The approval documents will be added to the ground, and the transformation will be accelerated. The CSRC approved the company to buy 100% shares in Hongxiang Technology and 100% shares in Zhongqiang Technology by issuing shares and paying cash, with the underlying asset prices of 11.6 yuan and 1.05 billion yuan respectively. Among them, the controlling shareholder of Hongxiang Technology promised to deduct non-net profit of not less than 50 million, 75 million, 93.75 million and 117 million yuan in 16-19 years. Zhongqiang Technology controlling shareholders promise that the deduction of non-net profit for 16-20 years will not be less than 35 million yuan, 70 million yuan, 94.5 million yuan, 128 million yuan and 172 million yuan, which will greatly increase the performance of the company. The transfer of ownership of the underlying assets has been completed and the transformation is accelerated.
Raise supporting funds for construction projects, the actual control of the people's Congress hand-in-hand subscription of supporting funds to demonstrate confidence.
The CSRC approved the company to raise no more than 985 million yuan in private shares from Zhou Jianchan and other investors for the construction of the project, of which the actual controller Zhou Jiancan subscribed 59.38%, demonstrating his determination for the future development of the company.
Civil-military integration of the blue sea, high-end equipment + military platform set sail. After the completion of the reorganization, the company will further expand the R & D and manufacturing capacity of high-end equipment and systems. The technology and market resources of Zhongqiang Science and Technology in the military field, as well as the mature products and technological advantages of Red Technology will enable listed companies to gradually establish their status as "manufacturers of high-end equipment and system R & D equipment for military-civilian integration." to achieve in-depth development of military-civilian integration.
Steady growth in the main industry, civil and industrial, nuclear power as the main performance growth point. The company ranks first in the market share of subway and tunnel, and is expected to maintain a high growth rate in the future. The company has successively completed the signing of the nuclear power containment circulating cooling contract for Xu Dabao, Sanmen and other units, which will lead to the rapid growth of business in the nuclear power field.
Investment rating and valuation: without considering the extension, the net profit for 17-19 years is expected to be 0.80, 0.90, 0.99 million yuan, EPS, 0.60, 0.67, and 65X/58X/52X, respectively. (taking into account the subject matter of M & A, the net profit of 17-19 is expected to be 250.38 billion yuan. Assuming that the EPS is 1.44 pound 2.01 yuan, PE41X/27X/19X, by issuing 104 million shares of acquisition assets and raising funds). Upgraded to "highly recommended" rating.
Risk hint: the growth rate of investment in the rail transit industry has declined, and the signing of military orders has been blocked.