Unisplendour Corporation Limited(000938) (000938)
1、 Event overview
On December 30, 2021, the company issued a progress announcement on the reorganization of indirect controlling shareholders, and the reorganization plan (Draft) of the substantive merger and reorganization of seven enterprises including Ziguang group was adopted.
2、 Analysis and judgment
The second debt restructuring meeting of Ziguang group was successfully held, and the restructuring plan (Draft) was adopted
According to the company’s announcement, on December 29, the second creditors’ meeting and investors’ group meeting of the substantive merger and reorganization of seven enterprises such as Ziguang group was held through the national enterprise bankruptcy and reorganization case information network. At this meeting, property secured creditor’s rights group, ordinary creditor’s rights group and investors’ group were established to vote on the reorganization plan (Draft).
Among them, six creditors in the property secured creditor group voted, accounting for 100% of the number of creditors in the group attending the meeting, and the amount of creditor’s rights represented by them accounted for 100% of the total amount of creditor’s rights in the group. In the ordinary creditor group, 1069 creditors voted, accounting for 99.72% of the number of creditors in the group attending the meeting, and the amount of creditor’s rights represented by them accounted for 90.14% of the total amount of creditor’s rights in the group. The investor group is composed of two investors, Tsinghua Holdings Co., Ltd. and Beijing Jiankun Investment Group Co., Ltd., with a total investment of 670 million yuan. Both investors voted.
According to the statistical voting results, each group has voted and adopted the reorganization plan for substantive merger and reorganization of seven enterprises including Ziguang Group Co., Ltd. (Draft).
It is expected that the reorganizer will empower all subsidiaries of the group and Unisplendour Corporation Limited(000938) core benefit
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.
Emphasizing the views of the above report, we believe that Zhilu and CCG consortium have good management and industrial operation capabilities. Through their multi-year layout in the semiconductor industry chain, it is expected to further improve the synergistic enabling effect on various science and technology enterprises of Ziguang group, Unisplendour Corporation Limited(000938) will benefit as a high-quality asset of cloud panel.
3、 Investment advice
With the restructuring plan of Ziguang group (Draft) through, we believe that the group’s debt restructuring is expected to accelerate the implementation, and the risk factors that previously suppressed the company’s valuation will gradually be cleared. Based on the continuous improvement of the company’s market share in the ICT field, we are expected to benefit from the optimization of the competition pattern of subdivided industries such as servers and routers. We slightly improve our profit forecast. It is estimated that the company’s net profit attributable to the parent company from 2021 to 2023 will be 22.63/27.61/34.5 respectively RMB 0 billion, corresponding to PE multiples of 28x / 23x / 18x, 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, and the 21-year average PE valuation is 41x ( Fujian Star-Net Communication Co.Ltd(002396) is our prediction, and the rest are consistent expectations of wind). 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 group’s debt restructuring fell short of expectations.
