market conditions, with a gross profit increase of about 20 million yuan.
In addition to the rights issue, the company also has three new products-chloropyridine, voglibose and natamycin. One of them, chloropyridine, is a key intermediate in the production of poisonous maidservants (heterocyclic pyridine pesticides encouraged by the state), which has always been dependent on imports. The company took the lead in cooperating with patent inventors of domestic colleges and universities, with a planned first phase of 1000 tons / year, and expanded production to 10, 000 tons / year within two years. Because of the preemptive opportunity, the high gross margin of the product will bring a lot of benefits to the company, but also because it is the first time to carry out industrial production with domestic technology, the progress of the project is not very smooth, and the plan to be completed and put into production in May has been postponed. It is estimated that it can be put into production by the end of June at the earliest. Second, the new hypoglycemic drug voglibose is the raw material of diabetes preparations, which was originally produced only for one customer in Japan, but is now suspended because of the other party's reasons. the company is looking for new customers at home and abroad, but it is more difficult to find enterprises that can produce preparations in China (because of the need for application and a large amount of capital investment in clinical Ⅰ and Ⅱ). Therefore, it is estimated that the product will not bring benefits to the company in the short term. Third, natamycin is a microbial preservative, which is encouraged by the state to replace the widely used sodium benzoate preservative. It has the characteristics of safety, natural and health, and has great market potential. At present, only two domestic enterprises, including the company, have production technology. The company's design capacity is between 5000 and 10000 tons, but it has not been formally put into production so far.
The gross profit level of the above new products is much higher than the company's existing products, and the leading development and production in China will bring excess profits for the company. However, the smooth promotion of industrial production and product market has become the key to determine whether the company can enjoy a substantial increase in profits as soon as possible. According to the analysis of the current situation, only chloropyridine is most likely to be put into production in 2006, which can increase sales revenue by 30 million and gross profit of more than 10 million yuan at most.
Therefore, considering comprehensively, the expansion of production capacity and the input of new products brought about by the rights issue project will increase the benefit of the company by 50% in 2006. The EPS in 2005 is 0.135 yuan, and the EPS in 2006 is expected to be 0.20 yuan, PE30 times. "neutral" investment advice is given for the first time. At the same time, it is suggested to pay attention to the production trends and market development of its new products.
