July 12 (603712): The mixed reform of the controlling shareholders has officially launched the company’s scale reform and will further


July 12 (603712): The mixed reform of the controlling shareholders has officially launched the company’s scale reform and will further

On January 19, the company issued an announcement saying that Jinzhi Capital and Bohai State-owned Assets planned to pre-disclose information at the Tianjin Property Exchange Center on January 20, 2020, and planned to jointly transfer the total 100% equity of Central Group.

Controlling shareholders carry out mixed reforms to deepen the scale of the company. On January 19, the company issued an announcement saying that it had received a notification from the shareholders of the Central Group and forwarded its shareholder “Jinzhi Capital” (holding 51% equity in the Central Group)And “Bohai State-owned Assets” (holding 49% equity interest in the Central Group) issued the “Notification Letter on the Advance Notification of Mixed Reform of the Central Group”.

Jinzhi Capital and Bohai State-owned Assets plan to make pre-disclosure of information at the Tianjin Ownership Exchange Center on January 20, 2020, and intend to jointly transfer the total 100% equity of the Central Group.

Since the shares of 712 company held by Central Group are still in the restricted sale stage, the actual controller of the company cannot be changed, so the company will not participate in this mixed ownership reform. The controlling shareholder of the company may change in the future, but the actual controller of the company remainsFor Tianjin State-owned Assets Supervision and Administration Commission.

The operating revenue of the Central Group in 2018 was 207.

600 million, net profit is 8.

54 ppm; In the first three quarters of 2019, the operating revenue of the Central Group was 172.

8.5 billion, with a net profit of 16.

5.2 billion.

The initial shares of the 712 company held by the Central Group were lifted on February 26, 2021. 712 was unable to participate in this mixed ownership reform, but this mixed change may lead to changes in the company’s controlling shareholders. We believe thatOne or two have carried out a mixed-method reform of TCL Group in 2015, and this time, the controlling shareholder shareholders carried out the mixed change. In the future, it may be the basis for further promoting the mixed change of the scale of the company. The fully flexible market-oriented operation mechanism will be improved.The company’s operating efficiency provides institutional guarantee for the company’s market expansion and technological transformation.

Pioneer in the reform of Beijing-Tianjin-Hebei state-owned enterprises to deepen the reform and take it a step further In February 2018, the company was listed on the Shanghai Stock Exchange. The controlling shareholder is Tianjin Zhonghuan Electronics Group, with a shareholding ratio of 52.

53%, the second largest shareholder is TCL Group, with a shareholding ratio of 19.

07%.

In 2015, TCL became the shareholder of the company by signing the “Equity Transfer Agreement” with Tongguang Group’s labor union, and the company took the lead in completing the mixed reform of state-owned enterprises.

西安耍耍网 In January 2019, in order to implement the requirements of merging Tianjin Municipal Party Committee and Municipal Government on optimizing the overall capital layout structure, Tianjin State-owned Assets Supervision and Administration Commission allocated 51% of Tianjin Zhonghuan Electronics Group to Jinzhi Capital to support Tianjin state-owned enterprises industrial structure adjustment and reformdevelopment of.

After the completion of this matter, Jinzhi Capital will become the controlling shareholder of Central Group and indirectly hold 712 Company52.

53% equity.

As a part of the market-oriented state-owned capital investment and operation platform and a strong promotion of the group’s strategic plan, Jinzhi Capital is an important player in mashups. It is a state-owned capital operation work platform for advanced manufacturing research and development.The triple function of the booster is becoming more prominent as a part of the platform for listed companies in Tianjin’s mixed reform.

In September 2019, the company’s controlling shareholder, Zhonghuan Group, planned to conduct a mixed-scale reform of the group, using the mixed reform as a breakthrough to promote the group’s leading development. The mixed reform will attract capital, capital injection, transfer mechanisms, and increase vitality.Regarding deepening the decision-making and deployment of state-owned enterprises, and accelerating the establishment of a modern enterprise system.

The mixed reform of state-owned enterprises in Tianjin has been progressing steadily. So far, 13 municipal management enterprises have completed the mixed reform, involving assets of US $ 498.4 billion, involving 78730 employees, and dating a total of 447 social capital.

500,000 yuan, leading to more than 480 second-level and below mixed enterprises.

Based on the horizontal expansion of the advantage field, the increase in the attributes of the science and technology innovation platform highlights the origin of civilian private network communications in the railway field, and actively expands into various application scenarios.

As the main formulator of domestic railway wireless communication industry standards, the company has developed and produced the first-generation railway wireless train radio stations. The main products include wireless train tuning equipment, CIR locomotive integrated wireless communication equipment, and train protection alarm equipment.

In the field of rail transit system integration, the company continues to increase the market development of rail transit system integration solutions. The main product is the TETRA urban rail digital conversion communication system, which successfully won the bid for multiple lines in multiple cities. More and more companies in this fieldIndustry leaders.

In June 2019, the company and Huawei jointly released the LTE-R solution for interconnected orbit wireless communications, and has taken the lead in starting construction in China.

Huawei’s LTE-R solution is aimed at 5G target capabilities, supports interconnection with GSM-R, provides voice, video, data and other functions based on MCPTT, and carries train control, train adjustment, PIS, CCTV and other tracks through an LTE-R network.business.

Deeply plowing into the field of private network communications, technology transformation creates a science and technology innovation platform.

As a traditional core development unit in the field of private network communications, the company has deep technology accumulation and rich research and development project reserves. It has participated in the development and production of Beidou satellite positioning and navigation system related products for the first flight of the domestically produced large aircraft ARJ21-700 in 2017.While supplying products in communications and consolidating the private network communications business in the railway field, the company is focusing on transforming its core technological advantages into the horizontal expansion of civil aviation and environmental monitoring.

In December 2019, “Provisions on the Pilot Program for the Spin-off of Listed Companies’ Internal Subsidiaries” were issued. The company’s attributes as a science and technology innovation platform gradually became apparent. After the relevant expansion business has matured and meets the prescribed conditions, it may be split.The possibility of delisting.

Earnings forecast and investment rating: Leading military private network communications company. The research found that it has actively expanded and maintained a buy rating company as a traditional core development unit in the internal private network communications field. It has a leading position in military ultra-short-wave wireless communications and railway wireless communications.In-depth research and development, and actively carry out pre-research work and project model development, at the same time, the company must overcome long-term technology accumulation and strengths in the military and railway wireless communication fields, and make leaps and bounds development in the business field. The future growth space is broad.

We are optimistic about the company’s future prospects. It is expected that the company’s net profit attributable to mothers will be 3 from 2019 to 2021.

51, 5.

20 and 7.

69 ppm, an increase of 55 per year.

67%, 48.

06% and 47.

91%, the corresponding 19 to 21 years EPS are 0.

45, 0.67 and 0.

99 yuan, corresponding to the current expected PE of 57, 38, 26 times, maintaining the buying level.