Shengda, the hottest company, plans to raise 800mi

Da Shengda plans to raise 800million yuan to develop new projects, and the production capacity will increase by 132% after they are put into operation

release date: Source: IPO, Chinese economy views: 7579 copyright and disclaimer

core tip: the number of shares to be publicly issued by Da Shengda on the main board of Shanghai Stock Exchange is expected to be no more than 120million shares, no less than 10% of the total share capital after issuance. The net amount of capital to be raised is 800million yuan, of which 500million yuan is used for the "annual output of 300million square meters of paper packaging products project", 300million yuan is used for the "annual output of 150million square meters of green environmental protection intelligent high-end packaging carton technical transformation project"

on May 23, Zhejiang dashengda Packaging Co., Ltd. (hereinafter referred to as "dashengda") launched at the meeting. Da Shengda plans to issue no more than 120million shares in the main board of Shanghai Stock Exchange, which is no less than 10% of the total share capital after the issuance. The net amount of funds to be raised is 800million yuan, of which 500million yuan is used for the "annual output of 300million square meters of paper packaging products project", and 300million yuan is used for the "annual output of 150million square meters of green environmental protection intelligent high-end packaging carton technology transformation project"

on May 23, Da Shengda accepted the examination of the development and Examination Committee of the CSRC and officially went to the meeting. Da Shengda is mainly engaged in the R & D, production, printing and sales of corrugated boxes and paperboards. In 2017, the actual production capacity of dashenda corrugated boxes and paperboards was 342million square meters/year. After the implementation of dashenda's fund-raising, the production capacity will increase by 132% on this basis. After the implementation of the fund-raising plan, Da Shengda will increase the design capacity of corrugated boxes and cardboard by 450million square meters/year

once landed on Nasdaq, but delisted in 2015

it is worth noting that Da Shengda once logged on to the Nasdaq Stock Exchange in December 2010, or completed privatization and delisting in September 2015 due to poor market value, leaving NASDAQ

after leaving Nasdaq, Da Shengda carried out a series of actions, and the declaration draft showed that there were a total of 8 asset restructuring after delisting

for example, transfer part of the land and real estate of the controlling shareholder and include the main land and real estate involved in production and operation; Transfer 100% equity of Yongchang weaving, Yancheng Zhaosheng and jiulangshan controlled by the controlling shareholders. Divest the paper business, i.e. transfer the 99.06% equity of Shuangsheng paper

in this context, Da Shengda submitted its first application draft in December 2017 to log on to the main board

the performance improved after delisting

after a series of actions, the performance of Da Shengda improved significantly

the prospectus shows that from 2015 to 2017 and the first half of 2018, the operating revenue of dashenda was 1.012 billion yuan, 1.084 billion yuan, 1.21 billion yuan and 600 million yuan respectively, further reducing the noise of the pump station by 100million yuan, and the net profit attributable to the parent company was 35.0241 million yuan, 48.6735 million yuan, 164 million yuan and 70.7273 million yuan respectively

in terms of the product types of Da Shengda in the same period, the proportion of cartons increased continuously, which were 66.85%, 78.28%, 95.46% and 96.99% respectively, while the proportion of base paper fell precipitously, which were 23.92%, 14.08%, 0% and 0% respectively

the main reason for this phenomenon is that Da Shengda's base paper production and sales business is only in Shuangsheng paper, a subsidiary. With the transfer of Shuangsheng paper, which can directly replace the existing plywood in the market in 2017, this part of Da Shengda's business disappeared in February

this is also one of the eight asset restructurings after the delisting of Da Shengda

it is found that the gross profit margin of dashenda base paper is low, only 2.44% in 2016, while the average gross profit margin of the other two is 21.39%

after the transfer of Shuangsheng paper, the overall gross profit margin of dashengda increased from 18.76% in 2016 to 24.09% in 2017

after the soaring base paper in 2017, the performance of Da Shengda also "changed"

in 2017, the revenue of Da Shengda increased by less than 12% year-on-year, but the net profit attributable to the parent company surged by 237% year-on-year. However, the ferocious growth of dashengda's return to parent net profit began to "change its face" in 2018

from 2015 to 2018, the operating revenue of dashengda was 1.012 billion yuan, 1.084 billion yuan, 1.210 billion yuan and 601 million yuan respectively, and the net profit attributable to shareholders was 35.0241 million yuan, 48.6735 million yuan, 164.1812 million yuan and 70.7273 million yuan respectively

in 2018, the operating revenue of dashengda was 933 million yuan, an increase of 8.10% year-on-year; The net profit attributable to shareholders of the parent company was 93.7679 million yuan, a year-on-year decrease of 16.25%

Da Shengda said that the decline in net profit attributable to the parent company in 2018 was due to the decline in gross profit margin caused by the continuous high consolidation of base paper prices, and the local losses of subsidiaries newly put into production and implementing technological transformation

according to the new prospectus of Da Shengda, the operating revenue in 2018 is expected to be 1.28 billion yuan to 1.31 billion yuan, with a change range of 5.78% to 8.26% compared with the previous year; The net profit attributable to the shareholders of the parent company ranged from 133 million yuan to 147 million yuan, with a year-on-year change of -18.83% to -10.36%

from the perspective of operating costs, in 2015, press the forward or reverse button on the loading switch as needed until 2017 and the first half of 2018. The proportion of direct materials in the operating costs of dashengda increased year by year, accounting for 71.92%, 73.4%, 79.77% and 80.97% respectively, of which base paper was the most important operating cost of the company

in the same period, the average purchase price of dashengda base paper also increased continuously, which were 2438.77 yuan/ton, 2527.75 yuan/ton, 3719.68 yuan/ton and 4078.35 yuan/ton respectively

with the continuous growth of raw materials, the gross profit margin of dashengda in the first half of 2018 was 20.21%, compared with 23.13% in 2017

taking the largest carton business as an example, in the first half of 2018, the unit cost of cartons increased by 11.86%, while the sales unit price increased by only 7.82%, that is, the price increase did not keep up with the increase of unit cost. In 2017, although the unit cost of Da Shengda carton increased more (to 28.4%), the sales unit price increased by 29.84%

the chairman of the board concurrently serves as the chairman of 12 companies and the director of 19 companies

the new prospectus of dashenda shows that as of the signing date of this prospectus, dashenda investment directly holds 269million shares of dashenda, accounting for 74.56% of the total share capital of dashenda, and is the controlling shareholder of dashenda. The actual controllers of Da Shengda are Fang Wuxiao, Fang Nengbin and Fang Congyi (hereinafter referred to as "Fang family"), of which Fang Nengbin is the son of Fang Wuxiao and Fang Congyi is the daughter of Fang Wuxiao. The above three Fang family members jointly held 100% of the equity of Xinshengda investment before this offering. Fang Wuxiao is 70 years old and currently serves as the director of Da Shengda; Fang Nengbin, 50, is the chairman of dashengda; Fang Congyi, 42, is the director and general manager of dashengda

Fang Wuxiao: senior economist, chairman of the counselor Committee of China Packaging Federation, Chinese nationality, without overseas permanent residency. At present, he is also the chairman of Hangzhou Xinshengda Investment Co., Ltd., the chairman and party secretary of Shengda Group Co., Ltd., the chairman of Chengdu Shengda Zhongtian packaging products Co., Ltd., the chairman of Zhejiang dashengda packaging Suzhou Co., Ltd., the chairman of Zhejiang adier Packaging Co., Ltd., the director of Zhejiang Shengda color preprint Co., Ltd., the director of Hangzhou Shengming Paper Co., Ltd Executive director and general manager of Hangzhou jiulangshan Agricultural Development Co., Ltd., executive director of Shengda Group Shaoxing Real Estate Development Co., Ltd., chairman of Hangzhou Chiyuan Real Estate Development Co., Ltd., chairman of Shengda Group Hangzhou Gaoyuan Real Estate Development Co., Ltd., chairman of Beijing Zhongbaoyuan old culture Communication Co., Ltd., director of Xiangwei International Co., Ltd., director of wealth Investments Limited, etc

Fang Nengbin: postgraduate degree, senior economist, vice president of the 8th Council of China Packaging Federation, vice president of China Young Entrepreneurs Association, Chinese nationality, without permanent residency abroad. At present, he is also the director and general manager of Hangzhou Xinshengda Investment Co., Ltd., the former vice chairman and general manager of Shengda Group Pressure Testing Machine Co., Ltd., the executive director of Jiangsu dashengda concept packaging research and Development Co., Ltd., the chairman of Hubei dashengda Packaging Printing Co., Ltd., the chairman of Zhejiang Shengda color preprint Co., Ltd., and the director of Chengdu Shengda Zhongtian packaging products Co., Ltd Director of Zhejiang dashengda packaging Suzhou Co., Ltd., director of Hangzhou Bajie printing and Packaging Network Co., Ltd., director of Zhejiang adier Packaging Co., Ltd., chairman of Hangzhou Shengming Paper Co., Ltd., chairman of Hangzhou Xiaoshan xinxiaoshang small loan Co., Ltd., chairman of Hangzhou ZhengZhan Investment Management Co., Ltd., chairman of Zhejiang Shengyong Investment Management Co., Ltd Executive director and general manager of Hangzhou xiaoqinghui Investment Management Co., Ltd., chairman of Hangzhou ayou cultural creativity Co., Ltd., director of Hangzhou Jingsha Textile Co., Ltd., chairman of Jiangsu Yuanda cultural creativity Co., Ltd., executive director and manager of Hangzhou Shengxiang Real Estate Development Co., Ltd., chairman of Hangzhou Shengchuan real estate development Co., Ltd., chairman of Aksu Shengda Textile Co., Ltd Executive director and general manager of Zhejiang Shuangda Textile Co., Ltd., director of Shengda Group Hangzhou Lvke Environmental Protection Technology Co., Ltd., chairman of Zhejiang Shuangsheng Petrochemical Co., Ltd., chairman of Zhejiang Shengda Real Estate Development Co., Ltd., director of Hangzhou Chuangyu Technology Co., Ltd., director of Shengda Group Jiangsu Shuangdeng Paper Co., Ltd., director of wealth Investments Limited Executive director and general manager of Hangzhou Yongchang Weaving Co., Ltd., executive director of Zhejiang dashengda Intelligent Packaging Co., Ltd., executive director of Xinjiang dashengda Packaging Co., Ltd., executive director and general manager of Zhejiang Shengtai new materials Co., Ltd., etc

Fang Congyi: graduate degree, executive deputy director of the paper products packaging Committee of China Packaging Federation, Chinese nationality, executive director of Hangzhou Women Entrepreneurs Association, without overseas permanent residency. At present, he is also a director of Hangzhou Xinshengda Investment Co., Ltd., a director of Shengda Group Co., Ltd., a director and general manager of Zhejiang Shengda color preprint Co., Ltd., a director of Hubei dashengda Packaging Printing Co., Ltd., a director and general manager of dashengda (Hong Kong) International Co., Ltd., a director and general manager of Hangzhou Shengming Paper Co., Ltd., a director of Zhejiang Shengda Xiangwei Chemical Co., Ltd., a director of wealth Investments Limited Manager of Zhejiang dashenda Intelligent Packaging Co., Ltd. and manager of Xinjiang dashenda Packaging Co., Ltd