Lianmei Holdings (600167): Large Shareholders Issue Low-Interest Debts, State-owned Enterprises Subscribe, Optimistic for Development Potential

Lianmei Holdings (600167): Large Shareholders Issue Low-Interest Debts, State-owned Enterprises Subscribe, Optimistic for Development Potential
Event: Lianzhong New Energy, the company’s controlling shareholder, completed the issuance of non-public exchangeable corporate bonds in 2019 (the first phase). Key investment points: Large shareholders have low interest rates, high premiums can be converted into shares, and debts can be paid.The company’s controlling shareholder, Lianzhong New Energy, completed the non-public issuance of deliverable bonds.The bond issue size is 5 ppm, and the first year interest rate is 0.5%, 1% in the second year, and 1 in the third year.5%.Initially turned to 10.64 yuan / share, and the closing price of the listed company 杭州夜网论坛 is 9 on the date of the issuance announcement (June 6).37 yuan / share ratio, the premium rate reached 13.55%.The bonds were subscribed by SAIC Xinzheng, China Shipping Trust and Huanenggui in good faith.Among them, SAIC Xinzheng, a wholly-owned subsidiary of SAIC Investment, subscribed for the current period3.2 trillion debts are payable, and the remaining one.Investment advisor for 8 trillion deliverables subscription products.The official website information of SAIC Investment shows that it is SAIC’s domestic professional investment management platform and third-party asset management platform, and is a wholly-owned subsidiary of SAIC.In the eight years since its establishment, the scale of asset management has reached 34 billion.The subscription of state-owned capital by large state-owned enterprises demonstrates recognition 无锡桑拿网 of Lianzhong New Energy, the operating status, management level, and future development of listed companies. For the first time, the industrial steam business has expanded in different places, and the main heating and heating industry has developed steadily for a long time.The company’s main business is central heating in parts of Shenyang and industrial steam supply in Taizhou, Jiangsu.The company announcement in May intends to 1.03 trillion acquisition of 66% equity of Shandong Heze Fulin Thermal Technology Co., Ltd. held by Tianjin Kaisen.The acquisition is the company’s first off-site expansion in the field of industrial heating.Heze Fulin Thermal Power has a franchise right in Zhuangzhai Industrial Park, Caoxian County, Heze, to ensure the uniqueness and monopoly of steam supply to the wood processing enterprises in the park.The project construction plan is 1 * 170t / h + 2 * 130t / h coal-fired boiler, and the annual steam supply capacity after full production is 309.6.Tianjin Kaisen promised that the target company would sell industrial steam of not less than 100 tons within one year from July this year, and if it did not fulfill its commitment, it would choose to allocate compensation or cash.According to the company’s forecast, the average annual sales income of the Heze Fulin project will be about 2 after reaching full capacity.99 trillion, the internal rate of return (after tax) is 39.78%. Heating + high-speed rail media has both expansion potential.As a private leader in clean heating, its technology and development direction are in line with the energy development direction of clean coal utilization.In February, the director of the SASAC proposed that heating should be divided by temperature rather than by area. In the future, the demand potential of non-traditional heating areas in the south is huge.The company has about 38 cash assets in hand.500 million US dollars, has a good ability to expand outside the region, future growth is expected.After the injection of Zhaoxun Media, it promised 18?The total three-year performance in 20 years is not less than 5.7.2 billion, which is expected to increase the company’s overall performance scale.Zhaoxun Media realized net profit in 20181.59 trillion, exceeding the performance commitment 1.500 million.As of the end of 2018, Zhaozhao Telecom Media covers 317 high-speed rail stations across the country. Through the enrichment of customer resources year by year, the continuous development of high-speed rail network construction, Zhaoxun Media’s business strives to maintain a trend of both volume and price. Earnings forecast and estimation: For the time being, we will not consider the increase in profits caused by the acquisition of the Heze Thermal Power Project. We maintain our forecast of 19?The net profit attributable to mothers for 21 years was 15.99, 20.02 ppm and 23.890,000 yuan, the EPS of the latest share capital is 0.70, 0.88 and 1.04 yuan / share, the current sustainable corresponding PE is 14, 11 and 9 times.The coordinated development of the two main businesses guarantees a compound growth rate of more than 20% in the next three years, and the company has sufficient funds in hand. Out-of-region expansion brings new points of profit growth, and maintains a “buy” rating.

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