Item:
On the evening of June 22, the company disclosed the restructuring plan, which intends to issue shares and pay cash, totaling 840 million yuan to buy 100% equity of Zanrong Electronics, of which 294 million yuan is paid in cash, and 546 million yuan is paid in the way of issuing shares. the issue price is 20.81 yuan per share; and raise supporting funds of no more than 514 million yuan, mainly for cash consideration and R & D center projects.
Main viewpoints
1. Proposed acquisition of Zanrong Electronics, layout of financial IT services business
The company plans to issue shares and pay cash for a total of 840 million yuan to buy 100% equity of Zanrong Electronics. And raise matching funds of no more than 514 million yuan, mainly used to pay cash consideration and R & D center projects. The main business of Zanrong Electronics is to provide storage system integration solutions for users in the financial industry. The acquisition of Zanrong Electronics is a new layout and important strategic measure for the company to achieve industrial epitaxial growth, which is conducive to the layout of the company's IT services business in the financial industry.
two。 Zanrong Electronics is based on financial informatization, and has a significant first-mover advantage in the field of storage systems.
Zanrong Electronics is a provider of storage system integration solutions and ATM self-service banking solutions, mastering the world's leading storage products and application technologies, and has a first-mover advantage in the field of storage systems. At the same time, it has established a stable cooperative relationship with China Merchants Bank, Ping an Bank, Bank of Communications, Industrial and Commercial Bank of China and other banks, with competitive advantages such as accurate market positioning and rich experience in the industry. Revenue in 2016 is 743 million yuan, net profit is 64.8659 million yuan, and performance commitments in the next three years are not less than 70 million yuan, 80 million yuan and 90 million yuan, respectively.
3. Complementary advantages to achieve coordinated development, focusing on the financial industry to strengthen the capacity of IT services
After this reorganization, the company and Zanrong Electronics will complement each other, and through internal and external integration, the two sides will achieve coordinated development, enhance and improve the company's business scale and profitability. In addition, companies can quickly enter the financial market and obtain customers from large financial institutions, and the strategy of further strengthening the focus of the financial industry on the basis of advantageous industries such as telecommunications, government and manufacturing will be promoted, and seize the industry strategic opportunity to become the leader and enabler of China's enterprise-level IT market.
4. Investment advice:
The company as a leading enterprise IT service provider, in-depth layout of car networking and biological cloud, the development space is expected. Regardless of the dilution of this share issue, the net profit for 2017-2019 is expected to be 3.15,3.87,470 million yuan respectively, corresponding to 51,41,34 times of PE.
5. Risk Tips:
Restructuring failed to pass approval; industry growth slowed down
