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Editor of China Economic Net: On February 22, Hangzhou Nuobang Nonwoven Co., Ltd. (hereinafter referred to as “Nuobang Sharesâ€) officially listed on the Shanghai Stock Exchange, stock code: 603238. The company is specialized in the research, development, production and sales of differentiated and personalized spunlace nonwovens and their products. The company's main products are spunlace nonwovens. Mainly used in four major product areas such as beauty care, industrial materials, civil cleaning and medical materials. The total amount of funds raised by Nuobang is about RMB 39.93 million for the technical transformation project of 5,000 tons of spunlace composite environmental protection non-woven materials, and the annual production of 15,000 tons of industrial water stab composite non-woven materials project. Center construction projects and repayment of bank loans.
According to public information, on November 8, 2016, Nobel shares released the latest prospectus. The first application was approved on January 6, 2017. On February 10, Nobon shares opened the subscription, the purchase code 732238, the purchase price of 13.31 yuan, the single account purchase limit of 12,000 shares, the purchase quantity is an integral multiple of 1000 shares. The lead underwriter is Guojin Securities. The number of shares issued this time is 30 million shares, and the final number of online issuances is 27 million shares, accounting for 90% of the number of shares issued this time. The issue price was RMB 13.31 per share, and the price-to-earnings ratio was 22.99 times. More than 93,000 shares were abandoned by investors. Among them, online investors abandoned 90,222 shares, and offline investors abandoned 2,904 shares. . The winning rate for online pricing is 0.0283385565%. According to the stock price trend, since the listing on February 22, Nuobang shares have been trading for six consecutive trading days. As of March 2, the stock closed at 33.97 yuan.
According to the website of the China Securities Regulatory Commission, the Board of Directors of the Board of Directors raised a number of inquiries on Nobel shares in the announcement of the results of the 4th meeting in 2017 and the feedback on the initial application. For example, according to the prospectus disclosure, from 2012 to the first half of 2015, the company's comprehensive gross profit margins were: 23.73%, 26.56%, 29.80% and 32.67%, respectively, rising year by year, and both were significantly higher than the comparable gross profit margin of comparable companies in the same industry. Please refer to the “Management Discussion and Analysis†section of the prospectus: 1) Disclosure of gross profit margin levels and analysis of differences due to domestic sales, export and direct sales, and distribution models. 2) Select the listed company with the same or similar products as the company, compare the gross profit margin of the detailed product with the gross profit margin of the company's detailed product, and analyze the difference and the reason of gross profit margin in detail from the aspects of product structure, product quality, product cost, output and selling price. .
According to the latest prospectus, at the end of 2013, the end of 2014, the end of 2015 and the first six months of 2016, the company's operating income was 401 million yuan, 495 million yuan, 516 million yuan, and 246 million yuan. The net profit was 39.47 million yuan, 57.9 million yuan, 74 million yuan, and 29.33 million yuan. The net value of accounts receivable was RMB 19.54 million, RMB 19,141,800, RMB 26,380,700 and RMB 3,955,280. The net inventory value was RMB 40,470,900, RMB 45,176,300, RMB 4,631,300 and RMB 4,779,800, respectively. The company's comprehensive gross profit margin was 26.56%, 29.80%, 31.26%, and 27.40%, respectively. From January to June 2016, the gross profit margin decreased due to the decline in prices and rising raw material costs.
From January to September 2016, the company's operating income was 380,255,900 yuan, an increase of 3.50% over the same period of 2015; net profit was 46,609,800 yuan, a decrease of 12.25% over the same period of 2015. In 2016, the company expects to achieve operating income of 51,000-55,000 million yuan, a change of -1.21% to 6.53% compared with 2015; it is expected to achieve a net profit of 5,800-6 attributable to shareholders of the parent company. 3 million yuan, compared with 2015, the range of change is -21.62% to -14.86%; it is expected that the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses will be RMB 5,100-56 million, which is a change from 2015. It is -26.58% to -19.38%. The above data was not audited by a certified public accountant, but the company cautioned investors to pay attention to the risk of a decline in company performance.
In response to the above situation, China Economic Net interviewed the secretarial office of Nobel shares, and did not receive a reply as of the time of publication.
The company focuses on the production of spunlace nonwovens
According to the latest prospectus, the company is specialized in the research, development, production and sales of differentiated and personalized spunlace nonwovens and their products. The company's main products are spunlace nonwovens. Spunlaced non-woven materials are formed by dry and wet forming of different raw materials according to different application fields and customer needs, and then formed by hydroentanglement to form characteristic intermediate products with different structures and functions, and finally by downstream processing enterprises. Deep processing according to the needs of the end customer to make various types of products. The spunlace non-woven materials produced by the company are mainly used in four major product fields such as beauty care, industrial materials, civil cleaning and medical materials.
Based on the company's development strategy, the company established a wholly-owned subsidiary, Bangyi Technology, in April 2006. It is mainly engaged in the research and development, production and processing of non-woven materials, and extends the company's industrial chain downstream. The main products of Bangyi Technology include wet wipes, dry wipes, functional wiping materials and other products. They are produced and operated by OEM and private label sales, and the products are directly oriented to the final consumer.
The Boss Group is the controlling shareholder of the issuer and holds 74.35% of the shares of the company. The Boss Group was established on March 22, 1995. The residence is Bolu South, the canal street of Yuhang District, Hangzhou, with a registered capital of 60 million yuan. The main business of the Boss Group is foreign investment. Ren Jianhua controlled the company's 84.4667% stake by holding 75% of the boss's capital contribution and Jinnuochuang's 98.8468% contribution, which is the actual controller of the company. Ren Jianhua, born in August 1956, has Chinese nationality and no permanent residency abroad.
According to the “Guidelines for the Classification of Listed Companies in the Industry†promulgated by the China Securities Regulatory Commission (revised in 2012), the main products of the company's spunlace nonwovens are “textile industry†(category code: C17). According to the National Economic Industry Classification (GB/T 4754-2011), the company is located in the “Textile Industry†(C17) “Manufacture of Non-domestic Textile Finished Products†(C178, also known as industrial textile products). Manufacturing, hereinafter referred to as “industrial textilesâ€); the company's products and businesses cover spunlace nonwovens and spunlace nonwovens, whereby the company's industry is “nonwoven manufacturing†(1781) and “other non-domestic textilesâ€. "Manufacture of finished products" (1789) (hereinafter collectively referred to as "nonwovens industry"); the non-woven fabric industry can be divided into categories such as spunlace, spunbond and acupuncture according to the processing technology. According to this classification, the company belongs to industrial textiles. Spunlaced nonwovens segmentation industry in the industry.
The company is specialized in the research, development, production and sales of differentiated and personalized spunlace nonwovens and their products. Products include industrial electronic wiping, high-grade beauty materials, electrostatic jacquard dust removal, civil cleaning wipes, industrial synthetic leather fabrics, medical care and health, automotive sound insulation and other multi-purpose serial product clusters, and many products As the world's original new spunlace fabric, the company has become the most advanced enterprise in the global spunlace nonwovens industry.
Dongguan Securities released a research report that the company's revenue in 2013-2015 was 401 million, 495 million, 516 million, and net profit was 39 million, 58 million, and 74 million respectively. The compound growth rate of operating income and net profit in three years were respectively. It is 13.5% and 36.9%. In 2015, the company's comprehensive gross profit margin was 31.88%, and the net profit margin was 14.33%.
The amount of inventory and the proportion is relatively large
According to the website of the China Securities Regulatory Commission, on January 6, 2017, the Main Board of the Board of Auditors issued a number of inquiries to Nobel shares in the announcement of the results of the 4th meeting in 2017.
1. Ask the issuer's representative to further explain the issuer and the US-Nice-Pak Products, Inc. The main terms of the signed Strategic Cooperation Agreement; the reporting period of Nice-Pak Products, Inc., USA The main reason for the decline in procurement volume is whether the relevant risks are revealed. Please sponsor the representative to issue a verification opinion.
2. The issuer's representative shall further explain the reason and reasonableness of the issuer's gross profit margin over comparable listed companies based on product category, product quality, product price, capacity utilization rate, and product cost. Please sponsor the representative to issue a verification opinion.
3. Please sponsor the representative to further explain the verification process and verification opinions on the transaction status and disclosure information of Kelheim Fibres GmbH, one of the major suppliers of the issuer.
In addition, on November 8, 2016, the Audit Committee also made a number of inquiries to Nobel shares in the initial application feedback. For example, according to the prospectus disclosure, during the reporting period, the company's operating income continued to grow. From 2012 to the first half of 2015, the company's operating income was 386.45 million yuan, 400.557 million yuan, 495.38 million yuan and 24, respectively. 3.39 million yuan. Please refer to the “Management Discussion and Analysis†section of the prospectus: 1) Combine the industry development status, company product technology, product quality, product price and sales volume, compare the same or similar product sales and growth rate of listed companies in the same industry, and disclose in detail The company's operating income continues to grow and so on.
According to the prospectus disclosure, from 2012 to June 30, 2015, the company's net receivables were RMB 13,333,700, RMB 19,485,500, RMB 19,141,800 and RMB 31,148,400, accounting for operating income. The proportions are 3.45%, 4.88%, 3.92% and 12.91%, respectively, which are lower than comparable listed companies. Please refer to the “Management Discussion and Analysis†section of the prospectus: 1) Supplementary disclosure of the company's credit policy for major customers, and changes in credit policies during the reporting period.
According to the prospectus disclosure, from 2012 to June 30, 2015, the company's prepayment balances were 905,200 yuan, 2,224,300 yuan, 5,445,200 yuan and 10,309,600 yuan, the amount increased year by year. The issuer is requested to supplement the disclosure in the “Management Discussion and Analysis†section of the prospectus: 1) the use of prepayments, such as purchases, supplementary disclosure of purchase content and quantity, purchase of goods, storage and use; 2) prepayment Whether the aging of the account and the information of the payee are related to the issuer, and analyze the production and sales of the company and disclose the reasons for the increase in prepayments.
According to the prospectus disclosure, from 2012 to June 30, 2015, the company's net inventories were RMB 43,132,700, RMB 4,047,900, RMB 45,176,300 and RMB 50,269,500, respectively, accounting for the proportion of current assets. It is 37.52%, 46.53%, 40.18% and 39.41%, and the amount and proportion are relatively large. Please refer to the “Management Discussion and Analysis†section of the prospectus: 1) Supplementary disclosure of the company's inventory amount and the reason for the large proportion at the end of the reporting period, supplement the disclosure of the inventory of listed companies in the same industry and conduct comparative analysis.
Performance downside risk
In the prospectus, the company admitted that there are still risk factors such as fluctuations in raw material prices, sales of “Shengli Chong†products, declining performance, and short-term debt repayment.
According to the prospectus, in 2013, 2014, 2015 and January-June 2016, the proportion of raw materials in the company's production costs was 78.48%, 77.58%, 75.35% and 75.22%, respectively, viscose and polyester fibers. The price changes of major raw materials have a major impact on the company's production costs. If the price of major raw materials continues to rise in the future, it will have a negative impact on the company's profitability. The company is exposed to the risk of changes in profitability due to fluctuations in the prices of major raw materials.
As a new type of spunlace environmental non-woven material that the company has put on the market in recent years, it is one of the company's main products. It achieved sales revenue of 1,545.13 in 2013, 2014, 2015 and January-June 2016 respectively. Ten thousand yuan, 10,003,900 yuan, 13,420,960 yuan and 57,872,700 yuan, accounting for 3.91%, 20.59%, 26.36% and 23.67% of the main business income in the same period. Among them, the United States Nice-pak products, inc. It was the largest customer of the company's “Shengli Chong†products during the reporting period. During the reporting period, the sales amount accounted for 89.22%, 93.94%, 80.69% and 72.92% of the total sales of “Shengli Chongâ€. Company and US Nice-pak products,inc. Signed a "Strategic Cooperation Agreement" for the sale of "Sheng Li Chong" products, but the United States Nice-pak products, inc. At the same time as meeting the agreed purchase volume, 2016 has begun to partially transfer to other international manufacturers. If the United States Nice-pak products, inc. The purchase volume continued to decline, and the scale of demand of other customers did not increase enough, which would have an impact on the sales of the company's “Shengli Chong†products and adversely affect the company's performance.
The company said it is also facing the risk of a decline in performance. From January to September 2016, due to the increase in raw material costs and the price cuts of “Shengli Chongâ€, the gross profit margin of the company's main business was only 25.92%, which was lower than the gross profit margin of 31.88% in the same period of 2015. The company's operating profit was RMB 45,417,100, a decrease of 24.71% over the same period of 2015; net profit was RMB 46,609,800, a decrease of 12.25% compared with the same period of 2015; net profit after deducting non-recurring gains and losses was RMB 30,846,400. , a decrease of 24.83% compared with the same period in 2015. In 2016, the company expects to achieve operating income of 51,000-55,000 million yuan, a change of -1.21% to 6.53% compared with 2015; it is expected to achieve a net profit of 5,800-6 attributable to shareholders of the parent company. 3 million yuan, compared with 2015, the range of change is -21.62% to -14.86%; it is expected that the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses will be RMB 5,100-56 million, which is a change from 2015. It is -26.58% to -19.38%. The above data was not audited by a certified public accountant, but the company cautioned investors to pay attention to the risk of a decline in company performance.
In terms of short-term debt repayment, during the reporting period, the company's fixed assets investment was large and liquidity was relatively tight. In order to maintain the normal operation of production and operation, the company maintains short-term loans of a certain scale. At the end of 2013, the end of 2014, the end of 2015 and June 30, 2016, the company's current ratios were 0.57, 0.55, 0.77 and 0.94, respectively. The quick ratios were 0.31, 0.33, 0.47 and 0.59, respectively, and the short-term solvency indicator was low. In the future, with the expansion of the company's business scale, funds will still be the bottleneck of business development. If the company cannot successfully implement this public offering of shares to optimize its capital structure, it will face certain short-term debt repayment risks.
In terms of fundraising projects, the company's proceeds from the issuance of shares will be invested in the “Technical Reform Project of 5,000 tons of spunlace composite environmentally friendly non-woven materials per year†and “15,000 tons of industrial water-spun composite nonwovens projectâ€. Construction, which is expected to add 13,000 tons of new production. Although the market prospect of “Shengli Chong†products is broad, compared with the beginning of the launch, domestic and foreign suppliers have increased, and market competition is inevitable. The market demand and sales price of target products such as “Sheng Chong†may not only be adversely affected by the economic environment and industry fluctuations, but may also be adversely affected by competitors' expansion of production capacity or follow-up. After the above projects are completed and put into production, the production capacity of the target products such as “Shengli Chong†will be greatly increased in the short term. If the market supply and demand relationship of the target products changes, it will adversely affect the expected return of the project, and the company will face investment in raised funds. The project's capacity to digest risks.
Gross profit margin is higher than that of peers
According to the prospectus, from 2013 to January-June 2016, the company's comprehensive gross profit margin was 26.56%, 29.80%, 31.26%, and 27.40%, respectively. From January to June 2016, the gross profit margin decreased due to falling prices and rising raw material costs.
As shown in the above table, during the reporting period, “Shengli Chong†was the main source of revenue growth, and the growth of gross profit margin of the main business also benefited from the expansion of the sales volume and the increase of the proportion. From January to June, the sales price of “Shengli Chong†decreased slightly, resulting in a decrease in gross profit margin.
During the reporting period, the gross profit margin of the company's main business was higher than that of listed companies or listed companies in the same industry, and it has a leading edge in the industry. The main reasons are as follows: (1) From the analysis of business composition, the company's business is concentrated, all of which are spunlace non-woven materials and deep-processed products; while comparable companies have relatively more business, except for spunlace non-woven products, Xinlong Holdings also Involved in melt-spun non-woven products and chemical and trading business, the leading products of Jienuo also include melt-spun non-woven fabrics, while most other businesses have lower gross profit margin than spunlace non-woven products, thus lowering the comparable company's Gross profit margin level. (2) In terms of the spunlace nonwoven business itself, the gross profit margin of the company's products is still higher than comparable companies. This is the company's long-term implementation of differentiated, technical and differentiated product strategies, thus accumulating market competitive advantages.
In the initial application feedback, the IEC also pointed out that according to the prospectus disclosure, from 2012 to the first half of 2015, the company's comprehensive gross profit margins were: 23.73%, 26.56%, 29.80% and 32.67%, respectively, rising year by year, and both were obvious. Higher than comparable gross profit margin of listed companies in the same industry. Please refer to the “Management Discussion and Analysis†section of the prospectus: 1) Disclosure of gross profit margin levels and analysis of differences due to domestic sales, export and direct sales, and distribution models. 2) Select the listed company with the same or similar products as the company, compare the gross profit margin of the detailed product with the gross profit margin of the company's detailed product, and analyze the difference and the reason of gross profit margin in detail from the aspects of product structure, product quality, product cost, output and selling price. .
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