Yellow River whirlwind: plans to raise funds for the production of alloy powder production line and other three projects

The Yellow River Cyclone (600172, shares it) plans to invest no less than 8.47 yuan / share non-public offering of no more than 120 million shares to the alloy powder production line and other three projects.

Comments: The company's main products include super-hard materials single crystal, super-hard materials, is the leading enterprise in the domestic super-hard materials and products industry. The company insists on diamond-based industry, super-hard composite materials as the main business, and increases the cultivation of metal powder and composite tool market. In recent years, the operation is relatively stable. The company plans to raise no more than 950 million yuan through non-public issuance for the 22,000-ton press synthesis of coarse-grained diamond single crystal and large-diameter polycrystalline composite sheet industrialization project, with an annual output of 12,000 tons of alloy powder production line project and an annual output of 12 million. Granular geological mineral drilling grade super-hard composite material production line project, and it is expected that after the three projects reach normal production, the total annual sales income will be 3,314,400,000 yuan and the total profit will be 71,186,000 yuan. If implemented smoothly, it will promote the overall asset profitability. However, due to the low price of the products, the company's existing assets are not profitable. In 2009, the operating income was 598 million yuan. The operating profit margins of superhard materials, superhard tools and superhard materials were 31.99% and 28.9 respectively. % and 27.55%, the return on net assets is only 2.09%. The company expects to have an operating income of 749 million yuan in 2010. However, from the secondary market, due to the significant volume of the stock on the previous trading day after the suspension, the signs of new capital intervention were obvious, and the first day of the resumption of trading on April 26 was lower than the market expectation, resulting in a deep adjustment of the stock price, the lowest hit Brin. The mid-rail is near 9.3 yuan, but it has a strong support action below 9.6 yuan throughout the day.

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