St Lubei has no chance to change the main body of the new project construction with titanium dioxide. The asset injection promised by the major shareholders is about to be realized, but the investors of St Lubei (600727) do not buy it
on the 14th, Shandong property rights trading center announced that Shandong Lubei Enterprise Group Corporation (hereinafter referred to as "Lubei group") transferred 60% of the state-owned equity of Shandong Lubei Salt Chemical Co., Ltd. (hereinafter referred to as "Lubei salt chemical"), and its transfer conditions were directly directed to St Lubei, but the share price of St Lubei did not rise but fell on the same day, and was closed to the limit of decline within 20 minutes of opening
Mr. Zhang, an investor, told the economic herald that the sharp decline in St Lubei's share price was not only affected by the rectification notice of Shandong Securities Regulatory Bureau, but also one of the reasons why it missed becoming a titanium dioxide giant
it is understood that the market has long speculated that the 100000 ton/annuity rutile titanium dioxide project under the name of Lubei Salt Chemical Co., Ltd. will be injected into st Lubei together, but the announcement of St Lubei on the 9th showed that Lubei group changed the construction subject of the project and transferred it to another subsidiary, which means that this expectation has fallen through
the guide notes that the titanium dioxide industry, especially rutile titanium dioxide, has a high profit margin and strong market demand in the past two years. The injection of titanium dioxide project failed this time, which obviously lost a good opportunity for St Lubei to "turn over the salted fish"
Lubei salinization or overall injection
the announcement posted by Shandong property rights trading center shows that Lubei group is listed to transfer 60% of the state-owned equity of Lubei salinization at a listing price of 29.40105 million yuan. According to its condition of "domestic listed enterprise legal person with total assets of no less than 1billion yuan" to the transferee, it seems to be tailored for its holding listed company ST Lubei. On the 15th, St Lubei Securities Department staff guide newspaper said that the company was interested in participating in the bidding for the shares of Lubei salt chemical
it is understood that when "picking the stars" for St Lubei, the major shareholder Lubei group promised to inject Lubei salinization into the listed company as a whole within 12 months. Previously, St Lubei had successfully purchased 40% of the state-owned equity of Lubei salinization at a base price of 182.37 million yuan
st Lubei's 2011 Annual report shows that as of the end of last year, the company's total assets were 1.348.6 billion yuan, and its net assets were 1.045 billion yuan, which fully meets the bidding conditions
in the 2011 Annual Report, St Lubei also mentioned that in 2012, it will "make every effort to do a good job in the transfer of 60% state-owned equity of Lubei Salt Chemical Co., Ltd. held by Lubei group" and regard it as "a solid foundation for making Lubei chemical bigger and stronger". It is understood that through the early acquisition of 40% equity of Lubei salt chemical, St Lubei has been involved in the salt chemical industry and is trying to build the country's largest efficient, ecological and recycling marine industry base
if the transfer of 60% state-owned equity of Lubei salinization is successful, the profitability of St Lubei will increase significantly. St Lubei's announcement shows that the 40% equity of Lubei salt chemical brought the company an investment income of 19.1769 million yuan last year. According to the listing announcement of Shandong property rights trading center, Lubei salt chemical achieved a sales revenue of 30.0294 million yuan and a net profit of 8.4104 million yuan in the first quarter of this year, exceeding st Lubei's net profit of 6.17 million yuan in the first quarter
at the same time, the guide found that the asset structure of Lubei salt chemical is excellent. By the end of last year, the company's total assets reached 560 million yuan, liabilities 110million yuan, and the debt ratio was less than 20%. Last year, the company's net profit was as high as 50.1075 million yuan
some market analysts said that if Lubei salinization as a whole can be successfully injected, not only the performance of St Lubei will increase significantly, but its asset structure will also become better
missed the huge profits of "titanium dioxide"
however, the good news of good asset injection did not stimulate the stock price of St Lubei to rise. On the 14th, St Lubei went down all the way after the opening, and was blocked in the limit position within half an hour
the guide found that the two announcements issued by St Lubei during the suspension from August 8 to 14 were the main reasons for the sharp decline. First, the company announced on the 9th that the construction subject of the "100000 ton/annuity rutile titanium dioxide project" under the name of Lubei salt chemical has recently been changed to Shandong Jinhai Titanium Resources Technology Co., Ltd., a wholly-owned subsidiary of Lubei group; Second, the company received the decision on administrative supervision measures issued by Shandong Securities Regulatory Bureau
"it is mainly the disappointment of the market for the transfer of titanium dioxide projects." In the report, Mr. Zhang Yang told the guide according to the requirements of the code for fire protection design of buildings
it is understood that last year, Lubei group station announced that Lubei salinization planned to build an annual output of 100000 tons of rutile titanium dioxide plant by sulfuric acid method, with a total investment of 470million yuan; Meanwhile, Shandong Lubei Titanium Industry Co., Ltd., a wholly-owned subsidiary of Lubei group, plans to invest 467million yuan to expand the annual output of 85000 tons of rutile titanium dioxide by sulfuric acid process, f=0.98 × 1250=1225n set. This news made st Lubei's shareholders pay great attention. If the titanium dioxide project is injected into st Lubei with the salinization of Lubei, the remaining titanium dioxide production capacity of Lubei group will eventually be injected into st Lubei due to horizontal competition, with a total scale of about 200000 tons
the operating data of other listed companies involved in the titanium dioxide industry show that rutile titanium dioxide has a high profit margin. Anada (002136) last year's annual report showed that the gross profit margin of the company's rutile titanium dioxide production capacity was as high as 13.12%, and the annual operating revenue contributed to the company reached 570 million yuan; Another listed company, Bailian, sold 109700 tons of rutile titanium dioxide last year, bringing the company 1.75 billion yuan of sales revenue that can produce high-quality products
obviously, the announcement of "changing the construction subject of titanium dioxide project" released on the 9th made st Lubei lose the possibility of becoming a titanium dioxide giant, and also made investors very dissatisfied. A large number of selling immediately appeared, and the stock price fell all the way to the limit
Lubei group is obviously aware of the dissatisfaction of investors. On the 11th, St Lubei again issued an announcement to supplement the project transfer, which not only said that "Lubei salinization did not pay the initial cost of the project", but also said that the transfer is "one of the measures to ensure the sustainable and stable profits of Lubei salinization, which is conducive to the overall injection of Lubei salinization into st Lubei and improve its sustainable profitability"
as for whether the titanium dioxide project will be injected into st Lubei after it is completed and put into operation in the future, the staff of St Lubei Securities Department said to the guide, "at present, I don't feel relieved to use it. I haven't got any information in this regard."
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