Shanying Paper (600567): Convertible bonds approved to help the company’s long-term development
Event: The company issued an announcement: The company’s application for convertible bonds was reviewed and approved by the CSRC’s Issuing Committee.
Opinion: The application for convertible bonds is approved, which saves costs while improving environmental protection, and improves the operating efficiency of the enterprise.
The total amount of funds raised by the convertible bonds this time does not exceed 18.
600,000 yuan, the following three projects are proposed, 1.
1. Comprehensive utilization of papermaking wastewater resources by Aituo Environmental Energy (Zhejiang) Co., Ltd .; 2.
2. Comprehensive solid waste utilization project in Yangjiachang Industrial Park, Gong’an County;
Shanying International Holdings Co., Ltd. comprehensive utilization of resources power generation project.
The planned investment scale of these three projects is 10 respectively.
7.6 billion yuan, the proposed investment amount for the fundraising is 7.
With the increasingly stringent national environmental protection policies, companies that used to deal with solid waste for the company have withdrawn from the market one after another. The previous mode of disposal of waste resources has become unsustainable.
After the implementation of this fund-raising project, it will be possible to realize the internal digestion of solid waste, and it will also improve the company’s operating efficiency through its own use or online sales of electricity to save costs.
Production capacity continues to expand, focusing on long-term cost advantages of leading companies.
The company’s central China base was completed and put into operation in the first half of this year, with a capacity of nearly 600 tons of containerboard. At the same time, the company has a total annual capacity of 450 recycled fiber in North America, Europe and other places.
In addition, the company’s subsidiary Phoenix Paper can provide 36 supplementary pulp 重庆耍耍网 paper and 12 supplementary recycled pulp production capacity.
With the continuous release of production capacity, the company’s leading company has been constantly consolidated.
The current domestic and foreign waste price difference is about 950 yuan / ton, and the company’s first nine batches of external waste have a dark color of 90.
20 nominal, significant cost advantages.
In addition, the company’s subsidiary Phoenix Paper Co., Ltd. launched a 12-recycled pulp production line for technical transformation, and at the same time, it will reach 30 supplementary recycled pulp supply agreements with strategic partners to further consolidate the company’s raw material advantages.
We believe that the cost advantage of leading companies in the future will continue to strengthen and long-term competitiveness will be 重庆耍耍网 outstanding.
Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 0.
38 yuan, corresponding PE is 10X, 9X, 8X.
Maintain “Buy” rating.
Risk warning: downstream demand continues to expand and expand, and the original real growth price