Sany's accelerated purchase and foreign cooperation
The construction machinery industry to the trough, so many companies are not insist, even such as the 31 large enterprises are planning to upgrade. Recently, the 31 group has speeded up the pace of the acquisition and foreign cooperation, and actively transformed the new equipment field.
Let us evaluate the latest trends of the 31 group to see the future trends and risks of the 31 group.
Event: Recently, the company announced with poly technology investment, Zhongtian cited foreign investment cooperation agreement signing control, the transaction through the acquisition of Hunan Zhongcheng machinery 99% stake, at the same time, the company also announced the first phase of the employee stock ownership plan to buy 74179006 shares of company stock, the average transaction price of 5.26 yuan / share.
The core point of view:
The acquisition + foreign cooperation has accelerated the pace of transformation to the new equipment field.
The company holds 31 road and Zhongfu machinery in the mechanical 99% stake, the company's main concrete pumping pipe, high-tech products supporting steel structure, 2015 annual operating income 270 million yuan, net profit of 11 million 870 thousand yuan, in 2016 first half operating income of 120 million yuan, net profit of 9 million 740 thousand yuan, the acquisition of cooperation. In the optimization of the equity relationship, but also conducive to the future of the machinery into three new board listing, currently in holdings of 31 industrial companies and 100% stake in Career Technical College; poly technology, cited foreign cooperation agreement signed transit control, the three parties will jointly set up a joint venture company, intends to design and carry out civil and military and other related new equipment R & D, manufacturing, sales and service.
The employee stock ownership incentive plan falls to the ground, and the transition of "military industry + housing industrialization" is accelerated.
The total size of the company's first employee stock ownership plan was 400 million yuan, and the proportion of the directors in the subscriptions was 19%, the middle and the core staff were 81%. By setting up a grading system and taking two times leverage to take risks and gains, the incentive scope is wide and the incentive effect is remarkable. It also shows confidence for the future development of the company in the low period of the industry. According to the previous announcement of the company, the two directions of housing industrialization and military equipment are the new direction of Future Ltd transformation. The completion of employee stock ownership and the highly binding interest of all parties will accelerate the development of non construction machinery business and the transformation to comprehensive heavy industry group. Investment proposal: the company's operating income is expected to be 24 billion 70 million, 24 billion 790 million yuan and 26 billion 150 million yuan for 16-18 years, and the corresponding EPS is 0.047 yuan, 0.071 yuan and 0.107 yuan respectively. We continue to give the company a "buy" rating based on the marginal changes in the company's asset side overlay the company's expectation of new business transformation.
Risk hints: the sales of construction machinery continue to be sluggish; the risk of denotative acquisition; the risk of accounts receivable.
