The merger and acquisition of CIC Intelligent has been approved by the CSRC, and the upstart of intelligent equipment is about to take off.
On November 20, the company announced that on November 17, it had received a "reply from the China Securities Commission on approving Beijing Wanxiang Xinyuan Technology Co., Ltd. to purchase assets and raise matching funds from Wang Zhan and other issues. the CSRC approved that Xinyuan Science and Technology issued a total of 13634054 shares to Wang Zhan and other 12 shareholders to purchase related assets, and approved that the matching funds raised by Xinyuan Science and Technology non-public offering shares should not exceed 370 million yuan. Acquiree Clearing Intelligence announced on November 17 that it plans to delist from the new third board in accordance with the above-mentioned transaction needs and the relevant regulations on share conversion.
The leader in the field of intelligent conveying ingredients is optimistic that the company's annual performance has bottomed out and rebounded.
The company's main business is the R & D and sales of industrial intelligent conveying and batching system, which has been expanding the business of environmental protection system and electroplating system in recent years. The company's performance is affected by the industry recession, the decline is obvious, but it still occupies a leading position in the industry by virtue of technology and channel advantages. With the recovery of the industry this year, the company's revenue side has increased significantly, with revenue growth of 63.37% in the first three quarters compared with the same period last year. The annual revenue of the company's 2015 environmental protection business is expected to exceed 100 million yuan in 2017. With the gradual recovery of the company's industry and the gradual realization of environmental protection business performance, we expect the company's performance to bottom out and rebound, with full-year net profit growth expected to reach more than 30%.
Acquisition of Clearing Investment Intelligence, expanding from intelligent transportation to intelligent display and control, intelligent equipment
Its main business is the research, production and sales of large screen display control systems and intelligent equipment; its main products include large screen display control systems, smart gun wardrobes, intelligent robots, intelligent ski machines and secret cabinets. The performance has been outstanding in recent years. In 2016, CIC achieved revenue of 242 million yuan, an increase of 30.93 percent over the same period last year, and a net profit of 36.24 million yuan, an increase of 26.13 percent over the same period last year.
Wang Zhan, the original shareholder, created the world promise that the 18-year return net profit of CIC Smart in 2017 was 55 million yuan / 70 million yuan respectively, with a cumulative total of not less than 215 million yuan in 17-19 years.
Business integration between the two sides brings collaborative development opportunities, which is expected to achieve a win-win situation.
According to the intelligent performance commitment of Qingtu, and after the statement, the company's revenue and net profit will be greatly increased, and it is also expected to integrate with the company's original business. At the sales level, the products of the two companies match and sell, make use of customer resources, create synergy and achieve common development. At the product level, the company's traditional business can introduce the screen intelligent control technology of CCTV Intelligence to realize an "unmanned factory"; the transportation robot being researched and developed by Citou Intelligence can complement the pneumatic conveying system of Xinyuan Intelligence: it focuses on the transportation of large items and small particles and powdery items respectively; the company's environmental protection business is also expected to cooperate with intelligent display control and robots.
The main business picks up, mergers and acquisitions are approved by the CSRC, and the "buy" rating is maintained.
In the first three quarters of 2017, the company realized operating income of 168 million yuan, an increase of 63.37% over the same period last year, and a net profit of 6.1076 million yuan, an increase of 24.48% over the same period last year. With the recovery of the industry, the main industry is expected to bottom out and rebound, and the company's annual net profit growth is expected to be more than 30%. The company's merger and acquisition Clearing Investment Intelligence program has been approved by the CSRC. Assuming that the acquisition can be completed in January 2018 and the table is consolidated, it is estimated that the fully diluted EPS in 2017-19 will be 0.18 / 0.74 PE 0.90 yuan, and the reasonable price range will be 30.3-35.5 yuan, corresponding to 41-48 times PE in 18 years, maintaining the "buy" rating.
Risk hints: macroeconomic fluctuation risk; M & A failure risk; post-M & An integration is less than expected risk.
