Event description
Shenzhen Pegasus International supply chain Co., Ltd. plans to set up Qinghai Heguan International supply chain Co., Ltd. in Ganhe Industrial Park, Xining Economic and technological Development Zone, Qinghai Province, and Xining National low carbon Industry Fund Investment Management Co., Ltd. on the basis of providing third-party professional logistics services for park enterprises, establish a "procurement and sales execution platform", and provide large enterprises with the design and implementation of the overall logistics plan. The registered capital of Qinghai Heguan is tentatively set at 100 million yuan. The company contributes 50 million yuan with its own capital, accounting for 50% of the registered capital. Whether Qinghai Crown is included in the scope of the merger and other follow-up matters, the company will make a separate announcement according to the handling situation. The matter was examined and approved by the 21st meeting of the second session of the board of directors of the company. According to the relevant provisions of the company's articles of association, the matter of foreign investment should be submitted to the general meeting of shareholders for consideration. This outward investment does not constitute a major asset reorganization as stipulated in the related party transactions and the measures for the Administration of Major Asset reorganization of listed companies.
Event comment
Cooperate with the national industrial fund to expand the supply chain of the park. The investment partner is Xining National low carbon Industry Fund Investment Management Co., Ltd. It is China's first national low-carbon industry fund led by the people's Government of Qinghai Province, with a total size of 50 billion yuan.
Qinghai Ganhe Industrial Zone: a metal industrial park that will continue to grow. Xining (national) Economic Development Zone Ganhe Industrial Park, with a planning area of 10 square kilometers, is one of the key industrial parks in Qinghai Province. relying on Qinghai's rich electric power and mineral resources, focus on the development of aluminum, copper, lead, zinc, sodium, silicon, rare metals, as well as calcium carbide, PVC, caustic soda, fertilizer and other high-capacity, polymetal smelting and downstream products intensive processing industries.
Contribute potential physical customers to the metal platform to facilitate the delivery of the platform. Although the company's metal platform has begun to contribute revenue and net profit, the current downstream customers are mainly trader customers. Therefore, the biggest attraction of this park investment project for the company is that it provides a large number of potential physical customers, which can provide the company with a large number of stable manufacturing metal demand, if it can be successfully developed, its stability, profit margin and risk degree will be better than the customer structure dominated by existing traders.
Continue the strategic goal, the synergy effect has not yet been realized, and maintain the "prudent recommendation". We believe that although this foreign investment continues the company's strategic objectives, the platform synergy has not yet been brought into full play, and the new platform is still being integrated. In view of the unknown demand of the downstream customers of the new investment and the unknown for the company to obtain a stable supply of metal raw materials in Qinghai. We will not raise the company's profit forecast for 2012 and 2013. We estimate that the EPS of the company from 12 to 14 years is 0.24,0.298 and 0.378 yuan respectively, and the corresponding PE is 21 times, 17 times and 14 times respectively, maintaining the "cautious recommendation".