On the evening of May 14, Huafeng Chemical (002064.SZ) disclosed the plan for the non-public issuance of A shares in 2021, stating that the company plans to issue no more than 1.39 billion shares to no more than 35 specific investors ( Not exceeding 30% of the company’s total share capital before this issuance), and the total amount of funds raised from the non-public offering of shares shall not exceed 5 billion yuan. 
According to the plan, Huafon Chemical intends to use this fixed increase in funds to invest in the construction of an expansion project with an annual output of 300,000 tons of differentiated spandex (2.8 billion yuan) and an expansion project of 1.15 million tons/year of adipic acid (Phase VI ) (2.2 billion). According to the company, this fundraising project is an important measure for the company to plan and implement the production capacity layout. After the project is completed, it will significantly increase the production capacity of the company’s spandex and adipic acid products, enhance the scale effect, and help the company alleviate the operating cash brought by the expansion of business scale. Liquidity pressure, improve financial strength and solvency, and reduce financial risks.
The issue price of this non-public offering of stocks shall not be lower than 80% of the average stock trading price of the 20 trading days before the pricing base date (the average stock trading price of the 20 trading days before the pricing base date = the stock price of the 20 trading days before the pricing base date) Total trading volume/Total stock trading volume in the 20 trading days prior to the pricing benchmark day).
At the close of trading on May 14, Huafon Chemical’s stock price closed at 12.57 yuan per share, up 1.7%. The stock price has risen by 24.58% this year.
“The company’s production and sales of differentiated spandex fibers are gradually increasing, and the existing site and equipment are difficult to meet future production and sales needs. Therefore, this fundraising project is necessary.” Huafon Chemical’s fixed increase plan mentioned an annual output of 30 During the 10,000-ton differential spandex expansion project, it was pointed out that the project will be divided into an expansion project with an annual output of 50,000 tons and an expansion project with an annual output of 250,000 tons, and will be constructed in phases; among them, the expansion project with an annual output of 50,000 tons will be statically recovered after the project is completed and reaches its capacity The period (after tax) is 6.50 years (including the construction period), and the static investment recovery period (after tax) of the expansion project with an annual output of 250,000 tons is 7.22 years (including the construction period).
It is also understood that the construction content of the 1.15 million tons/year adipic acid expansion project (Phase VI) mainly includes the construction of adipic acid plant with an annual output of 400,000 tons, cyclohexanol plant, nitric acid plant, alcohol and ketone plant and production Hydrogen devices, etc. The fixed increase plan shows that the static investment recovery period (after tax) of the project after it is completed and put into production is 5.26 years (including the construction period).
According to public information, Huafon Chemical is mainly engaged in the R&D, production and sales of polyurethane products such as spandex fiber, polyurethane stock solution and adipic acid. According to reports, in 2020, the company’s spandex production will account for about 26% of the domestic market share, ranking first in the country and second in the world; the output of polyurethane sole solution and adipic acid both rank first in the world, accounting for about 60% of the domestic market share, about 40%.
Financial data show that in 2020, the company achieved revenue of 14.724 billion yuan, a slight increase of 6.81% year-on-year; realized net profit attributable to shareholders of listed companies of 2.279 billion yuan, a year-on-year increase of 23.77%; The profit amounted to 2.194 billion yuan, a year-on-year increase of 348.63%. In the first quarter of 2021, its operating income increased by 120.77% year-on-year to 5.794 billion yuan, and the net profit attributable to shareholders of listed companies increased by 501.67% year-on-year to 1.64 billion yuan.
It should be noted that, according to the audit by Lixin Certified Public Accountants, from 2019 to 2020, the accumulated net profit attributable to the shareholders of the parent company of Huafon New Materials acquired by Huafon Chemical is 2.45 billion yuan, greater than the cumulative promised net profit of 2.2 billion yuan, fulfilling the 2020 annual performance commitment.
Judging from the 2020 annual report, last year, Huafon Chemical’s production capacity was relatively saturated. As of the end of 2020, the company’s designed production capacity of spandex products is 175,000 tons, with a capacity utilization rate of 116.37%; the designed capacity of adipic acid is 735,000 tons, with a capacity utilization rate of 92.08%; the designed capacity of polyurethane stock solution is 420,000 tons, with a capacity utilization rate of It is 72.30%. Among them, spandex and spandex are investing in expanding production.
On May 7, Huafon Chemical responded to investors at the performance briefing, saying that the current price of spandex products tends to be stable, and the outbreak of the epidemic in India may cause some textile orders to be transferred back to China in the short term, which will have an indirect impact on the company; at the same time, The release of the company’s future production capacity of adipic acid will have a certain positive impact on the company’s profitability.
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