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As one of the newly listed companies in the Henan GEM in 2011, Henan Sifangda Superhard Materials Co., Ltd. (hereinafter referred to as Sifangda) 2011 performance report is not ideal. Just one year after the listing, Sifangda's performance failed to maintain high growth, and its performance quickly changed its face. However, what is the current progress of the three fundraising projects with a total investment of more than 180 million yuan? How much effective capacity can the company bring? On February 3, the Economic Viewpoint reporter went to Sifangda Company, located on the 10th Street of Zhengzhou Economic and Technological Development Zone, and found that the two super-raised funds investment projects with a total amount of more than 220 million yuan were still empty and there were no signs of construction. Looking for profit growth points According to Sifangda's performance report, during the reporting period, the company achieved operating income of RMB 109,724,400, a decrease of 1.70% over the same period of last year; realized operating profit of RMB 33,490,600, a decrease of 22.79% over the same period of last year; total profit of RMB 43,835,100 over last year. During the same period, it decreased by 3.08%, and the net profit was RMB 37,598,600, a decrease of 2.27% year-on-year. “In 2011, the company's operating income, operating profit, total profit and net profit both declined. The main reason was that the production cost of diamonds and alloys, which are the main raw materials used by the company, was greatly increased, resulting in a significant increase in production costs. Half a year was affected by the economic climate and the decline in downstream demand." Sifangda announced. In 2011, the domestic diamond market saw a large increase in raw materials. Wang Ligang, business manager of China's composite super-hard materials network, said in an interview with the Economic Viewpoint reporter: “2009-2011 is the gold of the domestic diamond industry development (1731.70, 0.40, 0.02%) During the period, the artificial diamond market grew at an average annual rate of 15% to 20%. In 2011, raw materials rose by nearly 12%. In addition, the economic prosperity in 2011 was insufficient and the downstream market demand fell. One of the company's main products, the composite blade products for cutting tools, is mainly used in the real estate industry. However, the development of the real estate industry in 2011 was sluggish, resulting in shrinking sales of the company's main business products. At present, Sifangda has taken the petroleum PCD composite film as the growth point of the company's profits. Fang Yuhong, manager of the securities department of Sifangda, said in an interview with the Economic Viewpoint reporter: "At present, the company is vigorously developing the petroleum PCD composite film, as a high-end product of composite film, the gross profit margin is relatively high." Relevant information shows that in the next few years, China needs about 1.2 million pieces to 2 million pieces of petroleum composite sheets, the market size is about 240 million yuan to 400 million yuan. Capacity is not fully released Sifangda's performance has declined. What is the current progress of its fundraising projects? What is the contribution of capacity? According to the announcement, there are three investment projects funded by Sifangda, among which “high-tech industrialization project of composite super-hard materials†and “composite super-hard material products project†are progressing smoothly. As of the third quarter of 2011, the “Comprehensive Superhard Materials High-Tech Industrialization Project†has invested 84.22 million yuan, with a completion rate of 65.5%, and realized a benefit of 16.33 million yuan in the third quarter. The “Comprehensive Superhard Material Products Project†has invested 13.658 million yuan, with a completion rate of 41.91%, and realized a benefit of 880,000 yuan in the third quarter. According to Fang Yuhong, the above two projects are expected to fully release production capacity in 2012. The reporter learned on the spot that Sifangda's "Comprehensive Superhard Materials and Products R&D Center Project" has just begun to implement and there has not been any substantial progress. According to the announcement, the overall progress of the Sifangda R&D Center project is slow, mainly because the company is planning the overall layout of the whole plant with the acquisition of the second phase of the company. At present, its research and development strength is mainly located in the R&D center of the old factory. It is understood that after the fund-raising investment projects are all put into production, the company's existing main product capacity will be greatly improved. However, market analysts believe that if the company's sales can not be followed up in time and the marketing measures have not achieved the expected results, it may lead to insufficient digestion capacity of new capacity, which will have a negative impact on the company's performance. In addition, the company's two super-raised capital investment projects "PCD/PCBN composite sheet industrialization project for metal cutting" and "polycrystalline diamond composite sheet (PDC) pick and drill bit project" have not yet started. The announcement shows that the investment in the “PCD/PCBN composite sheet metallization project for metal cutting†in the two super-raised funds investment projects is 92.04 million yuan, and the investment of “polycrystalline diamond composite sheet (PDC) pick and Drilling bit project†is 13.231 million yuan. . The above two projects have been announced and implemented by Sifangda on July 31, 2011. It has been more than half a year since the third quarter of 2011. The company invested only 50,000 yuan for each project. On February 3, the reporter found on the scene that the address of the two super-raised funds in the new plant area of ​​Sifangda is still an open space, and there is no trace of construction. Fang Yuhong said: "The construction period of the two super-raised funds investment projects will last for ten months." It is expected that effective production capacity will not be formed in 2012. Replacement of funds, investment and financial management It is worth noting that despite the decline in the performance of Sifangda in 2011, its use of huge funds to purchase bank wealth management products caused quite a stir in the industry. Since 2012, dozens of listed companies have issued announcements on the purchase of bank wealth management products, with investment funds reaching more than 10 billion yuan, reaching a record high. The enthusiasm of small and medium-sized companies and GEM listed companies to purchase bank wealth management products is particularly high, and the Quartet ranks among them. In January 2012, Sifangda announced that the company will use its own idle funds of no more than 60 million yuan to purchase short-term bank wealth management products within one year. In this regard, Fang Yuhong said: "The company invests in wealth management products mainly to improve the efficiency of capital use, rational use of idle funds, and increase shareholders' equity without affecting the normal operation of the company." However, according to the financial statements of Sifangda in the last two years, In the first three quarters of 2011, the company achieved revenue of 80.212 million yuan, and the net cash flow from operations was only 2,915,400 yuan. At the beginning of 2010, the company's book currency funds were 28.37 million yuan. In 2010, the cash flow from operating activities was 55.89 million yuan, and the cash flow for investment and financing was -39.35 million yuan and -14.7 million yuan respectively. In April 2011, Sifangda issued a notice on “Replacement of funds raised by the use of raised funds to invest in raised fundsâ€. The announcement shows that Sifangda used the raised funds to replace the self-raised funds of the projects that have been invested in raising funds of 79.84 million yuan. Industry insiders speculate that the capital operation of Sifangda's investment in short-term wealth management products is essentially to replace the funds originally invested in the main business with the raised funds, and to invest this part of the funds into the bank wealth management products. The operation process seems reasonable and legal, but it also reveals the possible path for listed companies to convert their funds into their own wealth management products. The above-mentioned person revealed: "It is a very convenient way to replace the self-owned funds with the investment fund. For example, before using the self-owned funds to invest in the fund-raising investment project, after the fund-raising is in place, the self-owned funds will be replaced, and many of them will be listed. The company is doing this.†Market participants pointed out that investment bank financing has advantages and disadvantages for listed companies to deal with idle funds. If only using their own idle funds for strategic investment, it will be better to increase shareholders' equity and create company benefits. the way. However, if the long-term investment of wealth management may affect the main business of the listed company, which will hinder the development of the main business of the listed company, this will not be worth the loss for the listed company.
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