Zhuhai Port (000507) Company Comment: The proposed acquisition of 12% of Tianlun Gas's shares in cash for HK$900 million has been completed. Pre-filing has been completed

華西證券 · Jun 27, 2021 00:00

　　事件概述

　　根据珠海港2021 年6 月8 日公告，公司拟通过境外全资子公司以9.2 亿元港币（收购价格7.68 港元/股）收购香港上市公司天伦燃气11.96%股权。收购标的天伦燃气2020 年营业收入64 亿元人民币，归母净利10.4 亿元人民币。

　　本次收购为跨境收购，对外直接投资程序尚需向广东省发改委、商务主管部门、外汇管理局等有关部门履行备案。根据公司6 月26 日公告，公司已完成以上各相关主管部门的备案登记工作。

　　公司拟以9.2 亿元港币（折合人民币约7.7 亿元）现金收购H 股天伦燃气12%股权，预计将成为天伦燃气第二大股东，进一步拓展公司新能源主业的规模和发展空间。

　　公司拟通过境外全资子公司珠海港香港发展有限公司，以9.2 亿元港币（收购价格7.68 港元/股，本文全文适用汇率为港币兑人民币0.834，采取2021 年8 月25 日收盘汇率）收购香港上市公司天伦燃气11.96%股权。本次收购资金来源为公司自筹资金。

　　天伦燃气目前股价（2021 年6 月25 日收盘价）7.98 港元/股，折合人民币6.656 元/股，对应市值80 亿元港币，折合人民币67亿元，当前收购部分股权的市值约9.6 亿元港币（折合人民币约8 亿元），收购对价较当前股价约折价约4%（较6 月8 日公告前收盘价8.46 港元/股折价约9%）。

　　天伦燃气2020 年报披露股权结构，其中大股东天伦集团持股46.95%，第二大股东IFC&IFC Fund 持股17.72%。实控人张瀛岑通过天伦集团（其控股子公司）及捷嘉发展（其全资子公司，持股6.35%）、孙燕熙（其配偶，持股0.57%），合计控制天伦燃气53.87%股权。根据天伦燃气2021 年5 月15 日公告，张瀛岑拟通过全资子公司Kind Edge Limited 及天伦集团，向第二大股东等各方购买14.05%股份，本次购买后张瀛岑的控制股比将增至67.92%。因此，预计珠海港收购天伦燃气12%股权后，将成为其第二大股东，以长期股权投资入账，通过投资收益增厚业绩。

　　天伦燃气总部位于河南郑州，业务范围遍及全国，涵盖河南、吉林、云南、山东、广东、陕西等，截至2020 年底在全国16 个省份发展了67 个城市燃气项目。主营业务包括城市燃气、交通燃气、LNG 工厂项目、长输管线等。珠海港构建了以风电、光伏、火电、管道天然气、天然气发电为依托的综合能源板块，能源板块良好稳定的盈利是公司发展的重要支撑，本次收购天伦燃气能够进一步拓展公司新能源主业的规模及发展空间，提高公司可持续发展及盈利能力。

　　并购的进度方面，根据6 月8 日公告，公司需于2021 年6 月30日（付款限期）前支付收购价款，如公司晚于付款限2期02且1 在年7 月31 日前支付及完成交割，须加付延迟支付价款的利息。

　　根据协议，如公司未能在2021年7 月31 日之前支付全部对价及完成收购股权的交割，交易对手方有权决定终止本次交易。

　　收购标的天伦燃气2020 年归母净利10 亿元人民币，收购PE 仅约6.2 倍，预计将显著增厚公司EPS。

　　2018-20 年，天伦燃气的营业收入分别为51/66/64 亿元人民币，同比增速分别为+64%/+28%/-2%，其中2020 年一定程度上受疫情影响；归母净利分别为5.7/7.9/10.4 亿元人民币，同比增速分别为+41%/+39%/+32%，连续三年保持较高业绩增长。

　　公司以折合约7.7 亿元人民币收购天伦燃气12%股权，对应2020 年PE 仅约6.2 倍，远低于珠海港21 倍的2020 年PE 和17倍的2021 年预测PE。且现金收购不存在摊薄风险，我们预计天伦燃气未来将继续保持良好的业绩增长态势，该项收购有望显著增厚公司的EPS。

　　调增公司2021-23 年归母净利至分别为3.54/4.84/5.15 亿元，同比分别为+35%/+37%/+6%，维持“买入”评级。

　　天伦燃气收购为非同一控制下企业合并，假设三季度末完成收购，保守估计2021 年仅增厚其Q4 业绩，同时我们假设天伦燃气2021-23 年归母净利增速分别为+15%/+15%/+15%。我们调整公司盈利预测，测算2021-23 年营业收入分别为40/44/48 亿元（原预测不变），同比分别+14%/+9%/+9%，测算归母净利分别为3.54/4.84/5.15 亿元（2021-23 年原预测为3.27/3.59/3.72亿元），同比分别+35%/+37%/+6%，当前PE 分别为16/11/11倍，维持“买入”评级。

　　风险提示

　　宏观经济系统性风险；天伦燃气收购项目进度不及预期；疫情反复风险；商誉减值风险等。

Overview of events

According to the announcement of Zhuhai Port on June 8, 2021, the company plans to acquire 11.96% of Tianlun Gas, a Hong Kong listed company, for HK $920 million (HK $7.68 per share) through its wholly-owned subsidiaries. The operating income of Tianlun Gas, which is the subject of the acquisition, is 6.4 billion yuan in 2020, with a net profit of 1.04 billion yuan.

This acquisition is a cross-border acquisition, and the foreign direct investment procedures need to be put on record with the Guangdong Provincial Development and Reform Commission, the competent department of commerce, the State Administration of Foreign Exchange and other relevant departments. According to the announcement of the company on June 26, the company has completed the filing and registration of the above relevant competent departments.

The company plans to acquire 12% of H-share Tianlun Gas with 920 million Hong Kong dollars (equivalent to 770 million yuan) in cash, which is expected to become the second largest shareholder of Tianlun Gas and further expand the scale and development space of the company's new energy main business.

Through the overseas wholly-owned subsidiary Zhuhai Port Hong Kong Development Co., Ltd., the company intends to acquire 11.96% of Tianlun Gas, a Hong Kong listed company, at HK $920 million (the acquisition price is HK $7.68 per share, and the exchange rate applicable to this article is HK $0.834). Adopt the closing exchange rate of August 25, 2021). The source of funds for this acquisition is the company's own funds.

Tianlun Gas's current share price (closing price on June 25, 2021) is HK $7.98 per share, equivalent to RMB 6.656 per share, corresponding to a market capitalization of HK $8 billion, or RMB 6.7 billion. The market value of some of the shares currently acquired is about HK $960 million (equivalent to RMB 800 million), and the acquisition consideration is about 4 per cent off the current share price (about 9 per cent off the pre-announcement closing price of HK $8.46 per share).

Tianlun Gas 2020 Annual report disclosed the ownership structure, in which the major shareholder Tianlun Group holds 46.95%, while IFC&IFC Fund, the second largest shareholder, holds 17.72%. Zhang Yingzen, the real controller, controls 53.87% of Tianlun Gas through Tianlun Group (its holding subsidiary), Jiejia Development (its wholly-owned subsidiary with 6.35% stake) and Sun Yanxi (his spouse with 0.57% stake). According to the announcement of Tianlun Gas on May 15, 2021, Zhang Yingcen plans to buy 14.05% shares from the second largest shareholder and other parties through wholly-owned subsidiaries Kind Edge Limited and Tianlun Group. after this purchase, Zhang Yingcen's controlling share ratio will increase to 67.92%. As a result, Zhuhai Port is expected to become its second largest shareholder after the acquisition of a 12% stake in Tianlun Gas, accounting for long-term equity investment and thickening its performance through investment income.

Tianlun Gas is headquartered in Zhengzhou, Henan Province, and its business covers Henan, Jilin, Yunnan, Shandong, Guangdong, Shaanxi and so on. By the end of 2020, 67 urban gas projects have been developed in 16 provinces across the country. The main business includes city gas, traffic gas, LNG plant projects, long-distance pipelines and so on. Zhuhai Port has built a comprehensive energy plate based on wind power, photovoltaic, thermal power, pipeline natural gas and natural gas power generation, and the good and stable profit of the energy sector is an important support for the company's development. The acquisition of Tianlun Gas can further expand the scale and development space of the company's new energy business, and improve the company's sustainable development and profitability.

With regard to the progress of mergers and acquisitions, according to the announcement of June 8, the company is required to pay the purchase price before June 30, 2021 (the payment deadline). If the company is later than the payment limit of 02 and the payment and delivery is completed before July 31, the company shall pay interest on the delayed payment price.

According to the agreement, if the company fails to pay the full consideration and complete the delivery of the acquired shares by July 31, 2021, the counterparty has the right to terminate the transaction.

Tianlun Gas, the subject of the acquisition, has a net profit of 1 billion yuan in 2020, while the acquisition of PE is only about 6.2 times, which is expected to significantly increase the thickness of the company EPS.

In 2018-20, the operating income of Tianlun Gas was 100 million yuan in 51-66-64, with a year-on-year growth rate of + 64%, 28% and 2% respectively, which was affected to a certain extent by the epidemic in 2020. the net profit of return to home was 5.7 million yuan, respectively, with a year-on-year growth rate of + 41%, 39% and 32%, respectively, and maintained high performance growth for three consecutive years.

The company bought 12% of Tianlun Gas for about 770 million yuan, which corresponds to only about 6.2 times PE in 2020, which is far lower than Zhuhai Port's 21 times 2020 PE and 17 times 2021 forecast PE. And there is no dilution risk in the cash acquisition, we expect Tianlun Gas to continue to maintain a good performance growth trend in the future, and this acquisition is expected to significantly increase the company's EPS.

Increase the return net profit of the company in 2021-23 to 354, 484, 000 and 6%, respectively, compared with the same period last year, maintaining the "buy" rating.

Tianlun Gas acquisition is not a business merger under the same control. assuming the acquisition is completed at the end of the third quarter, it is conservatively estimated that only its Q4 performance will be enhanced in 2021. At the same time, we assume that Tianlun Gas's 2021-23 net profit growth rate is + 15%, respectively. We adjust the company's profit forecast and estimate that the operating income for 2021-23 will be 100 million yuan respectively (the original forecast remains unchanged), and the year-on-year income will be + 14%, 9%, 9%, respectively, and the estimated net profit will be 3.54%, 4.84%, and 515 million yuan respectively (the original forecast for 2021-23 is 3.27 won, 3.59 / 372 million), and + 35%, 37%, 6%, respectively, compared with the same period last year, and the current PE is 6% higher than that of 16-11-11. Maintain a "buy" rating.

Risk hint

Macroeconomic systemic risk; Tianlun gas acquisition project schedule is not as expected; epidemic repeated risk; goodwill impairment risk and so on.

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珠海港(000507)公司点评：拟9亿港元现金收购天伦燃气12%股权 已完成前置备案

Zhuhai Port (000507) Company Comment: The proposed acquisition of 12% of Tianlun Gas's shares in cash for HK$900 million has been completed. Pre-filing has been completed

Risk Disclaimer

Statement

珠海港(000507)公司点评：拟9亿港元现金收购天伦燃气12%股权已完成前置备案