Main points of investment:
The company has a certain scale advantage, and the industrial chain is obviously imperfect: the company has a production scale of 150000 tons of BDO, but under the new production capacity of Chuanwei, Xinjiang Meike, Bideo and other manufacturers, the company's scale advantage will no longer be prominent; in addition, there are many nodes missing in the company's industrial chain, such as coal, calcium carbide, crude benzene, maleic anhydride, vinyl acetate and so on.
The company's profit situation is good: the company's main product BDO is currently at the profit peak, the price of per ton of scattered water is 25000-26000 yuan / ton, and the profit per ton of calcium carbide acetylene is expected to exceed 12000. And another major product of the company, PVA, also showed a simultaneous rise in volume and price after the Jiangwei explosion. At present, the gross profit space should be above 12%.
Performance release + high transfer period: at present, the company's performance does not support the IPO share price, while the company's good profitability and 25000 tons of PTMEG are about to be put into production. Through the simultaneous study, we can see that (undistributed profit + capital reserve + surplus reserve) / net assets has exceeded 0.75 and (undistributed profit + capital reserve + surplus reserve) has reached 3.65 yuan per share.
The progress of the company's capacity construction may be higher than expected: the company's current debt structure is extremely high in short-term borrowing, and the industry attribute of the company shows that the company must not carry out liquid trade work. And tracking history in the 1997-1998 range, the company also had such a current debt ratio of more than 0.9 for six consecutive quarters, when the company was at a historical turning point in the reconstruction and expansion of 20, 000 tons of BDO and PVA, so it can be concluded that the company is already carrying out a large number of new capacity construction.
As a result, the company's production capacity may be ahead of expectations.