Source: China Economic Network
China Economic Network Beijing December 3rd Taihe Technology (300801.SZ) opened low today, fluctuating at a low level, and once hit the limit down. The stock opened the daily limit yesterday. Since its listing, Taihe Technology has only reached two daily limit increases. As of the midday closing, Taihe Technology was 41.80 yuan, down 8.27%, with a turnover of 303 million yuan and a turnover rate of 24.25%.
On November 28, 2019, Taihe Technology was listed on the GEM, with 30 million shares issued and an issue price of 30.42 yuan per share. The sponsor is China Securities. The total amount of funds raised by Taihe Technology's listing was 913 million yuan, and the net amount of funds raised was 844 million yuan, which were used for the annual output of 280,000 tons of water treatment agent projects, water treatment agent series product projects, R&D center construction projects, and supplementary working capital.
Taihe Technology's final fundraising amount was 263 million yuan more than planned two years ago. The draft prospectus submitted on September 4, 2017 shows that Taihe Technology plans to raise 580 million yuan.
Taihe Technology's listing issuance fee is 68.8756 million yuan, of which Zhongtai Securities received sponsorship and underwriting expenses of 56.9047 million yuan, Dahua Accounting Firm received accountant expenses of 2.2 million yuan, and Jiangsu Century Tongren Law Firm received lawyer expenses of 4.0849 million yuan.
From 2012 to January-June 2019, Taihe Technology's operating income was RMB 554 million, RMB 625 million, RMB 909 million, RMB 901 million, RMB 897 million, RMB 1.116 million, RMB 1.245 million and RMB 544 million, respectively. The net profit attributable to the parent company's owners was RMB 41.8509 million, RMB 37.5687 million, RMB 67.2547 million, RMB 45.7107 million, RMB 66.8696 million, RMB 98.6576 million, RMB 186 million, and RMB 83.4649 million, respectively. The net cash flow generated by operating activities was RMB 41.299 million, RMB 25.802 million, RMB 84.4195 million, RMB 142 million, RMB 40.3631 million, RMB 187 million, RMB 220 million, and RMB 48.6298 million, respectively.
Among them, the cash received from selling goods and providing services is RMB 478 million, RMB 511 million, RMB 658 million, RMB 659 million, RMB 659 million, RMB 870 million, RMB 951 million and RMB 447 million, respectively.
From 2012 to January-June 2018, Taihe Technology's comprehensive gross profit margin was 23.34%, 22.26%, 22.90%, 25.86%, 24.01%, 26.45%, 32.92%, and 31.99%, respectively. Qingshuiyuan, listed companies in the same industry, was 25.73%, 24.72%, 25.04%, 23.45%, 23.59%, 32.67%, 36.48% and 30.35%, respectively.
In 2017 and 2018, Taihe Technology's gross profit margin was inferior to Qingshuiyuan, a listed company in the same industry.
In 2018, Taihe Technology's capacity utilization rate was only 49.34%. From 2012 to January-June 2018, Taihe Technology's capacity utilization rate was 93.07%, 92.31%, 96.08%, 79.16%, 64.79%, 66.32%, 49.34% and 51.33% respectively.
Taihe Technology suffered general reactor physical explosion accidents and PBTCA workshop fire accidents in 2015 and 2017 respectively. Among them, a physical explosion accident in the general reactor in 2015 killed one person, and a PBTCA workshop fire accident in 2017 was slightly burned.
According to the Yangtze Business Daily, as a fine chemical company focusing on water treatment agents, Taihe Technology was once listed on the "blacklist" of the central environmental protection inspection team in 2017 due to environmental protection issues. Public information shows that on August 31, 2017, the Central Environmental Protection Inspection Team transferred the public petition reports to Shandong and the disclosure of public complaints and reforms while supervising and revising the situation (the 11th batch) showed that Taihe Technology's emission of waste gas caused the production reduction of Wan Village South Orchard in Xiwangzhuang Town, Shizhong District, Zaozhuang City. In 2014 and 2015, the company had two explosions that caused the orchard to be extinct, and the contractor suffered heavy losses.
prospectus shows that since the end of 2015 to the present, orchard operators Sun Shoude and Ji Xiang'e have been petitioning the petition department for the compensation required by previous petition departments ranging from 4 million yuan to 11.1 million yuan. On June 8, 2018, the company filed a lawsuit with the People's Court of Shizhong District, Zaozhuang City. On October 10, 2018, the People's Court of Shizhong District, Zaozhuang City, Shandong Province issued the "Civil Judgment" for this litigation case. The court ruled that the defendant stopped infringement and apologized to the plaintiff in person. On October 16, 2018, the original defendant filed an appeal. On March 18, 2019, the Zaozhuang Intermediate People's Court issued the "(2019) Lu 04 Minzhong No. 181" "Civil Judgment", making a final judgment on the case, and the judgment rejected the appeal and upheld the original judgment.
According to Jin Zhengyan, Taihe Technology has been working with for many years and has been in constant disputes with customers. From 2015 to 2017, Jianghai Environmental Protection Co., Ltd. (hereinafter referred to as "Jianghai Environmental Protection") was the largest domestic sales customer of Taihe Technology. Taihe Technology's sales to Jianghai Environmental Protection were RMB 22.0253 million, RMB 35.9705 million, and RMB 57.8836 million, respectively, accounting for 2.44%, 4.01% and 5.18% of the current operating income, respectively. In 2018, Jianghai Environmental Protection suddenly "disappeared" from Taihe Technology's top ten domestic sales customers.
It is reported that in 2015, Jiangsu Qiheng Agrochemical Technology Co., Ltd. (hereinafter referred to as "Qiheng Agrochemical") was Taihe Technology's second largest domestic sales customer, and Taihe Technology's sales to it were 13.2885 million yuan. According to the document (2016) Lu 0402 Minchu No. 2093, Taihe Technology filed a lawsuit against Qiheng Agrochemical due to a sales contract dispute, and then filed a withdrawal on July 4, 2016. From 2017 to 2018, Nantong Xinqian Chemical Co., Ltd. (hereinafter referred to as "Xinqian Chemical") was the second largest domestic sales customer of Taihe Technology. According to the (2019) Lu 0402 Financial Insurance No. 45, Taihe Technology applied to the court on January 25, 2019 due to a sales contract dispute, requiring property preservation of Qianxin Chemical and Qiheng Agrochemical. Qianxin Chemical and Qiheng Agrochemical were ruled by the court to freeze deposits of 19 million yuan, with a freezing period of one year.
