Event: on the evening of December 28, China Cssc Holdings Limited(600150) and China Shipbuilding Industry Group Power Co.Ltd(600482) announced that in order to regulate the horizontal competition of diesel engine business under China Cssc Holdings Limited(600150) group, China Shipbuilding Industry Group Power Co.Ltd(600482) plans to jointly invest with China shipbuilding industry group and China Cssc Holdings Limited(600150) to form a joint venture. After the completion of this transaction, China Shipbuilding Industry Group Power Co.Ltd(600482) will hold the controlling right of the joint venture. At the same time, Cssc Science & Technology Co.Ltd(600072) announced that the company plans to issue shares to acquire part or all of the shares of CSCEC haizhuang, CSCEC wind power development, Xinjiang Haiwei, Luoyang Shuangrui and lingjiu electric, and plans to raise supporting funds.
CSSC started to solve the horizontal competition, and other listed enterprises are expected to follow up: on October 25, 2019, the “two ships” merger plan was approved. On July 1, 2021, nine listed companies of China shipbuilding group collectively announced that China shipbuilding group obtained 100% equity of China shipbuilding industry group and China Shipbuilding Heavy Industry Group through free transfer of state-owned equity, thus becoming the actual controller of nine listed companies, making it officially put on the agenda for China shipbuilding group to solve the problem of horizontal competition of its listed companies. The announcements issued by China Cssc Holdings Limited(600150) and China Shipbuilding Industry Group Power Co.Ltd(600482) show that China Shipbuilding Group will establish a joint venture to integrate its diesel engine assets. After the merger, China Shipbuilding Industry Group Power Co.Ltd(600482) includes the core assets of various power units in the shipbuilding industry, further consolidating the leading position in the power field of China Cssc Holdings Limited(600150) . The reorganization of the diesel engine assets of CSSC started the prelude for CSSC to solve the horizontal competition and carry out the reorganization. In the later stage, in order to solve the horizontal competition of the shipyard assets of CSSC, CSSC is expected to further introduce the reorganization plan.
The three-year action of state-owned enterprise reform is coming to an end, The asset securitization level of the shipbuilding industry is expected to be further improved: 2022 is a three-year action plan for the reform of state-owned enterprises In the last year of (2020-2022), one of the objectives of this action is to further expand the scope of mixed reform, further deepen the content of reform, change from mixed capital to mixed mechanism, actively encourage the use of capital market to help scientific and technological innovation, and promote more high-quality assets to enter listed companies. This Cssc Science & Technology Co.Ltd(600072) The issuance of shares and the acquisition of offshore wind power and other related assets of China shipbuilding group indicate that China Shipbuilding Group has begun to take action in the reform of state-owned enterprises and asset securitization, and the reform of related assets of China shipbuilding group is expected to be further accelerated in the future.
The orders and performance of the shipbuilding industry are improving at the same time, and the inflection point of the industry has come. According to the data of the shipbuilding industry association, from January to November this year, 35.88 million deadweight tons of shipbuilding were completed in China, a year-on-year increase of 7.9%, and 63.64 million deadweight tons of new ship orders were undertaken, a year-on-year increase of 182.6%. At the end of November, 96.39 million deadweight tons of hand-held ships were ordered, a year-on-year increase of 35.9%. In terms of performance, from January to November, 75 key monitoring shipbuilding enterprises realized a main business income of 269.1 billion yuan, a year-on-year increase of 4.2%, and a total profit of 2.16 billion yuan, a year-on-year increase of 27.1%, which changed the situation that the industry increased revenue but did not increase profits in the early stage.
Investment suggestion: it is suggested to pay attention to Cssc Offshore & Marine Engineering (Group) Company Limited(600685) , China Cssc Holdings Limited(600150) , China Shipbuilding Industry Company Limited(601989) and other shipyard enterprises whose performance inflection point has reached, as well as China Shipbuilding Industry Group Power Co.Ltd(600482) and China Marine Information Electronics Company Limited(600764) and other ship supporting enterprises positioned on the ship power platform and the ship information platform.
Risk warning: the risk that the restructuring progress of relevant listed companies is less than expected; The risk of declining profit margin of civil shipping industry.
