Colourful Chemical Landing A Shares On The First Day Of Market Value Shocks 4 Billion, Raising 6.2 Billion To Build Dye Intermediates And Other Large Projects.

Anshan colorful chemical Limited by Share Ltd (hereinafter referred to as "colorful chemistry"), landed on the Shenzhen stock exchange gem in February 22nd, listed on the first day of the market. The price limit was 31.81 yuan / share, and the market value was 3 billion 993 million yuan.

The issuing price is 22.09 yuan / share, the P / E ratio is 22.99 times, the stock code is 002832, the number of shares issued is 26 million 680 thousand shares, and the total share capital after issuance is no more than 106 million 680 thousand shares.

The seven color chemistry specializes in the research, production and sale of high performance organic pigments (HPP), solvent dyes and related intermediates. The products are mainly used in the production and preparation of downstream plastics, high-grade environmental protection inks and environment-friendly coatings. The final products are widely used in children's toys, food packaging materials, automotive paints, construction machinery, ship anti-corrosion, container, building decoration, rail pit vehicles, textile printing and dyeing, digital inkjet painting and other fields.

The leading customers of the seven color chemistry include BASF, Switzerland, Colin, Germany, lanxon, Japan ink, Nippon, PPG coatings, Valspar coatings, American Puli Wan, Japan Kansai coatings, Milliken, Huntsman, Hangzhou Xin Kai and so on.

The prospectus showed that in July 1-9, 2018, the operating income of seven colors was 461 million 798 thousand and 600 yuan, the operating profit was 99 million 3 thousand and 900 yuan, the total profit was 98 million 64 thousand and 500 yuan, the net profit was 85 million 931 thousand and 200 yuan, the net profit attributable to the shareholders of the parent company was 85 million 931 thousand and 200 yuan, the net profit attributable to the shareholders of the parent company after the non recurring gains and losses was 86 million 421 thousand and 200 yuan, and the net cash flow from operating activities was 28 million 447 thousand and 200 yuan.

According to the results of the report, in 2018 1-6, the operation revenue of colorful chemicals was 293 million 732 thousand and 900 yuan, the operating profit was 59 million 705 thousand and 300 yuan, the net profit attributable to the owners of the parent company was 52 million 563 thousand and 800 yuan; in 2017, the company realized 552 million 750 thousand and 300 yuan of business income, 121 million 883 thousand and 500 yuan of operating profit, and the net profit attributable to the parent company was 103 million 384 thousand and 500 yuan; in 2016, the company achieved 441 million 979 thousand and 900 yuan of business income, 87 million 198 thousand and 200 yuan of operating profit, 75 million 669 thousand and 900 yuan attributable to the owner's owner's net profit; 2015 year, the company realized operating income of 75 million 669 thousand and 900 yuan, and the operating profit was RMB yuan, belonging to the net profit of the parent company's owner yuan yuan.

According to the 2018 performance forecast, the company's annual net profit in 2018 was 105 million yuan to 120 million yuan, compared with 103 million yuan in the same period last year, an increase of 2% to 16% over the same period last year.

As of September 30, 2018, the total assets of the seven color chemicals were 728 million 591 thousand and 200 yuan, and the total owners' equity amounted to 495 million 635 thousand and 300 yuan. At the end of 2015, the end of 2016, the end of 2018 and the end of 2018, the book value of accounts receivable of the company was 72 million 410 thousand and 500 yuan, 76 million 543 thousand and 700 yuan, 95 million 278 thousand and 200 yuan and 107 million 398 thousand and 900 yuan respectively, accounting for 24%, 24%, 24% and 107 million 398 thousand and 900 of the current assets.

At the end of 2015, the end of 2016, the end of 2017 and the end of 6 months in 2018, the amount of colorful chemical stock was 87 million 95 thousand yuan, 108 million 485 thousand and 400 yuan, 109 million 713 thousand and 900 yuan and 146 million 654 thousand and 300 yuan respectively, accounting for 29%, 38%, 39% and 39%, respectively.

During the reporting period, the sales volume of products exported to North America (mainly the US) was 17 million 621 thousand and 700 yuan, 19 million 67 thousand and 300 yuan, 24 million 438 thousand and 500 yuan and 11 million 246 thousand and 300 yuan respectively, accounting for 4.80%, 4.33%, 4.45% and 3.84% of the total operating revenue respectively. The sales volume of products exported to the United States through dealers in the same period was between 450 and 5 million dollars.

Seven color chemistry indicates that the funds raised from the offering will be invested in the following items after deducting the issue cost:

The project includes the fine scale polyester fiber dyeability, high light fastness solvent dye and dye intermediates clean production project, high efficiency clean catalytic aromatic nitrile products and high climate fastness organic pigment extension project (phase I), high light fastness organic pigments and intermediate intermediates clean production project (phase I), high fastness to sunlight fastness, organic pigment development and testing center expansion project and automation and information expansion project.

Light fastness solvent dyes and dye intermediates clean production projects, high light fastness organic pigments and series intermediates clean production projects (phase I), high efficiency clean catalytic aromatic nitrile products and high climate fastness organic pigment extension project (phase I) will help to expand the company's self production capacity and enhance its autonomous production capacity; the high light fastness and high climate fastness organic pigment research and development center expansion project can enhance the company's R & D and technological innovation capability, launch products that are more in line with market demand and environmental requirements, improve product quality, performance and added value; automation and information expansion projects will help to improve the production automation level of the production workshop and the comprehensive management level of enterprise information, and improve the efficiency of production and management coordination efficiency. In the seven color chemistry recruitment project, the fine denier polyester fiber is dyed and high.

In addition, the seven color chemical prospectus shows that: Currently, there are overlapping products in the domestic dyeing and printing listed companies and colorful chemicals, including the 603188.SH (solvent dye) and the pigment lilies (603823.SH). Among them, the main products of lilies include classic organic pigments and some high-performance organic pigments, including organic compounds such as quinacridine, pyrrolipyrrole two ketone, phenol, Red Lake and bisazo yellow. The main products of yapon include disperse dyes, disperse dyes cake, vat dyes, VAT filter cake, solvent dye and dye intermediate.

Judging from the observation, seven color chemical revenue is far lower than the lilies and the Asian bond stock, but the revenue growth rate is higher than the comparable company. From the gross profit margin, the seven color chemistry in 2017 was 37%, higher than the lilies (20%), lower than the Asian bond stock (46%), and the analyst also believed that the seven color chemistry said the investment project put into operation, will enhance the company's production capacity and the thickening profit significantly, to meet the current market situation which is in short supply.