Polaris solar PV net news: 25th night, lucky new material disclosure information loomed on the SFC website. Lucky same door materials and lucky film, lucky 44.21% owned by the Group’s controlling shareholder, actual control of China Aerospace Science and Technology Corporation. Faced with this situation, on lucky group lucky film as a platform in the market, implementation of asset injections might be expected to cool down. And in more than a year ago, Wang yawei have an affinity to the lucky film, chinaamc in charge of the public offering and private placement Yun feng of the trust period, Zeng Zhongcang betting.
New biggest customers: railway company
According to the prospectus, lucky materials main products and Thermo-sensitive recording materials for magnetic recording materials, 2013 in annual revenues, nearly all from Thermo-magnetic ticket for that part of the total income of 180 million dollars in revenue in 143 million Yuan, and when that business customers throughout China railway company, the automatic fare collection system for railway passenger transport. In fact, the rapid development in the parts business for nearly two decades, has become the most important source of income for the company.
Prospectus said that since 2007, railways began to plan a new passenger dedicated line, and strongly promoting the high-speed rail and magnetic recording based on the Thermo-sensitive recording technology of the automatic fare collection system, and gradually to replace the existing passenger fare collection system. In this context, gross profit margin higher thermal magnetic ticket product sales rapidly increased in 2013, 2011 has “doubled”. Thermo-magnetic ticket gross margin jumped to 67.45% 46.02% from 2011 to 2013. Meanwhile, magnetic relatively low margin business accounted for more than year, from 2011 to 2013 fell to 20% No 35.5% to, the business-oriented retail, banking and other fields. Combination of these reasons makes lucky new earnings growth significantly higher than revenues, in 2011-2013, 31.65 million respectively, 43.88 million yuan in net profit, 65.24 million Yuan, nearly two-year revenue growth rates were 38.6%, 48.7%, higher than the corresponding 13%, 34.8% revenue growth.
Reorganization of first step: split replace injection
However, backed by large customers, higher gross margins, performance increasing of lucky the IPO application of new materials, undoubtedly brothers lucky film’s shareholders was a little disappointed. Since the two companies jointly controlling shareholders lucky since groups transformation, on lucky group will be listed as a whole or expectations of good business is likely to advance into the lucky film has always been there. Today, the lucky group’s first big move was to the lucky new material on the road to IPO, rather than inject lucky film.
On September 5, 2011 lucky film group was classified aerospace technology group as a whole, as its wholly owned subsidiary, both restructuring was officially launched. Lucky group was not reform, full name is stuck in the “film days” and “lucky Film Corporation”. As of February 24, 2012, lucky film releases report on the acquisition, on behalf of the deal done quickly, lucky film’s actual control also changes.
Designated into space technology group Hou of lucky group restructuring transformation obviously speed–in obtained mother company increased funding Hou, 2012 late, “to film of” and the restructuring Hou of China lucky group limited official tone, and positioning Yu strategic materials supplier, main products will including green environmental printing material, and optical film material, and new energy material and the other special function material,, and clear will accelerated restructuring listed and merger restructuring pace.
At that time, the strongest market expectations are: platform as a lucky group, lucky film will naturally become one of the best choice of capital operation, lucky group business distribution is expected to be injected into the listed company, in order to achieve overall market. Also, lucky film gunda in capital markets for years, performance didn’t shine, in September 2012, the company also announced a cessation of color film production, in recent years, companies ‘ business picking up in the huge fluctuations of the PV industry chain, also need such an opportunity “to a new level.” 2013 annual report, the company’s main colour photographic materials and new materials, revenues that year of 935 million Yuan, only 24.14 million yuan in net profit, up down 8% and 11%, respectively.
Obviously, if the lucky new material injected into the company, and will significantly improve the company’s profitability. However, under the current situation, the lucky group obviously had his own plans.
Prospects for integration: there are profit-making business operations
As the lucky new IPO route clear, whether its brothers lucky film constitutes a competition? Prospectus revealed that lucky and lucky film new material in two of the company’s main products the same as “information recording materials”, but there are differences in the field of raw materials, application process, and raw materials, and meaning of words, competition does not exist.
Meanwhile, splitting this part after the stable, high-margin business is listed, lucky group also has some leeway to make future capital operation. Group Web site shows industrial landscape into printed materials, coating materials and coating materials, images, four areas of information materials and fine chemicals. Prospectus disclosed that in addition to the proposed IPO firms, lucky group’s main holding companies will have 15. However, they have company size limited. In contrast, belong to the “printed material” Hua Photopolymer printing plate lucky technology limited profitability is relatively substantial. The 2013 end of the company’s total assets of 2 billion, net profit reached 81.93 million yuan in 2013, lucky and lucky film new material in both scale and profitability compared with caution.
In addition, with the lucky new material with coating materials and coating fields of lucky in Hefei science and technology industry limited company of considerable scale in 2013, ending with total assets of 1.7 billion dollars, but profit is far better than China light printing, only 1.23 million Yuan. Other enterprises, in addition to lucky winda profits on investment of over 38 million, other scale, profit levels are significantly less, at a low profit or run at a loss.