It is proposed to use 60 million of the over-raised funds to set up a joint venture with Wu Shaoshi.
The company announced that it intends to jointly invest 90 million yuan with Mr. Wu Shaoshi to set up a joint venture company Tianjin Tongda Dali Technology Co., Ltd. (referred to as Dali), of which the company contributed 60 million yuan of super-raised capital, accounting for 66.67% of the registered capital. Wu Shaoshi contributed 30 million yuan, and has the right to make an additional investment of not more than 10 million yuan. After the establishment of Dali, it will buy Wang Hongbo's "artillery multi-function maintenance unit" repair module technology and "light armored fast car burst" special operations vehicle technology for 10 million yuan.
Dali's positioning of the military equipment platform will significantly enhance the company's profitability.
Dali is positioned as the production and sale of military equipment, mainly providing combat command, equipment maintenance and other digital information-based and actual combat equipment for the army and armed police system. Partners Wu Shaoshi and Wang Hongbo promised that the net profit after deduction from 2015 to 2017 would not be less than 1500 yuan, 2000 yuan and 25 million yuan, and both parties would undertake the obligation of performance compensation according to the proportion of 1:1.
We believe that the establishment of the joint venture company marks the further landing of the company's military industrial transformation, and the military industrial automation and information business will be the next city. The "artillery multi-function maintenance unit" owned by Wang Hongbo, the technology transferor, has won the second prize for military scientific and technological progress and is about to enter the assembly promotion period; substantial progress has also been made in the technological development of "light armored fast vehicles".
The transformation of the military industry in the next city will become the core military products company.
This cooperation is of great significance for the company to build an information-based and intelligent private military industrial advantage enterprise. The company will use Dali as an important platform for military intelligent equipment to further improve and expand the layout of the company's military industry. At the same time, the establishment of a joint venture company can significantly improve the company's profitability and effectively solve the problem of idle resources in Tianjin base.
Investment advice: buy-An investment rating, 6-month target price of 40 yuan. We estimate that the company's EPS from 2015 to 2016 will be 0.35yuan and 1.0RMB respectively. As a high-quality military information and automation company, the company is expected to continue to promote the transformation of the military industry in the future.
Risk hint: the transformation is not as expected, and the performance has dropped sharply.
