Send another 3 billion bonds, Dongfang Shenghong broke the kettle to promote the new "story"

Wen | Ningwen

The new "story" of Dongfang Shenghong (000301.SZ) one by one.

Recently, the information disclosed by the Shenzhen Stock Exchange showed that Jiangsu Dongfang Shenghong Co., Ltd. (referred to as "Oriental Shenghong") has submitted a raising manual to publicly issue green technology innovation company bonds to professional investors.

It is understood that the scale of the issuance bonds of Dongfang Shenghong does not exceed 3 billion yuan. After deducting the issuance costs, more than 70%will be used for "Jiangsu Ruibang Technology Co., Ltd. annual output of 250,000 tons of recycled and functional polyester filaments. And supporting bomb projects "," Jiangsu Ruibang Technology Co., Ltd.'s second phase of annual output of 250,000 tons of regeneration differentiation and functional polyester filaments and supporting bomb projects ".

In the face of the general trend of "carbon -to -peak, carbon neutrality", the petrochemical giant's Oriental Shenghong seemed to move to the direction of new energy, high -performance materials, low -carbon green industries while carrying huge debt. Although there is no problem in the direction of the transformation, how to show the new "story" to show hard power may be the problem that Oriental Shenghong has to consider.

See the wind in the trend of the times to make the rudder

As a company with a history of more than 20 years, the main business of Dongfang Shenghong has changed several times. From the initial industrial chemical fibers and cotton fabrics to refining and chemical industry, it has changed to today's refining, polyester, and new materials.

In addition to passively adapting to the changes in capital levels, the Dongfang Shenghong's previous transformation has a greater extent that the wind has made the rudder land cater to the development trend of the times.

In the past two years, the relevant departments have repeatedly released the opinions of the carbon peak carbon and carbon neutralization of the petrochemical industry. In 2025, China's crude oil processing capacity is controlled within 1 billion tons, and the main capacity utilization rate has increased to more than 80%. It can be said that large -scale petrochemical projects "oil reduction increase" and "full process refining and chemical integration" will be the "main theme" of the development of China's refining and chemical industry in the future.

也正是在此背景下，做为石化巨头的东方盛虹，试图切入新能源、新材料领域，完成“从一滴油到一根丝”的全产业链布局，构建“炼化+聚酯+ Industrial matrix of new materials.

In order to quickly complete the transformation of the above business, Dongfang Shenghong directly sacrificed the "sprinkler" strategy. At the end of 2021, Dongfang Shenghong spent 14.360 billion yuan to acquire 100%equity of player Sire Bang, who is also a petrochemical field. The reason why Dongfang Shenghong chose to acquire a "peer" is mainly because the latter's EVA production capacity ranks ahead of the global market.

After incorporating Sieron into His Majesty, Oriental Shenghong was able to quickly enter new energy and new materials industries such as photovoltaic materials and high -end polyolefin materials.

In the 2021 financial report, Oriental Shenghong clearly stated that "in 2022, the company will make full efforts to build a million -ton EVA photovoltaic new energy material, million -ton propylene pheasant new materials, and one million -ton green degradable materials. On the basis of the project, in -depth promotion of the strategic transformation and layout of new energy and new materials. "

Picture source: Oriental Shenghong

Facts have proved that the acquisition of Srbang is just the first step of the new "story" of Dongfang Shenghong, and then Dongfang Shenghong needs to continue to add bricks to the new "story".

On September 7, 2022, Oriental Shenghong Chemical New Material Project was officially started. It is understood that the project is a major project in Jiangsu Province in 2022. It is mainly based on new energy materials and plans to build 700,000 tons/year EVA, PO/SM and multi -alcohol, high -end polyolefins and other projects.

After the project is completed, the production capacity of Shenghong EVA will reach 1 million tons/year, of which the global market proportion of photovoltaic EVA will account for more than 40%, ranking first in the world.

Break the boat to promote the new "story"

In the first half of this year, due to factors such as geopolitics and repeated epidemic conditions, international crude oil prices soared, which also raised the cost of materials in the relevant industrial chain accordingly. According to the financial report, in the first half of 2022, the operating cost of Dongfang Shenghong was 26.64 billion yuan, an increase of 26.98%year -on -year.

Picture source: Oriental Shenghong

At the same time, in the first half of 2022, the "three fees" of Dongfang Shenghong also increased by more than 20%, especially financial expenses, which increased by 105.74%year -on -year, far higher than the growth rate of revenue.

In the face of double financial expenses, in the financial report, Oriental Shenghong said, "mainly due to the increase in interest expenses in this issue." In fact, the new "story" that requires huge investments in the other way has also brought a lot of capital pressure to Dongfang Shenghong.

According to the financial report, in the first half of 2022, Dongfang Shenghong's liabilities totaled 119.211 billion yuan, an increase of 60.05%year -on -year. In comparison, in 2018, Oriental Shenghong's debt was only about 10 billion yuan.

In terms of details, the flow liabilities of Dongfang Shenghong in the first half of the year totaled 47.013 billion, which is higher than the total of last year. The short -term borrowing was 2.209 billion yuan, and the non -current liabilities expired within a year were 6.58 billion yuan, which was nearly doubled year -on -year.

In the first half of 2022, Dongfang Shenghong's new borrowing amount reached 19.771 billion yuan, accounting for 67.23%of the net assets at the end of 2021. Most of the new borrowings were used for Shenghong refining 16 million tons of refining and chemical integration. Construction of major projects such as projects.

It is worth noting that the balance of the currency funds of Dongfang Shenghong is only 22.578 billion yuan. Compared with short -term borrowing and non -current liabilities expired within one year, it is tantamount to the salary of water.

In the context again, Dongfang Shenghong still promotes the new "story" with determination to break the boat. On September 6, 2022, Oriental Shenghong issued an announcement saying that six assets to be planned will be transferred to the company's name and wholly -owned subsidiaries under the name of the company. According to the assessment of Shanghai Dongzhou Asset Evaluation Co., Ltd., the valuation of the above -mentioned target assets was about 1.088 billion yuan. In the announcement, Oriental Shenghong stated that the reason for selling assets is mainly because "according to the future development strategy of '1+n', focusing on the development of new energy and new materials, the relevant assets of the original traditional business need to be divestitted."

High debt or radical risk

On the one hand, Dongfang Shenghong described the future future, and on the other hand, it also effectively boosted the revenue data of Dongfang Shenghong.

According to the financial report, in 2021, Oriental Shenghong revenue was 51.722 billion yuan, an increase of 53.48%year -on -year; net profit attributable to shareholders of listed companies was 4.544 billion yuan, an increase of 492.66%year -on -year.

However, in the first half of 2022, Dongfang Shenghong's financial data appeared a lot of retreat. According to the financial report, in the first half of 2022, Dongfang Shenghong revenue was 30.242 billion yuan, an increase of 15.66%year -on -year; net profit attributable to shareholders of listed companies was 1.636 billion yuan, a year -on -year decrease of 44.06%.

正如前文所述，东方盛虹陷入“增收不增利”的泥潭，一方面固然是因为新“故事”需要高昂的投入，拉高了东方盛虹的成本，但更重要的，或许还是因为这些The gross profit margin of "story" is not good, and it is difficult to drive the broader market of Oriental Shenghong.

According to the financial report, since the acquisition of Srbang in 2021, the new petrochemical and chemical materials business has replaced chemical fiber business, becoming the company's revenue pillar, with a revenue ratio of more than 50%.

Picture source: Oriental Shenghong

However, it is worth noting that the gross profit margin of Oriental Shenghong Petrochemical and new chemical materials business is falling. According to the financial report, in the first half of 2022, the gross profit margin of petrochemical and chemical new materials business was only 12.43%, a year -on -year decrease of 7.52%.

Dongfang Shenghong has been promoting the implementation of related projects through huge investment, perhaps to allow the new business to have large -scale benefits to increase gross profit margins. However, at present, the new "story" of Dongfang Shenghong has a problem of jumping tickets. Essence

As mentioned earlier, in the first half of 2022, most of the new borrowings of nearly 20 billion yuan in Dongfang Shenghong were used for Shenghong's 16 million tons/year integrated project.

It is understood that the total investment of Shenghong Refining 16 million tons/annual integrated project is about 67.7 billion yuan. It can achieve 16 million tons/year oil refining, 2.8 million tons/year aromatics, 1.1 million tons/year ethylene and other downstream products, and equipped with 300,000 tons of crude oil terminals, 3 million cubic meters of storage and public engineering islands.

The project was started as early as December 2018. It is expected to be a China Bank of China on June 30, 2021. It is expected to be tested on December 31. However, it was not until May 2022 that the project was driven and drove. It is expected that Q3 was climbed in Q3 in 2022.

Some previous projects have been "difficult to produce". Whether the new projects under green technology innovation company bonds can be landed as scheduled, which undoubtedly affects the heartstrings of investors.

Because of the new "story" contradiction, Dongfang Shenghong's stock price also fluctuated repeatedly. On September 13, 2021, due to the new "story", Dongfang Shenghong's stock price rose to a high of 38.8 yuan/share. To this day, its stock price is only 18.79 yuan/share. However, compared to the locations of about 10 yuan/share in April 2022, the stock price of Dongfang Shenghong has improved at this stage.

But Dongfang Shenghong's shareholders seemed to be unable to wait. According to the official announcement, the Silk Group reduced the holdings of Eastern Shenghong 50.732 million shares through September 6th to 7th, 2022. This is the second reduction of the Silk Group in the past year. After the reduction of holdings in September 2022, the Silk Group is no longer a shareholder of Dongfang Shenghong holding more than 5%.

All in all, for the new "story", Dongfang Shenghong can be described as lonely. It is manifested in the financial report, the revenue of Dongfang Shenghong has increased significantly, but the liabilities have also increased. Whether Dongfang Shenghong can make the new "story" a strong promoter of the company's performance, we still wait and see.

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