With the further adjustment of the steel supply structure in the country's supply side reform, the proportion of electric steelmaking has increased rapidly, which has also boosted the demand for graphite electrode materials used in the production of electric furnace steelmaking. The price of graphite electrodes has skyrocketed and the carbon industry has entered the stage. The richest period. In addition to the cash red envelope "show off the wealth" in the listed companies in the industry, the performance of the relevant companies in the secondary market has earned the market eye.

Since January 10, 2019, Henan Yicheng New Energy Co., Ltd. (hereinafter referred to as “Yicong Xinneng 300080.SZ”), a listed company of A-share GEM, disclosed its “snake swallow” merger and acquisition valuation of 7 billion graphite electrode assets. China Pingmei Shenma Group Kaifeng Carbon Co., Ltd. (hereinafter referred to as “Kaifeng Carbon”), coupled with Yicheng Xinneng also has a new energy business, which has caused strong concern in the capital market.

In the second-class market of Yicheng Xinneng, the stock resumed trading on January 10, and immediately became the darling of the market. After the resumption of trading, the stock price had five consecutive daily limit. Although the period was short, the opening of the trading day was the eighth trading day. After that, the plate was quickly closed again. Since January 16, the share price of Yicheng Xinneng has been oscillating for six consecutive trading days, including 4 trading days with a daily turnover of more than 500 million yuan. On January 25, Yi Chengxin finally closed at 6.72 yuan per share, and the turnover rate on that day was as high as 10.22%.

Yi Chengxin was originally in the shadow of delisting. With the announcement of this “snake swallow” type of merger and acquisition, the game competition between the various forces on and off the field will eventually provoke the market nerve.

"Snake swallow" acquisition

As the industrial path of crystalline silicon wafer cutting has shifted from mortar cutting technology to diamond wire cutting technology in recent years, Yicheng Xinneng's original core business has suffered a major impact. According to public data, Yicheng Xinneng's operating profit was negative in 2017 and the first three quarters of 2018. Yicheng Xinneng's operating income and net profit dropped sharply, and the delisting pressure suddenly increased.

In July 2018, Yi Chengxin completed the delivery of 100% equity of Pingdingshan Yicheng New Materials Co., Ltd. (hereinafter referred to as “Yicheng New Materials”) and 100% equity of Xinjiang Xinluo Photovoltaic Materials Co., Ltd. It was sold to China Pingmei Shenma Group for a consideration of approximately 1.557 billion yuan.

On November 6, 2018, Yi Chengxin announced that it intends to issue an estimated value of 1.77 billion shares of approximately RMB 7 billion at a price of 3.79 yuan per share to purchase 100% of Kaifeng Carbon. Both Kaifeng Carbon and Yicheng Xinneng belong to the new energy and new materials sector of Pingmei Shenma. As of November 2, 2018, the total market value of Yicheng New Energy before the resumption of trading was approximately 2.18 billion yuan. At that time, 2 billion yuan of Yi Cheng Xinneng, which has just taken the lead in market value, will spend 7 billion yuan to acquire.

Before Yicheng Xinneng announced the acquisition of Kaifeng Carbon, Kaifeng Carbon also held an AIP IPO signing ceremony in Zhengzhou, Henan Province in May 2018. Relevant reports showed that Kaifeng Carbon was launched in October 2019 to realize the A-share GEM. Around July 2018, Liang Tieshan, party secretary and chairman of China Pingmei Shenma Group (hereinafter referred to as "Ping coal Shenma") once again revealed: "Next, we will accelerate the restructuring of Kaifeng Carbon and Yicheng New Energy Assets. The new energy and new materials sector will be listed and developed rapidly."

Compared with the progress of the IPO of Kaifeng Carbon alone, Yi Chengxin’s “snake swallow” merger is obviously more high-profile. There are some difficulties in the listing of Kaifeng carbon alone, or whether it is really rumored to be able to avoid the withdrawal of Yi Chengxin in the market. During the period, there were many disputes among investors, but it was also a matter of time.

According to the relevant data of China Carbon Industry Association, the main business of Kaifeng Carbon is the research and development, production and sales of ultra-high power graphite electrodes. Among them, Kaifeng carbon Ф600mm and Ф700mm ultra-high power graphite electrodes have a domestic market share of 37.8% in 2017, ranking first. One.

According to the difference of power, the graphite electrode can be divided into ordinary power, high power, ultra high power graphite electrode. In general, ordinary power graphite electrode aggregates are petroleum coke, high-power graphite electrode aggregates are composed of 70% high-quality petroleum coke and 30% needle coke, and ultra-high-power graphite electrode aggregates are 100% needle-shaped coke. .

To some extent, needle coke production determines the output of high-power and ultra-high-power electrodes for carbon companies, and whoever has sufficient needle-like coke reserves will have the right to speak in the industry.

In 2016 and 2017, the specifications of Kaifeng carbon graphite electrode products are mainly high power and ultra high power, accounting for 70% and 92% of the main business income. The main raw material of large-size ultra-high power graphite electrodes is needle coke.

With the completion of this transaction, Yi Chengxin said that Kaifeng Carbon will become a wholly-owned subsidiary of Yicheng Xinneng. This transaction will expand the business of listed companies to the development, production and sales of ultra-high-power graphite electrodes. Enrich the company's revenue structure, improve the company's core competitiveness, and effectively enhance the company's sustainable profitability and shareholder returns.

Regulatory attention

On January 9, 2019, Yi Chengxin was able to announce a reply to the Shenzhen Stock Exchange (hereinafter referred to as “Exchange”) “Response Letter on Henan Yicheng New Energy Co., Ltd.” (hereinafter referred to as “Inquiry” Reply to the letter "), responded to the concerns of the regulatory authorities, of which Kaifeng carbon's performance rationality and performance commitment is also the focus of this regulatory level.

Kaifeng Carbon said in the inquiry letter that the company's graphite electrode products have a cost advantage. The needle-like coke required for production is mainly purchased from the subsidiary Anshan Kaitan Thermal Energy New Materials Co., Ltd. (hereinafter referred to as “Anshan Carbon”). Obtained through imports.

It can be seen that the Anshan carbon-making, especially the “needle coke”, is self-evident for this acquisition. There is less information available to the market and investors in this regard.

In the inquiry letter, Yi Chengxin said that the reason for the sharp increase in Kaifeng's performance since 2017 is mainly due to the fact that the overall situation of the carbon industry in 2017 has shown a stable trend, especially the demand for graphite electrodes is relatively higher than that of the previous year. Great changes, product prices have risen sharply year-on-year.

Compared with the current needle coke production enterprises, the market is highly sought after. In fact, in the nearly 10 years from 2008 to 2017, the operation of graphite electrode production enterprises is quite difficult, and the sales price is basically close to the cost line. Repossessed debt, forced to shut down or bankrupt.

In the reply to the inquiry letter, Yi Chengxin selected Fangda Carbon New Material Technology Co., Ltd. (hereinafter referred to as “Fangda Carbon 600516.SH”). In 2016 and 2017, the production, sales and revenue of carbon products were compared and passed. A series of comparative data is easy to show that the growth rate of the two companies is the same. In 2016 and 2017, Fangda Carbon sold 16.30 million tons and 193,200 tons of carbon products, respectively. The sales of carbon products in Kaifeng Carbon were 28,000 tons and 35,100 tons respectively.

Among them, Fangda Carbon's production of carbon products in 2017 increased by 10.93% compared with 2016, and the sales volume increased by 18.53%. The production of carbon products in Kaifeng in 2017 increased by 19.16% compared with 2016, and the sales volume increased by 25.36%. In 2017, Fangda Carbon was opened. Revenue increased by 357.55% compared with 2016; Kaifeng Carbon's 2017 revenue increased by 314.92% compared with 2016.

Through in-depth analysis of relevant data, the reporter of China Times found that the production of carbon products in Fangda Carbon in 2016 and 2017 was about 5.82 times and 5.50 times that of the carbon products produced by Kaifeng Carbon in the same period. In 2016 and 2017, the operating income of carbon products was only 3.49 times and 3.84 times that of Kaifeng Carbon. The difference in deep-level production and income comparisons has also caused some investors to be vigilant.

According to the sales revenue of the carbon products of the two companies and the sales volume in the same period, it may be more intuitive to reflect the concerns of the above investors. In 2016 and 2017, the operating income generated by Kaifeng Carbon for every 10,000 tons of carbon products sold is about the same period. Fangda carbon is 1.67 times and 1.43 times.

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