IT true leader: Tianhai investment acquisition of the world's top 500 companies Ingram Micro Inc.,IMI (Yingmai) has completed delivery, becoming the global IT supply chain leader. (1) Tianhai Investment successfully acquired Ingram International (delivery completed on December 5, 2016, and joined Yingmai in 2017) and became the leader of the global IT supply chain: the market does not know enough about Ingram acquired by the company and believes that there is not much room for growth. However, we believe that Ingram has the world's leading IT supply chain system, combined with Tianhai Investment and HNA's strong capital background, the future growth space and growth is expected to be strongly improved. The acquisition of Ingram International has been completed, and Tianhai has set foot in the new field of IT supply integrated services industry to create an international logistics and upstream and downstream industrial chain operation, service and management investment platform. (2) Yingmai is the leading enterprise in the international IT supply chain, and the accelerated internationalization of domestic IT enterprises is expected to provide new growth space for Yingmai: as the world's leading distributor of IT products, Yingmai has the advantages of channel, network, technology, management and other aspects. Its four business sectors and five core competencies will promote it to become a highly competitive IT supply chain integrated service provider in the industry. Domestic IT enterprises have international competitiveness, as Huawei, Lenovo, XIAOMI and other enterprises further enter the international market, Ingram's strong international supply chain capacity is expected to find new space to promote growth.
Shipping low: the shipping industry has a strong cyclical attribute, and the worst is over. Before the acquisition of Yingmai, Tianhai Investment mainly engaged in international offshore and domestic coastal container shipping business. In 2016, the container shipping industry generally suffered losses, the operation of container liner companies was poor, and failures occurred frequently. Hanjin became the largest container shipping company to go bankrupt in February 17. With the increase of mergers and acquisitions, the industry concentration is significantly increased, which is conducive to industry self-discipline, shipping companies to strengthen the power to raise prices, freight increases will significantly improve the profitability of shipping companies.
Investment advice: we believe that the company's profitability is expected to improve significantly, to maintain the "highly recommended-A". We predict that the IT supply chain industry will grow steadily in the future, and the market for integrated service providers is vast. The acquisition of Ingram International, a leading company in the industry, will bring good synergy to the company. The 2017-18 EPS will be raised to 0.38,0.50 yuan, maintaining the "highly recommended-A" investment rating.
Risk hint: corporate culture integration risk, business integration risk.
