Event 1: on January 12, China Shipbuilding Industry Group Power Co.Ltd(600482) (600482. SH) announced the plan for major asset restructuring and related party transactions of jointly increasing capital with related parties and paying cash to purchase assets, and China Cssc Holdings Limited(600150) (600150. SH) announced the announcement on the company’s foreign investment and related party transactions.
Comment 1:
The newly established company controlled by China Shipbuilding Industry Group Power Co.Ltd(600482) will complete the integration of diesel engine business of CSSC: China Shipbuilding Industry Group Power Co.Ltd(600482) will set up a wholly-owned subsidiary; Since then, China Shipbuilding Industry Group Power Co.Ltd(600482) has increased the capital of the newly established company with 98.26% equity of hechai heavy industry, 100% equity of China chuanchai and 100% equity of Shaanxi Chai heavy industry; China shipbuilding industry group and China Cssc Holdings Limited(600150) increased the capital of the newly established company with their 36.23% equity and 63.77% equity of China shipbuilding power group respectively. Meanwhile, the newly established company acquired 1.74% equity of hechai heavy industry held by China shipbuilding industry group in cash. After the completion of this transaction, the newly established company will become a joint venture engaged in diesel power business, China Shipbuilding Industry Group Power Co.Ltd(600482) holds the controlling stake of the joint venture, and China shipbuilding industry group and China Cssc Holdings Limited(600150) hold the equity of the joint venture; The joint venture holds 100% equity of hechai heavy industry, shanchai heavy industry, China Shipbuilding diesel and China Shipbuilding Power Group.
The problem of horizontal competition in diesel power business has been solved, and the positioning of China Shipbuilding Industry Group Power Co.Ltd(600482) has been further clarified: after the joint reorganization of China shipbuilding industry group and China shipbuilding industry group, China Cssc Holdings Limited(600150) and China Shipbuilding Industry Group Power Co.Ltd(600482) have become subordinate listed companies controlled by China Cssc Holdings Limited(600150) group, forming the same industry competition in the field of diesel power business. After the completion of the transaction, China Cssc Holdings Limited(600150) group’s diesel power business will be further integrated to promote the coordinated development of diesel power business, which is conducive to the improvement of the overall ability of China Cssc Holdings Limited(600150) group’s diesel power business; China Shipbuilding Industry Group Power Co.Ltd(600482) will hold the controlling stake in the joint venture, further clarify the positioning of China Shipbuilding Industry Group Power Co.Ltd(600482) as a listed company of ship power business under China Cssc Holdings Limited(600150) group, consolidate China Shipbuilding Industry Group Power Co.Ltd(600482) ‘s leading position in the field of ship diesel power in China, and help to clarify the main business positioning of China Cssc Holdings Limited(600150) .
Event 2: on January 13, Cssc Science & Technology Co.Ltd(600072) (600072. SH) announced the plan for issuing shares to purchase assets and raising supporting funds and related party transactions.
Comment 2:
After the completion of the transaction, Cssc Science & Technology Co.Ltd(600072) will hold all the equity of several new energy industry assets under China Shipbuilding Group: Cssc Science & Technology Co.Ltd(600072) plans to purchase part or all of the equity of China haizhuang, lingjiu electric, Luoyang Shuangrui, China Shipbuilding wind power and Xinjiang Haiwei held by the counterparty by issuing shares. After the completion of this transaction, Cssc Science & Technology Co.Ltd(600072) will directly hold 100% shares of China haizhuang and 100% shares of Xinjiang Haiwei, and will jointly hold 100% shares of lingjiu electric, 100% shares of Luoyang Shuangrui and 100% shares of CSSC wind power through direct and indirect means. Since the audit and evaluation of the target company have not been completed, the final transaction price of the target company and the number of shares issued this time have not been determined.
The main business turns to better promote the development of new energy business and enhance the company’s value: before this reorganization, Cssc Science & Technology Co.Ltd(600072) business mainly focused on engineering design, survey, consulting and supervision, general contracting and other businesses. The target assets of this restructuring are new energy industry assets, mainly engaged in the manufacturing of wind power generation equipment, the development and operation of wind farms and photovoltaic power stations, new energy engineering construction services, etc. The development of new energy industry is an important help and necessary measure for the country to realize the “carbon neutrality” strategy. The strong support of national policies has brought good development prospects and market potential to the new energy industry. After the completion of this reorganization, the listed company will inject new energy assets in line with national industrial policies and broad industrial development prospects on the basis of existing engineering design and survey businesses, and promote the development of new energy business at a higher level, wider scope and deeper level with the help of the capital platform function of the listed company. This reorganization will be conducive to the optimization and adjustment of the industrial structure of listed companies, further expand the future development space, and then enhance the value of listed companies.
The integration plan of military and civilian ship assembly business has not been clarified: China Cssc Holdings Limited(600150) , China Shipbuilding Industry Company Limited(601989) , Cssc Offshore & Marine Engineering (Group) Company Limited(600685) of the listed companies of China Cssc Holdings Limited(600150) group are involved in military and civilian ship assembly business. In order to solve the problem of horizontal competition, the corresponding asset integration plan has not been clarified, and it is expected that China Cssc Holdings Limited(600150) group will further promote the solution in the future.
Investment suggestions: recommend China Cssc Holdings Limited(600150) leasing of China Cssc Holdings Limited(600150) ship assembly target of China Cssc Holdings Limited(600150) group and China Cssc Holdings Limited(600150) financial leasing platform; It is recommended to pay attention to China Shipbuilding Industry Company Limited(601989) , Cssc Offshore & Marine Engineering (Group) Company Limited(600685) , Cssc Science & Technology Co.Ltd(600072) , China Marine Information Electronics Company Limited(600764) , China Shipbuilding Industry Group Power Co.Ltd(600482) , China Harzone Industry Corp.Ltd(300527) , Hubei Jiuzhiyang Infrared System Co.Ltd(300516) , Hg Technologies Co.Ltd(300847) and other listed companies belonging to China Cssc Holdings Limited(600150) group.
Risk warning: the risk of asset restructuring is uncertain; The risk that the profitability of civil shipping business is lower than expected.
