How Is Nanjing Chemical Fiber Safe?

A few days ago, the reporter visited Nanjing chemical fiber company (600889), an old listed company in Nanjing. "We are now divided into four offices. Viscose staple fiber in Yancheng Dafeng, viscose filament moved to Liuhe, the original plant development real estate, finance, securities and other window departments in this building office. In an office building in Xinjiekou, Nanjing, Chen Bo, a deputy, explained to reporters.

　 Real estate enters harvest period

This year, Nanjing chemical fiber The two tier market is significantly stronger than the stock market. As of the end of September, Nanjing chemical fiber gained 5.79%, far more than the Shanghai Composite Index (-15.98%) rose during the same period. One of the main reasons for the outstanding performance of the stock price is that the company's real estate business has entered the harvest period.

"Your real estate project is called" happy home garden ", is it the imitation of" agile music "? The reporter talked about the real estate business from the name of real estate. "This is absolutely a coincidence. Our real estate is a big market, there is no need to imitate others. Chen Bo introduced: "at first, the project was to be named" happy home garden ", and the place name office was rejected. The place name office's opinion is that 100 buildings can not be called "Yuan", and it is suggested to be changed into "happy residence" or "happy home garden". Later formally named as the latter. "

According to the unified relocation of Nanjing's overall environmental protection, the factory area of Nanjing chemical fiber in swallows is relocated at the end of 2007, and the relocation was completed in September 2008. Subsequently, Nanjing Jinhua Real Estate Development Co., Ltd., a subsidiary of the chemical fiber holding company of 70%, purchased about 370 thousand square meters of land in the original plant at 1 billion 300 million of the total price through the "bidding, auction and hanging" procedure. The floor area ratio of the plot was 1.6, and the construction area was about 54-56 square meters. "The background was the international financial crisis and the real estate market was depressed. Such a large area as we sell, the total price is so high, it is more difficult to conclude business. Later, the company leaders decided to form a Real Estate Company and develop it themselves. Looking back now, at that time, the land cost was low and the decision was correct. Chen Bo remembers the past very gratified.

Nanjing chemical fiber daily report shows that as of the end of June, the first phase of the project is 120 thousand square meters. commodity Housing has been basically subscribed, only a small number of Weifang. The first sale of 30 thousand square meters of commercial housing entered the stage of performance, the actual delivery area of 23 thousand and 900 square meters, confirmed sales revenue of 181 million 851 thousand yuan.

　　 Lenzing Co "upstream"

Due to the weakness of downstream demand, the impact of the cotton market, and the overcapacity and disorderly competition of the industry, the viscose fiber enterprises are in a poor and difficult situation. The price of viscose staple decreased from 28 thousand and 500 yuan / ton in early March to 17 thousand and 500 yuan / ton at the end of 6, or 38.6%. Viscose filament price was 50 thousand yuan / ton at the beginning of the year, and it fell below 44 thousand yuan / ton at the end of June, or more than 12%.

"Cotton spinning raw materials mainly include cotton, Polyester fiber It has strong substitution with viscose. Viscose fiber is also divided into viscose filament and viscose staple fiber. Judging from the historical trend, the price of cotton leading viscose staple and polyester staple fiber is highly correlated. At present, the continuous weakening of cotton prices is another important factor leading to the decline of viscose fiber. Chen Bo said. {page_break}

In the first half of this year, Australia's main viscose staple fiber (002172) lost more than 200 million yuan in the first half of the year. ST Hailong (000677), once one of the leading companies in the viscose fiber industry, suffered a sharp loss of 322 million yuan. Against this background, Nanjing chemical fiber shares 30% of Lan Jing (Nanjing) Fiber Co., Ltd. achieved 120 million yuan net profit in the first half of the year, and Nanjing chemical fiber confirmed the investment income by 36 million yuan in proportion. "Viscose staple fiber is divided into ordinary viscose staple fiber and differential viscose staple fiber, Lenzing Co is to make differentiated viscose staple fiber. The differentiated viscose staple fiber is a high-end product, for example, it can directly produce medical non-woven fabrics, and the industry has a high barrier to entry. Chen Bo said.

Statistics show that Lan Jing (Nanjing) Fiber Co., Ltd. was jointly established by Austria Lan Jing group and Nanjing chemical fiber in 2005, with a total investment of US $90 million, with a registered capital of US $37 million. Austria Lan Jing group is the largest viscose staple producer in the world. It is also the first batch of viscose staple producers in the world and enjoys high reputation in the world.

　 Tap water will benefit from the Youth Olympic Games.

Tap water business is one of the three main businesses of Nanjing chemical fiber. Although its volume is small, the gross profit margin is astonishing and 46% as high as 15 million 584 thousand and 400 yuan in the first half of the year.

"Our predecessor, Nanjing chemical fiber factory, was put into operation in 60s. At that time, the scale of the city of Nanjing was not large, and the water supply network could not cover the factory, so we built our own waterworks. Tap water production capacity is about 150 thousand tons per day, before the relocation, the company uses 100 thousand tons, and the remaining 50 thousand tons of abundant production capacity is used by enterprises in Xingang development zone. Now, after the relocation of the factory, there will be 9-10 tons of surplus capacity. " Chen Bo told reporters.

Chen Bo further introduced: "in 2014, Nanjing will report the second Youth Olympic Games. In order to improve the environment, the municipal government is ready to start the project of "muddy water gully". After long processing, the Yangtze River will be injected into the "ten mile long ditch" in the north of the city to scour the water channel to purify the surrounding environment. At present, we are actively striving for "muddy water gully" project. {page_break}

Guo Hai securities (000750) analyst Yan Zhubing believes that compared with other competitors, Nanjing chemical fiber has cost control, technical and geographical advantages, and the possibility of "muddy water gully" project is approved. We expect to earn 0.2 yuan per ton of water, and 150 thousand tons / day can contribute 10 million yuan to the company.

For the prediction given by the broker, Chen Bo would not comment: "the muddy water ditches" project is very uncertain, the agreement has not been signed, and the price and the quantity of water supply are still unknown.