On September 28, Kanes announced the major asset restructuring plan to acquire 97.86% of Shenzhen Zhuo Neng Xin Energy Co., Ltd.
(hereinafter referred to as “Zhuolong Shares”) in the development of shares and payment cash. The price of the transaction is 2.722 billion yuan.
. According to the acquisition plan, Zhuolong shares main business is the R & D, production and sales of three-yuan lithium-ion batteries, and important products include 3C routine lithium battery, lithium-ion battery pack, and power lithium battery..
Since 2014, new energy vehicles have continued to be hot, and the demand for lithium-ion batteries has also increased, but with all the manufacturers have expanded the production, the production of lithium-ion batteries is constantly expanding.. Regarding the company, from the product to currency is a thrilling jump, if you fall, break is not only goods, but also the owner of the commodity.
. The bitter fruit of disorderly expansion is always condensed in the corner of the emerging industry, can Zhuo Can shares become survivors in the fierce market competition? Preparing R & D, production and sales of Lithium-Electrical Assets Kane Shares Main Special Paper Products, companies include electrical paper and fiber thin paper. In 2004, Kane Shares landed in the deep exchange, but the company’s performance was extremely unsatisfactory, and the net profit in the second year of the market fell sharply by 42.
33%.. In 2006, Kane shares achieved net profit of 8.
03 million yuan, not one-fifth of the beginning of the market.. In April 2007, the Ministry of Commerce made a final ruling on the imported electrolytic capacitor paper anti-dumping investigation, from April 18, the imported electrolytic capacitor paper originally produced in Japan, for five years.
Since then, Keyne shares ushered in “happiness” time. In 2008-2011, Kane’s business income realizes an annualization of 35.69% of the year, and the net profit annualization composite rate is as high as 75.
06%.. In 2012, although the Ministry of Commerce finally ruling continued to impose anti-dumping tax on Japanese imported electrical solutions, the performance of Kane Shares did not reach again.
. In 2016, the net profit of Kane Shares was only 8.69 million yuan, no one tenth of the peak period.
. The traditional main business is difficult to maintain, and the extension of mergers and acquisitions have become the necessary measures for companies to seek. On September 28, Keyne Co.
, Ltd. announced the major asset restructuring plan. The company intended to acquire 97.
86% equity with a $ 2.72 billion; And invest in Guangxi Zhuo Pi 5 billion times lithium ion power lithium battery and 100,000 new energy vehicle power system industrialization construction project. As of June 30, 2017, Zhuo Can Shares have a net assets of approximately 379 million yuan, and the price of the company’s acquisition price is 2.
343 billion yuan, the value-added rate is 618.21%..
The above pricing can be described as “sincerity”. According to the public information, in February 2017, Zhuo Can Shares issued 7.7 million shares in a fixed way, raising funds 15.
2 billion yuan. Among them, Kane shares subscribed for 45 million yuan to subscribe to 2.14% equity, and the overall valuation of Zhuo Can shares is about 2.
1 billion yuan.. After four months, Zhuo Can share pricing increased 682 million yuan, an increase of 32.
48%. Financial data is doubtful to its past, the valuation of Zhuolong shares and its performance is difficult to match..
In 2013 and 2014, the business income of Zhuo Can shares was approximately 295 million yuan and 475 million yuan, and net profit was approximately 150,000 yuan and 3.91 million yuan..
In 2015, Zhuolong’s share performance has leapn up, and the company has achieved operating income of 855 million yuan, up 80.03% year-on-year; achieve net profit of 37.76 million yuan, up 866.
44% year-on-year. However, in 2016, Zhuo Can Shares achieved net profit of 36.86 million yuan, down 14.
64% year-on-year.. From January to June 2017, Zhuo Can share achieved net profit of 41.
56 million yuan, down 6.49% year-on-year..
In the context of the decline in performance, Zao’s share valuation has risen sharply. At the same time, a phenomenon that cannot be ignored is that since 2014, Zhuo Can Shares have rising rapid accounts and accounting for the proportion of business income in the same period..
According to the annual report, in 2014, the book value of Zhuolong Shares receivable was about 46.71 million yuan, accounting for about 9.84% of the operating income of the same period; in 2016, the account value of Zhuo Can Shares increased to 3004 million yuan.
The proportion of operating income rises to 29.69%. As of June 2017, the accounts receivable accounts for accounts of approximately 522 billion yuan, up 103.
91% year-on-year, accounting for 78.11% of operating income..
In the cash flow table, 2015 and 2016, Zhuo Can share sales goods, the cash received by the service is approximately 549 million yuan and 641 million yuan, respectively above the same period of business income of Handan 3006 million yuan and 384 million yuan, respectively.. According to the earning report, as of June 2017, Zhuo Can Shares recently received the name of Shanghai Zhengxi New Energy Technology Co.
, Ltd. (hereinafter referred to as “Shanghai Zhengji”), the balance is about 104 million yuan; the third is Jiangsu Zheng Xin Energy Technology Co., Ltd.
(hereinafter referred to as “Jiangsu Zhengxi”), the balance is approximately 40.88 million yuan. From January to June 2017, the sales income of Zhuo Can share on Shanghai Zhengxi and Jiangsu Zhengxi is 9.
244 million yuan and 4.55.5 million respectively; 2016, Zhuo Can Shares on Jiangsu Zhengxi’s sales revenue of 41.
76 million yuan. Rough computing, 2016 and June 2017, Zhuo Can shares on Shanghai Zhengxi and Jiangsu Zhengxi’s sales income is not yet with the end of the payment of the two at the end of June 2017..
It is necessary to further point out that in June 2016, the Supplier Suzhou Ann Power Co., Ltd. has been in Suzhou Industrial Park, and requires Shanghai Zhengxi to pay the owed, the processing fee is 16.
41 million yuan, and pays overdue payment default Jin 1.83 million yuan, total 18.24 million yuan.
In November 2016, the supplier Weifang Tianze New Energy Co., Ltd., to the people Jiangsu Zhengxi New Energy Technology Co.
, Ltd., the people of Weifang City, Shandong Province, requiring Jiangsu Zhengxi to pay the owed 7.27 million yuan, while paying for overdue payments The contract should be borne 2.
50,000 yuan, total 7.52 million yuan..
Can Shanghai Zhengxi and Jiangsu Zhengli can pay the focus of the investors in the focus of investors.. In addition, 2015, Zhengzhou Bike Battery Co.
, Ltd. and Shenzhen Bike Battery Co., Ltd.
(hereinafter referred to as “Bike Battery”) jointly constituting the second largest customer of Zhuolong shares, and the sales income of comparable batteries in the year About 67.59 million yuan. In March 2017, Changxin Technology has plans to acquire 75% stake in the Bike battery.
. According to the acquisition plan, in 2015, the purchase amount of the fifth supplier of the fifth supplier is about 11.38 million yuan, which is lower than the sales amount disclosed by Zhuolong.
. In theory, Zhuo Can Shares should appear in the list of suppliers of the Bike Battery, but in 2015 and 2016, Deluxong Shares did not appear in the list of the top five suppliers of the Bike battery, the above phenomenon is also waiting Company answer. The expansion of “danger” About Kane Shares, the wonderful profit prospects may be the key to listed companies in this high bill.
According to the performance compensation agreement, the original shareholder promised that the deduction net profit achieved by Zhuolong Shares 2017-2020 is not less than 140 million yuan, 200 million yuan, 2.4 billion yuan and 28 million yuan..
Since 2014, domestic new energy vehicle sales have explosive rises. my country’s automobile industry association data shows that in 2015, the national new energy vehicles produced 340,500 vehicles, sold 331,100 units, up 333.76% and 342.
65% year-on-year; 2016, the national new energy vehicle produces 5.17,000 units, sales of 507,000, sales, Rising a year-on-year increase of 51.7% and 53%, respectively.
And the companion, the demand for lithium ion battery rises quickly. According to the research report released by Evtank, in 2016, my country’s domestic lithium-powered lithium battery company has reached 30.5GWh, up 79.
4% year-on-year.. However, in recent years, major lithium-ion batteries have put into heavy princess, and the industry output is also concentrated in the advantage.
. The data disclosed by Evtank shows that in 2016, the total amount of the top ten lithium-ion batteries in China reached 23.8GWH, accounting for 78.
03% of the annual total outgoing goods.. Among them, BYD, CATL and Watma ranked three A, total shipments reached 17.
03GWH, accounting for 55.82%..
As of the first quarter of 2017, the total shipments of domestic lithium battery companies were 1.23GWH. The total market share of the top ten companies was 89.
3%. The overall market share of the top three companies has been raised to 59.02%.
. It is more concerned that in the future, small lithium-ion battery manufacturers or will face the product quantity and even yield..
According to the disclosed yield expansion plan, by 2020, only BYD, CATL, Guoxuan Haoke, Tianjin Lishen and Shenzhen Bick’s plan production will be close to 150GWH. However, according to the “Energy Saving and New Energy Automotive Industry Development Plan” previously announced, in 2020, my country’s pure electric vehicle and plug-in hybrid vehicle production capacity was 2 million, and the accumulated production and sales volume exceeded 5 million units..
With this calculation, the overall demand for the overall demand of the lithium-ion battery in China is approximately 117.99GWH, which is much lower than the total output..
Regarding the PLEMS, the smooth release of new production is just an important premise of achieving performance commitments.. According to the acquisition plan, 2014 to 2017, the credit value of the fixed assets of Zhuo Can share increased from 80.
77 million yuan to 395 million yuan, and the company’s lithium-ion battery production was raised from 700,000 / year to 1.7 million / year..
However, financial data shows that 2015 and 2016, the sales revenue of Zhuoba’s 3C conventional lithium battery is approximately 777 million yuan and 798 million yuan, accounting for 90.96% and 78.61% of operating income, respectively, and car lithium-ion batteries for automobiles.
The growth rate is obvious, but it is not the traditional main industry.. In the first half of 2017, the deduction net profit achieved by Zhuoba is about 38.
56 million yuan.. In order to complete the results of the performance, the second half of 2017, Zhuo Can share needs to achieve net profit of 101 million yuan, rose by 248.
28% over the year of 2016, and it is difficult to know. .