Shenyang Chemical Industry Co., Ltd. is the only listing platform for petrochemical sector under Sinochem. After years of development and construction, the company now has consolidated raw material supply bases such as inland calcium carbide, coastal salt field and Daqing oil field, and has gradually formed a chlor-alkali chemical industry chain with PVC paste resin as the leader and CPP and DCC as the upstream special polyethylene, acrylic acid, acrylate and other new materials chemical industry chain, promoting the product structure to high-end, serialization and fine development.
The integration of Blue Star East University is complete. The company purchased its 99.33% stake in Blue Star Dongda by issuing shares to China Blue Star (Group) Co., Ltd. The underlying assets are valued at 707.293 million yuan, the offering price is 4.46 yuan per share, and 158585867 new shares are added, which was officially listed on November 20, 2015. Shenyang Chemical Group holds 26.68% of the shares and is still the controlling shareholder of the company. the total share capital of the company controlled by Sinochem, the actual controller, has increased from 34.58% to 47.24%.
The main business of Blue Star East University is polyether polyol. The leading products of Blue Star Dongda are propylene oxide and polyether polyols, in which propylene oxide is all self-used in the production of polyether polyols, and polyether polyols are one of the main raw materials of polyurethane synthetic materials. it is widely used in automotive, soft furniture, waterproofing, plastics, thermal insulation, cross-linking agents, adhesives and other industries and application fields. In 2013,2014 and January-March 2015, Blue Star Dongda realized operating income of 2.069 billion yuan, 2.726 billion yuan and 613 million yuan respectively, and gross profit was 10.65%, 10.60% and 12.06%, respectively.
Asset securitization of controlling shareholders is accelerated, and the prospect of small companies and large platforms is promising. Sinochem, the actual controller of the company, has always been adhering to the principle of capital operation, overseas mergers and acquisitions and the global leading companies in the same industry in the domestic sector, using its professional ability to integrate domestic collaborative assets. through the strategic thinking of securitization through the platform of its listed companies, integrate its assets and speed up the process of securitization. At present, the company is the only listing platform for the petrochemical sector of China Chemical Group Co., Ltd., and affected by the market oil and gas prices and domestic overcapacity and other problems, the performance is not very satisfactory in recent years, so there is a large expectation of asset consolidation.
Profit forecast and investment rating: after merging Blue Star Dongda into Shenyang Chemical Industry report 2015-2017, we expect the company's operating income from 2015 to 2017 to be 12.787 billion yuan, 12.964 billion yuan and 13.353 billion yuan respectively, and the net profit attributable to the owner of the parent company is 139.74 million yuan, 9320 yuan and 9284 yuan respectively, calculated according to the company's latest share capital of 820 million shares. The corresponding diluted EPS from 2015 to 2017 is 0.17,0.11,0.11 yuan respectively. According to the comparable company's price-to-earnings ratio forecast, we give the company a PE of 36-40 times in 2015, and calculate the company's valuation range of 6.12 to 6.8 yuan, covering the "overweight" rating for the first time.
Risk factors: persistent overcapacity of chemical products; economic fluctuations significantly affect the sales price of chemical products; the risk of changes in national preferential policies on taxes and fees.
