[Shihua News] Antai Technology has publicly issued convertible corporate bonds recently approved by the China Securities Regulatory Commission. The issuance scale is 750 million yuan, which is mainly used to invest in special alloy precision strip projects, repay bank loans and supplement company liquidity.
Antai Technology (000969) announced on September 11 that the company obtained the Notice on Approving the Public Offering of Convertible Corporate Bonds issued by China Securities Regulatory Commission on September 10, 2009 (CSRC) License [2009] No. 912), the approved company publicly issued 750 million yuan of convertible corporate bonds to the public.
The proceeds from the issuance of convertible bonds are mainly used to invest in special alloy precision strip projects, repay bank loans and supplement the company's working capital. After the project is implemented, the company's special alloy precision strip industry will be improved, and the company's financial structure can be effectively improved. , reducing financial expenses.
According to the company's previously disclosed convertible bond issuance plan, the proceeds from the issuance will be 750 million yuan, with a coupon rate of 0.5%-2.8%, of which 12.12 million yuan will be used for special precision alloy strip production line projects, and 45 million yuan will be used for repayment. Short-term bank loans, the remaining about 200 million yuan to supplement liquidity.
The special alloy precision strip project belongs to the metal magnetic material industry field which the company focuses on. The company has technical advantages in this field. The products are mainly used for national special purpose development and ordering, meeting electromechanical manufacturing, thermoelectric energy, nuclear power energy, petrochemical, The demand for special metal materials in industries such as aerospace. The total investment of the project is 128.85 million yuan, of which the newly added investment is 121.23 million yuan, and the original fixed assets and land are 7.62 million yuan. The newly added investment includes an additional construction investment of 104.18 million yuan and a supporting working capital of 17.05 million yuan. The project is expected to be completed and put into production by the end of 2010. The first year of production will reach 50%, and in the second year, it will reach 70%, and the third year will reach full production. In the normal operation period, the sales income of the project in the normal production year can reach 243.8 million yuan, and the total profit of the project can be 34.61 million yuan and the net profit is 29.42 million yuan.
As of June 30, 2009, the company's bank loans totaled 680 million yuan, of which short-term working capital loans were 400 million yuan and long-term project loans were 280 million yuan. The issuance of convertible bonds for a period of six years, according to the expected bond issuance rate (0.5-2.8%), will be far lower than the bank loan interest rate for the same period. The bank loan was replaced by part of the raised funds of 415 million yuan (including 380 million yuan of working capital loans and 35 million yuan of long-term loans). After deducting the issuance expenses, it is estimated that the annual financial savings will be between 9.83 million yuan and 19.38 million yuan. With the completion of the previous fund-raising investment projects and self-raised capital investment projects, the company's asset structure will change, and the company's liquidity will also have a large gap. Therefore, the company will use this convertible bond to raise about 200 million yuan to supplement working capital, which can reduce bank liquidity loans, reduce the scale of high interest rate liabilities, help the company improve asset structure, reduce financial costs, and enhance the company's risk resistance. ability.
The company's business is mainly in the field of alloy new materials. After 20 years of development, it has undergone an upgrade from scientific research and industrialization. From the initial 11 businesses, it has gradually formed the current 8 major businesses, and will focus on amorphous ribbons. , super hard material products and refractory materials three business. In the first half of 2009, due to the continuous impact of the international financial crisis, the downstream market demand for some products of the company was insufficient, especially the export products were greatly affected, and the sales price of the products decreased, which caused the company's sales revenue and operating profit to drop significantly. In the second half of 2009, the company's additional projects “annual production of 40,000 tons of amorphous strip and productsâ€, “high-performance refractory materials and products industrialization projectâ€, “high-grade polycrystalline diamond materials and high-grade professional diamond tools industrialization†The project will all be put into production in 2009. It is expected that the above projects will have a greater impetus to the company's performance in 2010.
Antai Technology realized operating income of 1.17 billion yuan from January to June 2009, down 23.1% year-on-year; realized operating profit of 66.153 million yuan, down 18.76% year-on-year; realized net profit attributable to shareholders of listed company was 55.9938 million yuan, down 1.06% year-on-year. Earnings per share of 0.13 yuan, net assets per share of 4.52 yuan.
As of the time of publication, the company's share price was 22.35 yuan, up 0.45% from the previous trading day.
Antai Technology (000969) announced on September 11 that the company obtained the Notice on Approving the Public Offering of Convertible Corporate Bonds issued by China Securities Regulatory Commission on September 10, 2009 (CSRC) License [2009] No. 912), the approved company publicly issued 750 million yuan of convertible corporate bonds to the public.
The proceeds from the issuance of convertible bonds are mainly used to invest in special alloy precision strip projects, repay bank loans and supplement the company's working capital. After the project is implemented, the company's special alloy precision strip industry will be improved, and the company's financial structure can be effectively improved. , reducing financial expenses.
According to the company's previously disclosed convertible bond issuance plan, the proceeds from the issuance will be 750 million yuan, with a coupon rate of 0.5%-2.8%, of which 12.12 million yuan will be used for special precision alloy strip production line projects, and 45 million yuan will be used for repayment. Short-term bank loans, the remaining about 200 million yuan to supplement liquidity.
The special alloy precision strip project belongs to the metal magnetic material industry field which the company focuses on. The company has technical advantages in this field. The products are mainly used for national special purpose development and ordering, meeting electromechanical manufacturing, thermoelectric energy, nuclear power energy, petrochemical, The demand for special metal materials in industries such as aerospace. The total investment of the project is 128.85 million yuan, of which the newly added investment is 121.23 million yuan, and the original fixed assets and land are 7.62 million yuan. The newly added investment includes an additional construction investment of 104.18 million yuan and a supporting working capital of 17.05 million yuan. The project is expected to be completed and put into production by the end of 2010. The first year of production will reach 50%, and in the second year, it will reach 70%, and the third year will reach full production. In the normal operation period, the sales income of the project in the normal production year can reach 243.8 million yuan, and the total profit of the project can be 34.61 million yuan and the net profit is 29.42 million yuan.
As of June 30, 2009, the company's bank loans totaled 680 million yuan, of which short-term working capital loans were 400 million yuan and long-term project loans were 280 million yuan. The issuance of convertible bonds for a period of six years, according to the expected bond issuance rate (0.5-2.8%), will be far lower than the bank loan interest rate for the same period. The bank loan was replaced by part of the raised funds of 415 million yuan (including 380 million yuan of working capital loans and 35 million yuan of long-term loans). After deducting the issuance expenses, it is estimated that the annual financial savings will be between 9.83 million yuan and 19.38 million yuan. With the completion of the previous fund-raising investment projects and self-raised capital investment projects, the company's asset structure will change, and the company's liquidity will also have a large gap. Therefore, the company will use this convertible bond to raise about 200 million yuan to supplement working capital, which can reduce bank liquidity loans, reduce the scale of high interest rate liabilities, help the company improve asset structure, reduce financial costs, and enhance the company's risk resistance. ability.
The company's business is mainly in the field of alloy new materials. After 20 years of development, it has undergone an upgrade from scientific research and industrialization. From the initial 11 businesses, it has gradually formed the current 8 major businesses, and will focus on amorphous ribbons. , super hard material products and refractory materials three business. In the first half of 2009, due to the continuous impact of the international financial crisis, the downstream market demand for some products of the company was insufficient, especially the export products were greatly affected, and the sales price of the products decreased, which caused the company's sales revenue and operating profit to drop significantly. In the second half of 2009, the company's additional projects “annual production of 40,000 tons of amorphous strip and productsâ€, “high-performance refractory materials and products industrialization projectâ€, “high-grade polycrystalline diamond materials and high-grade professional diamond tools industrialization†The project will all be put into production in 2009. It is expected that the above projects will have a greater impetus to the company's performance in 2010.
Antai Technology realized operating income of 1.17 billion yuan from January to June 2009, down 23.1% year-on-year; realized operating profit of 66.153 million yuan, down 18.76% year-on-year; realized net profit attributable to shareholders of listed company was 55.9938 million yuan, down 1.06% year-on-year. Earnings per share of 0.13 yuan, net assets per share of 4.52 yuan.
As of the time of publication, the company's share price was 22.35 yuan, up 0.45% from the previous trading day.
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