Unisplendour Corporation Limited(000938) (000938)
1、 Event overview
On December 10, 2021, the company announced that the consortium composed of Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. as the lead party is the strategic investor for the substantive merger and reorganization of seven enterprises such as Ziguang group.
2、 Analysis and judgment
The restructuring of Ziguang group was implemented faster than expected, and the company's operating risks are expected to be cleared
According to the company's announcement, the manager of Ziguang group issued the announcement of the manager of Ziguang Group Co., Ltd. on recruiting strategic investors on July 20, 2021. According to the official wechat, the first bond meeting of Ziguang group was held on October 18, 2021. On December 10 of the same year, Unisplendour Corporation Limited(000938) announced that Zhilu capital and CCG assets consortium became the strategic investors in the substantive merger and reorganization of Ziguang group. We believe that with the debt restructuring of Ziguang, the business risk will be cleared soon, which will help many of its core companies boost morale and enhance cooperation efficiency (since the court accepted the judicial restructuring on August 27, the restructuring will be completed on February 27, 22 at the latest).
The industrial resources of Zhilu construction and broadcasting consortium are rich, which is conducive to the development of Ziguang enterprises representing China Hi-Tech Group Co.Ltd(600730) technology
The controlling shareholder of CCG assets is China construction investment capital, and the actual controller is Central Huijin Investment Co., Ltd., which is wholly state-owned. The two companies have been deeply engaged in the semiconductor field for many years. According to jiwei.com, since 2015, they have led a number of major mergers and acquisitions in the semiconductor and hard technology fields of more than 10 billion yuan, including Anson semiconductor, ampron semiconductor, Siemens pressure sensor subsidiary Fuba, Austria semiconductor, automotive electronics packaging and testing enterprise united technology Lingsheng technology and other heavyweight M & A projects. On December 1, 2021, the world's largest semiconductor packaging and testing manufacturer rimoonlight investment and control announced that it sold its four factories and businesses in mainland China to Zhilu capital for us $1.46 billion.
It is conducive to the synergy of all subsidiaries of empowerment group and the core benefit of Unisplendour Corporation Limited(000938)
Ziguang group has diversified businesses, focusing on chip business and cloud network. The listed company Unigroup Guoxin Microelectronics Co.Ltd(002049) subordinate to the chip industry sector is in a leading position in China in the field of intelligent security. The products of several other unlisted companies are also widely used in the fields of memory, communication and cloud services. The cloud industry sector Unisplendour Corporation Limited(000938) is the core asset and is in a leading position in China in the fields of computing storage, network transmission equipment, data security, cloud services, smart city and so on. We believe that the consortium of Zhilu and CCG has good management and industrial operation capabilities. Through its layout in the semiconductor industry chain for many years, it is expected to further improve the synergistic enabling effect on various science and technology enterprises of Ziguang group, Unisplendour Corporation Limited(000938) as a high-quality asset in the cloud network sector, will benefit the core.
3、 Investment advice
We estimate that the company's net profit attributable to the parent company from 2021 to 2023 will be RMB 2.231/27.48/3.416 billion respectively, corresponding to the PE multiple of 32x / 27x / 21x. Select Inspur Electronic Information Industry Co.Ltd(000977) , Dawning Information Industry Co.Ltd(603019) , Sangfor Technologies Inc(300454) , Fujian Star-Net Communication Co.Ltd(002396) as comparable companies, The 21-year average PE valuation is 43x ( Fujian Star-Net Communication Co.Ltd(002396) is our prediction, and the rest are consistent with wind's expectations). With the implementation of the judicial reorganization of Ziguang group, the company's operating risks are expected to be cleared up quickly. At the same time, we continue to be optimistic about the company's continuous development of operators and overseas markets on the premise of stabilizing the basic market of government and enterprises. We maintain the "recommended" rating.
4、 Risk tips:
Chip R & D progress is less than expected; The expansion of operators and overseas markets is less than expected; The progress of bankruptcy reorganization of the group was less than expected.
