Main points of investment
Event: the company intends to acquire 99.854% equity of Liaoning Post and Telecommunications by issuing shares and paying cash, with a total price of 1.788 billion yuan. At the same time, the matching funds raised by non-public offerings of shares shall not exceed 574 million yuan. The issue price is set at 84.45 yuan per share.
Deep ploughing power industry informatization for 17 years, intelligent control room in the field of professional solutions. The company started in the power industry, focusing on intelligent control room integrated services. After years of accumulation has formed a complete and mature solution, independent research and development of products throughout the transmission, power transformation, distribution, power consumption, scheduling, management of six major areas. The company's operating income remains stable and seasonally prominent.
The steady development of the power industry provides space for its information market. The investment in China's power industry has shifted from power generation to power transmission and distribution, and the investment in power grid construction has been increasing. China's power grid is in the stage of deepening the application of information construction, and will develop towards intelligent integration, in which smart grid construction will continue to maintain high investment, and the power grid information market has a broad space.
The acquisition of Liaoning posts and telecommunications to seize the development opportunities brought about by the growth of the communications industry and the power industry. Liaoning posts and Telecommunications is mainly engaged in communication network technical services, with excellent asset quality and good profitability. After the acquisition, the two sides will have a good synergy in customer resources, industrial chain, procurement negotiation, technology development and other aspects.
Profit forecast and valuation: as the acquisition has not been completed, the performance of Liaoning posts and telecommunications will not be considered for the time being. It is predicted that the company's 2016-2018EPS will be 0.55,0.63,0.77 yuan. Considering the company's sound position in the industry and the significant synergy effect after the acquisition of Liaoning posts and telecommunications, we give the company an "overweight" rating for the first time.
Risk hints: the policy risk of the additional acquisition plan, the investment in the power industry is not up to expectations, and the risk of purchasing policy adjustment for operators.