Jinyi Industry: Extended from downstream manufacturers of purely produced fasteners

Four out of the six projects for the private placement of the company are directed to hardware logistics projects. After the construction of the fund raising project is completed, in addition to a small portion of its own use, it can provide logistics services such as automated three-dimensional warehousing and freight transportation to the hardware industry to a large extent. "Gold billion Industrial (601,002, shares it) (601002. SH) Investor Relations Department related persons on September 14 to "Investors" said.

According to insiders from Jinyi Industry, as early as the beginning of the year, the company has begun the transition from the pure production of fastener enterprises to the downstream to the manufacturing and sales of fasteners. It plans to build a logistics center in many places to cover the national market, provide one-stop service for fastener-related products to customers, and shift to a dual-business model.

The relevant person of Jinyi Industry admitted that after the high-speed rail accident, the pressure on the company's business increased suddenly, and it also strengthened the company's rapid promotion of the change from single fastener business to fastener production and logistics service.

In particular, there is no hardware company in China that can fully realize automated three-dimensional warehousing. However, in the past 10 years, Jinyi Industrial has built dozens of sets of fasteners to manufacture automated three-dimensional warehousing systems for special logistics to strengthen the company and its holding company. Subsidiary storage management.

The once glorious "high-speed rail first share" Jinyi Industry announced on September 6 that it had not exceeded 1.5 billion yuan in a private placement plan. The preplans include Zhejiang Jiashan, Shenyang, Liaoning, Quanzhou, Fujian, and Hubei Wuhan Jinyi Hardware Sales and Logistics System Construction Project; acquisition of 100% equity of Jin Zheng Automation and additional liquidity.

The initial price of 11.91 yuan for the refinancing of Jinyi Industrial was punctured on the first trading day of the plan announcement. Obviously, the company's refinancing projects have limited space for investors to imagine.

Despite the fact that the company had doubled its share price during the month, the company's high-speed rail concept quickly cooled as the speed of high-speed train construction slowed down. In addition, Jinyi’s strength in overseas markets over the past two years has made it difficult for the company to further reduce its gross profit.

According to the report, the company predicts that net profit in the first three quarters of 2011 will fall by about 50% year-on-year. The main reason is that due to the slowdown in the construction of high-speed railways, it is expected that the sales revenue of the company's high-speed rail fasteners in the third quarter of 2011 will be significantly lower than the same period of last year.

In the first half of the year, the company's general fasteners completed 444 million yuan, a year-on-year increase of 24.77%, and high-speed rail fasteners completed 485 million yuan, a year-on-year decrease of 7.29%.

Gemworld's share of high-speed rail fasteners in the domestic market is as high as 25%, second only to the 30% market share of Fuslo China. In 2010, the company's high-speed rail fastener business revenue was about 1.2 billion yuan, which was a year-on-year increase of more than 100%. This is also the key support for the company's stock price to rise sharply at the beginning of the year. On September 14th, Jinyi Industrial's share price has dropped to 11.95 yuan, and February 9th. The day's 31.86 yuan/share fell by more than 60%.

Donghai Securities believes that the main aspect of Jinyi Industrial's future is that the construction of heavily loaded railways nationwide will start from 2012. However, it now appears that the speed of railway construction in the country has been decelerating after the Wenzhou auto-car accident, and it may be increasingly difficult for Jinyi Industrial to rely on large-scale railways to use fasteners to obtain high gross profit.

On August 10, the State Council had decided to suspend the approval of new railway construction projects, and required major safety inspections and safety assessments of railway projects under construction and approved but not yet completed, which will inevitably affect the construction speed of high-speed railways.

In addition, the sluggish A-share market has also given a serious blow to Jinyi Industrial. Although its controlling shareholders have taken the lead in ordering no more than 30% of private placement shares, investors have not yet gained confidence.

Li Wei, a private-private personage in Shanghai, told the Investor Daily on September 14 that after carefully researching the plan for private placement of Jinyi Industry, he felt that there was less room for operation and he was willing to choose in the case of low market sentiment. There is a directional expansion plan for the imaginative space.