"Nan Cai Professor questioned the performance of Jiangyin Haida Rubber & Plastics" reported that Jiangyin Haida Rubber & Plastics Co., Ltd. may have a report on the listing of whitewashed products, which caused a strong reaction from the society. After the successful meeting, how the future performance of Haida Rubber will become the most concerned issue for investors.
Recently, a rubber and plastics industry insider analyzed the status quo of the rubber and plastics industry to reporters and said to reporters: "Haida Rubber and Plastics does not have core technology. The upstream and downstream suppliers and major customers are also competitors. The company's performance prospects are worth renewing. Consider it."
Missing core technology
The upstream and downstream suppliers referred to by the insiders of the rubber and plastics industry, one refers to MacGregor from Finland, and the other is Mitsui Chemicals from Japan. McGee is both a major customer of the company and shares profits with Haida Rubber through a joint venture subsidiary. Mitsui Chemicals is both a raw material supplier to the company and a competitor to the company.
“The most important raw material for Haida Rubber is from Japan. The most important customer is the Finnish customer, which is only equivalent to an intermediate processor and does not have core technology. A very simple truth, rubber seals are mainly rubber products, and Your main product is someone else's, your main sales channel is also single, not developable." The industry added analysis that the rubber and plastics industry's main service targets are rail transit, construction, automotive and shipping, currently Looking at the construction and automotive industries, there is a lack of development space, and the transportation sector is more dependent on the development of national infrastructure projects.
"From the current point of view, as a company, Haida's procurement and sales are relatively passive. The future development of Haida may depend on the profit brought by the development of the fundraising project, and the business in the traditional field may have come to an end." The person said.
Professor Nan Cai, who first questioned Jiangyin Haida Rubber and Plastics, continued to point out to reporters that according to the data shown in the prospectus, the company’s market share has been very large, and the main application industries have become saturated. The company’s situation is not optimistic. He pointed out: “Sealing The pieces are not high-tech, and the market size of the automotive and construction markets has been large in the first two years."
No real bargaining power
According to public data that can be consulted, MacGregor ranked first in the company's top five customers for five consecutive years. In January-June, 2010, 2009, and 2008, McGee's purchase of marine hatch rubber parts from the company accounted for 15.97%, 17.97%, 22.82%, and 11.56% of the main business income of the year. .
In the prospectus, the company stated that the other major shareholder of its holding subsidiary, “Haimaiâ€, is MacGregor, and most of Haimai’s main product “Marine Cap Rubber Parts†is sold directly to Finnish MacGregor or Its affiliates, the remaining small quantities of products are sold to its customers in China designated by MacGregor of Finland.
In the past few years, the unit price of the company's marine hatch rubber parts has been falling compared to the industry level.
In 2008, the unit price of marine hatch rubber parts was 38047.84 yuan / ton, but suddenly fell to 25272.9 yuan / ton in 2009, the unit price fell 33.58%. In the process of rising raw material prices in 2010, the unit price of the products was only 25,930.31 yuan / ton, and the unit price in the first half of 2011 was 28,102.19 yuan / ton.
The company's true bargaining power is questionable.
Raw material is licked in the throat
Mitsui Chemicals Co., Ltd., the company's first raw material supplier, provided raw materials for EPDM in January-June, 2010, 2009, and 2008. The total amount of the total amount of purchases in the year was 11.66%, 10.85%, and 7.19. %, 11.41%. Mitsui Chemicals is a manufacturer and supplier of value-added specialty chemicals, plastics and other materials for the automotive, medical, packaging and other markets.
It is worth noting that in recent years, Mitsui has been actively expanding the Chinese market and has competition with Haida Rubber.
Insiders in the rubber and plastics industry believe that “Haida Rubber has been caught in the throat both upstream and downstream. Since the partners are large foreign companies, it will be more obvious due to the international situation.â€
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