The Internet, chip manufacturing, biomedical and other “candidates” gathered together on the board of the board, on the evening of April 26 ushered in the 93rd player. Committed to the “ditch oil” for the excellent new energy of biodiesel, to add a touch of “green” to the team of science and technology with hard technology as the main color. However, it is worth noting that the company said in its prospectus that “the current A-share market is still not comparable to the listed company”. In addition, after the IPO, there are still many “criteria” to be solved.
Turn waste into treasure “only this one”?
According to the prospectus, Excellent New Energy is a government-approved research and development of biodiesel and derivatives industrial glycerin, bioester plasticizers and waterborne alkyd resins through the comprehensive use of waste oils (ditch oil, acidified oil, etc.). , production and sales of resources recycling enterprises, products are widely used in clean power energy and bio-based green chemicals and other fields, in order to achieve the harmless disposal and resource utilization of waste oil. In short, it is the transformation from “waste oil” to biodiesel through innovative technologies.
“Because the industry in which the company is engaged has the characteristics of comprehensive utilization of waste resources and cross-integration of the characteristics of the energy and chemical raw materials industry, domestic biodiesel enterprises are affected by the industry cycle, and the scale and sustainable operation of biodiesel enterprises are less. Therefore, there is currently no comparable listed company in the A-share market.” Obviously, the excellent new energy “believes” that it is the “head soup” of the capital market in the industry. However, in 2016, (25.390, 0.09, 0.36%)Environmental Protection ( 25.390 , 0.09 , 0.36% ) , which was launched in Shanghai , has a business similar to it: it is also based on waste oils such as waste oil, and chemical and chemical reactions such as esterification and transesterification. Wait for the intermediate step, using biomass energy and fatty acid methyl esters as the final product.
In the same field, whoever has a bigger step is undoubtedly the most eye-catching. According to the prospectus materials, the current excellent new energy is the largest domestic production and sales, and the largest export of biodiesel production and waste oil disposal enterprises. In 2018, the company purchased and disposed of 220,000 tons of waste oil, achieved annual output of biodiesel exceeding 220,000 tons, annual output of industrial glycerin exceeded 0.7 million tons, and production of bioester plasticizer reached 23,000 tons. It is reported that the company will also add 30,000 tons of water-based alkyd resin capacity in 2019. In addition, the company ranked first in domestic biodiesel exports for three consecutive years from 2016 to 2018, with a cumulative net foreign exchange earning of US$294 million.
Jiaao Environmental Protection’s 2018 annual report shows that the company produced 76,800 tons of material and energy products last year, an increase of 30.30% over the previous year; sales of biomass energy products reached 71,600 tons, an increase of 25.02% over the previous year (the production and sales volume only refers to Jia Australian environmental protection subsidiary Dongjiang Energy’s single report data).
From the perspective of financial data, Excellent New Energy achieved operating income of 466 million yuan, 873 million yuan and 1.018 billion yuan from 2016 to 2018, respectively. The net profit of returning to the mother was 50.405 million yuan, 64.415 million yuan and 134 million yuan respectively. In comparison, Jia’ao Environmental Protection’s net profit for the past three years of 428.879 million yuan, 50.86 million yuan and 53.974 million yuan, both in absolute value and growth rate, are slightly inferior.
The plan to further expand production capacity of Excellence New Energy is also evident from its fundraising projects. It is reported that the company plans to raise 736 million yuan to invest in an annual output of 100,000 tons of biodiesel (non-food) and an annual output of 50,000 tons of natural fatty alcohol projects, technology research and development center construction projects and supplementary liquidity.
“Go to war” science and technology board
In front of the “Sound” board, the excellent new energy has also had an experience of IPO folding.
The results of the audit issued by the Securities and Futures Commission on the evening of January 10, 2018 showed that the initial application for Excellence in New Energy was not approved. At that time, the company plans to raise 268 million yuan for the annual production of 60,000 tons of biodiesel and 0.5 million tons of glycerin production line construction project, an annual output of 10,000 tons of bioester plasticizer project and technology research and development center project.
The feedback given by the IEC at that time mainly focused on the higher proportion of government subsidies and tax incentives for net profit; the gross profit margin, period expenses and non-net profit of the main business during the reporting period were relatively large; Since 2016, the proportion of export sales has increased significantly, and the customer structure has changed a lot.
The supply of raw materials for excellence in new energy is also the focus of regulation. Since the company’s domestic waste oil supplier is mainly based on individuals and the scope of procurement of waste oil is wide, the company is required to ask the company that it does not have the corresponding qualifications for the receipt and delivery of kitchen waste. The number, as well as the quantity and amount of purchases, are disclosed in detail; and the company’s business scale and sustainable development will be limited by the supply of major raw materials.
In its latest Science and Technology Plan prospectus, Excellence New Energy stated that the procurement cost of waste oil from 2016 to 2018 accounted for 87.53%, 92.35% and 87.65% of the total purchases of the company, which was the main business cost of the company. Key factor. Due to the characteristics of the industry, the price of waste oil has certain rigidity and volatility, so it is impossible to completely disperse the price fluctuation risk of waste oil, which may constitute an important factor affecting the profitability of the company.
In addition, in the feedback, the audit committee also asked the excellent new energy to quote authoritative statistical data such as industry associations, and compared with domestic and foreign companies in the same industry to illustrate the company’s competitive advantage.
In response, the company also made a partial response in the scientific and technological report. According to the disclosure, at present, Excellence New Energy has mastered the advanced biodiesel technology and matured industrial application. The methyl esterification rate of waste oil has reached 98%, and 13 core technologies and a number of invention patents have been formed in biodiesel and deep processing products. The company’s leading product, biodiesel, has also taken the lead in meeting the requirements for the use of biodiesel in Europe and the United States and achieving a large number of exports. The company’s overall technology is at the leading level in the industry.
On March 14 this year, the Fujian Securities Regulatory Bureau officially disclosed the summary of the listing guidance of Yingda Securities on Excellence in New Energy. Subsequently, the company’s application for the listing of the company was accepted by the Shanghai Stock Exchange on April 26, which means that the company officially “fighted” the board.
To the surprise of the venture capital community, Excellence in New Energy has no external institutional investment shareholders. Excellent new energy actually controls the artificial leaf activity and Luo Chunmei couple, and their daughter Ye Hao. Before the release, the three people issued the first 100% of the shares through the excellent investment and the Hong Kong Excellence Indirect Control Company.
