Guangxi Rural Sugar(000911) 证券时报网·2025-01-06 00:44Core Viewpoint - Guangnong Sugar Industry plans to raise no more than 260 million yuan through a private placement to promote the development of its "non-sugar" business and expand its warehousing and logistics operations amid high debt ratios and pressured operating performance [1][2] Fundraising and Project Details - The funds will be used for the second phase expansion of the sugar warehousing intelligent distribution center under its subsidiary, Yunou Logistics, as well as to supplement working capital and repay bank loans [2][3] - The expansion project will add 22,000 square meters of white sugar warehouse capacity (approximately 55,000 tons), 8,070 square meters for fast-moving consumer goods (approximately 7,300 tons), 3,604 square meters of cold storage (approximately 3,300 tons), and a waste honey tank with a capacity of 15,000 cubic meters (approximately 22,500 tons), along with an additional annual transportation capacity of about 500,000 tons [2] Capacity Utilization and Profitability Concerns - The company has faced declining capacity utilization rates for its own warehouses, with rates of 82.45%, 88.71%, 51.68%, and 27.78% from 2021 to the first nine months of 2024, raising regulatory concerns about the necessity and effectiveness of the new capacity [3][4] - The gross profit margin for the warehousing and logistics business has also decreased, with figures of 7.88%, 9.53%, 6.01%, and 3.58% over the same period, attributed to the cyclical nature of sugar prices and reduced storage demand [3][4] Debt and Financial Health - The company's debt ratio has remained high, with figures of 91.18%, 96.33%, 95.90%, and 95.54% at the end of each reporting period, indicating reliance on debt financing for operational needs [5][6] - Guangnong Sugar Industry has experienced rapid growth in interest-bearing debt since 2015, primarily due to significant investments in high-yield sugarcane bases, leading to increased financial burdens [5][6] Revenue and Profitability Fluctuations - The company's operating revenue has fluctuated significantly, with figures of 3.23 billion yuan, 2.84 billion yuan, 3.37 billion yuan, and 2.15 billion yuan over the reporting periods, while net profits attributable to shareholders have shown losses in multiple years [7][8] - The gross profit margin for the main business has varied, with rates of 12.70%, 9.71%, 13.03%, and 11.44%, reflecting the impact of sugar price volatility and production costs [7][8]