Recently, Wanhua Chemical issued an announcement that it will lift the ban on the listing and circulation of 1.716 billion restricted shares on March 23, and said that the company has not had any rights issues, provident fund conversion to increase share capital, etc., and the number of shares and restricted shares of the company has not changed.
Frontier Jun learned that the ban on the lifting of the ban is the private placement of shares, the five major objects are, Guofeng Investment 677,764,65 shares, Synthetic International 336,042,361 shares, Zhongcheng Investment 330,379,594 shares, Zhongkaixin 301,808,357, Dejie Huitong 69,995,240 shares, a total of 1.716 billion shares.
Not only that, the lifting of the ban on restricted shares, accounting for 54.65% of the total share capital, is calculated at the closing price on March 17 (the same below) the market value is about 138.2 billion, and the total circulating market value will also reach 250 billion. The total market value of the three monthly lifting of the ban is only 289.258 billion yuan, and the market value of the lifting of the ban accounts for 47.8% of the monthly market value of the ban.
Generally speaking, the performance of the stock prices of different restricted stock types from the two weeks before the lifting of the ban to the day of the lifting of the ban, the original IPO shares have the largest decline in the lifting of the ban, the probability of the private placement of the stocks outperforming the market is the highest, and the impact of equity incentives and other unbans is relatively small.
As for the bearish or positive, because the frontier jun has no experience in stocks, he will not comment much. But as far as facts are concerned, the tone that good companies will have good stocks will not change. Good investors look at the company, speculators look at the temporary profits, there is no good or bad, each way of survival is different.
According to the idea of "good company", let's see if Wanhua Chemical is "competent"?
In terms of products, Wanhua Chemical polyurethane, petrochemical, fine chemicals, emerging materials four major industrial clusters:
Polyurethane business: covering MDI, TDI, polyether polyols and other polyurethane industrial clusters;
Petrochemical business: propylene and its downstream acrylic acid and esters, propylene oxide, ethylene currently under construction and its downstream LLDPE and ethylene oxide, etc.;
Functional Chemicals & Materials Business: Mainly covers polycarbonate, SAP, waterborne PUD, PA emulsion, TPU, ADI series, etc.
Among them, MDI is the fist product of Wanhua Chemical Polyurethane Plate, with a production capacity of about 2.6 million tons, accounting for nearly 30% of the global market share, and is the world's largest MDI producer.
In terms of industrial scale, Wanhua Chemical has six production bases and factories in Yantai, Ningbo, Sichuan, Fujian, Zhuhai and Hungary, as well as five major R&D centers in Yantai, Ningbo, Beijing, North America and Europe. As of the end of 2021, Wanhua Chemical has 1.1 million tons/year MDI and 300,000 tons/year TDI (toluene diisocyanate) units in Yantai, 1.2 million tons/year MDI units in Ningbo, 350,000 tons/year MDI and 250,000 tons/year TDI units in Hungary BC, and 100,000 tons/year TDI units in Fujian.
From the perspective of profitability, in 2021, Wanhua Chemical, polyurethane series achieved operating income of about 60.5 billion yuan, an increase of 72.75% year-on-year; petrochemical series achieved operating income of about 61.4 billion yuan, an increase of 132.46%; fine chemicals and new material series achieved operating income of about 15.5 billion yuan, an increase of 94.18%.
According to the 2021 annual report released by Wanhua Chemical on March 14, Wanhua achieved revenue of 145.538 billion yuan, an increase of 98.19% year-on-year; net profit of 24.649 billion yuan, an increase of 145.47% year-on-year; basic earnings per share of 7.85 yuan, and plans to pay a cash dividend of 25 yuan (including tax) per 10 shares.
To sum up, Wanhua Chemical Group Co., Ltd. is a global operation of chemical new materials company, the core strength is enough, the potential is huge, but also more generous, at least in terms of dividends are still very straight.
Therefore, Frontier Jun does not hide his selfishness, this is a "good company" (does not constitute investment advice).
However, due to the expansion of the issuer's operating scale, short-term operating liabilities have increased, and on the other hand, in order to reduce financing costs, the total current liabilities of the issuer account for a relatively high proportion, resulting in greater pressure on the issuer to repay its debts in the short term, and there are certain liquidity risks.
However, the institutional ratings of 3 months, 6 months, and one year are all buy and overweight. And according to the average price in 2021, if all of Wanhua Chemical's existing planned projects are put into production as scheduled, it is expected to add 19.8 billion yuan in revenue in 2022, 54.2 billion yuan in 2023, and 146.3 billion yuan in new revenue after all projects are put into production.
Therefore, Frontier Jun is still very optimistic about the long-term development of Wanhua Chemical.
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